MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
GARIMA MILK AND FOODS PRODUCTS LIMITED (W.e.f. 13.05.2010) |
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|
|
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Formerly Known
As : |
GARIMA MILK AND FOODS PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, |
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Country : |
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Financials (as
on) : |
27.12.2010 (Balance Sheet) |
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Date of
Incorporation : |
11.12.2009 |
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|
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Com. Reg. No.: |
18-22783 |
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CIN No.: [Company Identification
No.] |
U15203MP2009PLC022783 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLG04313B |
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PAN No.: [Permanent Account No.] |
AADCG6319A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer, Trader, Dealers and Distributors of Ghee, Liquid Milk
and Skimmed Milk Powder. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and the project is still under
implementation. The valuation report provided is lower than the proposal
amount. No further details or payment could be made available. It would be advisable to take adequate securities while dealing with
the subject. |
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anil Chadda |
|
Designation : |
Advisor |
|
Contact No.: |
91-9814013641 |
|
Date : |
14.02.2011 |
LOCATIONS
|
Registered Office : |
3rd Floor, |
|
Mobile No.: |
91-9814013641 (Mr. Anil Chadda) |
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E-Mail : |
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|
Website : |
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Corporate Office
: |
501, Parmesh Corporate Tower, Plot No.13, Karkardooma Complex, |
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Tel No.: |
91-11-22379241 |
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Fax No.: |
91-11-45874039 |
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Email : |
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Location : |
Owned |
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|
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|
Factory : |
Opposite Doctyor Soap Factory, |
|
Location : |
Owned |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Banwarli Lal Kushwah |
|
Designation : |
Managing Director |
|
Address : |
141, Gagan Vihar, |
|
Date of Birth/Age : |
21.04.1980 |
|
Qualification : |
MBA |
|
Experience : |
10 Years |
|
Date of Appointment : |
25.01.2011 |
|
|
|
|
Name : |
Mrs. Shobha Rani Kushwah |
|
Designation : |
Director |
|
Address : |
141, Gagan Vihar, |
|
Date of Birth/Age : |
11.12.1980 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
02.04.2010 |
|
|
|
|
Name : |
Mr. Balkishan Kushwha |
|
Designation : |
Director |
|
Address : |
141, Gagan Vihar, |
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Date of Birth/Age : |
15.07.1989 |
|
Date of Appointment : |
14.05.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Chadda |
|
Designation : |
Advisor |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Banwarli Lal Kushwah |
|
67000 |
|
Shobha Rani Kushwah |
|
10500 |
|
Baldev Singh Kushwah |
|
500 |
|
Shivram Kushwah |
|
30500 |
|
Satyendra Singh Kushwah |
|
500 |
|
Balkishan Kushwha |
|
10500 |
|
Bhimsen |
|
500 |
|
Pine View Investments Private Limited, |
|
20000 |
|
|
|
|
|
Total |
|
140000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
14.29 |
|
Directors or relatives of directors |
|
85.71 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Dealers and Distributors of Ghee, Liquid Milk
and Skimmed Milk Powder. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
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Purchasing : |
Cash |
PRODUCTION STATUS
|
Particulars |
|
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Skimmed Milk Powder, Ghee and Pascherused Liquid Milk |
|
3,85,000 Liters
of Milk per day |
60% in 1st
year, 70% in 2nd year and 80% in 3rd and successive
year |
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
118 (Office -21 and Factory – 97) |
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|
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Bankers : |
· Corporation Bank Cannaught Circus Branch, |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A. K. Chadda and Company Chartered Accountant |
|
Address : |
H. No.1685, Sector 22-B, |
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Tel No.: |
91-172-2715093 |
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Tele-Fax No.: |
91-172-5062510 |
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Email : |
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Website : |
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Group Companies : |
· Agroha Savings Limited 501, Plot No.13, Parmesh Corporate Tower, Karkardooma
Complex, Line of Business: NBFC Company · Big Broadcating and Media Corporation Limited 501, Plot No.13, Parmesh Corporate Tower, Karkardooma
Complex, Line of Business: Daily Hindi News Paper from · Garima Real Estate and Allied Limited · Garima Cement Private Limited · Thakar Investments Limited · Garima Beverages Private Limited · Garima Product Marketing and Trading Private Limited · Garima Homes and Farm Houses Limited · Garima Plast Pack Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Share |
Rs.10/- each |
Rs.2.500 Millions |
|
1500000 |
Preference Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.152.500 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000 |
Equity Share |
Rs.10/- each |
Rs.1.400
Million |
|
|
|
|
|
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
27.12.2010 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
23.070 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(0.205) |
(0.014) |
|
|
NETWORTH |
|
22.865 |
0.086 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
99.380 |
0.000 |
|
|
TOTAL BORROWING |
|
99.380 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
122.245 |
0.086 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
112.382 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
1.370 |
0.070 |
|
|
Other Current Assets |
|
1.239 |
0.000 |
|
|
Loans & Advances |
|
6.157 |
0.000 |
|
Total
Current Assets |
|
8.766 |
0.070 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
|
0.000 |
0.011 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.000 |
0.011 |
|
|
Net Current Assets |
|
8.766 |
0.059 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
1.097 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
|
122.245 |
0.086 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
0.014 |
|
|
|
TOTAL |
|
|
0.014 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(0.014) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(0.014) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
27.12.2010 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
(20.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.35 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.00 |
6.36 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
1st Year |
2nd Year |
3rd Year |
4th Year |
|
|
Current year |
Following year |
Following year |
Following year |
|
|
Estimates |
Projections |
Projections |
Projections |
|
|
|
|
|
|
|
Gross
sales |
|
|
|
|
|
Domestic sales |
1923.834 |
2244.473 |
