MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GANESH GRAINS PRIVATE LIMITED (w.e.f. 04.01.2011) |
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Formerly Known
As : |
GANESH WHEAT PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
88, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.03.2000 |
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Com. Reg. No.: |
21-091315 |
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CIN No.: [Company Identification
No.] |
U15311WB2000PTC091315 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers, exporters and suppliers of hygienic
breakfast cereals, adulteration free breakfast cereals, long grain basmati rice,
non basmati rice, cereals, pulses, tamarind, fenugreek seeds, jowar, bajri,
roasted gram, pastry, dairy products, chana dals, mung beans, cake. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 690000 |
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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 a well 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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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 |
LOCATIONS
|
Registered Office / Retail Outlet : |
88, |
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Tel. No.: |
91-33-22686160 / 22725761 / 22735009 |
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E-Mail : |
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Website : |
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Corporate Office : |
174, |
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Tel. No.: |
91-33-40157900 / 22191288 |
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Fax No.: |
91-33-22194222 |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Manish Kumar Mimani |
|
Designation : |
Director |
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Address : |
32, Rowland Row, Kolkata – 700020, West |
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Date of Appointment : |
09.03.2000 |
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|
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Name : |
Mr. Purushottam Das Mimani |
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Designation : |
Director |
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Address : |
15.08.1947 |
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Date of Birth/Age : |
Flat – 11, 32, Rowland Row, Kolkata – 700020, West |
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Date of Appointment : |
09.03.2000 |
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|
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|
Name : |
Mr. Nath Mull Kejriwal |
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Designation : |
Director |
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Address : |
W-42, Greate Kailash – II, |
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Date of Birth/Age : |
05.12.1938 |
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Date of Appointment : |
04.02.2010 |
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Name : |
Ms. Sushila Devi Mimani |
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Designation : |
Director |
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Address : |
32, Rowland Row, Kolkata – 700020, West |
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Date of Appointment : |
18.11.2009 |
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Name : |
Mr. Rajesh Kumar Mimani |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.10.1971 |
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Date of Appointment : |
18.05.2007 |
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Name : |
Ms. Madhu Mimani |
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Designation : |
Director |
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Address : |
32, Rowland Row, Kolkata – 700020, West |
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Date of Birth/Age : |
16.11.1975 |
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Date of Appointment : |
09.03.2000 |
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Name : |
Ms. Veena Mimani |
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Designation : |
Director |
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Address : |
32, Rowland Row, Kolkata – 700020, West |
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Date of Appointment : |
09.03.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
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No. of Shares |
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Purushottam Das Mimani |
|
303920 |
|
Manish Kumar Mimani |
|
855031 |
|
Madhu Mimani |
|
142205 |
|
Rajesh Kumar Mimani |
|
508931 |
|
Veena Mimani |
|
183565 |
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Sushila Devi Mimani |
|
81540 |
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Pana Devi Mimani |
|
100786 |
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Purushottam Das Mimani (HUF) |
|
30366 |
|
Rajesh Kumar Mimani (HUF) |
|
4500 |
|
Manish Kumar Mimani (HUF) |
|
8000 |
|
Manoj Mercantile Credit Private Limited, |
|
1503900 |
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Total |
|
3722744 |
