MIRA
INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ADANI FOOD PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.09.1995 |
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Com. Reg. No.: |
4 – 027318 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.000 Millions |
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CIN No.: [Company Identification
No.] |
U15400GJ1995PTC027318 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTA00501E |
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PAN No.: [Permanent Account No.] |
AABCA8005F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of all types of Spices |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 86000 |
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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 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. Jitendra A. Adani |
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Designation : |
Director |
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Contact No.: |
91-281-2464365 |
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Date : |
17.12.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-281-2464365/2465460 |
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Fax No.: |
91-281-2467251 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Harshad A. Adani |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
06.09.1995 |
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DIN No.: |
00290042 |
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Name : |
Mr. Jitendra A. Adani |
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Designation : |
Director |
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Address : |
4-Omega Apartment, Manhar Plot, |
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Date of Appointment : |
06.09.1995 |
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DIN No.: |
00290012 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Harshad A. Adani |
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20000 |
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Jitendra A. Adani |
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20000 |
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Nirupamaben N. Adani |
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35000 |
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Siddharth A. Adani |
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30000 |
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Pariben H. Adani |
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30000 |
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Ushaben A. Adani |
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10000 |
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Mrudukaben P. Adani |
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50000 |
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Kaminiben J. Adani |
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30000 |
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Arunaben H. Adani |
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27500 |
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Rushabh H. Adani |
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22500 |
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Mahavir H. Adani |
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15000 |
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Arun A. Adani |
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10000 |
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TOTAL |
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300000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all types of Spices |
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Products : |
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Exports : |
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Products : |
Spices |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
80 (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 : |
Bhavin Associates Chartered Accountant |
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Address : |
708, Everest Complex, Opp. Shastri Ground, |
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PAN.: |
ACDPB4383J |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs. 3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs. 3.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.487 |
14.740 |
12.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.487 |
17.740 |
15.016 |
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LOAN FUNDS |
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1] Secured Loans |
35.791 |
21.278 |
15.645 |
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2] Unsecured Loans |
13.585 |
7.622 |
6.236 |
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TOTAL BORROWING |
49.376 |
28.900 |
21.881 |
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DEFERRED TAX LIABILITIES |
2.143 |
1.706 |
1.529 |
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TOTAL |
73.006 |
48.346 |
38.426 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.286 |
14.319 |
13.820 |
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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 |
48.391
|
26.483 |
18.861 |
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Sundry Debtors |
27.919
|
30.315 |
26.702 |
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Cash & Bank Balances |
0.599
|
1.052 |
0.762 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.330
|
6.719 |
4.048 |
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Total
Current Assets |
83.239
|
64.569 |
50.373 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
38.645
|
28.824 |
24.859 |
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Other Current Liabilities |
0.525
|
0.680 |
0.111 |
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Provisions |
1.349
|
1.038 |
0.797 |
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Total
Current Liabilities |
40.519
|
30.542 |
25.767 |
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Net Current Assets |
42.720
|
34.027 |
24.606 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.006 |
48.346 |