2565.112 |
2565.112 |
|
Export sales |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Total |
1923.834 |
2244.473 |
2565.112 |
2565.112 |
|
|
|
|
|
|
|
Less
Excise Duty |
-- |
-- |
-- |
-- |
|
Net sales (1-2) |
1923.834 |
2244.473 |
2565.112 |
2565.112 |
|
|
|
|
|
|
|
% rise (+) or fall(-) in net sales as
compared to previous year |
-- |
17% |
14% |
0% |
|
|
|
|
|
|
|
Cost
of sales |
|
|
|
|
|
Raw materials (including stores and other
items used in the process of manufacture) |
|
|
|
|
|
a)
Imported |
-- |
-- |
-- |
-- |
|
b) Indigenous (Opening+
Purchases- Closing) |
1779.034 |
2006.746 |
2294.454 |
2296.228 |
|
|
|
|
|
|
|
Other spares |
|
|
|
|
|
a) Imported |
-- |
-- |
-- |
-- |
|
b) Indigenous |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Power and fuel |
13.324 |
15.545 |
17.765 |
17.765 |
|
Direct labour (Factory wages and salaries) |
11.308 |
11.874 |
12.467 |
13.091 |
|
Other mfg. expenses |
41.992 |
48.711 |
55.435 |
55.567 |
|
Depreciation |
21.555 |
18.625 |
16.104 |
13.934 |
|
|
|
|
|
|
|
SUB
TOTA |
1867.213 |
2101.501 |
2396.225 |
2396.585 |
|
|
|
|
|
|
|
Add: Opening stocks in process |
-- |
50.316 |
56.493 |
64.598 |
|
|
|
|
|
|
|
Sub
total |
1867.213 |
2151.817 |
2452.718 |
2461.183 |
|
|
|
|
|
|
|
Deduct:
Closing stocks in process |
50.316 |
56.493 |
64.598 |
64.598 |
|
|
|
|
|
|
|
Cost
of production |
1816.897 |
2095.324 |
2388.120 |
2396.585 |
|
|
|
|
|
|
|
Add: Opening stock of finished goods |
-- |
15.803 |
17.754 |
20.289 |
|
|
|
|
|
|
|
Deduct : Closing stock of finished goods |
15.803 |
17.754 |
20.289 |
20.289 |
|
|
|
|
|
|
|
SUB TOTAL (Total
cost of sales) |
1801.094 |
2093.373 |
2385.585 |
2396.585 |
|
|
|
|
|
|
|
Gross
Profit |
122.740 |
151.100 |
179.527 |
168.527 |
|
|
|
|
|
|
|
Gross Profit /
Sales % |
6.38 |
6.73 |
7.00 |
6.57 |
|
|
|
|
|
|
|
Selling , general & administrative
expenses |
97.953 |
111.829 |
125.757 |
126.914 |
|
|
|
|
|
|
|
SUB TOTAL |
1899.047 |
2205.202 |
2511.342 |
2523.499 |
|
|
|
|
|
|
|
Operating profit before interest |
24.787 |
39.271 |
53.770 |
41.613 |
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
i) Depositors |
-- |
-- |
-- |
-- |
|
ii) Partners |
|
|
|
|
|
iii) Others |
6.670 |
7.475 |
8.510 |
8.510 |
|
iv) Term Loan |
11.500 |
10.925 |
9.775 |
8.625 |
|
Total
interest |
18.170 |
18.400 |
18.285 |
17.135 |
|
|
|
|
|
|
|
Operating profit after interest |
6.617 |
20.871 |
35.485 |
24.478 |
|
|
|
|
|
|
|
Operating profit
after interest / Sales % |
0.34 |
0.93 |
1.38 |
0.95 |
|
|
|
|
|
|
|
Add
other non-operating income |
|
|
|
|
|
Rebates/discounts |
-- |
-- |
1.800 |
2.508 |
|
Subsidy received |
-- |
-- |
-- |
-- |
|
Sub
Total (income) |
-- |
-- |
1.800 |
2.508 |
|
|
|
|
|
|
|
Deduct
other non operating expenses |
|
|
|
|
|
Bad debt written off |
-- |
-- |
-- |
-- |
|
Sub
Total (Expenses) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Net
of other non operating income/expenses |
-- |
-- |
1.800 |
2.508 |
|
|
|
|
|
|
|
Profit before tax/loss |
6.617 |
20.871 |
37.285 |
26.986 |
|
|
|
|
|
|
|
Provision for taxes |
2.183 |
6.888 |
12.304 |
8.905 |
|
|
|
|
|
|
|
Net profit/loss |
4.434 |
13.983 |
24.981 |
18.081 |
|
|
|
|
|
|
|
(a)
Withdrawals paid |
-- |
-- |
-- |
-- |
|
(b)
Dividend rate |
-- |
-- |
3.900 |
1.300 |
|
|
|
|
|
|
|
Retained profit(14-15) |
4.434 |
13.983 |
21.081 |
16.781 |
|
|
|
|
|
|
|
Retained profit/net profit (%) |
100.00 |
100.00 |
84.39 |
92.81 |
|
|
|
|
|
|
|
Net Profit /
Sales % |
0.23 |
0.62 |
0.82 |
0.65 |
BALANCE SHEET
(RS. IN MILLIONS)
|
LIABILITIES |
1st Year |
2nd Year |
3rd Year |
4th Year |
|
|
Following year |
Following year |
Following year |
Following year |
|
|
Projections |
Projections |
Projections |
Projections |
|
CURRENT LIABILITIES |
|
|
|
|
|
Short term borrowings from banks (Incldg.
bills purchased, discounted and excess borrowings placed on repayment bases) |
|
|
|
|
|
From applicant bank |
58.000 |
65.000 |
74.000 |
74.000 |
|
From other banks |
-- |
-- |
-- |
-- |
|
Of which BP&BD |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Sub Total (A) |
58.000 |
65.000 |
74.000 |
74.000 |
|
|
|
|
|
|
|
Short term borrowings from others |
-- |
-- |
-- |
-- |
|
Sundry creditors(trade) |
39.506 |
44.384 |
50.723 |
50.720 |
|
Advance payments from customers/deposits
from dealers |
-- |
-- |
-- |
-- |
|
Provision for taxation |
-- |
-- |
-- |
-- |
|
Dividend payable/expenses payable |
-- |
-- |
-- |
-- |
|
Other statutory liabilities(payable within
one year) |
-- |
-- |
-- |
-- |
|
Deposits/ Installments of term loans/
DPGs/ debentures, etc.(due within one year) |
-- |
-- |
-- |
-- |
|
Other current liabilities and
provisions(due within one year)--specify major items |
-- |
-- |
-- |
-- |
|
- Cheques issued but not presented |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
OTHER CURRENT LIABILITIES
(SUB TOTAL) |
39.506 |
44.384 |
50.723 |
50.720 |
|
|
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
97.506 |
109.384 |
124.723 |
1,24.720 |
|
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
|
Debentures [not maturing within one year] |
-- |
-- |
-- |
-- |
|
Preference Shares [Redeemable after 1 year] |
-- |
-- |
-- |
-- |
|
100.000 |
90.000 |
80.000 |
70.000 |
|
|
Loans (Unsecured from Promoters) |
-- |
-- |
-- |
-- |
|
Deferred Sales Tax / Deferred Loan Deferred Payment Credit
[Excluding installments due within one year] |
-- |
-- |
-- |
-- |
|
Term deposit [repayable after one year] |
-- |
-- |
-- |
-- |
|
Other Term Liabilities |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL TERM
LIABILITIES |
100.000 |
90.000 |
80.000 |
70.000 |
|
|
|
|
|
|
|
TOTAL
OUT LIABILITIES |
197.506 |
199.384 |
204.723 |
194.720 |
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
Share Capital
Account – Equity Shares Capital |
37.430 |
37.430 |
37.430 |
37.430 |
|
Preference Shares
capital |
60.000 |
60.000 |
60.000 |
60.000 |
|
Share Application Money |
-- |
-- |
-- |
-- |
|
General Reserve |
-- |
-- |
-- |
-- |
|
Shares Premium |
-- |
-- |
-- |
-- |
|
Other reserve |
5.000 |
9.434 |
23.417 |
44.499 |
|
Surplus [+] or deficit [-] in Profit and Loss Account |
4.434 |
13.983 |
21.081 |
16.781 |
|
Other (Specify) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
NET WORTH |
106.864 |
120.847 |
141.929 |
158.710 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
304.370 |
320.231 |
346.652 |
353.430 |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
31.537 |
21.652 |
33.622 |
31.827 |
|
|
|
|
|
|
|
Investments |
-- |
30.000 |
41.800 |
64.308 |
|
|
|
|
|
|
|
Receivable |
39.507 |
44.384 |
50.724 |
50.723 |
|
|
|
|
|
|
|
INVENTORY
|
|
|
|
|
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
|
|
|
a) Imported |
-- |
-- |
-- |
-- |
|
b) Indigenous |
11.062 |
12.428 |
14.202 |
14.202 |
|
|
|
|
|
|
|
Stock in Process |
50.316 |
56.493 |
64.598 |
64.598 |
|
Finished Goods |
15.803 |
17.754 |
20.289 |
20.289 |
|
|
|
|
|
|
|
Other Consumable Spares |
|
|
|
|
|
- Imported |
-- |
-- |
-- |
-- |
|
- Indigenous |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Advances Suppliers of Stores and Spares |
-- |
-- |
-- |
-- |
|
Advances Payment of Taxes
|
-- |
-- |
-- |
-- |
|
Other Current Assets |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
148.225 |
182.711 |
225.235 |
245.947 |
|
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
Gross Block (Land and Building, Machinery,
Work-In-Progress) |
177.700 |
177.700 |
177.700 |
177.700 |
|
Depreciation to date |
21.555 |
40.180 |
56.283 |
70.217 |
|
|
|
|
|
|
|
NET BLOCK |
156.145 |
137.520 |
