MIRA
INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAAGRITA EXPORTS LIMITED |
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|
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Registered
Office : |
A – 1, Balaji Enclave, 93/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.04.2004 |
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|
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Com. Reg. No.: |
18-53001 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 237.713 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51229TN2004PLC053001 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM06979A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM8770F |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter of Processed Food and Producer of Fruits and
Vegetables |
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|
|
|
No. of Employees
: |
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
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|
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|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses 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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A – 1, Balaji Enclave, 93/1, |
|
Mobile No.: |
91-9840556958 (Mr. Edward Pandian) |
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E-Mail : |
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Website : |
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Head Office: |
122, |
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Tel. No.: |
91-44-26600567 / 264403567 / 26602103 |
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Fax No.: |
91-44-26440356 |
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E-Mail : |
DIRECTORS
As on 08.09.2010
|
Name : |
Mr. Perumal Ramachandran |
|
Designation : |
Director |
|
Address : |
3/ 514, |
|
Date of Birth/Age : |
05.07.1941 |
|
Date of Appointment : |
01.06.2006 |
|
DIN No.: |
00678524 |
|
|
|
|
Name : |
Mr. Paul Chelliah Pandian |
|
Designation : |
Managing Director |
|
Address : |
6807, |
|
Date of Birth/Age : |
07.06.1938 |
|
Qualification : |
M.S. in Engineering from the |
|
Date of Appointment : |
20.04.2004 |
|
DIN No.: |
01244999 |
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|
|
|
Name : |
Mr. Divakar Ramanath Kamath |
|
Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
09.05.1947 |
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Date of Appointment : |
20.04.2004 |
|
DIN No.: |
03009015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Paul. Pandian |
|
49400 |
|
Arun Veerappan |
|
100 |
|
Irulappan |
|
100 |
|
Kirubakaran |
|
100 |
|
Edward Pandian |
|
100 |
|
Andrews |
|
100 |
|
Joseph Enok |
|
100 |
|
Trans Global Technologies Inc ( |
|
23721268 |
|
Total |
|
23771268 |
Equity Share Break up (Percentage of Total Equity)
(As on 08.09.2010)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.79 |
|
Directors or relatives of Directors |
0.21 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of Processed Food and Producer of Fruits and
Vegetables |
GENERAL INFORMATION
|
Bankers : |
HDFC Bank Limited, HDFC Bank SenaPati Bapat Marg, Lower Parel (West),
Mumbai – 400013, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Narayan Chartered Accountant |
|
Address : |
18, |
|
PAN.: |
AAPFS0341F |
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|
|
|
Holding Company : |
Transglobal Technologies Inc |
CAPITAL STRUCTURE
As on 08.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23771268 |
Equity Shares |
Rs.10/- each |
Rs. 237.713
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs. 240.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23473898 |
Equity Shares |
Rs.10/- each |
Rs. 234.739
Millions |
|
|
Share Application Money |
|
Rs. 2.974
Millions |
|
|
Total |
|
Rs. 237.713 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 |
234.739 |
205.868 |
179.031 |
|
|
2] Share Application Money |
2.973 |
4.225 |
10.562 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(137.811) |
(110.846) |
(76.097) |
|
|
NETWORTH |
99.901 |
99.247 |
113.496 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
7.254 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
7.254 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.901 |
106.501 |
113.496 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86.744 |
95.883 |
100.827 |
|
|
Capital work-in-progress |
2.149 |
1.951 |
1.497 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.572
|
1.480 |
2.502 |
|
|
Sundry Debtors |
2.145
|
1.788 |
2.311 |
|
|
Cash & Bank Balances |
6.269
|
4.928 |
4.695 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.804
|
2.070 |
3.260 |
|
Total
Current Assets |
12.790
|
10.266 |
12.768 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.636
|
1.422 |
1.073 |
|
|
Other Current Liabilities |
0.914
|
0.043 |
0.001 |
|
|
Provisions |
0.515
|
0.559 |
1.089 |
|
Total
Current Liabilities |
2.065
|
2.024 |
2.163 |
|
|
Net Current Assets |
10.725
|
8.242 |
10.605 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.283 |
0.425 |
0.567 |
|
|
|
|
|
|
|
|
TOTAL |
99.901 |
106.501 |
113.496 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16.485 |
16.517 |
14.460 |
|
|
|
Other Income |
0.653 |
1.723 |
0.281 |
|
|
|
TOTAL (A) |
17.138 |
18.240 |
14.741 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
17.719 |
23.927 |
19.728 |
|
|
|
Administrative Expenses |
14.392 |
15.787 |
24.586 |
|
|
|
TOTAL (B) |
32.111 |
39.714 |
44.314 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(14.973) |
(21.474) |
(29.573) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.283 |
0.781 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(15.256) |
(22.255) |
(29.573) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.709 |
12.494 |
9.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(26.965) |
(34.749) |
(39.222) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(26.965) |
(34.749) |
(39.222) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(110.845) |
(76.096) |
(36.874) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(137.810) |
(110.845) |
(76.096) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.088 |
2.759 |
2.992 |
|
|
TOTAL EARNINGS |
0.088 |
2.759 |
2.992 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.14) |
(1.69) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(157.34)
|
(190.51) |
(266.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(163.57)
|
(210.38) |
(271.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.09)
|
(32.74) |
(34.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
(0.35) |
(0.34) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.09 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.19
|
5.07 |
5.90 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
:
It has achieved a total turnover of Rs.16.485 Millions and has incurred a
loss of Rs.26.965 Millions. The Depreciation for the year amounts to Rs.11.709
Millions. No provision for Income Tax is considered necessary and provided.
