MIRA
INFORM REPORT
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Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NILA SEA FOODS PRIVATE LIMITED |
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Registered
Office : |
137, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.01.1992 |
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Com. Reg. No.: |
18-021950 |
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Capital
Investment / Paid-up Capital : |
Rs.13.600
Millions |
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CIN No.: [Company Identification
No.] |
U52599TN1992PTC021950 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIN00176B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Marine Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 658000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 : |
137, Pudur Pandiapuram, Tuticorin – 628 002, |
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Tel. No.: |
91-461-2345707 / 2345538 / 2345806 / 2345387 |
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Fax No.: |
91-461-2345138 / 2347792 |
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E-Mail : |
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Website : |
DIRECTORS
As on 24.09.2010
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Name : |
Mr. D. Chandran |
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Designation : |
Managing Director |
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Address : |
137 A, Pudur Pandiapuram, Tuticorin – 628 002, |
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Date of Birth/Age : |
12.05.1952 |
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Date of Appointment : |
03.01.1992 |
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DIN No.: |
00276344 |
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Name : |
Mrs. C. Nilavathi |
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Designation : |
Director |
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Address : |
137 A, Pudur Pandiapuram, Tuticorin – 628 002, |
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Date of Birth/Age : |
18.01.1957 |
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Date of Appointment : |
03.01.1992 |
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DIN No.: |
00276466 |
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Name : |
Mr. C. Selwin Prabhu |
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Designation : |
Director |
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Address : |
137 A, Pudur Pandiapuram, Tuticorin – 628 002, |
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Date of Birth/Age : |
18.08.1981 |
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Date of Appointment : |
01.02.2001 |
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DIN No.: |
00276636 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
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D. Chandran |
|
63600 |
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C. Nilavathi |
|
62850 |
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C. Selwin Prabhu |
|
5050 |
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C. Arun Prabhu |
|
4500 |
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Total |
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136000 |
As on 24.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Marine Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Actual
Production |
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Frozen Fish and Prawns |
Kgs. |
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|
2522317.300 |
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GENERAL INFORMATION
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Bankers : |
v
The South Indian Bank Limited, v
Tamilnad Mercantile Bank Limited v
Pandiyan Grama Bank, Vembar |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Arunmugam Chartered Accountant |
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Address : |
4B/ A8, Mani Nagar, Tuticorin – 628 003, |
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Associates : |
v
v
v
Nila Cold Storage Private Limited, Thoothukkudi v
Amulya Sea Foods Private Limited, Thoothukkudi v
Nila Mines Private Limited, Thoothukkudi |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
136000 |
Equity Shares |
Rs.100/-
each |
Rs.13.600
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 |
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|
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1] Share Capital |
13.600 |
13.600 |
13.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
151.010 |
128.218 |
119.120 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
164.610 |
141.818 |
132.720 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
269.049 |
281.741 |
238.759 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
269.049 |
281.741 |
238.759 |
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DEFERRED TAX LIABILITIES |
3.007 |
3.302 |
4.068 |
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TOTAL |
436.666 |
426.861 |
375.547 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
80.514 |
81.827 |
97.863 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
49.335 |
36.476 |
36.476 |
