MIRA
INFORM REPORT
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Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CAPITAL FOODS LIMITED |
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Registered Office : |
C-16, MIDC, Ambad, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.02.1995 |
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Com. Reg. No.: |
11-085541 |
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Paid-Up Capital : |
Rs. 189.009 Millions |
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CIN No.: [Company
Identification No.] |
U15134MH1995PLC085541 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11707D |
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PAN No.: [Permanent
Account No.] |
AAACC1901F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Food Products |
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No. of Employees : |
400 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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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 980000 |
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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 company
has improved its performance in the year 2009-10. 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
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.
INFORMATION PARTED BY
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Name : |
Mr. Vishal S |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-67740100 |
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Date : |
19.08.2011 |
LOCATIONS
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Registered Office / Factory 1 : |
C-16, MIDC, Ambad, |
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Tel. No.: |
91-253-2835264/2801172 |
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Fax No.: |
91-253-2385270 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Villa Capital, Sadhana Compound, |
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Tel. No.: |
91-22-67740100/26766201 (30 Lines) |
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Fax No.: |
91-22-67740136 |
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E-Mail : |
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Factory 2 : |
Kandla, Gujarat, India |
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Factory 3 : |
Vapi, Gujarat, India |
DIRECTORS
As On 15.07.2010
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Name : |
Mr. Ajay Kumar Vijay Gupta |
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Designation : |
Chairman cum Managing Director |
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Address : |
Villa Capital Sadhana Compound Near Oshiwara Bridge, S. V. Road,
Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
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Date of Birth/Age : |
03.07.1965 |
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Date of Appointment : |
13.02.1995 |
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DIN No.: |
00532308 |
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Name : |
Mr. Omprakash Gajraj Varma |
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Designation : |
Whole Time Director |
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Address : |
58 Goa Atreet, 5/1 |
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Date of Birth/Age : |
30.12.1977 |
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Date of Appointment : |
21.02.2006 |
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DIN No.: |
00530682 |
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Name : |
Mr. Scaria Abraham Cheruvallath |
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Designation : |
Director |
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Address : |
13, Radha Building, Seema CHS Limited, St. Anthonys Road, Chembur, Mumbai
– 400071, Maharashtra, India |
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Date of Birth/Age : |
24.01.1933 |
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Date of Appointment : |
24.01.1997 |
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DIN No.: |
00530672 |
KEY EXECUTIVES
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Name : |
Mr. Vishal S |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.07.2010
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Names of Shareholders |
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No. of Shares |
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Ajay V. Gupta |
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1 |
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Vijay Gupta |
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1 |
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Sagitta Investment Limited – Mauritius |
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250000 |
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Capital Foods Exports Private Limited – India |
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18650915 |
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Omprakash Varma |
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1 |
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Arun Gupta |
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1 |
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Aparna Raje |
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1 |
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Total |
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18900920 |
As On 15.07.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
1.32 |
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Bodies corporate |
98.67 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Food Products |
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Products : |
Sauces, Soups, Noodles, Paste |
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Exports : |
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Products : |
·
Food Products |
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Countries : |
·
USA ·
Middles East ·
European Countries |
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Imports : |
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Products : |
·
Food Products |
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Countries : |
·
China ·
Hong Kong |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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Pouring sauces |
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In Cases |
148407 |
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Stirfry sauce and paste |
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In Cases |
122883 |
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Soups |
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In Cases |
13328 |
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Sauces and chutney |
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In Cases |
185453 |
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Soup and sauce mix |
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In Cases |
57853 |
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Noodles |
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In Cases |
357990 |
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Others |
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In Cases |
150846 |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
Dealer ·
Distributor |
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No. of Employees : |
400 (approximately) |
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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 : |
V R Momaya and Associates Chartered Accountant |
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Address : |
Army and |
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Tel. No.: |
91-22-22844568/22843287/22832390 |
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Fax No.: |
91-22-22042269 |
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Pan No.: |
AAAFV1284F |
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Holding Company
: |
CIN: U51219MH2003PTC142121 |
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Sister Concern :
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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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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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18900920 |
Equity Shares |
Rs.10/- each |
Rs.189.009
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
189.009 |
133.009 |
99.009 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.114 |
34.428 |
34.155 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
246.123 |
167.437 |
133.164 |
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LOAN FUNDS |