Note:
Regisrered office the company has been shifted from Plot No. - 2041, H
Block, House No – 24, 15th
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51229TN2004PLC053001 |
|
Name of the company
|
MAAGRITA EXPORTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
A – 1, Balaji Enclave, 93/1, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
23.03.2010 |
|
Amount secured by
the charge |
Rs 10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment : On Demand. Margin : Company shall at all
times during the continuance of this security maintain the said debts of a
sufficient amount to provide the margin of security as may from time to time
advise by the Bank. Extent and
Operation of the charge : Hypothecation by
way of first Charge on Company’s Stocks, Book Debts etc., to secure as a
continuing security as mentioned in column no. 15 below for the repayment of
Rs 10.000 millions, together with interest, costs, charges, expenses and
other moneys due and payable by the company to the bank. |
|
Short particulars
of the property charged |
|
Fixed Assets :
- Plant and
Machinery
- Furniture and
Fittings
- Vehicles
- Computers
- Car
- Land
- Buildings
- Office
Equipment
WEBSITE DETAILS:
About Company:
Subject, the private Promoters of Agri
Export Zone- Mango Tamilnadu is promoted by Transglobal Technologies Inc.,
based at
When Ministry of Commerce under Government of India through APEDA mooted the
concept of Agri Export Zone, the State Government of Tamilnadu through
Department of Agri Marketing and Agri Business had selected Transglobal
Technologies Inc as the Private Promoter.
A new company in the name and style of Magrita Export Limited was formed and
having Registered office No:128, (Old No:26)
The Agri Export zone is situated at Nilakottai, Sipcot Industrial Complex, at
Pallapatti, Dindigul District, Tamilnadu. The project outlay is Rs. Hundred
Millions The project is mainly envisaged to promote Fruits and Vegetable Export
covering six districts of Tamilnadu namely Dindigul District,
Maagrita has a world-class infrastructure with a state-of-the-art plant at
Nilakotta Food park, Sipcot Industrial Complex near
The result is that every bit of produce that reaches you is helathy, delicious
and nutritious as nature intended!
This project is a joint venture between Maagrita Exports Limited and the Agri
Export Zone (AEZ). The AEZ falls under the Agricultural and Processed Foods
Export Development Authority (APEDA) of the Ministry of Commerce, Government of
India. Maagrita is the private promoter and is deeply involved in this project.
Its parent company is Transglobal Technologies Inc, a global telecom solutions
provider headquartered in
At the helm of Maagrita is Paul Pandian, Chairman who is also the President of
Transglobal Technologies. He uses his rich business experience to lead the
company in the right direction. He holds an M.S. in Engineering from the
The Directors are Divakar R. Kamath who brings with him wide business expertise
and is also a Director at Axes Technologies Inc, USA and Dr,.R. Irulappan who
was a Former Dean, Horticulture Dept at the Tamilnadu Agriculture University,
Coimbatore. Both of them have profound knowledge and practical experience in
these areas.
Maagrita has a world-class infrastructure with a state-of-the-art plant at
Nilakotta Food park, Sipcot Industrial Complex near
The result is that every bit of produce that reaches you is healthy, delicious
and nutritious as nature intended!
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.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
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 |
3 |
|
--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.