MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
EURO FRUITS PRIVATE LIMITED |
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Registered Office : |
301, Vikas Commercial Centre, Dr. C G Road, Next to Basant Cinema, Chembur,
Mumbai – 400 074, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.05.1993 |
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Com. Reg. No.: |
11-71997 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000 millions |
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CIN No.: [Company
Identification No.] |
U51220MH1993PTC071997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05749C |
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PAN No.: [Permanent
Account No.] |
AAACE2180N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Cultivation and Exporters of Fruits. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 451000 |
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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 and as per commitments The company can be considered normal for business dealings at usual
trade terms and condition |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Santosh |
|
Designation : |
Executive in Accounts |
LOCATIONS
|
Registered Office : |
301, Vikas Commercial Centre, Dr. C G Road, Next to Basant Cinema,
Chembur, Mumbai – 400 074, Maharashtra, India |
|
Tel. No.: |
91-22-25557838 / 25555964 |
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Mobile No.: |
91-9820912596 |
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Fax No.: |
91-22-25555080 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Gat No. 1031, |
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Tel. No.: |
91-2550-222174 257165 / 66 |
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Fax No.: |
91-2550-257104 |
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Factory 2 : |
Sangli – Gat No. 107, Post Mukkam, Karve Taluka, Khannapur, District –
Sangli, |
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Tel. No.: |
91-2347-229075 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Nitin Agrawal |
|
Designation : |
Director |
|
Address : |
3/14 Neelkanth Apartments, Amar Mahal, Tilak Nagar P. O, Chembur,
Mumbai – 400089, Maharashtra, India |
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Date of Birth/Age : |
04.11.1965 |
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Date of Appointment : |
14.05.1993 |
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DIN No.: |
00353147 |
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Name : |
Mr. Shraddha Agrawal |
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Designation : |
Director |
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Address : |
14/3 Neelkanth Apartments, Amar Mahal, Chembur, Mumbai – 400089, |
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Date of Birth/Age : |
29.01.1967 |
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Date of Appointment : |
01.06.2001 |
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DIN No.: |
00353433 |
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Name : |
Mr. Bharat Thosar |
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Designation : |
Director |
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Address : |
C/4-7, Suman Nagar, Chembur, Mumbai – 400 071, |
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Date of Birth/Age : |
13.11.1960 |
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Date of Appointment : |
27.05.2004 |
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DIN No.: |
00353265 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2010)
|
Names of Shareholders |
No. of Shares |
|
Nitin Agrawal |
80460 |
|
Sanchi Nitin Agrawal |
3000 |
|
Shraddha Nitin Agrawal |
6540 |
|
Total |
90000 |
Equity share breakup
(percentage of total equity)
(As on
30.09.2010)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Cultivation and Exporters of Fruits. |
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Products : |
·
Pre-Cooled Fresh
Grapes ·
Pre-Cooled Fresh
Vegetables |
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Exports : |
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Countries : |
European Countries |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI
Bank Limited, 215, Free Press House, Nariman Point, Mumbai – 400 021, ·
Union Bank of ·
The Industrial
Credit and INV Corporation of India Limited, Zenith House, Keshav Khade Masrg,
Bombay – 400034, Maharashtra, India |
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Rs
In Millions |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
The Industrial Credit and Investment Corporation of India Limited Zenith House, Keshavrao Khade Marg, Mumbai – 400 034, |
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Auditors : |
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Name : |
Chandiramani and Company Chartered Accountant |
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Address
: |
B-104, |
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Tel
No.: |
91-22-28991453 |
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PAN
No.: |
AABPC1521H |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 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 |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
103.750 |
69.868 |
52.624 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
112.750 |
78.868 |
61.624 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.185 |
35.610 |
55.347 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
100.185 |
35.610 |
55.347 |
|
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DEFERRED TAX LIABILITIES |
0.553 |
0.600 |
0.722 |
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TOTAL |
213.488 |
115.078 |
117.693 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
139.526 |
98.030 |
101.398 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
7.215
|
2.820
|
8.112
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
130.666
|
69.478
|
24.808
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
172.808
|
161.562
|
123.826
|
|
Total
Current Assets |
310.689
|
233.860
|
156.746 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.003
|
60.215
|
134.889
|
|
|
Others Current Liabilities |
158.865
|
147.780
|
0.000
|
|
|
Provisions |
15.858
|
8.817
|
5.562
|
|
Total
Current Liabilities |
236.726
|
216.812
|
140.451 |
|
|
Net Current Assets |
73.962
|
17.048
|
16.295 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
213.488 |
115.078 |
117.693 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
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|
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TURNOVER |
303.190 |
226.821 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
15.389 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
1.178 |
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) |
50.438 |
26.860 |
14.211 |
|
|
|
|
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|
Less |
TAX |
16.556 |
9.616 |
5.077 |
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|
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|
PROFIT AFTER TAX
(G-I) |
33.882 |
17.244 |
9.134 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
62.244 |
45.000 |
NA |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
96.126 |
62.244 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.20
|
8.09
|
5.51
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.34
|
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.20
|
3.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.08
|
1.11
|
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from 6 and 7
Neelkant Apartments, Ground Floor, Amar Mahal, Tilak Nagar, Mumbai – 400 089,
Operations:
Euro Fruits reports its best results till date with record net margins, optimum quantity conversions, minimized operational shortages, high margin unit packout and property rentals.