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1] Secured Loans |
253.111 |
236.933 |
178.010 |
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2] Unsecured Loans |
57.411 |
13.596 |
7.535 |
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TOTAL BORROWING |
310.522 |
250.529 |
185.545 |
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DEFERRED TAX LIABILITIES |
19.023 |
26.450 |
3.391 |
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TOTAL |
575.668 |
444.416 |
322.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
267.327 |
271.881 |
223.415 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.382 |
0.359 |
0.357 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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FOREIGN CURRENCY MONETARY ITEM TRANSALATION DIFF A/C |
0.709 |
0.572 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
137.473
|
115.329 |
65.900 |
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Sundry Debtors |
127.499
|
75.814 |
69.713 |
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Cash & Bank Balances |
5.793
|
5.163 |
3.776 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
52.696
|
51.175 |
58.182 |
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Total
Current Assets |
323.461
|
247.481 |
197.571 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
97.612 |
107.171 |
84.154 |
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Other Current Liabilities |
7.934
|
5.201 |
7.668 |
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Provisions |
10.952
|
7.562 |
7.637 |
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Total
Current Liabilities |
116.498
|
119.934 |
99.459 |
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Net Current Assets |
206.963
|
127.547 |
91.112 |
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MISCELLANEOUS EXPENSES |
85.287 |
44.057 |
0.216 |
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TOTAL |
575.668 |
444.416 |
322.100 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
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Income |
751.350 |
646.326 |
521.341 |
|
|
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Subsidies |
0.000 |
0.000 |
3.356 |
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Amortisation of Deferred Income |
0.238 |
0.158 |
0.000 |
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|
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Other Income |
1.502 |
1.495 |
0.720 |
|
|
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Exchange Rate Difference Export |
0.000 |
4.757 |
0.000 |
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TOTAL (A) |
753.090 |
652.736 |
525.417 |
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Less |
EXPENSES |
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|
|
|
|
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Cost of Goods Sold |
438.275 |
386.415 |
333.580 |
|
|
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Employees Remuneration |
37.227 |
37.882 |
27.142 |
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Operating and Establishment Expenses |
34.563 |
30.407 |
30.953 |
|
|
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Selling and Distribution Expenses |
189.005 |
141.355 |
126.702 |
|
|
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Export Expenses |
0.000 |
0.000 |
4.963 |
|
|
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Exchange Rate Difference |
4.206 |
0.000 |
2.157 |
|
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Extraordinary Item |
1.378 |
2.770 |
0.000 |
|
|
|
Increase/Decrease in Stock-in-Trade |
(16.950) |
(12.564) |
(18.099) |
|
|
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TOTAL (B) |
687.704 |
586.265 |
507.398 |
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.386 |
66.471 |
18.019 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.786 |
25.670 |
3.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.600 |
40.801 |
14.627 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.713 |
9.874 |
3.524 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.887 |
30.927 |
11.103 |
|
|
|
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|
|
|
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Less |
TAX (I) |
(4.037) |
27.496 |
4.244 |
|
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PROFIT AFTER TAX
(G-I) (J) |
22.924 |
3.431 |
6.859 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.488 |
22.057 |
15.198 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
48.412 |
25.488 |
22.057 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.21 |
0.35 |
0.69 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
940.000 |
|
|
|
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|
The above information has been parted by Mr. Vishal S (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.04
|
0.53 |
1.31 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.51
|
4.79 |
2.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
5.95 |
2.64 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.18 |
0.08 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.05
|
2.21 |
2.14 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
2.06 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors for goods |
59.530 |
79.654 |
55.510 |
|
Sundry Creditors for expenses and provisions |
38.082 |
27.517 |
28.644 |
|
Total |
97.612 |
107.171 |
84.154 |
REVIEW OF
FINANCIAL PERFORMANCE:
The Company's Total Turnover is Rs 753.090 millions as at 31.03.2010 as
against Rs. 652.736 millions in the previous year.
FUTURE OUTLOOK:
Several measurers have been adopted by the Company to reduce costs
Measures have also been taken to improve sales. A separate cost control team has been set up in order to
achieve this object.
Form 8:
|
Corporate
identity number of the company |
U15134MH1995PLC085541 |
|
Name of the
company |
CAPITAL FOODS LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-16, MIDC, Ambad, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of India - Backbay Reclamation Branch, Raheja Chambers,
Free Press Journal Marg, Nariman Point, Mumbai- 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
A) Supplemental
Agreement Of Hypothecation Of Goods
And Assets For Increase In The Overall Limit B) Letter
Regarding The Grant Of Individual Limits Within The Overall Limit. Both The Above
Agreements Constitute A Single Modification. |
|
Date of
instrument Creating the charge |
02.11.2010 |
|
Amount secured by
the charge |
Rs.355.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- DCC : 5.75% above base rate term
loan (o/s) : existing rates. Corporte loan : existing rates. New term
loan : 6.25% above base rate. Terms of
Repayment - 60 monthly installments of Rs. 0.833 million each payable from
April 2011 to March 2016. Margin – As per
sanction terms Extent and
operation of the charge – Demand Cash
Credit : Rs. 150.000 Millions Term Loan
(O/S) : Rs. 82.000 Millions Corporte Loan
(O/S) : Rs. 24.000 Millions New Term
Loan : Rs. 50.000 Millions Letter Of
Credit : Rs. 20.000 Millions Bank
Guarantee : Rs. 20.000 Millions PFE : Rs. 9.000 Millions Total = Rs. 355.000 Millions |
|
Particulars of
the property charged |
All Present And
Future Goods, Bookdebts and All Other Movable Assets Of The Borrower
Including Documents Of Title To Goods And Other Assets, Such As Book-Debts
Outstanding Moneys, Receivables, Including Receivabels By Way Of Cash
Assistance And/Or Cash Incentives Under The Cash Incentive Scheme Or Any
Other Scheme, Claims, Including Claims By Way Of Refund Of Customs/Excise
Duties Under The Duty Drawback Credit Scheme, Or Any Other Scheme Bills,
Invoices, Documents, Contracts, Insurance Policies, Guarantees, Engagements,
Securities, Investments And Rights Uncalled Capital And All Present And
Future Machinery. |
|
Date of last
modification prior to the present modification |
23.04.2010 |
|
Particulars of
the present modification |
The Original
Charge Was Created On 22.12.2007 For Rs.270.000 Millions. 1stly Modified On
26.12.2007 By Giving Collateral Security Over The Immov. Properties. 2ndly Modified
On 26.12.2007 By Giving An Addl.Collateral Security Over The Immov.
Properties. 3rdly Modified On 13.3.2010 For Rs. 320.300 Millions. 4thly
Modified On 23.4.2010 By Giving An Addl. Collateral Security Over The Immov.
Properties. Now By The Present Modfn. Dt. 2.11.2010 The Limit Increased From
Rs. 320.300 Millions To Rs. 355.000 Millions. |
Fixed Assets;
- Land and
building
- Land @vapi
- Plant and
machinery
- Factory
equipments
- Vehicle
- Office
equipment
- Computers
- Furniture and
fixtures
- Electrical
installation
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.7
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.45.61 |
|
|
1 |
Rs.72.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
36 |
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.