MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MONGINIS FOODS PRIVATE LIMITED |
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Registered
Office : |
B-59/60, Veera Desai Industrial Estate, Off New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.06.1989 |
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Com. Reg. No.: |
11-052026 |
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Capital
Investment / Paid-up Capital : |
Rs.2.045
millions |
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|
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CIN No.: [Company Identification
No.] |
U15140MH1989PTC052026 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19390A |
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PAN No.: [Permanent Account No.] |
AAACM5120A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is
engaged in providing of Bakery and Catering Services. |
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No. of Employees
: |
250
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 966000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed name in cakes, chocolates,
pastries and cookies. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Head Office : |
B-59/60, Veera Desai Industrial Estate, Off New |
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Tel. No.: |
91-22-40786786/ 700/ 702/ 26736786-94 |
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Fax No.: |
91-22-40786795/ 26344795 |
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E-Mail : |
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Website : |
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Overseas Office : |
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Tel. No.: |
20237981555 |
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Branch Office : |
Located at: v Mumbai (Bhiwandi, Thane) v v Ahmedabad v v Kolkata v v v v Pune v
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Zohar Huseni Khorakiwala |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
2203, |
|
Date of Birth/Age : |
08.01.1952 |
|
Qualification : |
B.Com |
|
Experience : |
37 Years |
|
Date of Appointment : |
29.09.2000 |
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DIN No.: |
00293414 |
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|
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|
Name : |
Mr. Kumail Huseni Khorakiwala |
|
Designation : |
Whole Time Director |
|
Address : |
19, Konark Empress, Next to Geeta Cinema Worklinaka, Worli, Mumbai –
400 018, |
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Date of Birth/Age : |
06.10.1959 |
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Qualification : |
MS Food Technology |
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Experience : |
25 Years |
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Date of Appointment : |
29.09.2000 |
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DIN No.: |
00494953 |
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|
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Name : |
Quresh Huseni Khorakiwala |
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Designation : |
Director |
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Address : |
1803, |
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Date of Birth/Age : |
19.05.1957 |
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Date of Appointment : |
29.09.2001 |
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DIN No.: |
00510262 |
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Name : |
Idris Huseni Khorakiwala |
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Designation : |
Director |
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Address : |
1803, |
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Date of Birth/Age : |
22.10.1955 |
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Date of Appointment : |
29.09.2001 |
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DIN No.: |
00516410 |
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|
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Name : |
Adnan Idris Khorakiwala |
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Designation : |
Director |
|
Address : |
1803, |
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Date of Birth/Age : |
20.11.1979 |
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Date of Appointment : |
26.08.2005 |
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Date of Ceasing : |
01.05.2011 |
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DIN No.: |
00509978 |
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Name : |
Qusai Zoher Khorakiwala |
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Designation : |
Director |
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Address : |
2203A, Lady Ratan Tower, Off Dr. E Moses Road, Near Nehru SC Centre,
Gandhi Nagar, Worli, Mumbai – 400 018, Maharashtra, India |
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Date of Birth/Age : |
06.10.1982 |
|
Date of Appointment : |
01.05.2011 |
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DIN No.: |
03526443 |
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|
|
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Name : |
Lubaina Zoher Khorakiawala |
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Designation : |
Director |
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Address : |
2203, |
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Date of Birth/Age : |
17.04.1958 |
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Date of Appointment : |
26.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Zoher Huseni Khorakiwala |
|
1800 |
|
Kumail Huseni Khorakiwala |
|
1800 |
|
Farida Quresh Khorakiwala |
|
2000 |
|
Qureshi Huseni Khorakiwala |
|
1800 |