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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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|
|
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Inventories |
12.396
|
83.700
|
77.538 |
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|
Sundry Debtors |
252.181
|
172.953
|
149.709 |
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Cash & Bank Balances |
68.398
|
50.942
|
40.860 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
16.821
|
14.541
|
11.409 |
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Total
Current Assets |
349.796
|
322.136
|
279.516 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
31.099
|
6.966 |
26.567 |
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Other Current Liabilities |
1.711
|
1.012
|
5.411 |
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Provisions |
10.169
|
5.600
|
6.330 |
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Total
Current Liabilities |
42.979
|
13.578
|
38.308 |
|
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Net Current Assets |
306.817
|
308.558
|
241.208 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
436.666 |
426.861 |
375.547 |
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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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|
|
|
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Income |
1000.600 |
1063.600 |
996.701 |
|
|
|
|
137.437 |
NA |
69.723 |
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Increase/ (Decrease) in Stock |
|
NA |
(27.165) |
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TOTAL (A) |
1138.037 |
NA |
1039.259 |
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|
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Less |
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|
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Purchases and Purchase Expenses |
1080.777 |
NA |
873.953 |
|
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Processing Expenses |
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|
71.384 |
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Sales and Administrative Expenses |
|
|
44.059 |
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TOTAL (B) |
1080.777 |
NA |
989.396 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.260 |
44.861 |
49.863 |
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Less |
INTEREST (D) |
12.745 |
17.357 |
17.358 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.515 |
27.504 |
32.505 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
11.847 |
13.496 |
14.965 |
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PROFIT BEFORE
TAX (E-F) (G) |
32.668 |
14.008 |
17.540 |
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Less |
TAX (H) |
9.875 |
4.833 |
6.184 |
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PROFIT AFTER TAX
(G-H) (I) |
22.793 |
9.175 |
11.356 |
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EARNINGS IN
FOREIGN CURRENCY |
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F.O.B. Value on export |
1000.600 |
974.000 |
1035.600 |
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TOTAL EARNINGS |
1000.600 |
974.000 |
1035.600 |
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Earnings Per
Share (Rs.) |
167.59 |
67.46 |
83.50 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.00 |
NA |
1.06 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.26 |
1.32 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.59 |
3.47 |
4.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.10 |
0.13 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.90 |
2.08 |
2.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
8.14 |
23.72 |
7.30 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The company has achieved a turnover of Rs.1000.600 millions against the
previous year turnover of Rs.1063.600 millions despite adverse market
conditions and climatic conditions worldover. The company has earned a profit
before tax of Rs.32.668 millions against the previous year figure of Rs.14.008
millions. The directors are hopeful of achieving better results in the coming
years.
FORM 8:
|
Corporate
identity number of the company |
U52599TN1992PTC021950 |
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Name of the
company |
NILA SEA FOODS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
137, Pudur Pandiapuram, Tuticorin – 628 002, E-Mail: nsf939@gmail.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90302769 |
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Type of charge |
Immovable property Any interest in immovable property Book Debts Movable Property |
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Particular of
charge holder |
The South Indian Bank Limited, E-Mail: br0090@sib.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1. Extension Of
Equitable Mortgage dated 09-03-2011 2. Supplemental
Mortgage Deed LD 119 |
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Date of
instrument Creating the charge |
09.03.2011 |
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Amount secured by
the charge |
Rs.864.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: PC upto 180 days
base rate plus 0.20%. p.a. beyond 180 days base rate + 3.20% p.a. FBP-LC
bills upto 90 days Base Rate + 0.20%
p.a. beyond 90 days upto 6 months
base rate + 3.20% p.a. Terms of
