MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
OLIVE TREE TRADING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2406, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.07.2001 |
|
|
|
|
Com. Reg. No.: |
016326 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51225PN2001PTC016326 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO01139F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO4259J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Importer and Distributor of Edible Oil, Olive Oils and Food
Products. |
|
|
|
|
No. of Employees
: |
Not divulged by
the management. |
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 106344 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but 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 slow but 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 |
INFORMATION DECLINED BY
|
Name : |
Ms. Shital |
|
Designation : |
Operator |
|
Date : |
07.03.2011 |
LOCATIONS
|
Registered Office : |
2406, |
|
Tel. No.: |
91-20-66011771 |
|
Fax No.: |
91-20-66021902 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Warehouse : |
No. 1 – 11
Savatri Warehouse, Pisoli, Pune. |
|
Tel. No.: |
91-20-66011771 |
|
Fax No.: |
91-20-66021902 |
|
E-Mail : |
|
|
Area : |
20000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Branch 1 : |
Unit |
|
Area : |
600 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Branch 2 : |
Unit No. F 27, 1st
Floor, Kamalaya Centre 156 A Lenin Sarani, Kolkata – 700 013, West |
|
E-Mail : |
|
|
Area : |
800 sq. ft. |
|
Location : |
Leased |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Sujeet Suresh Shah |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
23A, Padma Vilas Enclave, Wanowarie, Pune- 411040 |
|
Date of Birth/Age : |
14.02.1964 |
|
Qualification : |
Post Graduate |
|
Experience : |
20 years |
|
Date of Appointment : |
19.07.2001 |
|
|
|
|
Name : |
Mrs. Reshma
Sujeet Shah |
|
Designation : |
Director |
|
Address : |
23A, Padma Vilas Enclave, Wanowarie, Pune- 411040 |
|
Date of Birth/Age : |
23.09.1962 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
19.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sujeet Suresh
Shah |
|
930000 |
|
Reshma Sujeet
Shah |
|
90000 |
|
Total |
|
1020000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer and Distributor of Edible Oil, Olive Oils and Food
Products. |
|
|
|
|
Products : |
v
Coffee
– Lavazza – v
Olive
Oil – Olitalia – v
Balsamic
Vinegars – Cremonini – v
Pasta
– Dececco – v
Pasta
Sauces & Preserved Vegetables – Sacla – v
Pastries
& Cookies – Vicenzi – v
Olives,
Artichokes, Sundried Tomatoes – Di Vita – v
Speciality
Stuffed Olives – Cobos – v
Crisp
Breads – Finn Crisp – v
Energy
Drink – Battery – v
Organic
Sormilk – Silk – v
Organic
Silken Tofu – Morinu – v
Porcini
Mushrooms & Polenta – I. I Gusto – v
Peeled
Tomatoes – La Valle – v
White
Truffle Oils & Winter Truffles – v
Japanese
Foor Products & Kitchenware – Direct Imports from |
|
|
|
|
Agencies Held : |
v
Olitalia
Srl-Italy (Olives Oils and Balsamic Vinegar) v
Sacla
Srl- v
Dececco
Srl- v
Riso
Scotti Spa – v
White
Wave Inc- v
Morinaga
Nutritional Foods Inc- v
Di
Vita v
Vicenzi-Srl-Italy
(Biscuits and Pastries) v
Lavazza
Spa v
Vicenzi
Srl v
Sinebrychoff
– v
Vassan
& Vassan – |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Joshi and
Company Chartered
Accountants |
|
Address : |
Flat No.6, Janhavi Apartments, CTS No.90/22, Bhonde Colony,
Erandawane, Pune – 411004, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1020000 |
Equity Shares |
Rs.10/- each |
Rs.10.200
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 |
10.200 |
10.200 |
10.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.386 |
12.127 |
9.647 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26.586 |
22.327 |
19.847 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.259 |
33.729 |
20.760 |
|
|
2] Unsecured Loans |
3.369 |
7.602 |
5.473 |
|
|
TOTAL BORROWING |
33.628 |
41.331 |
26.233 |
|
|
DEFERRED TAX LIABILITIES |
0.242 |
0.153 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.456 |
63.811 |
46.080 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.252 |
6.698 |
5.886 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.029 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.112
|
48.515 |
29.298 |
|
|
Sundry Debtors |
33.838
|
30.441 |
29.854 |
|
|
Cash & Bank Balances |
0.000
|
0.000 |
0.000 |
|
|
Other Current Assets |
1.148
|
1.021 |
2.308 |
|
|
Loans & Advances |
6.958
|
3.545 |
4.649 |
|
Total
Current Assets |
75.056
|
83.522 |
66.109 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.768
|
19.874 |
|
|
|
Other Current Liabilities |
4.415
|
1.156 |
26.363 |
|
|
Provisions |
3.669
|
6.079 |
0.986 |
|
Total
Current Liabilities |
22.852
|
27.109 |
27.349 |
|
|
Net Current Assets |
52.204
|
56.412 |
38.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.700 |
