MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DESAI FRUITS AND VEGETABLES PRIVATE LIMITED (w.e.f. 06.12.2006) |
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Formerly Known As : |
DESAI COLD STORAGE PRIVATE LIMITED |
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Registered Office : |
Plot No. 49, At and Post Amadpore, N H No. 8, Taluka and District
Navsari – 396445, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.02.1999 |
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Com. Reg. No.: |
04-035377 |
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Paid-up Capital
: |
Rs. 35.500 Millions |
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CIN No.: [Company
Identification No.] |
U63020GJ1999PTC035377 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTD00309B |
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PAN No.: [Permanent
Account No.] |
AABCD0223G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Fruit and Vegetables |
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No. of Employees : |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability
is under severe pressure having good amount of accumulated losses. Payments
are reported as slow. The company can be considered for small to mediocre business dealings
with caution. |
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 |
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Insignificant |
A1 |
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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
|
Name : |
Mr. Ajit J Desai |
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Designation : |
Director |
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Contact No.: |
91-9824121574 |
LOCATIONS
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Registered Office : |
Plot No. 49, At and Post Amadpore, N H No. 8, Taluka and District
Navsari – 396445, |
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Tel. No.: |
91-2637- 281547/ 281548/ 573079 |
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Mobile No.: |
91- 9998022520 (Mr. Mohan Desai) |
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Fax No.: |
91-2637- 281546 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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Sales Office 1: |
A-201, Regus Centre, Dynasty Business Park, Andheri – Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91- 22- 65230839 |
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E-Mail : |
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Dammstrasse 19, Postfach, 6301 |
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Tel. No.: |
+41- 41- 7232393 |
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Fax No.: |
+41- 41- 7232379 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Ajit Kumar Jayantilal Desai |
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Designation : |
Managing Director |
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Address : |
House No.426, At. Amadpore, Navsari - 396454 |
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Date of Birth/Age : |
19.06.1960 |
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Date of Appointment : |
22.03.2001 |
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DIN No.: |
00489166 |
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Name : |
Mr. Thomas Stefan Kindler |
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Designation : |
Director |
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Address : |
Marktgasse 21, |
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Date of Birth/Age : |
25.02.1969 |
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Date of Appointment : |
14.07.2008 |
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DIN No.: |
02394431 |
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Name : |
Mr. Ronjeet Singh Pal |
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Designation : |
Director |
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Address : |
Geduldweg 9a, 8810, Horgen, Swizerland |
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Date of Birth/Age : |
21.01.1969 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Timm Degenhardt Robert |
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Designation : |
Director |
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Address : |
Tannenriedstrasse 28810, |
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Date of Birth/Age : |
05.01.1969 |
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Date of Appointment : |
31.03.2006 |
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Date of Ceasing : |
14.07.2008 |
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Name : |
Mr. Pankaj Krishna Gopal Khandelval |
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Designation : |
Director |
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Address : |
1 B – 702, Raheja Nest, Chandivali Farm Road, Chandiali, Mumbai –
400072, Maharashtra, India |
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Date of Birth/Age : |
08.02.1974 |
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Date of Appointment : |
12.05.2006 |
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Date of Ceasing : |
31.12.2008 |
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DIN No.: |
00220879 |
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Name : |
Mrs. Meenaben A Desai |
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Designation : |
Director |
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Address : |
House No 426, At Amadpore, Navsari- 396445, |
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Date of Birth/Age : |
22.04.1964 |
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Date of Appointment : |
02.02.1999 |
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Date of Ceasing : |
31.12.2006 |
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Name : |
Mr. Nikulraj J. Desai |
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Designation : |
Director |
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Address : |
House No. 426, At Amadpore, Navsari- 396445, |
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Date of Birth/Age : |
28.10.1954 |
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Date of Appointment : |
02.02.1999 |
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Date of Ceasing : |
31.12.2006 |