(AS ON 30.09.2010)
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Category |
|
Percentage |
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|
|
|
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Bodies corporate |
|
48.00 |
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Directors or relatives of directors |
|
52.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, exporters and suppliers of hygienic
breakfast cereals, adulteration free breakfast cereals, long grain basmati
rice, non basmati rice, cereals, pulses, tamarind, fenugreek seeds, jowar,
bajri, roasted gram, pastry, dairy products, chana dals, mung beans, cake. |
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 : |
Maheshwari Mantry and Company Chartered Accountants |
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Address : |
8/1, |
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Tel. No.: |
91-33-2243-0311 / 0319 |
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Fax No.: |
91-33-2248-7087 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,251,000 |
Equity Share |
Rs. 10/- each |
Rs. 92.510 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,722,744 |
Equity Share |
Rs. 10/- each |
Rs. 37.227
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 |
37.227 |
30.363 |
28.363 |
|
|
2] Share Application Money |
0.000 |
34.320 |
23.870 |
|
|
3] Reserves & Surplus |
134.788 |
99.321 |
82.167 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
172.015 |
164.004 |
134.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
131.547 |
88.331 |
82.833 |
|
|
2] Unsecured Loans |
0.000 |
3.116 |
3.888 |
|
|
TOTAL BORROWING |
131.547 |
91.447 |
86.721 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.111 |
0.457 |
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|
|
|
|
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TOTAL |
303.562 |
255.562 |
221.578 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
85.534 |
82.780 |
76.086 |
|
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Capital work-in-progress |
98.390 |
35.060 |
19.803 |
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|
|
|
|
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INVESTMENT |
19.747 |
20.076 |
21.314 |
|
|
DEFERREX TAX ASSETS |
0.267 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.582
|
72.006 |
63.411 |
|
|
Sundry Debtors |
10.188
|
8.380 |
10.876 |
|
|
Cash & Bank Balances |
1.785
|
11.756 |
14.221 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
74.589
|
79.124 |
46.012 |
|
Total
Current Assets |
146.144
|
171.266 |
134.520 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.388
|
24.676 |
6.876 |
|
|
Other Current Liabilities |
2.711
|
11.263 |
12.552 |
|
|
Provisions |
35.166
|
18.848 |
11.843 |
|
Total
Current Liabilities |
50.265
|
54.787 |
31.271 |
|
|
Net Current Assets |
95.879
|
116.479 |
103.249 |
|
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|
MISCELLANEOUS EXPENSES |
3.745 |
1.167 |
1.126 |
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TOTAL |
303.562 |
255.562 |
221.578 |
|
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 |
1298.771 |
1210.458 |
1123.289 |
|
|
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Other Income |
6.193 |
4.150 |
2.934 |
|
|
|
TOTAL (A) |
1304.964 |
1214.608 |
1126.223 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1145.439 |
1082.798 |
1004.707 |
|
|
|
Direct Expenses |
33.126 |
27.908 |
27.471 |
|
|
|
Selling and Administrative Expenses |
84.288 |
71.847 |
61.801 |
|
|
|
TOTAL (B) |
1262.853 |
1182.553 |
1093.979 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
42.111 |
32.055 |
32.244 |
|
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.684 |
9.771 |
9.951 |
|
|
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.427 |
22.284 |
22.293 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.203 |
10.232 |
10.341 |
|
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|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
21.224 |
12.052 |
11.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
6.680 |
4.348 |
4.278 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
14.544 |
7.704 |
7.674 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.211 |
10.507 |
2.833 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.454 |
0.000 |
0.000 |
|
|
|
Dividend |
5.584 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.949 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
24.768 |
18.211 |
10.507 |
|
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|
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|
|
|
Earnings Per
Share (Rs.) |
3.91 |
2.54 |
4.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.11
|
0.63 |
0.68 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.63
|
1.00 |
1.06 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.16
|
4.74 |
5.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.09 |
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
0.89 |
0.88 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.13 |
4.30 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U15311WB2000PTC091315 |
|
Name of the
company |
GANESH WHEAT PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of charge |
