MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
KHET-SE AGRIPRODUCE INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.03.2007 |
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Com. Reg. No.: |
55-160357 |
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Capital Investment
/ Paid-up Capital : |
Rs.186.272
Millions |
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CIN No.: [Company Identification
No.] |
U01403DL2007PTC160357 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELK08825F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of distribution and sale of fruits
and vegetable. |
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No. of Employees
: |
Not Available |
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 120000 |
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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 a joint venture between Total It is an established having moderate track. There appears a huge
accumulated losses being recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
LOCATIONS
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Registered Office : |
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E-Mail : |
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Branch Office: |
K2, |
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Tel. No.: |
91-120-2442441 |
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Fax No.: |
91-120-2517687 |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Homi Rustam Khusrokhan |
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Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
15.12.1943 |
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Date of Appointment : |
09.03.2007 |
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Name : |
Mr. Frank James Davis |
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Designation : |
Director |
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Address : |
30, Park View, Castlenock, |
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Date of Birth/Age : |
06.01.1960 |
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Date of Appointment : |
09.03.2007 |
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Name : |
Mr. Eugene Joseph Caulfield |
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Designation : |
Director |
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Address : |
Knockbridge, Dundalik, Company, |
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Date of Birth/Age : |
27.02.1948 |
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Date of Appointment : |
09.03.2007 |
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Name : |
Mr. Kapil Mehan |
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Designation : |
Director |
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Address : |
A-603, Stellar |
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Date of Birth/Age : |
30.05.1958 |
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Date of Appointment : |
09.03.2007 |
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Name : |
Guy Roland Goves |
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Designation : |
Director |
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Address : |
20-C, Shatabdi Vihar, Block E-15, Sector 51, Noida-201307, |
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Date of Birth/Age : |
26.06.1954 |
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Date of Appointment : |
16.09.2010 |
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Din No.: |
01585447 |
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Name : |
Mr. Syed Mahtabul Bashar |
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Designation : |
Director |
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Address : |
61A, |
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Date of Birth/Age : |
12.02.1982 |
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Date of Appointment : |
16.09.2010 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Srinivasan |
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Designation : |
Secretary |
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Address : |
1270, Sector A, Pocket B and C, Vasant Kunj, New Delhi-110070, |
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Date of Birth/Age : |
03.04.19784 |
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Date of Appointment : |
11.05.2008 |
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Date of Ceasing: |
30.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Total Produce Ireland Limited, |
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96885429 |
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Tata Chemicals Limited, |
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96885429 |
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Total |
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193770858 |
List of Allottee:
As on 21.04.2011
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Particular |
No. of Shares |
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Tata Chemicals |
22400000 |
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Total Produce Ireland Limited |
22400000 |
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Total |
44800000 |
As on 27.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of distribution and sale of fruits
and vegetable. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
W, Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
7th Floor, Building 10, Tower B, |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000000 |
Equity Shares |
Rs.1/- each |
Rs.240.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
193770858 |
Equity Shares |
Rs.1/- each |
Rs.193.770
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000000 |
Equity Shares |
Rs.1/- each |
Rs.240.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
186272292 |
Equity Shares |
Rs.1/- each |
Rs.186.272
Millions |
Note:
Of the above:
- 93136146 (Previous year 93136146) equity shares are held by Tata
Chemicals Limited.