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Name : |
Mr. Bachubhai C Patel |
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Designation : |
Director |
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Address : |
At and |
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Date of Birth/Age : |
08.05.1943 |
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Date of Appointment : |
15.10.2002 |
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Date of Ceasing : |
31.12.2006 |
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Name : |
Mr. Amit Patel |
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Designation : |
Director |
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Address : |
At and |
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Date of Birth/Age : |
22.06.1976 |
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Date of Appointment : |
15.10.2002 |
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Date of Ceasing : |
31.12.2006 |
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Name : |
Mr. Stefan Kindler Thomas |
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Designation : |
Director |
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Date of Birth/Age : |
25.02.1999 |
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Date of Appointment : |
14.07.2008 |
KEY EXECUTIVES
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Name : |
Mr. Pradeep
Harchandani |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Contract Farming India AG, |
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625971 |
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Ajit Kumar Jayantilal Desai |
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197916 |
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Jayantilal Bhimbhai Desai (HUF) |
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78500 |
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Nikul Jayantilal Desai |
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61401 |
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Kokilaben Nikulbhai Desai |
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29000 |
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Meena Ajitbhai Desai |
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26001 |
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Contract Farming Mauritius Private Limited, |
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2773794 |
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Total |
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3792583 |
As On 21.10.2010
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List of Allottees |
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No. of Shares |
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Ajit Desai Jayantilal Desai |
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18000 |
As On 20.11.2010
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List of Allottees |
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No. of Shares |
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Contract Farming Mauritius Private Limited – |
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732613 |
As On 28.03.2011
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List of Allottees |
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No. of Shares |
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Contract Farming Mauritius Private Limited – |
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156489 |
AS ON 30.09.2010
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Category |
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Percentage |
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Bodies Corporate |
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89.64 |
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Directors or relatives of directors |
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8.28 |
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Others |
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2.08 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Fruit and Vegetables |
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Products : |
Cold Storage Unit and a Value Addition Center Value in Business of
fruits and vegetables |
GENERAL INFORMATION
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No. of Employees : |
40 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit – Rs. 62.500 Millions [From State Bank of Saurashtra]
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
J M N Associates Chartered Accountant |
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Address : |
JMN House, Opposite |
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Tel. No.: |
91-2637-250232 |
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Fax No.: |
91-2637-247402 |
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Pan No.: |
AAFPN6954R |
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Holding Company : |
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Other Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- Each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
3550017 |
Equity Shares |
Rs. 10/- Each |
Rs. 35.500
Millions |
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After 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- Each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
4699685 |
Equity Shares |
Rs. 10/- Each |
Rs.
46.997 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.500 |
34.742 |
20.723 |
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2] Share Application Money |
51.448 |
20.232 |
0.000 |
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3] Reserves & Surplus |
303.791 |
284.317 |
77.171 |
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4] (Accumulated Losses) |
(333.939) |
(254.843) |
(145.517) |
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NETWORTH |
56.800 |
84.448 |
(47.623) |
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LOAN FUNDS |
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1] Secured Loans |
50.255 |
41.218 |
68.794 |
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2] Unsecured Loans |
0.000 |
0.000 |
54.200 |
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TOTAL BORROWING |
50.255 |
41.218 |
122.994 |
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DEFERRED TAX LIABILITIES |
0.211 |
0.272 |
0.273 |
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TOTAL |