121.417 |
107.483 |
|
|
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
|
Investments/ book/ debts/ advances/ deposits which are not
Current Assts |
-- |
-- |
-- |
-- |
|
[a] Investments in Subsidiary companies/ affiliates |
-- |
-- |
-- |
-- |
|
[b] Others |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
ii] Advances to suppliers of capital goods and contractors
|
-- |
-- |
-- |
-- |
|
iii] Deferred receivables [maturity exceeding one year] |
-- |
-- |
-- |
-- |
|
iv] Others |
-- |
-- |
-- |
-- |
|
Miscellaneous Deposits |
-- |
-- |
-- |
-- |
|
Non consumables Stores and Spares |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Other non – current assets including dues from directors
(Deferred Tax Assets) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Intangible assets [Patents, goodwill, prelim, expenses,
bad/ doubtful expenses Not provided for etc.] |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
ASSETS |
304.370 |
320.231 |
346.652 |
353.430 |
|
|
|
|
|
|
|
TANGIBLE
NET WORTH |
106.864 |
120.847 |
141.929 |
158.710 |
|
|
|
|
|
|
|
NET
WORKING CAPITAL |
50.719 |
73.327 |
100.512 |
121.227 |
|
|
|
|
|
|
|
Current Ratio |
1.52 |
1.67 |
1.81 |
1.97 |
|
|
|
|
|
|
|
Total Outside Liabilities/ Tangible Net Worth ( TOL / TNW ) |
1.85 |
1.65 |
1.44 |
1.23 |
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Arrears of depreciation |
|
|
|
|
|
Contingent liabilities |
-- |
-- |
-- |
-- |
|
Arrears of cumulative dividends |
-- |
-- |
3.900 |
1.300 |
|
Gratuity liability not provided for |
-- |
-- |
-- |
-- |
|
Disputed excise /customs/ tax liabilities |
-- |
-- |
-- |
-- |
|
Other liabilities not provided for |
-- |
-- |
-- |
-- |
|
|
-- |
-- |
-- |
-- |
COMPARATIVE STATEMENTS OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS.
IN MILLIONS)
|
Particular |
1st Year |
2nd Year |
3rd Year |
4th Year |
|
|
Actuals as per |
Actuals as per |
Current year |
Following year |
|
|
Audi. Bal. Sheet |
Prov. Bal. Sheet |
Estimates |
Projections |
|
A CURRENT ASSETS |
|
|
|
|
|
Raw Materials |
|
|
|
|
|
[a] Imported |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
[b] Indigenous |
11.062 |
12.428 |
14.202 |
14.202 |
|
Months Consumption |
0.07 |
0.07 |
0.07 |
0.07 |
|
|
|
|
|
|
|
Other consumable spares |
|
|
|
|
|
Excluding those included 1 above |
|
|
|
|
|
[a] Imported |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
[b] Indigenous |
-- |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Stock in process |
50.316 |
56.493 |
64.598 |
64.598 |
|
Months cost of production |
0.33 |
0.32 |
0.32 |
0.32 |
|
|
|
|
|
|
|
Finished goods |
15.803 |
17.754 |
20.289 |
20.289 |
|
Months cost of sales |
0.11 |
0.10 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Receivable other than export and deferred receivables
[including bills purchased and discounted by bankers] |
39.507 |
44.384 |
50.724 |
50.723 |
|
Months domestic sales |
0.25 |
0.24 |
0.24 |
0.24 |
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
|
|
|
|
Export receivables [including bills
purchased and discounted by bankers months export sales] |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Advances to suppliers of raw materials and
stores / spares consumable |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Other current Assets including cash and bank
balances and deferred receivable due within one year |
|
|
|
|
|
i)
Cash in hand |
31.537 |
21.652 |
33.622 |
31.827 |
|
ii)
Investments |
-- |
30.000 |
41.800 |
64.308 |
|
iii) Fixed Deposits |
-- |
-- |
-- |
-- |
|
iv) Loans & advances |
-- |
-- |
-- |
-- |
|
SUB TOTAL |
31.537 |
51.652 |
75.422 |
96.135 |
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
148.225 |
182.711 |
225.235 |
245.947 |
|
|
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares |
39.506 |
44.384 |
50.723 |
50.720 |
|
Months Consumption |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Advances from customers |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Statutory liabilities |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Other current liability including short term
borrowing dividend payable, installment of DPG public deposit, debentures etc
|
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
39.506 |
44.384 |
50.723 |
50.720 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF MAXIMUM
PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(RS IN MILLIONS)
|
Particular |
1st Year |
2nd Year |
3rd Year |
4th Year |
|
|
Actuals as per |
Actuals as per |
Current year |
Following year |
|
|
Audi. Bal. Sheet |
Audi. Bal. Sheet |
Estimates |
Projections |
|
|
|
|
|
|
|
Total Current Assets |
148.225 |
182.711 |
225.235 |
245.947 |
|
|
|
|
|
|
|
Other current Liabilities (Other than Bank Borrowing) |
39.506 |
44.384 |
50.723 |
50.720 |
|
|
|
|
|
|
|
Working Capital Gap |
108.719 |
138.327 |
174.512 |
195.227 |
|
|
|
|
|
|
|
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables |
27.180 |
34.582 |
43.628 |
48.807 |
|
|
|
|
|
|
|
Actual / Projected net working capital |
50.719 |
73.327 |
100.512 |
121.227 |
|
|
|
|
|
|
|
Item 3 minus item 4 |
81.539 |
103.745 |
130.884 |
146.420 |
|
|
|
|
|
|
|
Item 3 minus item 5 |
58.000 |
65.000 |
74.000 |
74.000 |
|
|
|
|
|
|
|
Maximum permissible bank finance [item 6 or 7, whichever is lower] |
58.000 |
65.000 |
74.000 |
74.000 |
|
|
|
|
|
|
|
Excess borrowings, if any representing shortfall in NWC [4-5] |
0.00 |
0.00 |
0.00 |
0.00 |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW STATEMENT
(RS IN MILLIONS)
|
Particular |
1st Year |
2nd Year |
3rd Year |
4th Year |
|
|
Following year |
Following year |
Following year |
Following year |
|
|
Projections |
Projections |
Projections |
Projections |
|
|
|
|
|
|
|
SOURCES |
|
|
|
|
|
Net Profit (After Tax) |
4.434 |
13.983 |
21.081 |
16.781 |
|
Depreciation |
21.555 |
18.625 |
16.104 |
13.934 |
|
Increase in capital |
97.430 |
-- |
-- |
-- |
|
Quasi Capital (U Loan) |
100.000 |
-- |
-- |
-- |
|
Increase in Term Liabilities [Including Public deposits] |
-- |
-- |
-- |
-- |
|
Decrease in |
|
|
|
|
|
Fixed Assets |
-- |
-- |
-- |
-- |
|
Other non-current assets |
-- |
-- |
-- |
-- |
|
Others |
5.000 |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
|
228.419 |
32.608 |
37.185 |
30.715 |
|
|
|
|
|
|
|
USES
|
|
|
|
|
|
Net Loss |
-- |
-- |
-- |
-- |
|
Decrease in Term Liabilities [Including A Closely Held Public Limited
Liability Company Deposits] |
-- |
10.000 |
10.000 |
10.000 |
|
Increase in |
|
|
|
|
|
Fixed Assets |
177.700 |
-- |
-- |
-- |
|
Other Non
Current Assets |
-- |
-- |
-- |
-- |
|
Dividend Payments |
-- |
-- |
-- |
-- |
|
Others |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
TOTAL
|
177.700 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item
2] |
50.719 |
22.608 |
27.185 |
20.715 |
|
|
|
|
|
|
|
Increase / Decrease in Current Assets |
148.225 |
34.486 |
42.524 |
20.712 |
|
|
|
|
|
|
|
Increase/ Decrease in Current Liabilities (Other than bank
borrowings) |
39.506 |
4.878 |
6.339 |
(0.003) |
|
|
|
|
|
|
|
Increase/ Decrease in Working Capital Gap |
108.719 |
29.608 |
36.185 |
20.715 |
|
|
|
|
|
|
|
Net Surplus [+] / Deficit [-] [Difference of 3 & 6] |
(58.000) |
(7.000) |
(9.000) |
-- |
|
|
|
|
|
|
|
Increase / Decrease in Bank Borrowings |
58.000 |
7.000 |
9.000 |
-- |
|
|
|
|
|
|
|
Increase/ Decrease In Net Sales
|
1923.834 |
320.639 |
320.639 |
-- |
------------------------------------------------------------------------------------------------------------------------------
CASH FLOW STATEMENTS
(RS.
