MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
IRIS FOODS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8/38, Panangad P O, Cheppanam, Ernakulam – 682506, Kerala |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.08.1996 |
|
|
|
|
Com. Reg. No.: |
010602 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.820 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51229KL1996PTC010602 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNI00612D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI4991F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Cakes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 11744 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings at usual trade
terms an 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 Office : |
8/38, Panangad P O, Cheppanam, Ernakulam – 682506, Kerala, India |
|
Tel. No.: |
91-484-2701120 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Office Chambers, IInd Floor, Sahodharan Ayyappan Road, Kerala, India |
|
Tel. No.: |
91-484-2324739 |
|
Fax No.: |
91-484-2312675 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Susan Abraham |
|
Designation : |
Director |
|
Address : |
Kochappillil House, Arakkunnam P O, Mulanthuruthy, Ernakulam – 682313,
Kerala, India |
|
Date of Birth/Age : |
12.1973 |
|
Date of Appointment : |
20.09.2004 |
|
|
|
|
Name : |
Mr. Vivu Abraham |
|
Designation : |
Director |
|
Address : |
Kochappillil House, Arakkunnam P O, Mulanthuruthy, Ernakulam – 682313,
Kerala, India |
|
Date of Birth/Age : |
04.12.1970 |
|
Date of Appointment : |
20.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Susan Abraham |
|
370 |
|
Vivu Abraham |
|
450 |
|
Total |
|
820 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Cakes. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of Travancore, Panmpilly Nagar, Ernakulam - 682036, Kerala,
India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Elias George And Company Chartered Accountant |
|
Address : |
B-16, H I G Avenue, Gandhi Nagar, Kochi – 682020, Kerala, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950 |
Equity Shares |
Rs.1000/- each |
Rs.0.950 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
820 |
Equity Shares |
Rs.1000/-
each |
Rs.0.820
Million |
|
|
|
|
|
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 |
0.820 |
0.820 |
0.820 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.116 |
2.019 |
1.788 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.936 |
2.839 |
2.608 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.466 |
4.732 |
4.626 |
|
|
2] Unsecured Loans |
0.206 |
0.726 |
0.049 |
|
|
TOTAL BORROWING |
4.672 |
5.458 |
4.675 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7.608 |
8.297 |
7.283 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.345 |
5.344 |
5.226 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.263 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.638
|
0.674 |
0.771 |
|
|
Sundry Debtors |
4.447
|
3.172 |
2.472 |
|
|
Cash & Bank Balances |
0.034
|
0.494 |
0.014 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.295
|
1.454 |
0.630 |
|
Total
Current Assets |
6.414
|
5.794 |
3.887 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.129
|
2.552 |
1.733 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.339
|
0.290 |
0.097 |
|
Total
Current Liabilities |
3.468
|
2.842 |
1.830 |
|
|
Net Current Assets |
2.947
|
2.953 |
2.057 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.053 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7.608 |
8.297 |
7.283 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
28.794 |
28.293 |
22.982 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
28.754 |
28.054 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.001) |
0.239 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.004 |
0.008 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(0.005) |
0.231 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.49) |
281.44 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.02)
|
0.82 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.01)
|
2.77 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.92 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.04 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U51229KL1996PTC010602 |
|
Name of the company |
IRIS FOODS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
8/38, Apanangad P O, Cheppanam Ernakulam – 682506, Kerala, India |
|
Type of charge |
Immovable Property Movable Property |
|
Particular of charge holder |
State Bank of Travancore |
|
Nature of description of the instrument
creating or modifying the charge |
Deed of Hypothecation for Term Loan dated
14th November 2007 Deed of Guarantee for Term Loans dated
14th November 2007 Term loan agreement for high value
advances Memorandum of Extension of Equitable
Mortgage |
|
Date of instrument Creating the charge |
14/11/2007 |
|
Amount secured by the charge |
Rs.1.140 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest 0.50% above SBTPLR, Minimum 13.50% Terms of Repayment 60 months equated installments of Rs.0.019
Million from the date of sanction or as
per the demand of Bank, which ever is earlier. Margin 25% Extent and Operation of the charge Primary Security Hypothecation of
Machinery Collateral Security. Extn. of Equitable mortgage of 31.356
cents of land in Re.Sy. No. 123/2-2 and 123/3 Block 16 in Kumbalam Village in
the name IRIS Foods Private Limited Others Personnel guarantee of Smt. Susan Varghese
and Sri Viju Abraham |
|
Short particulars of the property charged |
Primary Security Hypothecation of
Machinery Collateral Security. Extn. of Equitable mortgage of 31.356
cents of land in Re.Sy. No. 123/2-2 and 123/3 Block 16 in Kumbalam Village in
the name IRIS Foods Private Limited |
FIXED ASSETS:
·
Land
·
Building
·
Vehicle
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer and Printer
·
Air Conditioner
·
Motor Car
·
Mobile Phone
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
|
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
|
|
--LISTED |
YES/NO |
|
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
|
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.