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Type of charge |
|
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Particular of
charge holder |
Canara Bank |
|
Nature of
instrument creating charge |
1) Sanction letter dated 28/06/2010 covering overall credit facility
of Rs 68.700 Millions. 2) Common hypothecation agreement dated 04/08/2010 covering overall
credit facility of Rs 68.700 Millions. 3) Letter evidencing deposit of title deed dated 04/08/2010 covering
overall credit facility of Rs 68.700 Millions. |
|
Date of
instrument Creating the charge |
04.08.2010 |
|
Amount secured by
the charge |
Rs. 68.700 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a)
Rate of interest Term loan- BPLR-0.50% ( presently 11.50% p.a) Working Capital (OCC/ODBD) - BPLR-0.75 i.e 11.25% p.a. (b)
Terms of repayment Working Capital of Rs 9 Millions which includes bank guarantee of Rs 4
Millions repayable on demand. Term Loan of Rs 59.700 Millions repayable in 23 equal quarterly
installments of Rs 2.596 Millions commencing from April 2011.Interest as when
due. (c)
Margin Working Capital 1) OCC/ODBD( Rs 5 Millions)-25% ODBD Sublimit Rs 2 Millions 2) Term Loan- 32.62%. (d)
Extent and operation of the charge Primary security for Working Capital 1) Hypothecation of entire stock, book debt both present and future at
the proposed Asansol and Siliguri unit. Primary security for Term Loan 1) EMT of factory land and proposed building thereon under
Siliguri-Jalpaiguri Development Authority. 2) EMT of factory land located at Manbhum, P.S. Asansol(N),
Dist-Burdwan 3) Hypothecation of Plant and Machinery, (e)
Others Electrical and miscellaneous fixed assets proposed at Siliguri and
Asansol unit.( list enclosed as attachment to this form) Collateral Security 1) Prime security for Term Loan to be made available as collaterals
for Working Capital. 2) Pari -passu 2nd charge on entire fixed assets of the company. Others 1) Personal guarantee of six persons mentioned in sanction letter. 2) Corporate guarantee given by M/s Manoj Mercantile Credit Private
Limited |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of entire stock, book debt both present and future at the
proposed Asansol and Siliguri unit and all other current assets both present
and future laying at borrowers Registered Office / Factory / Godown /
premises or any where else. EMT of factory land and proposed building thereon under Siliguri
Jalpaiguri Development Authority at Plot No 728,873,874 recorded in R.S
Khatian No 1 and 260 corresponding to L.R Plot No 971,977,978 and 992 under
Mouja Mohammad Baksa, J.L No 74, situated at Food Park, Siliguri,
Lichupukuri, Police Station Phansidewa district Darjeeling. EMT of factory land located at Plot No M/26, Mouza Ganrui, R.S Plot No
1645 (P),1644/1739 (P), J.L No 12. Touji No 19,Manbhum, P.S. Asansol (N),
Dist-Burdwan. Hypothecation of Plant and Machinery, Electrical and miscellaneous
fixed assets proposed at Siliguri and Asansol unit.( list enclosed as
attachment to this form) |
FIXED ASSETS
- Land
- Plant and
Machinery
- Furniture
- Tubewell
- Electric
Installation
- Office
Equipments
- Building
- Generator
- Jeep
- Vehicles
- Two Wheeler
- Motor Car
- Weighing
Scale
- Computer
- Air
Conditioner
- Currency
Counting machine
- Software
- Weighbridge
AS PER WEBSITE
DETAILS
Profile
S
The company had
started its business of manufacturing Wheat and Gram Flour in the name of
“Ganesh Flour Mills” in the year 1936 under the brand name “Ganesh”. During
these days people used to grind Wheat, Gram, etc. by themselves in their
residence, but due to sincere efforts and hard quality control measures,
products of the company started making their significant presence in the heart
as well as kitchen of people.
Gradually the company went on introducing new products in
the market and to meet the huge market demand, converted itself to “Ganesh
Wheat Products Private Limited” on March 9, 2000. As on date the company is among
one of the largest manufacturer of flour products in
The Company has a strong belief in dishing out best in terms
of quality and service to its cherished customers. Company is grinding its
products in Chakki Mills and packing by AFFS machines with Nitrogen flushing
for increased shelf life. They employ several different cleaning processes to
remove stones, insects and micro-organisms from the ingredients and from
cleaning to packaging, all the processes are performed fully automatically that
is untouched by hand. Company offers Atta (Wheat flour), M.P.Atta (Wheat
flour), Makai Atta ( Corn flour), Soya Atta ( Soyabean flour), Rice flour,
Besan, Sattu, Sooji and instant mixes etc. but its constant effort to
provide you the utmost best has lead to their offerings growing rapidly.
They are also happy to state that they are doing job work of
manufacturing Atta (Wheat Flour) for the world-renowned company, I. T. C.
for their “Ashirvad”
brand in
They understand how important it is to every mother to
provide the best and pure for her children and family. And that’s why they take
their promise of providing her 100% fresh with the natural goodness by making
sure their product ingredients are carefully natured and processed with love
and care.
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.