IN MILLIONS)
|
YEARS
|
1 |
2 |
3 |
4 |
|
|
|
|
|
|
|
SOURCES
OF CASH |
|
|
|
|
|
|
|
|
|
|
|
Shares Capital Account |
37.430 |
-- |
-- |
-- |
|
Profit before Interests, Taxes and Other
Income |
24.786 |
39.272 |
53.770 |
41.612 |
|
Increase in Bank Borrowings |
58.000 |
7.000 |
9.000 |
-- |
|
Depreciation |
21.555 |
18.625 |
16.104 |
13.934 |
|
Increase in Term Loan |
100.000 |
-- |
-- |
-- |
|
Increase in Preference Shares Capital |
60.000 |
-- |
-- |
-- |
|
Increase in Creditors |
39.507 |
4.877 |
6.339 |
-- |
|
Increase in Subsidy |
5.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Total
|
346.278 |
69.774 |
85.212 |
55.545 |
|
|
|
|
|
|
|
APPLICATION
OF CASH |
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
177.700 |
-- |
-- |
-- |
|
Repayment of Term Loans |
-- |
10.000 |
10.000 |
10.000 |
|
Increase in Stock in hand |
77.181 |
9.494 |
12.415 |
0.000 |
|
Increase in Debtors |
39.507 |
4.877 |
6.339 |
0.000 |
|
Increase in Other Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
Interests Paid |
18.170 |
18.400 |
18.285 |
17.135 |
|
Taxes paid |
2.183 |
6.888 |
12.304 |
8.905 |
|
Dividend |
0.000 |
0.000 |
3.900 |
1.300 |
|
Investments for Redemption |
0.000 |
30.000 |
10.000 |
20.000 |
|
|
|
|
|
|
|
Total |
314.741 |
79.659 |
73.243 |
57.340 |
|
|
|
|
|
|
|
Opening Balance |
-- |
31.537 |
21.652 |
33.622 |
|
|
|
|
|
|
|
Surplus/ Deficit |
31.537 |
9.885 |
11.970 |
(1.795) |
|
|
|
|
|
|
|
Closing Balance |
31.537 |
21.652 |
33.622 |
31.827 |
------------------------------------------------------------------------------------------------------------------------------
DEBT SERVICES COVERAGE RATIO
(RS.
IN MILLIONS)
|
Years
|
1 |
2 |
3 |
4 |
|
Net Profit After Taxes |
4.433 |
13.984 |
24.981 |
18.080 |
|
|
|
|
|
|
|
Interests on Long term Loans |
11.500 |
10.925 |
9.775 |
8.625 |
|
|
|
|
|
|
|
Depreciation |
21.555 |
18.625 |
16.104 |
13.934 |
|
|
|
|
|
|
|
Available
funds |
37.488 |
43.534 |
50.860 |
40.638 |
|
|
|
|
|
|
|
Debts
|
|
|
|
|
|
Term Loans Installments |
0.000 |
10.000 |
10.000 |
10.000 |
|
Interests on Long term Loans |
11.500 |
10.925 |
9.775 |
8.625 |
|
|
|
|
|
|
|
|
11.500 |
20.925 |
19.775 |
18.625 |
|
|
|
|
|
|
|
Total
Funds |
312.382 |
|
|
|
|
Total
Debts |
156.925 |
|
|
|
|
Average
DSCR |
1.99 |
|
|
|
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NAME
OF THE APPLICANT: MRS. SHOBHA RANI KUSHWAH
(RS.
IN MILLIONS)
ASSETS
INVESTMENT IN BUSINESS CAPITAL
|
Name of the company/ firm / concern in
which investment is made |
Date of Investment |
Present Market Value (Rs. in Millions) |
|
|
|
|
|
Agroha Savings Limited |
2009-10 |
10.461 |
|
Big Boradcasting and Multimedia Corporation
Limited |
2009-10 and
2010-11 |
1.300 |
|
Garima Beverages |
2010-11 |
0.050 |
|
Grima Cement (Private) Limited |
2010-11 |
0.050 |
|
Garima Milk and Foods Products Limited |
2010-11 |
1.730 |
|
Garima Plast Pack (Private) Limited |
2009-10 |
0.040 |
|
Glider Construction (Private) Limited |
2009-10 |
0.050 |
|
Lucky Developers (Private) Limited |
2009-10 |
0.050 |
|
Royal Pet and Allied Machineries Limited |
2010-11 |
0.050 |
|
Parasnath Strategy developers Limited |
2009-10 |
0.050 |
|
Saffire Infrabuild (Private) Limited |
2009-10 |
0.050 |
|
Thakar Investments Limited |
2009-10 |
0.070 |
|
|
|
|
|
Total |
|
13.951 |
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER
LENDER ETC.
|
Name of the Bank/ Company where deposits are
held |
Central Bank of |
|
|
|
|
Date of Deposits |
12.11.2010/
12.11.2010 |
|
|
|
|
Nature of Deposits |
Saving Bank A/c
/ Saving Bank A/c |
|
|
|
|
Present Vale of Deposits |
Rs.0.012 Million
/ Rs.0.025 Million Total : Rs.0.037 Million |
LIFE INSURANCE POLICIES
|
Policy Numbers |
14019459304 |
|
|
|
|
Date of Policy |
31.03.2010 |
|
|
|
|
Type of Policy |
While Life |
|
|
|
|
Annual Premium |
0.100 |
|
|
|
|
Sum Assured |
Rs.1.270
Millions |
|
|
|
|
Surrender Value |
0.100 |
OTHER ASSETS
|
Furniture and Fixture |
1.296 |
|
|
|
|
Total Value o Other Assets |
1.296 |
|
TOTAL ASSETS |
RS.15.384 MILLIONS |
LIABILITIES
FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL
INSTITUTIONS AND OTHER BORROWINGS
|
Name of the Bank/ Institution |
Friends and
Relatives |
|
|
|
|
Nature / Type of Loan |
Unsecured Loans |
|
|
|
|
Date of Loan |
-- |
|
|
|
|
Amount of Loan Availed |
1.250 |
|
|
|
|
Amount Outstanding |
Rs.1.250 Millions |
|
NET WORTH |
RS.14.134 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NAME
OF THE APPLICANT: MR. BAL KISJAN KUSHWAH
(RS.
