BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
BUSH FOODS
OVERSEAS PRIVATE LIMITED |
Principal Name 1 |
MR. VIRKARAN AWASTY |
|
Status |
SATISFACTORY |
Principal Name 2 |
MRS. RITIKA AWASTY |
|
|
|
Registration # |
55-139164 |
|
Street Address |
# 505-506, 5TH FLOOR, |
||
|
Established Date |
29.07.2005 |
SIC Code |
-- |
|
Telephone# |
91-11-23766910 |
Business Style 1 |
EXPORTER |
|
Fax # |
91-11-23766909 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
RICE |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
-- |
|
Paid up capital |
Rs.342,462,700/- |
Product Name 3 |
-- |
|
Shareholders |
DIRECTORS OR RELATIVES OF DIRECTORS – 100% |
Banking |
ALLAHABAD
BANK |
|
Public Limited Corp. |
NO |
Business Period |
6 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,414,526,000
|
Current Liabilities |
1,907,635,000
|
|
Inventories |
3,782,309,000
|
Long-term Liabilities |
2,742,559,000 |
|
Fixed Assets |
408,473,000 |
Other Liabilities |
231,241,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
4,881,435,000 |
|
Invest& other Assets |
124,053,000 |
Retained Earnings |
505,464,000 |
|
|
|
Net Worth |
847,926,000 |
|
Total Assets |
5,729,361,000 |
Total Liab. & Equity |
5,729,361,000 |
|
Total Assets (Previous Year) |
4,975,513,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Gross Sales |
5,313,231,000 |
Net Profit |
235,405,000 |
|
Gross Sales (Previous yr) |
5,045,446,000 |
Net Profit(Prev.yr) |
143,594,000 |
MIRA INFORM
REPORT
|
Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BUSH FOODS OVERSEAS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
# 505-506, 5th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.07.2005 |
|
|
|
|
Com. Reg. No.: |
55-139164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.342.462 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15312DL2005PTC139164 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB08533A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB6743Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter of Rice. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3392000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
# 505-506, 5th Floor, |
|
Tel. No.: |
91-11-23766910 / 23766911 / 23766912 / 64724827 |
|
Fax No.: |
91-11-23766909 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant : |
42-43, Milestone, |
|
|
|
|
|
2301, |
|
Tel. No.: |
908-392-6793 |
|
Fax No.: |
908-874 4480 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Virkaran Awasty |
|
Designation : |
Managing
Director |
|
Address : |
5/10 Shanti Niketan, |
|
Date of Birth/Age : |
08.11.1968 |
|
Date of Appointment : |
29.07.2005 |
|
|
|
|
Name : |
Mrs. Ritika Awasty |
|
Designation : |
Joint Managing
Director |
|
Address : |
5/10 Shanti Niketan, |
|
Date of Birth/Age : |
07.09.1970 |
|
Date of Appointment : |
29.07.2005 |
|
|
|
|
Name : |
Mr. Vijay Kumar Awasty |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
24.06.1935 |
|
Date of Appointment : |
29.07.2005 |
|
Date of Cessation: |
01.12.2010 |
|
|
|
|
Name : |
Mr. Vikram Hari Awasty |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
04.05.1964 |
|
Date of Appointment : |
29.07.2005 |
|
Date of Cessation: |
01.12.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Mehrotra |
|
Designation : |
Company Secretary |
|
Address : |
# 3, Navsheel, Dham, |
|
Date of Birth/Age : |
07.11.1971 |
|
Date of Appointment : |
01.12.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Virkaran Awasty |
33478590 |
|
Vijay Kumar Awasty |
379280 |
|
Vikram Hari Awasty |
360980 |
|
Manju Awasty |
27420 |
|
Total
|
34246270 |
AS ON 26.10.2010
|
List of
Allottees |
No. of Shares |
|
Virkaran Awasty |
7500000 |
|
Total
|
7500000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Rice. |
|
|
|
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
|
Stock and Turnover (As certified by the management ) |
Mts. |
150000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mitra and Mitra Chartered Accountants |
|
Address : |
207-A, Second Floor, |
|
Tel. No.: |
91-11-25276749 |
CAPITAL STRUCTURE
AFTER 30.09.2010
Authorised Capital :
Rs.500.000 millions
Issued, Subscribed & Paid-up Capital : Rs.417.463 millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34246270 |
Equity Shares |
Rs.10/- each |
Rs.342.462 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 |
342.462 |
95.462 |
47.462 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
505.464 |
270.059 |
126.464 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
847.926 |
365.521 |
173.926 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2726.245 |
1479.210 |
705.496 |
|
|
2] Unsecured Loans |
16.314 |
122.112 |
84.200 |
|
|
TOTAL BORROWING |
2742.559 |
1601.322 |
789.696 |
|
|
DEFERRED TAX LIABILITIES |
3.241 |
3.319 |
1.830 |
|
|
|
|
|
|
|
|
TOTAL |
3593.726 |
1970.162 |
965.452 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
408.473 |
378.139 |
214.788 |
|
|
Capital work-in-progress |
124.044 |
88.283 |
8.415 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3782.309
|
3224.203 |
1626.770 |
|
|
Sundry Debtors |
995.816
|
541.316 |
494.119 |
|
|
Cash & Bank Balances |
169.729
|
148.372 |
50.562 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
248.981
|
595.182 |
187.277 |
|
Total
Current Assets |
5196.835
|
4509.073 |
2358.728 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1201.765
|
1358.109 |
701.067 |
|
