MIRA
INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
C AND M FARMING LIMITED |
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Registered
Office : |
Shop No. 440, Inside Mahatma Jyotiba Phule Market, Mumbai-400001, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
11.06.1990 |
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Com. Reg. No.: |
11-022710 |
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Capital Investment/
Paid-up Capital: |
Rs. 135.690
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01110MH1980PLC022710 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Meat Poultry Food. |
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|
|
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No. of
Employees: |
Not Divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
C (08) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
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|
Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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Comments : |
Subject has been declared as a sick company by the Board for Industrial and Financial Reconstruction
under the provision of Sick Industrial Companies Act. Payments are reported
to be slow. Initially, the company can be considered for business dealings on
fully safe and secured 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Parag Mohrir |
|
Designation : |
General Manager in Finance |
|
Date : |
27.06.2011 |
LOCATIONS
|
Registered Office : |
Shop No. 440, Inside Mahatma Jyotiba Phule Market, Mumbai-400001, |
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Tel. No.: |
91-253-2592222 |
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Fax No.: |
91-253-2596722 |
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E-Mail : |
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Factory: |
C and M House , |
DIRECTORS
As on 15.09.2010
|
Name : |
Mr. Elias Marshall Dsouza |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Dsouza House, Behind PWD, Workshop, Untwadi, Nashik-422001, |
|
Date of Appointment : |
11.06.1980 |
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|
|
|
Name : |
Mr. Richard Marshall Dsouza |
|
Designation : |
Managing Director |
|
Address : |
B3/4, Serene Meadowns, Anandwali, |
|
Date of Appointment : |
11.06.1980 |
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|
|
|
Name : |
Mr. Rudolph Anthony Lima |
|
Designation : |
Director |
|
Address : |
B7, Serene Meadowns, Anandwali, |
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Date of Appointment : |
11.06.1980 |
|
|
|
|
Name : |
Mr. Melvin E Dsouza |
|
Designation : |
Director |
|
Address : |
Dsouza House, Behind PWD, Workshop, Untwadi, Nashik-422001, |
|
Date of Appointment : |
10.06.1997 |
|
|
|
|
Name : |
Mr. Ratnakar D Patil |
|
Designation : |
Director |
|
Address : |
3, Nikita Pride, Datte Nagar, Behind Akashwani, |
|
Date of Appointment : |
29.09.2007 |
|
|
|
|
Name : |
Mr. Upkar Singh Kohli |
|
Designation : |
Nominee Director |
|
Address : |
J 170 Rajouri Garden, New Delhi-110027, |
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Date of Birth/ Age: |
18.08.1947 |
|
Date of Appointment : |
09.07.2010 |
|
DIN No.: |
02528045 |
KEY EXECUTIVES
|
Name : |
Mr. Parag Mohrir |
|
Designation : |
General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rudolph A Lima |
|
1860655 |
|
Elias Marshall Dsouza |
|
2912180 |
|
Richard Marshall Dsouza |
|
2911824 |
|
Melvin E Dsouza |
|
0 |
|
Ratnakar D Patil |
|
0 |
|
Christine M D’Souza |
|
1434874 |
|
Terry E D’Souza |
|
1681277 |
|
Helen R Lima |
|
1832077 |
|
Nancy A D’Souza |
|
152850 |
|
Augutst R D’Souza |
|
781163 |
|
Upkar Singh Kohli |
|
0 |
|
Total |
|
13566900 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Meat Poultry Food. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
Central Bank of |
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|
|
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Banking
Relations : |
-- |
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|
Financial Institute: |
JM Financial Asset Reconstruction Company Private Limited, 141, Maker Chambers
III, Nariman Point, Mumbai-400021, |
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|
|
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Auditors : |
|
|
Name : |
A K N and Associates Chartered Accountant |
|
Address : |
3, Shivdarshan Society (B), |
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Tel. No.: |
91-253-2505161/ 2598161 |
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PAN No.: |
AAFFJ3595G |
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Related parties where control exists : |
|
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13566900 |
Equity Shares |
Rs. 10/-
each |
Rs. 135.669
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
135.669 |
135.669 |
135.669 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.073 |
77.460 |
75.457 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
210.742 |
213.129 |
211.126 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
825.027 |
743.835 |
1273.380 |
|
|
2] Unsecured Loans |
331.349 |
313.555 |
297.944 |
|
|
TOTAL BORROWING |
1156.376 |
1057.390 |
1571.324 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1367.118 |
1270.519 |
1782.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
499.213 |
551.532 |
831.976 |
|
|
Capital work-in-progress |
122.236 |
128.984 |
145.248 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.053 |
4.053 |
60.142 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
81.197
|
130.647 |
101.866 |
|
|
Sundry Debtors |
9.795
|
15.780 |
183.950 |
|
|
Cash & Bank Balances |
10.627
|
36.462 |
39.686 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
200.008
|
195.630 |
164.107 |
|
Total
Current Assets |
301.627
|
378.519 |
489.609 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
201.672 |
|
|
Other Current Liabilities |
|
70.509 |
|
|
|
Provisions |
64.951
|
15.245 |
13.652 |
|
Total
Current Liabilities |
223.088
|
182.337 |
215.324 |
|
|
Net Current Assets |
78.539
|
196.182 |