- 93136146 (Previous year 93136146) equity shares are held by Total Produce
Ireland Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
186.272 |
186.272 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(154.871) |
(112.301) |
(35.898) |
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NETWORTH |
31.401 |
73.971 |
64.102 |
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LOAN FUNDS |
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1] Secured Loans |
79.433 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
79.433 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.834 |
73.971 |
64.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.034 |
98.752 |
19.381 |
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Capital work-in-progress |
2.530 |
2.923 |
38.924 |
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INVESTMENT |
0.518 |
0.000 |
26.742 |
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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 |
35.976
|
1.036 |
0.000 |
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Sundry Debtors |
2.968
|
3.336 |
0.000 |
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Cash & Bank Balances |
3.069
|
3.925 |
2.362 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.840
|
3.005 |
6.364 |
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Total
Current Assets |
48.853
|
11.302 |
8.726 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.228
|
29.580 |
16.825 |
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Other Current Liabilities |
0.739
|
1.165 |
1.771 |
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Provisions |
8.134
|
8.261 |
11.075 |
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Total
Current Liabilities |
33.101
|
39.006 |
29.671 |
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Net Current Assets |
15.752
|
(27.704) |
(20.945) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.834 |
73.971 |
64.102 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
72.112 |
39.254 |
3.337 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
114.682 |
115.031 |
38.989 |
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Advertising Expenses |
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TOTAL |
114.682 |
115.031 |
38.989 |
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PROFIT BEFORE
TAX |
(42.570) |
(75.777) |
(35.652) |
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Less |
TAX |
0.000 |
0.626 |
0.246 |
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PROFIT AFTER TAX
|
(42.570) |
(76.403) |
(35.898) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
12.761 |
NA |
NA |
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Earnings Per
Share (Rs.) |
(0.22) |
(0.48) |
(0.67) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(59.03)
|
(194.64) |
(1075.75) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(30.22)
|
(68.85) |
(126.84) |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.35)
|
(1.02) |
(0.55) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.58
|
0.53 |
0.46 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
0.29 |
0.29 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Khet Se Agriproduce India Private Limited was incorporated on 9 March 2007.
The company is a joint venture between Tata Chemicals Limited and Total Produce
Ireland Limited with shareholding of 50% each. The company has been formed to
carry on business of sourcing of fresh produce (fruits and vegetable) from
different regions in
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U01403DL2007PTC160357 |
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Name of the
company |
KHET-SE
AGRIPRODUCE INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
W, Mumbai-400013, Maharashtra, India |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Letter of
hypothecation of stocks and book debts |
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Date of
instrument Creating the charge |
20.01.2010 |
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Amount secured by
the charge |
Rs.40.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per prevailing
rates or as communicated by bank from time to time. Terms of
Repayment CC limits are
repayable on demand. Export credit is for a max tenor or 120 days. Margin 25% margin on
stocks and book debts and 25% cash margin or as communicated by bank from
time to time. Extent and
Operation of the charge Hypothecation by
way of exclusive charge on all the stocks and book debts of the company both
present and future. |
|
Short particulars
of the property charged |
Hypothecation by
way of exclusive charge on all the stocks and book debts of the company both
present and future. |
Fixed Assets:
- Building
- Leasehold Improvements
- Plant and Machinery
- Computer
- Office Equipments
- Furniture and Fittings
- Software
WEBSITE DETAILS:
BOARD OF DIRECTORS:
Homi R. Khusrokhan - Director
Homi R Khusrokhan is a B. Com. (Hons.) from the
Mr. Khusrokhan worked with the Ford Motor Company in the
He joined the Tata Group as Managing Director of Tata Tea after his retirement
from Glaxo in 2001 and in 2004 joined the Board of Tata Chemicals Limited as an
Executive Director in charge of Strategy and New Business Areas. He took charge
of Tata
Chemicals as Managing Director in October 2006. The Company has
seen significant growth during his tenure both in its traditional businesses
and in new business areas and is today the world's second largest Soda Ash
Company.
Mr. Khusrokhan is married and has two children, a son settled in the
Eugene Caulfield – Director
Eugene Caulfield is a director on the board of Khet-Se Agriproduce. He is
currently the Managing Director, Corporate Development, Total Produce,
where he is responsible for the development of the new super-sweet pineapple
project in
Mr.Caulfield looks after the company's strategy to enter and strengthen its
position in the Indian market. He was the Managing Director, Fyffes Produce
Europe from 1995 - 2002, where he was responsible for the profitability of this
business with a turnover of €700M and a 2000-strong workforce.
Mr.Caulfield has had strong hands-on experience in the business managing
different roles since he joined the group in 1967 as a Horticultural
Agronomist.
R Mukundan – Director
Ramakrishnan Mukundan is the Managing Director of Tata
Chemicals Limited (TCL) and was the Executive Director of the company. Prior to
that, he was the Executive Vice President (Chemicals) and was responsible for
the Chemicals business and Consumer Products Business of TCL and its
subsidiaries.