IN MILLIONS)
ASSETS
INVESTMENT IN BUSINESS CAPITAL
|
Name of the company/ firm / concern in
which investment is made |
Date of Investment |
Present Market Value (Rs. in Millions) |
|
|
|
|
|
Agroha Savings Limited |
2009-10 |
4.734 |
|
Big Boradcasting and Multimedia Corporation
Limited |
2010-11 |
0.010 |
|
Garima Milk and Foods Products Limited |
2010-11 |
1.730 |
|
Garima Plast Pack (Private) Limited |
2009-10 |
0.040 |
|
Parasnath Strategy Developers Limited |
200-10 |
0.050 |
|
Garima Real Estate and Allied Limited |
2007-08 and
2010-11 |
0.090 |
|
Thakar Investments Limited |
2009-10 |
0.100 |
|
|
|
|
|
Total |
|
6.754 |
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER
LENDER ETC.
|
Name of the Bank/ Company where deposits are
held |
Indusind Bank
Limited |
|
|
|
|
Date of Deposits |
12.11.2010 |
|
|
|
|
Nature of Deposits |
Saving Bank A/c |
|
|
|
|
Present Vale of Deposits |
Rs.0.031 Million |
LIFE INSURANCE POLICIES
|
Policy Numbers |
14019398208 |
|
|
|
|
Date of Policy |
31.03.2010 |
|
|
|
|
Type of Policy |
While Life |
|
|
|
|
Annual Premium |
0.100 |
|
|
|
|
Sum Assured |
1.200 |
|
|
|
|
Surrender Value |
0.100 |
OTHER ASSETS
|
Furniture and Fixture |
0.230 |
|
|
|
|
Total Value o Other Assets |
0.230 |
|
TOTAL ASSETS |
RS.7.115 MILLIONS |
LIABILITIES
FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL
INSTITUTIONS AND OTHER BORROWINGS
|
Name of the Bank/ Institution |
Friends and
Relatives |
|
|
|
|
Nature / Type of Loan |
Unsecured Loans |
|
|
|
|
Date of Loan |
-- |
|
|
|
|
Amount of Loan Availed |
0.200 |
|
|
|
|
Amount Outstanding |
Rs.0.200 Million |
|
NET WORTH |
RS.6.915 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NAME
OF THE APPLICANT: MR. BANWARI LAL KUSHWAH
(RS.
IN MILLIONS)
ASSETS
IMMOVABLE PROPERTY
|
Address of the Property with Survey No./
Door No. etc. |
Khasra No.298 to
306 and 328, Dholpur (Rajasthan) |
141 Gogan Vihar,
|
Maa Vaishnav
Puram, |
|
|
|
|
|
|
|
Land |
Building |
Building |
|
|
|
|
|
|
Whether Freehold/ Leasehold |
Freehold |
Freehold |
Freehold |
|
|
|
|
|
|
Type of Property Commercial/ Residential/ Agricultural |
Agricultural |
Residential |
Residential |
|
|
|
|
|
|
Area/ Extent of Land |
15.175 Biswa |
150.48 sq.
Meters |
1250 sq. ft. |
|
|
|
|
|
|
Present Market/ Assessed Value |
2.600 |
17.000 |
2.000 |
INVESTMENT IN BUSINESS CAPITAL
|
Name of the company/ firm / concern in
which investment is made |
Date of Investment |
Present Market Value (Rs. in Millions) |
|
|
|
|
|
Agroha Savings Limited |
2009-10 |
48.625 |
|
Big Boradcasting and Multimedia Corporation
Limited |
2009-10, 2010-11 |
1.875 |
|
Garima Cement Limited |
2010-11 |
0.050 |
|
Garima Milk and Foods Products Limited |
2010-11 |
11.041 |
|
Garima Products Marketing and Trading
(Private) Limited |
|
0.050 |
|
Parasnath Strategy Developers Limited |
200-10 |
0.260 |
|
Royal Pet and Allied Machineries
(Private) Limited |
2007-08 and 2010-11 |
0.050 |
|
Thakar Investments Limited |
2009-10 |
0.330 |
|
|
|
|
|
Total |
|
62.281 |
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER
LENDER ETC.
|
Name of the Bank/ Company where deposits are
held |
Central Bank of |
HDFC Bank
Limited |
Indusind Bank
Limited |
|
|
|
|
|
|
Date of Deposits |
12.11.2010 |
12.11.2010 |
12.11.2010 |
|
|
|
|
|
|
Nature of Deposits |
Saving Bank
Balance |
Saving Bank Balance |
Saving Bank Balance |
|
|
|
|
|
|
Present Vale of Deposits |
0.006 |
0.017 |
0.054 |
|
|
0.077 |
||
SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.
|
Description |
Reliance Mutual
Fund |
|
|
|
|
Face Value |
0.005 |
|
|
|
|
Present Value |
0.010 |
LIFE INSURANCE POLICIES
|
Life Insurance Policies |
Bajaj |
Aviva Life |
SBI Life |
|
|
|
|
|
|
Policy Numbers |
0059880174 |
APG2002045 |
14019345007 |
|
|
|
|
|
|
Date of Policy |
09.08.2007 |
09.05.2008 |
31.03.2010 |
|
|
|
|
|
|
Type of Policy |
Whole Life |
Whole Life |
Whole Life |
|
|
|
|
|
|
Annual Premium |
0.050 |
0.050 |
0.050 |
|
|
|
|
|
|
Sum Assured |
0.500 |
0.500 |
0.500 |
|
|
|
|
|
|
Surrender Value |
0.200 |
0.150 |
0.050 |
VEHICLES OWNED
|
Model/ Make |
Maruti Alto / 2006 |
Mahendra – |
|
|
|
|
|
Date of Purchases |
06.02.2006 |
07.11.2007 |
|
|
|
|
|
Whether Hypothecation for Loan |
No |
Mahendra Finance
Limited |
|
|
|
|
|
Present Market Value |
0.204 |
0.558 |
OTHER ASSETS
|
Cash in Hand |
2.148 |
|
|
|
|
Jewellery |
0.153 |
|
|
|
|
Total Value o Other Assets |
2.301 |
|
TOTAL ASSETS |
RS.87.436 MILLIONS |
LIABILITIES
FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL
INSTITUTIONS AND OTHER BORROWINGS
|
Name of the Bank/ Institution |
Mahendra Finance
Limited |
Friends and
Relatives |
|
|
|
|
|
Nature / Type of Loan |
Unsecured Loans |
Unsecured Loans |
|
|
|
|
|
Amount of Loan Availed |
0.400 |
2.100 |
|
NET WORTH |
RS.84.936 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
INTRODUCTION
Subject was incorporated on December 11, 2009 in the name of
Garima Milk and Food Products Private Limited The name was chanced to Garima
Milk and Food Products Limited in 2010 and a fresh certificate of incorporation
was obtained in May 13, 2010.
The object of the offering is to set up Milk Processing.
Ghee and Milk Powder manufacturing unit with a milk handing capacity of 385 lac
litres per day at Tehsil Mania, Distt Dholpur in the State Rajasthan. The
proposed project is being set up on National Highway Dholpur in the state of
Rajasthan. This area has an abundance of milk production and is deemed to have
a marketable surplus of about 10,00,000 Liters of milk per day. Currently the
dairy farmer/ milk producer is at the mercy of middlemen who do not offer them
remunerative price for their milk produce and therefore with the setting up of
this project, the promoters hope to give the producers their due. The unit is
located on Highway one kilometer away from Dholpur on the highway connecting
all major cities with nearest railway station two kilometer away from the site.