This is the second year of consistent growth in net margins, despite a marginal reduction in topline mainly due to shift in packing mix from low margin to high margin formats.
Euro Fruits continued to secure prestigious direct orders from leading European supermarkets for Season 2007.
Euro Fruits once again received the special recognition for
exemplary export performance from the Government of India being the Star
Category Exporter. Your company continues to have the unique distinction of
being the only company in
The produce import operations continued at the same level as last year, although your company has limited focus in this segment.
In the line with the emerging industry practice of sharing the actual final consignment sales results with the farmers and making final farmer payments based on the same, your company continued to endorse the policy for this Season as well.
Season 2008 results are expected to be closed by end September and are reported to be on track.
Form No. 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10087561 |
|
Corporate
identity number of the company |
U51220MH1993PTC071997 |
|
Name of the
company |
EURO FRUITS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301, Vikas
Commercial Centre, Next to Basant
Cinema, Chembur, Mumbai – 400074, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC BANK LIMITED |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Equitable Mortgage. |
|
Date of
instrument Creating the charge |
05/12/2008 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin Company shall at
all times during the continuance of this security maintain the said debts of a sufficient amount to
provide the margin of security as may from time to time advised by the Bank. Extent and
Operation of the charge The Company created
an equitable mortgage (exclusive charge) by way of deposit of title deeds in
respect of its immovable properties as stated under item No.14 as security in
addition to Company's Stocks, Book Debts & Machinery etc. to secure as a
Continuing Security for the due repayment of Rs.50.000 Millions (CC/WCDL
Rs.45.000 Millions, Short Term Crop Loan Rs. 45.000 Millions (sub Limit)
& LC/BG Rs.5.000 Millions), including principal amount of the Facility,
interest, liquidated damages, costs, charges & expenses etc. |
|
Short particulars
of the property charged |
Immovable
properties bearing all that piece and parcel property being flat No.2101
admeasuring 2689.75 sq.ft. (Carpet Area) ("Said Flat") in the Wing
B of building known as Beaumonde built on property admeasuring 37995.55
sq.mts. bearing Final Plot No.1090 and 1092 of TPS IV (Mahim) earlier bearing
C.S. Nos. 1074, 1080 AND 1082 of Lower parel Division situated at New
Prabhadevi Road, Registration Dist. and Sub Dist. of Bombay City and Bombay
Suburban. |
|
Particulars of
the present modification |
The present
modification is for furnishing additional security of immovable property of
the Company situated at Plot No.1090 and 1092 of TPS IV (Mahim) earlier
bearing C.S. Nos. 1074, 1080 AND 1082 of Lower parel Division, New Prabhadevi
Road, Bombay, addition to securities already furnished by the company at the
time of creation of the charge and subsequent modification thereto, there is
no enhancement in amount of charge already created. |
Fixed Assets
·
·
·
Refrigeration Equipment
·
Electric Installation
·
DG Set
·
Transformer
·
Weighing Machine
·
Strapping Tools
·
Computer System
·
Furniture
·
Telephone
·
Motor Cycle
·
Air Conditioner
·
Skoda Car
Web Details
Profile
Subject is a company with limited liability incorporated under Indian
Companies Act in May 1993. The Company is a fully family owned enterprise of
the Agrawal family.
The Company is born out of passion on the part of Mr. Nitin Agrawal to make a
mark for himself in what was at the relevant time a sunrise industry in which
Mr. Nitin Agrawal received his formal training on post harvest management of
horticultural products at the
Corporate Profile
The Company is born out of passion
on the part of Mr. Nitin Agrawal to make a mark for himself in what was at the
relevant time a sunrise industry in which
Both Mr. Nitin Agrawal and Mr.
Bharat Thosar have undergone formal training in fresh produce post harvest and
cold chain management at the
Subject owns and operates from two packing stations based at
Subject continues to focus on upgrading the packhouses based on
benchmarking visits to leading table grape exporters across the globe.
Regular interaction with global post
harvest technologists, produce publications, market players keeps subject
at the edge of best practices in process management.
Subject is well rewarded and awarded by the Government of India for
its exemplary and consistent export performance with the grant of “ Star
Exporter” status.
APEDA,
Subject has the unique distinction of working with the same set of supermarket
customers, importers, farmer-suppliers, in house human resources for the past
many seasons. This reflects subject philosophy of developing a
long term, transparent and trust based relationships throughout the process
chain.
They at subject express the
sincere thanks and gratitude for this wonderful support from all the business
associates and employees, which is the core strength and foundation of Euro
Fruits.
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.45.13 |
|
|
1 |
Rs.71.52 |
|
Euro |
1 |
Rs.66.53 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.