|
Aliasgar Kumail Khorakiwala |
|
1395 |
|
Fatema Kumail Khorakiwala |
|
110 |
|
Naquia Quresh Khorakiwala |
|
250 |
|
Nishrin Kumail Khorakiwala |
|
1520 |
|
Sugra Huseni Khorakiwala |
|
1100 |
|
Lubaina Zoher Khorakiwala |
|
740 |
|
Husena Zoher Khorakiwala |
|
130 |
|
Qusai Zoher Khorakiwala |
|
1255 |
|
Ebrahim Zoher
Khorakiwala |
|
900 |
|
Adnan Idris Khorakiwala |
|
1950 |
|
Murtaza Quresh Khorakiwala |
|
825 |
|
Idris Huseni Khorakiwala |
|
2000 |
|
Arefa Idris Khorakiwala |
|
375 |
|
Zainab Adnan Khorakiwala |
|
500 |
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Total |
|
20450 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in providing of Bakery and Catering Services. |
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|
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Bread |
Nos. |
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|
1862235 |
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Cakes |
Nos. |
|
|
2622126 |
|
Pastries |
Nos. |
|
|
10152844 |
|
Savouries Pitawich |
Nos. |
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|
7037328 |
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GENERAL INFORMATION
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No. of Employees : |
250
(Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.V.S. Associates Chartered Accountants |
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Address : |
323, Hammesmith Industrial Estate, 3rd Floor, Off. |
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Income-tax
PAN of auditor or auditor's firm : |
ABGPS4836H |
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Associated Concerns : |
v Delicia Foods v Al-Taiyab Traders v Monginis Foods and Services Limited v Monginis Hospitality Services v Sugra Shaikh H.F. Trust v Raj Enterprises v Bake-n-Joy Foods |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20450 |
Equity Shares |
Rs.100/- each |
Rs.2.045
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.045 |
2.045 |
2.045 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
239.533 |
176.509 |
143.147 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
241.578 |
178.554 |
145.192 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
22.962 |
20.122 |
17.514 |
|
|
TOTAL BORROWING |
22.962 |
20.122 |
17.514 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
264.540 |
198.676 |
162.706 |
|
|
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
72.952 |
72.575 |
76.638 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.460 |
10.460 |
10.460 |
|
|
DEFERREX TAX ASSETS |
2.865 |
2.658 |
2.211 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.520
|
26.302 |
27.058 |
|
|
Sundry Debtors |
33.972
|
17.318 |
21.101 |
|
|
Cash & Bank Balances |
97.661
|
91.245 |
40.896 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
111.991
|
124.360 |
95.944 |
|
Total
Current Assets |
274.144
|
259.225 |
184.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.716
|
25.104 |
20.624 |
|
|
Other Current Liabilities |
14.587
|
15.149 |
22.510 |
|
|
Provisions |
67.578
|
105.989 |
68.468 |
|
Total
Current Liabilities |
95.881
|
146.242 |
111.602 |
|
|
Net Current Assets |
178.263
|
112.983 |
73.397 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
264.540 |
198.676 |
162.706 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
965.007 |
909.381 |
788.182 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
965.007 |
909.381 |
788.182 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
849.199 |
816.310 |
716.384 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
849.199 |
816.310 |
716.384 |
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.808 |
93.071 |
71.798 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.899 |
15.010 |
15.505 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.909 |
78.061 |
56.293 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.100 |
27.950 |
21.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
67.809 |
50.111 |
34.326 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
140.884 |
112.536 |
93.614 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend/ Interim Dividend |
4.090 |
14.315 |
10.225 |
|
|
|
Dividend Tax |
0.695 |
2.434 |
1.738 |
|
|
|
Transfer to General Reserve |
6.715 |
5.014 |
3.441 |
|
|
BALANCE CARRIED
TO THE B/S |
197.193 |
140.884 |
112.536 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports Goods (CIF) |
1.132 |
4.468 |
1.188 |
|
|
|
Plant & Machinery (CIF) |
0.000 |
3.499 |
0.507 |
|
|
TOTAL EARNINGS |
1.132 |
7.967 |
1.695 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3315.84 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.03
|
5.51 |
4.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.65
|
23.53 |
21.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.44 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.93 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86
|
1.77 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
ACTIVITIES AND TURNOVER:
During the year
the company has achieved the turnover of Rs.937.000 millions, against targeted turnover
of Rs.970.000 millions.
On the
profitability, the company’s profit before tax has gone up to Rs.102.900
millions as against Rs.78.100 millions of previous year.
During the current
year in progress, company has achieved a turnover of Rs.338.000 millions till
31.08.2010 and expects to achieve turnover of Rs.950.000 millions at the end of
financial year.
FIXED
ASSETS
v Building Temporary Shed
v
v Industrial Gala
v Staff Quarters
v Structure Art Studio
v Goodwill and Trade Mark
v Plant and Machinery
v Calculator
v Computer
v Motor Car
v Delivery Van
v
Furniture and Fixture
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 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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.