107.266 |
125.938 |
75.644 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.139 |
41.485 |
18.325 |
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Capital work-in-progress |
2.485 |
5.774 |
20.735 |
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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 |
16.671
|
15.380
|
17.899
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Sundry Debtors |
57.894
|
114.461
|
54.037
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Cash & Bank Balances |
1.665
|
15.266
|
2.590
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Other Current Assets |
3.207
|
2.786
|
4.586
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Loans & Advances |
2.795
|
2.194
|
0.806
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Total
Current Assets |
82.232
|
150.087
|
79.918
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
71.427
|
97.011
|
62.431
|
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Other Current Liabilities |
0.000
|
0.000
|
0.000
|
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Provisions |
8.909
|
10.882
|
0.095
|
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Total
Current Liabilities |
80.336
|
107.893
|
62.526
|
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Net Current Assets |
1.896
|
42.194
|
17.392
|
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MISCELLANEOUS EXPENSES |
36.746 |
36.485 |
19.192 |
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TOTAL |
107.266 |
125.938 |
75.644 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
419.336 |
315.717 |
211.936 |
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Other Income |
31.289 |
38.263 |
22.419 |
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TOTAL (A) |
450.625 |
353.980 |
234.355 |
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Less |
EXPENSES |
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Increase in Stock |
4.341 |
(1.839) |
(3.072) |
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Cost of Goods Sold |
271.254 |
288.421 |
188.024 |
|
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Operating, Administrative and Selling Expenses |
226.139 |
153.416 |
117.861 |
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Preliminary Expenses Written Off |
0.001 |
0.001 |
0.002 |
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Deferred revenue Expenses Written off |
14.467 |
11.609 |
5.917 |
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TOTAL (B) |
516.202 |
451.608 |
308.732 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(65.577) |
(97.628) |
(74.377) |
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Less |
FINANCIAL
EXPENSES (D) |
5.011 |
6.104 |
4.981 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(70.588) |
(103.732) |
(79.358) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.568 |
5.464 |
2.665 |
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PROFIT BEFORE
TAX (E-F) (G) |
(79.156) |
(109.196) |
(82.023) |
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Less |
TAX (I) |
(0.060) |
0.130 |
(0.103) |
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PROFIT AFTER TAX
(G-I) (J) |
(79.096) |
(109.326) |
(81.920) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(254.843) |
(145.517) |
(63.597) |
|
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|
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BALANCE CARRIED
TO THE B/S |
(333.939) |
(254.843) |
(145.517) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17.55) |
(30.88) |
(34.96)
|
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Net Profit Margin (PBT/Sales) |
(%) |
(18.88) |
(34.59) |
(38.70)
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(53.35) |
(56.99) |
(83.49)
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Return on Investment (ROI) (PBT/Networth) |
|
(1.39) |
(1.29) |
(1.72)
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Debt Equity Ratio (Total Liability/Networth) |
|
2.30 |
1.77 |
(3.90)
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Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.39 |
1.28
|
LOCAL AGENCY FURTHER INFORMATION
FORM NO 8
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
90102545 |
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Corporate
identity number of the company |
U63020GJ1999PTC035377 |
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Name of the
company |
DESAI FRUITS AND VEGETABLES PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
Photo No. 49, At and Po Amadpore, N H No. 8, Navsari – 396445, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Others |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Two Agreements (1) Suppple. General Agreement Of Pledge Of Goods
Movable And Other Assets (2) Supple.
General Agreement Of Goods Movable ,Bookdebts And Other Assets Both Dated 23.12.2004 |
||||||
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Date of
instrument Creating the charge |
23.12.2004 |
||||||
|
Amount secured by
the charge |
Rs.25.950
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate Of Interest
Shallbe Charge By The Bank At The Rate Of 1.5% Below Bplr ,Current Rate Is
11.75% Terms of
Repayment The Repayment
Shall Be Payable At Monthly Instalment Of Rs. 0.400 million Margin The Margin Shall
Be Determined By Bank As Per Time To Time Extent and
Operation of the charge All book debts
,movable and other documents title to goods and other assets situated at the registered
office of the company at, plot no.49,
at and plot Others Praviously Charge
Created On Rs.14.450 millions Over
Movable And Other Assets As Mentioned In Both Documents Are Com\Ntinued For
Rs 25.950 millions |
||||||
|
Short particulars
of the property charged |
Praviously charge
created on Rs.14.450 Millions over
movable and other assets as mentioned in both documents are com\ntinued for
Rs 25.950 millions |
FIXED ASSETS
- Building
- Eicher Tempo
- Crates and Bins
- Fax Machine
- Furniture and Fixture
- Computer
- Scale Machine
- Water Tank
- Land and Amadpore
- Submersible Pump
- Air Conditioner
- Electric Installations
- EPBX Systems
- Mobile Phone
- Plant and Machinery
- Strapping Machine
- Tools and Equipments
- Television Sets
- Vaccume Cleaner
- Motor Cycle (Bajaj)
- Digitale Inverter
- Simputer
- Tailor
- Tata Mobile Van
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.44.43 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.