He joined TCL in 2001 and led various functions like Strategy and Business
Development, Corporate Quality, Corporate Planning, and Manufacturing before
taking over as the Chief Operating Officer of the Chemicals business of the
company. He played an active role in the TCL transformation efforts in 2002,
and also in the growth of domestic business as well as acquisition of new
facilities in Brunner Mond (UK), Magadi Soda (
Mr. Mukundan has been a member playing decisive role in several industry forums
like Indian Chemical Council, past executive member of Automotive Components
Manufacturers Association, past president of Alkali Manufacturers Association
of India, CII Chemical Industry forum.
An engineer from IIT Roorkee, Mr. Mukundan, 42, joined the
Tata Administrative Service (TAS) in 1990 after completing MBA from Faculty of
Management Studies (FMS),
Frank Davis – Director
Frank Davis is a director on the board of Khet-Se Agriproduce. Frank was appointed Company Secretary and
Chief Financial Officer of Total Produce on 13 December 2006.
Prior to the formation of Total Produce, he was appointed to the
position of Finance Director of the General Produce division of Fyffes plc in
2002. He joined Fyffes in 1983 having previously worked in practice and
industry. He held a number of senior accounting and financial positions in
Fyffes, including that of Finance Director of its Irish and
PRESS RELEASE
KHET-SE AGRIPRODUCE LAUNCHES ITS
OPERATIONS IN
”Rolls-out its 1st fresh produce
procurement and distribution centre”
Mumbai, 12th May 2008: Khet-Se Agriproduce India Private
Limited, a 50:50 JV of Tata Chemicals Limited (TCL) and Total Produce,
Operations of its 1st such centre has been started, which will cater to the
requirements of
Speaking at the occasion, Mr. Homi Khusrokhan, Chairman, Khet-Se Agriproduce
India Private Limited And Managing Director, Tata Chemicals Limited, said, "Being in the forefront of this exciting time
provides us with an opportunity to innovate and create a new business model
that will be a first of its kind in the country. There is nothing more
satisfying for our business than the fact that it is contributing to the
upliftment of the farmers and small retailers and enabling them to grow, not by
handing out sops, but by making the basic tenets of their business self
sustaining."
Mr. Eugene Caulfield, MD, Corporate Development, Total Produce, said, "Total Produce is honoured to be
associated with such a fine organisation as Tata Chemicals. Tata Chemicals has
strong links with Indian farmers with its sales of fertilisers, chemicals and
other grower requirements through its network of Tata Kisan Sansar distribution
centres throughout
Mr. G. R. Goves, Chief Executive, Khet Agriproduce India Private
Limited, added that Khet-Se aims to
bridge the gap between producer and end consumer which will significantly
increase efficiencies, improve shelf-life and reduce product loss in the supply
chain. For this, it has already partnered with farmers to develop their skills
to raise the quality of Indian farm produce through training on good
agricultural practices. Similarly Khet-Se plans to partner with small retailers
and help them in developing competencies to manage their business more
effectively. He also said that the next Khet-Se distribution centre will begin
operations in Mumbai in the next 6 months.
Khet-Se will be bringing about a change in the way the fresh produce
category operates by targeting the small fruit and vegetable retailer through
its conveniently located wholesale stores. It will only cater to registered B2B
customers such as small retailers, organised retailers the institutional
segments comprising of hotels, restaurants and caterers. Khet-Se offers the benefit
of hygienically handled, high quality produce which is delivered absolutely
fresh to its B2B customer segments.
About Tata
Chemicals Limited
Established in 1939 at Mithapur, and
part of the US$ 28.8 B Tata Group, Tata Chemicals Limited (TCL) today is the
second largest producer of Soda Ash in the world with manufacturing facilities
across four continents. TCL is the pioneer and market leader in the branded,
iodised salt segment. TCL is also
The acquisition of an equal partnership in Indo Maroc Phosphore S.A. (IMACID)
along with Chambal Fertilisers and the global phosphate major, OCP of Morocco
in the year 2005 was the first step that TCL took towards internationalization.
In early 2006, TCL completed the acquisition of the
In early 2008 TCL successfully completed the acquisition of General Chemical
Industrial Products, (GCIP).General Chemical's subsidiary, General Chemical
(Soda Ash) Partners (GCSAP), is one of the largest Soda Ash producers in the
About Total
Produce
Total Produce is one of the leading
operators within the European general produce sector. The group generates a
turnover in excess of EUR 2 billion, has almost 3,900 employees and trades from
more than 80 facilities throughout Europe with operations in
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.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.