MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MORDE FOODS PRIVATE LIMITED |
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Registered
Office : |
55/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.02.2006 |
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Com. Reg. No.: |
11-159670 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.100 Millions |
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CIN No.: [Company Identification
No.] |
U15200MH2006PTC159670 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM29087C |
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Legal Form : |
Private Unlimited Liability Company |
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Line of Business
: |
Manufacturer of Cocoa Chocolate Products for Industrial uses. |
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No. of Employees
: |
220 (Approximately) (In Office – 20, In Factory – 200(Including
Contract Workers)) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1777000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. The company is
doing well. Trade relations are reported as fair. Business is active.
Payments are reported to 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shridhar Salunke |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9819176360 |
LOCATIONS
|
Registered Office : |
55/1, |
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Tel. No.: |
91-22-23737300 |
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Fax No.: |
91-22-23725800 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Feet |
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Location : |
Owned |
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Factory 1 : |
At – Post: Manchar, Tahsil : Ambegaon, Pune – 410503, |
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Tel. No.: |
91-2133-226333 |
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Fax No.: |
91-2133-223365 |
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E-Mail : |
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Area : |
App. 2 Acres |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Chandrakant Eknath Morde |
|
Designation : |
Director |
|
Address : |
6th Floor, Sterling Apartment, Diamond CHS Limited, Off
Mount Marry Road, Bandra (West), Mumbai – 400 050, |
|
Date of Birth/Age : |
15.06.1946 |
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Qualification : |
Food Tech |
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Date of Appointment : |
10.02.2006 |
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DIN No.: |
01839801 |
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Name : |
Mr. Harshal Chandrakant Morde |
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Designation : |
Director |
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Address : |
6th Floor, Sterling Apartment, Diamond CHS Limited, Off
Mount Marry Road, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
10.07.1975 |
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Qualification : |
MBBS |
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Date of Appointment : |
10.02.2006 |
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DIN No.: |
01839859 |
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Name : |
Mr. Sudhir Eknath Morde |
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Designation : |
Director |
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Address : |
D – 5, 701, Lunkad Gold Coast, Viman Nagar, Off |
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Qualification : |
Engineer |
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Date of Appointment : |
10.02.2006 |
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Name : |
Mr. Kishore Eknath Morde |
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Designation : |
Director |
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Address : |
1/ 87, 29, Shree Diamond Apartment, Diamond CHS Limited, Off Mount
Marry Road, Bandra (West), Mumbai – 400 050, |
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Qualification : |
Degree in Agriculture |
|
Date of Appointment : |
10.02.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Shridhar Salunke |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chandrakant Eknath Morde |
|
36250 |
|
Harshal Chandrakant Morde |
|
9250 |
|
Sudhir Eknath Morde |
|
13750 |
|
Kishore Eknath Morde |
|
13750 |
|
Shalini C. Morde |
|
4500 |
|
Supriya C. Morde |
|
4500 |
|
Sanjay B. Morde |
|
4500 |
|
Mahesh B. Morde |
|
4500 |
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Total |
|
91000 |
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
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Line of Business : |
Manufacturer of Cocoa Chocolate Products for Industrial uses. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
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Installed
Capacity |
Actual
Production |
|
Cocoa and Cocoa Products |
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|
12000 Tons p.a. |
10956 Tons p.a. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
220 (Approximately) (In Office – 20, In Factory – 200(Including
Contract Workers)) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D.M. Chitins Chartered Accountants |
|
Address : |
Asha, |
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Tel No.: |
91-22-23883636/ 23861126 |
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Fax No.: |
91-22-66546972 |
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PAN.: |
AABPC5813G |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
91000 |
Equity Shares |
Rs.100/-
