MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GITS FOOD PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Gits House,
Hadapsar Industrial Estate, Pune– 411 013, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.1994 |
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Com. Reg. No.: |
11-79891 |
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Capital
Investment / Paid-up Capital : |
Rs.7.440 millions |
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CIN No.: [Company Identification
No.] |
U15443MH1994PTC079891 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG04022E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacturers of
instant food products |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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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 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. General financial
position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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) |
|
|
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
|
Registered Office/Factory : |
Gits House,
Hadapsar Industrial Estate, Pune– 411 013, |
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Tel. No.: |
91-20-26870008 / 9 / 26875993 |
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Fax No.: |
91-20-26875993 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
4th Floor, Balarama, Bandra-Kurla Complex, Bandra (E), Mumbai - 400
051, |
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Tel. No.: |
91-22-26592525 |
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Fax No.: |
91-22-26592626 |
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E-Mail : |
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Factory 2 : |
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Tel. No.: |
91-20-816710/754 |
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Fax No.: |
91-20-816831 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Akbarally
Khan Mohamad Tejani |
|
Designation : |
Director |
|
Address : |
A/3, Vrindavan
Park, Co-Operative Housing Society Limited, Narangi Bagh Path, |
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Date of
Birth/Age : |
20.01.1929 |
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Date of Appointment : |
27.07.1994 |
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DIN No. : |
00152887 |
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Name : |
Mr. Mukhtar
Akbarally Tejani |
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Designation : |
Director |
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Address : |
A/6, Doongursee
Park, Co-Operative Housing Society Limited, 22, |
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Date of
Birth/Age : |
26.05.1950 |
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Qualification : |
Graduate |
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Experience : |
More than 14
Years |
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Date of Appointment : |
27.07.1994 |
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DIN No. : |
00150278 |
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Name : |
Mr. Raju Harji
Gilani |
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Designation : |
Director |
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Address : |
502, Panju Mahal,
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Date of
Birth/Age : |
26.03.1956 |
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Qualification : |
Under Graduate |
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Experience : |
More than 14
Years |
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Date of Appointment : |
27.07.1994 |
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DIN No. : |
00152179 |
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|
|
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Name : |
Mr. Sahil Raju
Gilani |
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Designation : |
Director |
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Address : |
502/04, Panju
Mahal, B. J. Road, Bandra (W), Mumbai – 400050, Maharashtra, India |
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Date of
Birth/Age : |
19.03.1985 |
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Date of Appointment : |
01.07.2003 |
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DIN No. : |
01757566 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Akbarali
Khanmohamad Tejani |
|
186000 |
|
Mukhtar Akbarali
Tejani |
|
186000 |
|
Raju Harji Gilani
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|
186000 |
|
Sahil Raju Gilani |
|
186000 |
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Total |
|
744000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
instant food products |
PRODUCTION STATUS AS ON 31.03.2010
Installed Capacity
: 2700 Tons
Actual Production
|
Particulars |
|
As on 31.03.2010 |
|
Gulab Jamum |
No. of Packets |
7448896 |
|
Idli |
No. of Packets |
1424338 |
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Dosai |
No. of Packets |
1050271 |
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Vadai |
No. of Packets |
442626 |
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Other Instant Products |
No. of Packets |
6617591 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Aayaat |
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No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited ·
Jammu and Kashmir Bank Limited, (Corporate
Headquarters, ) ·
Corporation Bank of ·
United bank of · United Bank Nasik Private Limited ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shroff and
Company Chartered
Accountants |
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Address : |
503, Delux Court,
5th Floor, Rao Bahahadur Bhandarkar Marg, Mumbai – 400 050, |
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Pan No.: |
AALPS0110J |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
744000 |
Equity Shares |
Rs.10/- each |
Rs.7.440
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 |
7.440 |
7.440 |
7.440 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.493 |
55.979 |
43.223 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.933 |
63.419 |
50.663 |
|
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LOAN FUNDS |
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1] Secured Loans |
108.453 |
89.638 |
66.080 |
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2] Unsecured Loans |
6.419 |
4.450 |
10.883 |
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TOTAL BORROWING |
114.872 |
94.088 |
76.963 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
202.805 |
157.507 |
127.626 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.166 |
117.451 |
46.493 |
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Capital work-in-progress |
0.000 |
0.000 |
44.360 |
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|
|
|
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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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 |
43.682
|
30.267 |
31.138 |
|
|
Sundry Debtors |
38.614
|
30.596 |
21.810 |
|
|
Cash & Bank Balances |
8.180
|
3.827 |
1.917 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
126.365
|
88.304 |
67.486 |
|
Total
Current Assets |
216.841
|
152.994 |
122.351 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.445
|
45.648 |
34.839 |
|
|
Other Current Liabilities |
14.185
|
10.466 |
13.609 |
|
|
Provisions |
69.574
|
56.826 |
37.132 |
|
Total
Current Liabilities |
133.204
|
112.940 |
85.580 |
|
|
Net Current Assets |
83.637
|
40.054 |
36.771 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
202.805 |
157.507 |
127.626 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
523.288 |
437.858 |
|
|
|
Other Income |
|
3.860 |
1.507 |
|
|
|
TOTAL (A) |
593.451 |
527.148 |
439.365 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
|
302.785 |
260.044 |
|
|
|
Employment Cost |
|
42.751 |
38.604 |
|
|
|
Administrative, Selling and Distribution Expenses |
|
106.063 |
90.156 |
|
|
|
TOTAL (B) |
498.602 |
451.599 |
388.804 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
94.849 |
75.549 |
50.561 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
9.130 |
9.543 |
3.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
85.719 |
66.006 |
47.416 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.847 |
12.921 |
5.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.872 |
53.085 |
41.749 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
25.125 |
19.693 |
16.079 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
44.747 |
33.392 |
25.670 |
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.498 |
17.923 |
18.742 |
|
|
|
|
|
|
|
|
|
Add |
Deferred Tax
Assets |
0.318 |
(0.056) |
0.272 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
7.440 |
7.440 |
7.440 |
|
|
|
Income Tax Proposed Dividend |
1.235 |
1.264 |
1.264 |
|
|
|
Interim Dividend |
11.160 |
11.160 |
11.160 |
|
|
|
Tax on Dividend |
1.897 |
1.897 |
1.897 |
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
42.831 |
24.498 |
17.923 |
|
|
|
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|
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|
EARNINGS IN FOREIGN
CURRENCY |
226.597 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
60.14 |
44.88 |
34.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.54
|
6.33 |
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.14 |
9.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.79
|
19.63 |
24.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.84 |
0.82 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
3.26 |
3.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.35 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
Local Turnover for
the year increased by 14.23 % (from Rs.314.596 millions during F.Y 2008-2009 to
Rs.359.370 millions during F.Y 2009-2010)
During the year
Export Turnover has increased by 8.58% (from Rs.208.692 millions during F.Y
2008-2009 to Rs.226.597 millions during F.Y 2009-2010)
DEPB License Sales
increased by Rs.3.472 millions as compared to previous year.