The average temperature of the place ranges from 25 degree census to 47 degree
census. The Site has rural surroundings and are milk catchments areas with
enormous marketable milk surplus in a radius of about 100 kms from the site,
Milk product market is pre-dominantly in the northern parts of the country.
This location is well connected and much nearer to these areas as compared to
the sites of other Manufactures mostly based in northern
1. This site is well connected by rail and road transport
from M.P. border -30 kms and can be collected the milk at least 5 lacs liters/
day and finish product can be sale to
2. This site is well connected by rail and road transport
from U.P. border- 30 krns.
3. The
BACKGROUND
OF THE PROMOTERS
Mr. Banwari Lal Kushwah, Managing Director of the Company
aged 30 years. He started his career, at a young age of 20years, working for
companies all over
He is also pursuing MBA and is associated with several
social, cultural and media organizations. Apart from being a reporter, for
Chauthi Duniya Group of Publication, a 15 years. Old Hindi News Magazine, he
has been also associated as Freelancer and bringing out a monthly magazine
‘Power Plus’ an English News Magazine and Swabhiman Times, a daily news paper
from Delhi. Mr. Kushwah is known Philanthropist social worker and religious
minded person. Through his vast contact, he is able to manage any kind of
business and financial resources.
Currently, he is running several companies which includes,
Garima Real Estate and Allied Limited, Garima Milk and Foods Products Limited,
Garima Products and Marketing and Trading Private Limited, Garima Homes and
Farm Houses Limited, Thakur Investment Limited, Agroha Saving Limited, Garima
Plast Pack Private Limited and Big Broadcasting and Multimedia Corporation
Limited
Garima Real Estate and Allied Limited is a an ISO 9001:2000
Certified company and has ISI certification for its mineral water and Agmark
certification for ghee production from Government of India. All the Group
compani4es have generated employment for more than 1000 people directly and
indirectly in the region.
He is recipient of several awards for his, key performance,
business acumen and social commitment, which includes, best regional builder
award, in the year 2008, by all India achievers conference, New Delhi, Gem of
India Award, in the year, 2009, Rashtriya Udyog Shiromani Award in 2009 at
Mumbai, Rashtriya Udyog Rattan Award 2009 at Delhi etc.
Mr. Bal Kishan Kushwah, Director of the Company is 20 years
old is younger brother of Mr. Banwari Lal Kushwah and assisting Mr. Banwari Lal
Kushwah in the family business.
Mr. Shobha Rani Kushwah, Director of the Company is 30 years
old is wife of Mr. Banwari Lal Kushwah and assisting Mr. Banwari Lal Kushwah in
the family business.
THE
PROJECT
Company plans to set up Manufacturing facilities for
manufacture of 4913.13 TPA of Pune Ghee 4484.29 TPA of Skimmed Milk Powder and
Liquid milk to the extent of 56595 TPA at Dholur in the state of Rajasthan. The
Project is ideally located in milk surplus area more particularly is the main
market of Milk.
COST
OF PROJECT
|
Particulars
|
Gross Amount (Rs. In Millions) |
|
|
|
|
Land |
13.800 |
|
Building and Land Development |
55.000 |
|
Plant and Machinery |
92.700 |
|
Misc fixed Assets |
5.600 |
|
Preliminary and Pre-op Expenses |
10.600 |
|
Margin for Working Capital |
24.730 |
|
|
|
|
Total |
202.430 |
MEANS
OF FINANCE
|
Particulars
|
Gross Amount (Rs. In Millions) |
|
|
|
|
Equity Share Capital |
37.430 |
|
Preference Shares Capital |
60.000 |
|
Term Loan |
100.000 |
|
Subsidy |
5.000 |
|
|
|
|
Total |
202.430 |
INFRASTRUCTURE
The project is being set up at Tehsil Mania, Distt Dholpur in
the state of Rajasthan. The area is known for 10,00,000 liters of milk arrivals
on daily basis. The milk is supplied to other milk processing units setup in
and around of this area apart from daily constructed and shops for allied
projects.
LAND
The company had already purchased the land at Dholpur which
at presently required for the setting up of the manufacturing activity. The
total cost of land have been estimated at Rs.13.800 Millions which includes the
stamp duty if approximately 6%. The site is located at the main Highway and
nearer to the railway station. The development on the site is already in
progress and constructions are as per the schedule planned by the company.
BUILDING:
The total cost of building has been estimated at Rs.55.000 Millions
as per the estimated given by the architect which consists of plant area and of
administrative area. The building plan of the project had been forwarded to the
local authorities for their approval. The total covered area is comprises of
basement, ground floor and three floor the details of the same is enclosed
separately.
PLANT
AND MACHINERY
The plant and machinery for the manufacturing
will consist of milk processing units, electrical, plumbing, furniture and
fixtures, diesel set, sub-station for electrical power, house keeping
equipments effluent treatment plants etc. The cost of main machinery consists
of machinery of Rs.92.700 Millions. The management had already finalized the
consultants New Era Diary Engineers (
MISCELLANEOUS FIXED ASSETS
Miscellaneous assets to the extent of Rs.5.600
Millions will be installed which includes vehicles, lightings, furniture,
computers and fixtures etc.
PREOPERATIVE EXPENSES
The total pre operative expenses of the
company has been estimated at Rs.10.603 Millions which consists of capital
raising expenses electric security and other expenses to meet the pre
production cost.
WORKING CAPITAL
The working capital of the company have been
calculated at Rs.122.239 Millions. The same has been calculated assuming the
raw materials advance to the farmers will he o the extent of 10 days, the
holding of finished goods and the debtors will be of one week each and work in
process will be of two days being the nature of the plant will be automatic
plant and continuous process. The proposed working capital will be funded by
working capital limits from the bank to the extent of Rs.58.000 Millions apart
from the creditors advance and own capital being the margin for the working
capital.
MEANS OF FINANCE
The company proposes to meet the cost of
project by the way of raising the equity share capital of Rs.37.430 Millions,
Preference share capital of Rs.60.000 Millions by the way of contribution from
the promoters as well as of private placements, term loan from the bank to the
extent of Rs.100.300 Millions and balance of Rs.5.000 Millions by the way of
capital subsidy from the Ministry of Food processing Government of India.
SALES AND CONST OF PRODUCTION
SALES
The company proposes to manufacture Ghee
liquid milk and skimmed milk powder in the 1st stage of production.
The plan have been envisaged keeping in view the heavy demand of these products
in the tourist and urban area. The company proposes to sold 4913.13 tons of
ghee, 4484.29 Tons of skimmed milk powder and 56595 tons of liquid milk. The
sale have been estimated at Rs.1923.800 Millions in the 1st year of
the production which the company will easily achieve projections.
RAW MATERIALS
The main raw material which will be required
for the project is Milk. Initially the company will buy the nit from milk from
the different chilling centers and after one year the company will make the
arrangements for collection of the milk from the nearby places by establishing
own milk collection and chilling centers on contract basis. The milk will be
collected in the centre and will be chilled before being sent to the factory.
The company is already have a chilling before being sent to the factory. The
company is already have a chilling center In industrial area Dholpur and
Collecting the milk farmers more than 1,00,000 liters/ days.