Repayment: On demand and the
working capital limit should be renewed within 12 Months for other as per
existing terms and conditions Margin: 15% Extent and
Operation of the charge: The charge on the
company' s properties by way of equitable mortgage as mentioned in the letter
confirming deposit of title deeds attached will operate on the credit
facilities of the company now enhanced amounting to Rs.480.000 millions and
that enjoyed by its sister concern, Nila Sea Foods amounting to Rs.384.000
millions. The charge on other fixed assets and movable goods of the company
by way of hypothecation will operate on the credit facilities enjoyed by the
company |
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Short particulars
of the property charged |
1.10 Acres of Land
Survey No.348/5 in Pudur Pandiapuram village Ottapidaram TK Tuticorin Dt
together with all buildings existing and / or to be constructed in the name
of company 1.218Acres of
Land in Town Municipal18th Ward town survey ward 4 Block No.20, 21 Town SY No.3366/1A1
3366/1A2, 3366/1B2, 3366/1D1, 3366/1J1 in Tuticorin together with buildings
existing and to be constructed 0.90 acres of
Land Survey No. 348/6 in Pudur Pandiapuram village Ottapidaram TK Tuticorin
Dt together with all buildings existing and / or to be constructed in the
name of company 0.65 acres of
Land Survey No. 348/5 in Pudur Pandiapuram village Ottapidaram TK Tuticorin
Dt together with all buildings existing and / or to be constructed in the name of company Hypothecation of
all present and future stock, book debts and other current assets and fixed
assets of the company (other than vehicles charged to NBFC and EM of company
property). |
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Date of latest
modification prior to the present modification |
03.09.2010 |
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Particulars of the
present modification |
(Rs. in millions)
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90302769 |
|
Corporate
identity number of the company |
U52599TN1992PTC021950 |
|
Name of the
company |
NILA SEA FOODS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
137, Pudurpandiapuram, Tuticorin-628002, |
|
Type of charge |
Book Debts Movable Property Immovable
property Any interest in
immovable property |
|
Particular of charge
holder |
L65191KL1929PLC001017 South Indian Bank Limited Address : 40/41, Email : br0090@sib.co.in |
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Nature of description
of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
22.12.2008 |
|
Amount secured by
the charge |
Rs. 649.709
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Packing Credit
and FBP 9.00% FSL (0)
BPLR+TP-4.5% (now 12%) Adhoc PC/PCFC 10% Terms of
Repayment : Repayable on
Demand Margin : 25% Extent and
Operation of the charge : The charge on the
company’s properties by way of equitable mortgage as mentioned in the
memorandum of title deeds attached will operate on the credit facilities of the
company now enjoyed amounting to Rs. 424.953 Millions and that enjoyed by its
sister concern, M/s. Nila Sea Foods amounting to Rs. 224.756 Millions. The
charge on other fixed assets and movable goods of the company by way of
hypothecation will operation on the credit facilities enjoyed by the company. |
|
Short particulars
of the property charged |
Primary Security
: Hypothecation of Machinery, Stock of Sea foods against prior lodgment of
Confirmed orders/LC’s of Prime Banks with ECGC Guarantee under WTPCG Collateral
Security: 1.10 acres of land in Sy.No.348/5, 90 cents of land in Sy. No.
348/6, 65 Cents of land in Sy 348/5, 1.218 Acres of land 3366/1A1, 1A2, 1B2,
1D1, 1J1 at Tuticorin Town owned by Nila Sea Foods Private Limited |
|
Date of latest
modification prior to the present modification |
01.02.2008 |
|
Particulars of
the present modification |
The Packing
Credit Limit Of the Company is enhanced from Rs.180.000 Millions to Rs. 230.000
Millions. Bank Guarantee sanctioned is Rs. 9.953 Millions. The limit enjoyed
by Nila Sea Foods its sister concern amount to Rs.224.756 Millions The Credit
limits. The Overall limit stands modified from Rs.365.000 Millions to Rs.
649.709 Millions. Other existing terms and Conditions rejain unaltered. |
|
Name of the company |
|
|
Presented By |
D Chandan, Managing Director |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation
dated 10.02.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs.
35.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge
Created by hypothecation of 800/KG/Hour Shrimp Processing Line, Including 1QF
Cooking, Chilling 1QF Freezing, Double Glazing |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Charge
Operates as Security for due repayment and discharge by the Company of the
Term loan of Rs. 35.000 Millions. The Term Loan is repayable in 5 years in 20
Equal Installments after an initial holiday period of 3 months. Margin 25%
interest @ BPLR+TP-4.5% (9% Floating) P.A with Monthly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
South Indian Bank Limited, 40/41, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
FIXED ASSETS:
v
Land
v
Buildings
v
Plant and Machinery
v
Electrical Fittings
v
Computers
v
Furniture and Fittings
v
Vehicles
v
Transport Vehicles
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.