The Company has
been investing substantial amount in Capital Assets for modernization and up
gradation of technology.
Total addition in
Capital Assets during the financial year is arrived Rs.18.481 millions
Interest Out go
for the current year has Decreased by Rs.9.543 millions to Rs.9.130 millions
Contribution to
employment Cost this year is 48.235 millions as compared to previous year
42.751 millions. This is 8.23% of total turnover. In preceding year this was
8.37%.
Profit (Before
depreciation and Tax) is Rs.85.720 millions as compared to Previous year’s
Rs.66.007 millions i.e increased of 29.86%.
Provision for
Income Tax for the current year is Rs.25.126 millions as compared to previous
year 18.716 millions i.e increased by 34.25%.
Depreciation
charges have increased by Rs.2.926 millions from Rs.12.921 millions to
Rs.15.847 millions
FUTURE OUTLOOK
A motivated team,
new products, better marketing and distribution, tighter cost and Inventory
Control and the burning desire to capture all profitable market segments.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90090056 |
|
Corporate
identity number of the company |
U15443MH1994PTC079891 |
|
Name of the
company |
GITS FOOD PRODUCTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Gits House,
Hadapsar Industrial Estate, Hadapsar, Pune– 411013, |
|
Type of charge |
·
Immovable
Property ·
Movable
Property |
|
Particular of
charge holder |
Jammu and Kashmir Bank Limited (Corporate Headquarters), M .A. Road, E-mail : parvezahmad@jkbmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Loan cum sixth
supplemental hypothecation agreement and memorandum of entry dated 22.04.2009 |
|
Date of
instrument Creating the charge |
22.04.2009 |
|
Amount secured by
the charge |
Rs.280.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit –
PLR-1% (13.2%) PCL – PLR-4%
(10.5%) PSL – PLR-4%
(10.5%) Forward Contract
– 18% Term Loan
Facility 1- PLR-2% (12.5%) Term Loan Facility
2- PLR-2% (12.5%) With monthly
rests. Additional 2%rate
of interest in the event of default by the borrower to pay any sum Terms of
repayment As per the
repayment schedule as specified in the terms and conditions of the agreement Margin Cash Credit – 40% PCL – 15% PSL – Nil Forward Contract
– Nil Extent and
operation of the charge Charge in the
securities already held by the lender for existing working capital facilities
shall extended to the revised working capital limit of Rs.170.000 Millions to
Rs.200.000 Millions |
|
Short particulars
of the property charged |
1) Stocks of raw material, semi-finished and
finished goods in trade or transit 2) Book debts, documents of title to goods
and export receivables 3) Entire plant and machinery (old and new )
at 18/1, 18/2,18/3, 18/4, 18/5 and 18/6 Hadapsar Industrial Estate, Pune 4) Entire factory land and building premises
at 18/1, 18/2,18/3, 18/4, 18/5 and 18/6 Hadapsar Industrial Estate, Pune |
|
Date of latest
modification |
17.06.2008 |
|
Particulars of
the present modification |
Exiting working
capital facility of Rs.170.000 Millions enhanced to Rs.200.000 Millions total
facility enjoyed by the company of Rs.250.000 millions enhanced to Rs.280.000
Millions vide 6th modification |
FIXED ASSETS
·
·
·
·
Plant and Machinery
·
Electric Installation
·
Factory Equipments
·
Laboratory Equipments
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Xerox Machine
·
Air Conditioners
WEB DETAILS
Company History
Founded as a small family enterprise in 1963 by partners H. Z. Gilani
and A. K. Tejani, Subject is now at the forefront of the instant foods
revolution in
Subject has captured
The company now manufactures a whole range of Indian snacks developed and
perfected by rigorous in-house R and D. This has enabled subject to roll full
steam to a position of brand leadership. Gits has won awards consecutively over
the years for its growing exports. Today, exports to
This unprecedented growth was secured under the leadership of Joint Managing
Directors, M.A. Tejani and R. H. Gilani.
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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.