274.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
663.077 |
389.768 |
470.799 |
|
|
|
|
|
|
|
|
TOTAL |
1367.118 |
1270.519 |
1782.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
507.414 |
547.935 |
471.395 |
|
|
|
Other Income |
68.985 |
503.742 |
239.197 |
|
|
|
TOTAL |
576.399 |
1051.677 |
710.592 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
336.732 |
339.600 |
319.109 |
|
|
|
Consumption of Stores and Spares |
10.736 |
10.009 |
5.665 |
|
|
|
Increase/ Decrease in finished goods work in progress |
45.307 |
[29.600] |
23.331 |
|
|
|
Salaries, Wages and Bonus |
64.003 |
69.470 |
56.916 |
|
|
|
Managerial Remuneration |
5.675 |
4.573 |
1.609 |
|
|
|
Payment of Auditors |
0.577 |
1.462 |
2.324 |
|
|
|
Insurance Expenses |
0.150 |
0.422 |
1.136 |
|
|
|
Power and Fuel |
41.276 |
47.069 |
52.271 |
|
|
|
Other Expenses |
113.192 |
366.963 |
133.619 |
|
|
|
TOTAL |
617.648 |
809.968 |
595.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
[41.249] |
241.709 |
114.612 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
124.352 |
116.454 |
115.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[165.601] |
125.255 |
[0.751] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
41.409 |
41.619 |
46.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
[207.010] |
83.636 |
[47.659] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
97.627 |
74.874 |
105.120 |
|
|
TOTAL EARNINGS |
97.627 |
74.874 |
105.120 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
[40.80]
|
15.26 |
[10.11] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[25.85]
|
8.99 |
[3.61] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.98]
|
0.39 |
[0.23] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.55
|
5.82 |
8.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
2.08 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
NA |
96.583 |
NA |
Note:
The Registered office of the company has been shifted from A-402,
Arunodoya, Yashwant Nagar, Vakola, Santacruz (East), Mumbai,
Operations:
The Sales and other Income form operations stood at Rs. 576.399 Millions
as against Rs. 1051.678 Millions in previous year. Operations loss before
interest, depreciation stood at Rs. 41.248 Millions as compared to Profit of
Rs. 241.709 Millions in previous year.
The company has sustained operational loss during the year due to pre
impact of bird flu during certain period of the year. Further there was sharp
fall in exports of poultry products.
Reference to BIFR:
As members are aware that due to negative networth of the company, it
has filed an application before the export for Industrial and Financial
Reconstruction (BIFR) under the provision of sick Industrial Companies (Special
Provision) Act, the BIFR vide its order dated April 17, 2007 has declared the
company as “Sick Industrial Company”, the proceeding before the Hon’ble BIFR
are under process.
Contingent Liabilities:
|
Particulars |
31.03.2009 Rs. in Millions |
|
Guarantees/ securities given by the company on
behalf of Group Companies, Group Concerns and others for various credit
facilities obtained from books |
904.362 |
|
Securities given by the company for loans
taken by directors from banks |
23.178 |
|
Contracts to be executed on capital account and
not provided for net off advances |
2.849 |
|
Legal Suits and claims filed against the
company |
354.739 |
|
Custom Duty |
16.192 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01110MH1980PLC022710 |
|
Name of the
company |
C AND M FARMING LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 440, Inside Mahatma Jyotiba Phule Market, Mumbai-400001, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90237987 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
JM Financial Asset Reconstruction Company Private Limited, 141, Maker Chambers
III, Nariman Point, Mumbai-400021, |
|
Nature of
instrument creating charge |
Assignment Agreement
between The Nasik Deolali Vyapari Sahakari Bank Limited (As Assignor) and JM
Financial Asets Reconstruction Company Private Limited (In its capacity as
Trustee of the JMFARC- PoultryII-2010 – Trust) as Assignee |
|
Date of
instrument Creating the charge |
04.11.2010 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest The assignor
hereby assigns in favour of the Assignee,
all rights, title and interest in the Financing Documents and any underlying
Security Interests, Pledges and / or guarantees in respect of such loans. Terms of
Repayment As per Assignment
Agreement Margin As per Assignment
Agreement Extent and
Operation of the charge The Assignee
shall have the right to enforce such security interests, pledged and/ or
guarantees and appropriate the amounts realized therefrom towards the
repayment of the loans and to excise all other rights of the Assignor in
relation to such security interests, pledges and/ or guarantees |
|
Short particulars
of the property charged |
Property situated
within limits of Nasik Municipal Corporation Area, Taluka and District Nasik
having address at N.D. Patel Road City Survey No. 536-3/4 + 3-1/2 within city Survey No. 1901, Final plot No.
220 developed under Town planning schme no. 1 having area of 914.70 sq.mtrs.
building developed with status of Ground Floor and First Floor. The Property
having Municipal house No. 1348/H-2 total area of 7721 sq.ft. |
|
Particulars of
the present modification |
By this
Assignment Agreement, The Nasik Road Deolali Vyapari Sahakari Bank Limited
(Assignor) has assigned the loan together with all underlying securities and guarantees
including charged properties in favour of JM Financial Assets Reconstruction
Company Private Limited in its capacity as Trustee of JMFARC- PoultryII-2010
– Trust (Assignee) |
Fixed Assets:
·
·
·
Building
·
Well and Water
Installation
·
Plant and Machinery
·
Office Equipments
·
Computers
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 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.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--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 |
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 |
|
08 |
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.