1.405 |
|
|
|
|
|
|
|
|
TOTAL |
60.456 |
63.811 |
46.080 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
166.075 |
159.225 |
157.932 |
|
|
|
Other Income |
5.218 |
2.055 |
0.869 |
|
|
|
TOTAL (A) |
171.293 |
161.280 |
158.801 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
89.170 |
111.658 |
108.117 |
|
|
|
Other Direct Expenses |
5.025 |
3.522 |
3.349 |
|
|
|
Indirect Expenses |
0.000 |
0.000 |
45.816 |
|
|
|
Increased/Decreased in Stock |
15.402 |
(19.217) |
(9.951) |
|
|
|
Staff related expenses |
23.440 |
19.714 |
0.000 |
|
|
|
Administration Expenses |
26.949 |
31.135 |
0.000 |
|
|
|
TOTAL (B) |
159.986 |
146.812 |
147.331 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.307 |
14.468 |
11.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.245 |
5.687 |
5.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.062 |
8.781 |
6.237 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.012 |
0.842 |
0.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.050 |
7.939 |
5.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
--- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
4.98 |
3.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.06
|
8.80 |
7.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.36 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
3.07
|
2.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28
|
3.08
|
2.41 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U51225PN2001PTC016326 |
||||||
|
Name of the
company |
OLIVE TREE TRADING PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
2406, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book Debts Floating Charge Movable Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Goods Security Agreement
Cum Loan Agreement for Hypothecation of Stocks, Book Debts and for property
mortgage |
||||||
|
Date of
instrument Creating the charge |
03.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 46.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding form time to time @11.5% p.a. (as announced from time to time
exclusive of applicable interest tax). Terms of
Repayment On demand Margin 30% against
Stocks & Book Debts & Property Extent and
Operation of the charge The hypothecated
Assets by way of first charge shall remain as security to the Bank for the
due repayment by Borrower to the Bank of the credit facilities together with
interest, costs, charges & expenses and other monies payable by the
Borrowers AND also for due payment & discharge of all
indebtedness/liability of the Borrowers to the Bank. The Company
further agree to create first charge on Immovable Properties of the Company
situated at Pune. Others The Company expressly recognises and accepts that the
Bank shall be absolutely entitled and have full power/authority to sell,
assign or transfer in any manner and on such terms as the Bank may decide any
or all outstanding dues of the Company to any third party of the Bank's
choice without any further reference or intimation to the Company. |
||||||
|
Particulars of
the property charged |
The whole of the Company's
present and future, stocks of raw materials,
goods in process of manufacture, semi-finished goods and all finished
and manufactured goods All of the
Company's present and future book debts, outstanding Monies, receivables,
claims, bills, investments, rights to or on moveable properties |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51225PN2001PTC016326 |
|
Name of the
company |
OLIVE TREE TRADING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2406, |
|
Type of charge |
Book Debts Floating Charge Others |
|
Particular of
charge holder |
ABN Amro Bank |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation of Movable Assets |
|
Date of
instrument Creating the charge |
18.07.2007 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit CC –
At banks prime lending Rate less 2.75% ie. 12.5% p.a., Currently PLR is
15.25% subject to revision from time to time. Short Term Prime
Lending Rate (STPLR) – At Negotiated Terms of
Repayment On Demand Margin As Applicable, if
any Extent and
Operation of the charge The Bank having
Exclusive First Charge on the security offered by the borrower both present
and future |
|
Short particulars
of the property charged |
Hypothecation by
the way of exclusive first charge on the whole current assets of the
borrower, namely, materials, stock in process, Semi finished and finished
goods, store and spares not relating to plant and machinery (Consumable store
and spares), bills receivable and book debts and all the other movable, both
presents and future |
FIXED ASSETS:
- Computers
- Motor
Vehicles
- Furniture and
Fixtures
- Equipments
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 |
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 |
NO |
|
--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.