UTILITIES AND SERVICES
a) Power: The connected load by GMFPL has been
estimated at 750 Kw. GMFPL will obtain the requisite connection from the
Rajasthan state electricity board. It has also made provision for DG Sets to
meet its power requirements during tripping / power cuts.
b) Water: The water is primarily required for washing
and potable purposes. Ample water is available from supplies of Bore well. The
total water requirement is estimated at 400 KL/day. The manufacturing process
including evaporation of water from milk. Ensures availability of good quality
condensate water to an extent of 100 KL/day from 200 KL Milk/ day water source
is a supplement.
c) Fire Protection Systems: GMFPL has made
satisfactory provision for fire protection. The entire building is proposed to
be divided into various fire zones with adequate provision for water hydrant
pumps/ valves/ sprinklers on each floor.
d) Man Power Equipment: The plant is proposed to
be automatic to a large extent and therefore highly skilled manpower would be
required. As dairy industry in the country since last 10 years has grown to
maturity, experienced technical personnel are now readily available. The
Project will employ qualified dairy technologists at various levels, from sniff
officers for managing independent shifts to The Factory Manager level. Skilled
workmen and plant operators are easily available. Local workmen will be
appointed at the unskilled level and shall be trained to achieve the necessary
skills. The total employment potential of this plant is expected to 118 persons.
e) Effluent Disposal Systems The effluent
discharged from the proposed dairy plant is not of hazardous in nature. For the
effective treatment of water effluent from the plant, a budget of approx. 40
lacs has been provided in the project. Keeping in the mind the concern of the
Government for proper effluent treatment and the responsibilities of the
industries in keeping the environment clean and undisturbed a safe and
efficient disposal system has been designed.
ASSUMPTIONS:
The financial projections have been
considering certain assumptions as details hereunder: -
· The utilization of the capacity have been assumed at 60% in first year, 70% in the 2 year arid 80% in third and successive years.
·
The tariff for electric charges from state
electricity board have been assumed at Rs.5.50 per unit whereas from
· It is assumed that in manpower cost stores and spares and repairs and maintenance there will be increment of 5% per annum.
· On the similar basis in the administrative expenses an addition of 5% have been made annually.
· The selling cost have been assumed at 4% of the total sales which will take care of distribution cost, advertisements and other sales promotion expenses.
· The provisions for taxes on the net profit have been made at 33% of the net profits before taxes.
· The provisions for dividend on the preference shares have been made on the basis of rate of dividend offered on the respective series.
DAIRY INDUSTRY
INTRODUCTION:
The Dairy industry is recognized as one of the largest and most important of food industry. The Dairy Industry exists for one purpose to provide at reasonable cost milk and fink products that satisfy the consumer’s needs and fulfills his nutritional requirement.
INDIAN DAIRY INDUSTRY
AND GROWTH:
Dairy Industries in
According to Dairy Indian 2007 estimated, the current size of the Indian
dairy sector is USS 62.67 billion and has been growing at a rate of 5 percent a
year. The dairy exports in 2007-08 rose to USS 210.5 million against US$ 113.57
last fiscal, whereas the domestic dairy sector is stated to cross USS 108
billion in revenues by 2011.
Many international dairy companies are viewing
In
TOP PRODUCTION
|
|
114.4 |
|
|
79.3 |
|
|
39.4 |
|
|
35.2 |
|
|
32.5 |
|
|
28.5 |
|
|
26.2 |
|
|
24.2 |
|
New |
7.3 |
|
|
3.9 |
· World’s Largest Milk Producer accounting 15% of world’s total Milk
· World’s largest consumer of dairy products
· Country with world’s largest cattle population in the world
·
Rural Population in
PROFILES OF DHOLPUR
Situated on the North-east border of
Rajasthan, Dholpur district was formed in 1982 by merging 4 former tehsils of
district Bharatpur — Dholpur, Rajakhera,
ANIMAL HUSBANDRY
A supporting farm activity with lower annual
fluctuations is animal husbandry. Dholpur belongs to the livestock sub-region
of the state dominated by buffalo population instead of small ruminants-cattle
combine of the western and north Rajasthan.
A better way of understanding the Impact of
such change on the livelihoods is to convert such numbers in terms of the
livestock per hundred households. In that case all types of livestock per
hundred households, other then buffalo, have declined during 1992-2003. Thus
number of cattle, goat and sheep per 100 households has declined by 41. 34 and
7 while the number of other livestock has declined by 9.
CONCLUSION:
As the Indian dairy sector completely poised
for consolidation, higher efficiency, growth with the entry of big players and
constant growth of Indian dairy industry of 4% per annum, further that needs to
be done is: to Innovate, convert products into commercially exploitable ideas.
This had factored resulting more and more dairy plants in the public,
cooperative and private sectors in
MARKET OF MILK PRODUCTS
Till 31st March 1992 the dairy
industry was dominated by co-operative sector along with some private units in
Northern India Milk food,
As per of the liberalization the promoters
subject wants to setup a modern plant to manufacture Milk powder and Ghee, Now
company is planning to sale the milk powder in various reputed institutions as
detailed below apart from developing its own brand.
|
Institutional
Buyers |
Annual
Requirement |
|
|
|
|
Britannia Industries Limited |
2000 Ton |
|
Sikkim Co-operative Milk Producer Union Limited |
20 Ton |
|
|
1500 Ton |
|
Dodela Dairy |
800 Ton |
|
Cadbury India Limited |
3500 Ton |
|
Trimula Milk Product |
1200 Ton |
|
Metro Dairy Limited |
6000 Ton |
|
Mother dairy Kolkatta |
12000 Ton |
|
Haritage |
1500 Ton |
|
Nestle |
8000 Ton |
|
Smithkline Beechem |
5000 Ton |
|
Thakker Dairy Kolkatta |
300 Ton |
|
Bengal Nestor’s |
150 Ton |
|
Mother Dairy, |
3000 Ton |
In domestic market there are huge demands of
milk powder and ghee.
GHEE
The company has planning to sale the ghee in
consumer pack in Agra, Saharanpur, Barelly, Lucknow, Kanpur, Allahabad, Varansi
and Major districts of Uttaranchal by distributor Network. In bulk packing
through wholesalers in
EXPORTS
Exports of milk powder and ghee which were
banned till October, 93 were lifted by the government. It is identified as a
priority sector since the company has in built strength in exports. The
countries identified for exports are
· Skim Milk Powder
· Whole Milk Powder
In current year 2008-2009 export of Milk
powder are approximate – 20000 Ton. Whereas the Milk plant for Manufacturing of
milk powder and Ghee in Rajasthan etc.