|
Other Current Liabilities |
705.870
|
1494.242 |
840.441 |
|
|
Provisions |
228.000
|
153.000 |
75.000 |
|
Total
Current Liabilities |
2135.635
|
3005.351 |
1616.508 |
|
|
Net Current Assets |
3061.200
|
1503.722 |
742.220 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.009 |
0.018 |
0.029 |
|
|
|
|
|
|
|
|
TOTAL |
3593.726 |
1970.162 |
965.452 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
GROSS SALES |
|
|
|
|
|
|
|
Exports |
3251.817 |
4537.849 |
2378.060 |
|
|
|
Domestic |
2061.414 |
507.597 |
404.577 |
|
|
|
TOTAL |
5313.231 |
5045.446 |
2782.637 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
345.327 |
223.083 |
142.091 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
108.922 |
79.489 |
42.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
235.405 |
143.594 |
100.001 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
270.059 |
126.464 |
26.462 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
505.464 |
270.059 |
126.464 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.87 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.50
|
4.42 |
5.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.12
|
4.56 |
5.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.61 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.75
|
12.61 |
13.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43
|
1.50 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from 704 Surya Kiran
Building, 19 KG Marg,
FINANCIAL RESULTS:
The company was able to generate a significant 5.3% increase in volumes
despite difficult international market conditions and the prevailing
recessionary trends. The company continues to show excellent growth in direct
marketing sales during the year which were at Rs.5313.231 millions from
Rs.5045.446 millions in the previous year. Knowledge, skill and expertise of
the company have catapulted it to this stage. Several new innovations are
planned in the competitive export market. The existing fully automated rice
mill in Sonepat, Haryana has been expanded and another sorted plant will be
made operational very shortly. There has been a marked increase in local sales
and our reputed Basmati Rice is being sold at all the reputed modern trade
outlets and traditional trade market.
The board has been examining from time to time various proposals to
diversify its activities. Continuous efforts are being made to penetrate newer
markets and upgrade products value prepositions so as to sustain its growth.
The company entered the ready to eat food market. Taking into consideration the
good response which the company received. It is going to start commercial
production on a big scale in the coming year.
The authorized share capital was increased from Rs.100.000 millions to
Rs.500.000 millions with consequential changes in the Memorandum and Articles
of Association. The company is currently in the process of implementing an
enterprise resources planning ERP package covering maximum possible processes
to all locations of the organization. ERP is expected to help the company to
achieved improved and faster exchange of information, improved productivity,
reduction of cost, knowledge sharing and unification of planning and budget
sharing.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Goodown Equipment
·
Vehicles
·
Furniture and Fixture
·
Office Equipment
·
Computer
FORM 8
|
Corporate
identity number of the company |
U15312DL2005PTC139164 |
|
Name of the
company |
BUSH FOODS
OVERSEAS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
# 505-506, 5th Floor, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Allahabad Bank,
International Branch, 17, Email: br.del_ibl@allahbadbank.in |
|
Nature of instrument
creating charge |
General Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
15.12.2010 |
|
Amount secured by
the charge |
Rs. 960.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of repayment As per sanction
terms. Margin As per sanction
terms. Extent and operation of the charge The charge on pari
passu basis in favour of Allahabad Bank with other Bank on entire current
assets and moveable fixed assets of the co is to secure various credit
facilities sanction by Allahabad Bank. 1. Packing credit
/PCFC limit of Rs.880.000 millions (1 PSC/PSCFC sub limit of PC limit of
Rs.880.000 millions 2. Cash credit
limit (as sub limit of PC limit of Rs.280.000 millions) 2. Term Loan of
Rs.80.000 millions.)Aggregate limit of Rs.960.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
Pari Passu charge
on entire present and future current assets of the co including plant and
machinery and entire fixed blocks and hypothecation of receivables and other
current assets. Charge on all
moveable fixed assets of the company. Hypothecation of
stocks of raw material stocks in process finished goods stocks in transit for
shipment and documents in transit stores and spares and receivables.
Hypothecation of stocks lying with the dyers, finishers and fabricators.
RR/GR of approved transport companies covering consignments of goods meant
for dispatch to the export house/ part on 1st pari passu basis
with other banks. |
|
Particulars of
the present modification |
Extent of operation
of the charge on current assets and fixed assets of the co Rs.960.000
millions. |
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.44.87 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.