each |
Rs.9.100
Millions |
|
|
|
|
|
(Out of above 81000 equity shares are allotted as fully paid up pursuant
to contracts without payment being received in cash)
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 |
9.100 |
9.100 |
9.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
435.175 |
283.083 |
182.140 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
444.275 |
292.183 |
191.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.454 |
0.000 |
3.563 |
|
|
2] Unsecured Loans |
197.158 |
198.176 |
198.210 |
|
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TOTAL BORROWING |
200.612 |
198.176 |
201.773 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
644.887 |
490.359 |
393.013 |
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|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
308.787 |
275.160 |
194.004 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
210.419
|
77.599
|
134.995
|
|
|
Sundry Debtors |
150.850
|
92.575
|
76.206
|
|
|
Cash & Bank Balances |
34.018
|
105.363
|
22.903
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
198.133
|
105.906
|
139.581
|
|
Total
Current Assets |
593.420
|
381.443
|
373.685 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.396
|
51.714
|
55.815
|
|
|
Other Current Liabilities |
1.184
|
0.914
|
1.181 |
|
|
Provisions |
190.740
|
113.616
|
117.680
|
|
Total
Current Liabilities |
257.320
|
166.244
|
174.676 |
|
|
Net Current Assets |
336.100
|
215.199
|
199.009 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
644.887 |
490.359 |
393.013 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1361.845 |
923.844 |
700.974 |
|
|
|
Other Income |
2.614 |
1.959 |
2.248 |
|
|
|
TOTAL (A) |
1364.459 |
925.803 |
703.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
992.538 |
620.526 |
502.974 |
|
|
|
Manufacturing Expenses |
80.905 |
53.372 |
53.360 |
|
|
|
Employees’ Remuneration and Benefits |
41.770 |
37.113 |
24.201 |
|
|
|
Administrative and Other Expenses |
18.512 |
17.994 |
12.819 |
|
|
|
Selling and Distribution Expenses |
8.281 |
7.880 |
7.585 |
|
|
|
Increase/ Decrease in Stocks of Finished Goods |
(24.438) |
|
|
|
|
|
Increase/ Decrease in Stocks of Work in Progress |
(0.884) |
12.659 |
28.063 |
|
|
|
TOTAL (B) |
1116.684 |
759.187 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
247.775 |
166.616 |
NA |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
0.831 |
0.354 |
0.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
246.944 |
166.262 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.954 |
11.393 |
7.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
230.994 |
154.869 |
121.960 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
78.898 |
53.927 |
42.046 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
152.092 |
100.942 |
79.914 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.169 |
57.227 |
57.226 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
310.261 |
158.169 |
137.140 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
11.327 |
8.060 |
6.825 |
|
|
TOTAL EARNINGS |
11.327 |
8.060 |
6.825 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1671 |
1012 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.15
|
10.90 |
11.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.96
|
16.76 |
17.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.60
|
23.59 |
21.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.53 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.25
|
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
2.29
|
2.14 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
The Company reported sales of Rs. 1389.780 Millions in comparison to Rs.
923.844 Millions of previous year. After making necessary provisions, the net
profit is of Rs. 152.092 Millions in comparison to profit of Rs. 100.942
Millions of previous year. Due to increase of sales by Rs. 465.936 Millions.
The company reported higher profit in comparison to profit of previous year.
The directors are taking efforts to control the cost and optimize the results
in the coming year.
Form 8:
|
Corporate
identity number of the company |
U15200MH2006PTC159670 |
|
Name of the
company |
MORDE FOODS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
55/1, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable Property Others (Spare
Parts of the movable machinery stored) |
|
Particular of
charge holder |
Central Bank of |
|
Nature of
instrument creating charge |
Letter of
Hypothecation, dated 5th January, 2010 and Articles of Agreement dated 5th
January, 2010. |
|
Date of instrument
Creating the charge |
05.01.2010 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As mentioned in the
Letter of Hypothecation, dated 5th January, 2010. Terms of
Repayment As mentioned in
the Letter of Hypothecation, dated 5th January, 2010. Margin Margin of 87% on
the Value of the goods for time being subject to the Hypothecation in favour
of Bank. Extent and
Operation of the charge All moveable
goods and spare parts of the Borrowers which now or hereinafter from time to
time, during the continuance of the security hereby created. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All Moveable
Machinery of the Company and spare parts of the Company situated at 13/1 to
16, Manchar, Taluka Ambegaon, District Pune. |
TRADE REFRENCES:
- Britannia
Industries Limited
- Parle
Products Private Limited
- GSK Hotel
Private Limited
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Tools and Equipments
·
Lab Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer
·
Wind Electric Generator
·
Work in Progress
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.