|
Unit |
Installed Capacity
|
|
Bhole Baba Milk Food Industries Limited, Dholpur |
|
|
Paliwal Dairy Dholpur |
1.5 Lac Liter/ Day |
|
Prabhu Jee Milk Food Private Limited, Jaipur |
3 Lac Liter/ Day |
|
Arsh Dairy Max Limited Ringus District Sikar |
5 Lac Liter/ Day |
|
|
|
To sum up all the factors as stated above the
company proposes to tab the retail and whole sale market. The company had
already negotiated with 500 outlets in
------------------------------------------------------------------------------------------------------------------------------
VALUATION
REPORT
|
Immovable Property |
Office No.501 at 5th Floor, in Parmesh Corporate Tower Plot No.13, situated at Karkardooma Community Centre, |
|
|
|
|
Name of the Owner |
Agro Savings
Limited |
|
|
|
|
Name of the Branch |
PNB, Dholpur,
Rajasthan |
|
|
|
|
Purpose of valuation |
Fair Market Value For Mortgage Purpose |
|
Date of the visit of the immovable Property Site
identified visited along with (name) Contact no of the persona long with the
whom the site was visited |
11th
December, 2010 |
|
|
|
|
Date of Making Valuation |
17th
December, 2010 |
|
|
|
|
Whether necessary inquiries have been made
from the concerned locality with regards to the ownership of the property |
Yes |
|
|
|
|
If the Property is under sole / company/
joint ownership share of each such owner. |
Company Owned |
|
|
|
|
Whether the shares undivided? |
NA |
|
|
|
|
Brief Description of the property Locality, Street, ward No. (Postal Address) |
The property
under reference is a office space located in multi stored commercial
building. |
|
|
|
|
Flat/ Plot No. |
Office No.501 at
5th floor, in Parmesh corporate Tower, Plot No.13, situated at
Karkardooma community Centre, |
|
|
|
|
Whether the lP beard the same description/ details as
mentioned in the documents/ title deeds |
Yes |
|
|
|
|
Whether the IP Situated in Residential/
Commercial / Mixed area/ Industrial / Institutional Area |
Commercial Area |
|
|
|
|
Classification of Locality -Diplomatic/ High/ Middle/ Poor class |
High Class |
|
|
|
|
Whether lP or any part of it is in
questioned is under any encroachment? |
No |
|
|
|
|
Proximity to civic amenities like cinemas,
airport, Railway/ Metro station/ hospitals, schools, markets, offices etc. |
Available within
reasonable distance |
|
|
|
|
Means and proximity to the surface
communication by which the locality is served |
By Road |
|
|
|
|
Area of Land / Flat/ Shop/ Floor of the IP
Supported by Documentary proof, shape, size and physical features. |
Super area 1665
sft. |
|
|
|
|
Whether the IP is leasehold or freehold |
Freehold |
|
|
|
|
Is there any restrictive covenant in regard
to use of land? If so details be given |
Commercial |
|
|
|
|
Does the land fall in an area included in any
Town planning scheme or any other development plan of the government or any
statutory body? If so give particulars. |
MCD |
|
|
|
|
Whether the Building is self/ owner-occupied
rented/ or both |
|
|
|
|
|
Is the Building insured |
Owner to advise |
|
|
|
|
Whether the property can be taken in
possession by the Bank in case of need without any litigation? |
Leal council of
Bank to advise. |
|
|
|
|
Legal encumbrances on the property if any (Searches
and Investigations made, if any) |
Leal council of
Bank to advise. |
|
|
|
|
lf sale instances are not available or not relied upon the basis of arriving at the land rate |
Property is registered at much lower prices
than the actual transaction of sale/ purchase. Hence fair market valuation is
based on. Market survey
and inquired for property prices in the locality. Comparison of
property prices in similar neighboring localities the basis of arriving out
the land rate |
|
|
|
|
Market Value of the Property |
Rs.27.500 Millions |
|
|
|
|
Realisable Value of the Property |
Rs.23.400 Millions |
VALUATION OF LAND AND BUILDING
FAIR MARKET VALUE
|
Particulars of Assets |
Market Value (Rs. In Millions) |
|
|
|
|
Land Value |
34.150 |
|
Building Value |
20.986 |
|
|
|
|
Total |
55.136 |
REALIZABLE VALUE
The realizable sale value has been worked out on the expected realizable value
keeping in view the location of the unit and conditions thereof and market
condition etc.
The realizable sale value of the Immovable assets of the property has
been worked out as below:
|
Particulars of Assets |
Market |
Realizable Value (Rs. In Millions) |
|
|
|
|
|
Land |
15% |
29.027 |
|
Building |
15% |
17.838 |
|
|
|
|
|
Total |
46.865 |
|
VALUATION
REPORT
|
Immovable Property |
Khasra No.282, 286, 287, 283 etc. Village Aidelpur, dholpur, |
|
|
|
|
Name of the Owner |
Garima Milk and
Food Products Private Limited |
|
|
|
|
Name of the Branch |
PNB, Dholpur,
Rajasthan |
|
|
|
|
Purpose of valuation |
Fair Market Value For Mortgage Purpose |
|
Date of the visit of the immovable Property Site
identified visited along with (name) Contact no of the persona long with the
whom the site was visited |
12th
December, 2010 |
|
|
|
|
Date of Making Valuation |
17th
December, 2010 |
|
|
|
|
Whether necessary inquiries have been made
from the concerned locality with regards to the ownership of the property |
Yes |
|
|
|
|
If the Property is under sole / company/
joint ownership share of each such owner. |
Company Owned |
|
|
|
|
Whether the shares undivided? |
NA |
|
|
|
|
Brief Description of the property Locality, Street, ward No. (Postal Address) |
The property
under reference is a Milk plant under construction. |
|
|
|
|
Flat/ Plot No. |
Khasrta No.282, 286,
287, 283 etc, Village Aidelpur, Dholpur, |
|
|
|
|
Whether the lP beard the same description/ details as
mentioned in the documents/ title deeds |
Yes |
|
|
|
|
Whether the IP Situated in Residential/
Commercial / Mixed area/ Industrial / Institutional Area |
Mixed Area
(Industrial Use after taking CLU) |
|
|
|
|
Classification of Locality -Diplomatic/ High/ Middle/ Poor class |
Middle Class |
|
|
|
|
Whether lP or any part of it is in
questioned is under any encroachment? |
No |
|
|
|
|
Proximity to civic amenities like cinemas,
airport, Railway/ Metro station/ hospitals, schools, markets, offices etc. |
Available within
reasonable distance |
|
|
|
|
Means and proximity to the surface
communication by which the locality is served |
By Road |
|
|
|
|
Area of Land / Flat/ Shop/ Floor of the IP
Supported by Documentary proof, shape, size and physical features. |
Area of land
13.660 Bigha |
|
|
|
|
Whether the IP is leasehold or freehold |
Freehold |
|
|
|
|
Is there any restrictive covenant in regard
to use of land? If so details be given |
No |
|
|
|
|
Whether the Building is self/ owner-occupied
rented/ or both |
|
|
|
|
|
Is the Building insured |
Owner to advise |
|
|
|
|
Whether the property can be taken in
possession by the Bank in case of need without any litigation? |
Leal council of
Bank to advise. |
|
|
|
|
Legal encumbrances on the property if any (Searches
and Investigations made, if any) |
Leal council of
Bank to advise. |
|
|
|
|
lf sale instances are not available or not relied upon the basis of arriving at the land rate |
Properties are registered at much lower prices
than the actual transaction of sale/ purchase. Hence fair market valuation is
based on. Market survey and inquired for property
prices in the locality. Comparison of property prices in similar
neighboring localities the basis of arriving out the land rate |
|
|
|
|
Value of the IP as per government Guidelines/ circle rates |
Rs.18,15,000 per Bigha |
|
|
|
|
Market Value of the Property |
Rs.55.136 Millions |
|
|
|
|
Realisable Value of the Property |
Rs.46.865 Millions |
FINANCIAL RESULTS
/ OPERATIONS
The financial results of the company for the financial year ended 31st
March 2010 are as follows:
The company earned Rs. Nil. After accounting for the expenses the
company earned a loss of Rs.0.014 Million and the same has been carried to the
Balance Sheet as net deficit.
WEBSITE DETAILS:
COMPANY
PROFILE
Today the milk production is increasing at 4 percent per
annum in
Company has plans to set up very well distributed and ideally
located manufacturing units across the country. Company’s 1st Plant at Dhoulpur
is running very successfully and now Group’s 2nd Milk Powder plant is again
ideally located at National Highway No.3 in Dhoulpur (Rajasthan) best suited
for the production to provide consistent quality output as required in the
market.
The construction at the site is in full swing and will be
able to start the commercial production by the end of November 2010. This plant
will meet the export demands besides the Indian dairy products market.
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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.