38.426 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
248.327 |
243.174 |
266.056 |
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Other Income |
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TOTAL |
248.327 |
243.174 |
266.056 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
242.698 |
238.129 |
260.550 |
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PROFIT BEFORE
TAX |
5.629 |
5.045 |
5.506 |
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Less |
TAX |
1.882 |
1.871 |
1.148 |
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PROFIT AFTER TAX
|
3.747 |
3.174 |
4.358 |
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Earnings Per
Share (Rs.) |
12.49 |
10.58 |
14.53 |
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Expected Sales (2011-2012): Rs.300.000 Millions
The above information has been parted by Mr. Jitendra Adani
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
1.51
|
1.31 |
1.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.96
|
6.40 |
8.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.18
|
3.35 |
4.27 |
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Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.11 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Trade Creditors |
28.624 |
17.439 |
18.161 |
|
Creditors for Expenses and Other Current
Liability |
8.114 |
9.620 |
3.821 |
|
Advance From Customers |
1.907 |
1.765 |
2.877 |
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TOTAL |
38.645 |
28.824 |
24.859 |
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Check list by Info Agents |
Available in Reports ( Yes/No) |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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-- |
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Yes |
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No |
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No |
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No |
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No |
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Yes |
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Yes |
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-- |
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-- |
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Yes |
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No |
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-- |
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-- |
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No |
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-- |
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-- |
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-- |
FORM 8
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Corporate
identity number of the company |
U15400GJ1995PTC027318 |
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Name of the
company |
ADANI FOOD
PRODUCTS PVT LTD |
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Address of the
registered office or of the principal place of business in |
Email : adanispices@hotmail.com |
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This form is for |
Modification
of charge |
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Charge identification
(ID) number of the charge to be modified |
90107605 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Email:
boikr@sancharnet.com |
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Nature of instrument
creating charge |
Supplemental of
memorandum of deposit of title deeds |
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Date of
instrument Creating the charge |
13.01.2011 |
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Amount secured by
the charge |
Rs. 49.304
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest:
Term Loan: 3%
above BR + 1% TP presently 13% p.a. with monthly rest Cash Credit: 3%
above BR presently 12% p.a. EPC,FBP/FBN : As
applicable to the Export Policy, subject
to change from time to time. Terms of
Repayment: Term Loan
Existing: As per Original Sanction. New Term Loan of
Rs. 12.500 millions to be repaid by EMI of Rs. 0.208 millions the first
installment due on 30.04.2011, then 31.05.2011, then on 30.06.2011 and so on
till the loan is fully repaid. Interest to be serviced as and when charged. Cash Credit
existing : On Demand Margin: Term Loan
Existing Rs. 33.04 Lac: As per original Sanction Term Loan New Rs.
125.00 Lac : 25.00% Cash Credit - Hyp.
Stock : 25% Cash Credit -
Hyp. Book Debts : 40% Extent and
Operation of charge: He charge shall
extend until total financial facilities of Rs. 49.304 millions are repaid
fully, with interest and other charges Others : Facility Revised [amt.in Rs. millions ] 1. TL- I
(Existing 3.304 2. TL-New 12.500 3. CC Stock 6.000 4. CC BD 2.500 [existing] [Total
Max.3+4=8.500] 5. EPC 20.000[existing] 6. FBP/FBN 20.000[existing] [Total
Max.5+6= 20.000] 7. Bank
Guarantee 5.000 TOTAL 49.304 *Reduce Balance |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1. Constructed
Immovable Property situated Lekh No.43, Dated 08.06.1915 and Lekh No.2 Dated
16.11.1942 paikee on Land Adm.Sq.Mtrs.150-00 of City Survey Ward No.7 of Area
known as Near Ramnikkunvarba-Ashram, 2. Land adm. Sq.
Mts. 1729-88 + 2029-88= 3759-96 of Plot No. E-6 and E-7 of the Area Known as
Lodhika Industrial Estate situated on the |
|
Date of
instrument modifying the charge |
02.12.2009 |
|
Particulars of
the present modification |
The Bank has
enhanced limits from Rs. 40.098 Lac to Rs.49.304 Lac as under: Facility Revised [ Amt.in Rs.
millions ] 1. TL- I
(Existing 3.304 [Reduced
balance] 2. TL-New 12.500 3. CC Stock 6.000[existing] 4. CC BD 2.500[existing] [Total
Max.3+4=85.00] 5. EPC 20.000[existing] 6. FBP/FBN 20.000[existing] [Total Max.5+6= 20.000] 7. Bank
Guarantee 50.00 TOTAL 493.04 |
Fixed Assets
- Air Conditioner
- Vehicles
- Building
- Computer and Printer
- Electric Fitting
- Epbx Systems
- Factory land and Building
- Fax
- Freeze
- Furniture
- Laboratory Equipment
- Lift
- Machinery
- Plant and Machinery
- Telephone
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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.