MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
Note: The Given address has been shifted from 102, Sumer Kendra
Pandurang Budhkar Marg, Worli, Mumbai – 400 018, Maharashtra, India to the 43, Vikas
Centre 106, S V Road, Santacruz (W), Mumbai – 400054, Maharashtra, India
IDENTIFICATION DETAILS
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Name : |
APC NUTRIENTS PRIVATE LIMITED |
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Registered Office : |
43, Vikas Centre, 106, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.01.1995 |
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Com. Reg. No.: |
11-84330 |
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CIN No.: [Company
Identification No.] |
U74999MH1995PTC084330 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA12317E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer and Marketing of Poultry Feed
Supplements/ Aqua Feed Supplements. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
The management non cooperative
LOCATIONS
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Registered Office/ Corporate Office/ Factory : |
43 Vikas Centre, |
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Tel. No.: |
91-22-28959053/66949461 |
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Fax No.: |
91-22-28959053 |
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E-Mail : |
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Website : |
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Branch Office : |
507, 5th Floor, Minerva House, |
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Tel No.: |
91-40-27899273/27849798 |
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Fax No.: |
91-40-27815777 |
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E-Mail : |
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Website : |
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Warehouse : |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Ravindra Narayan Menon |
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Designation : |
Director |
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Address : |
B-703, |
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Date of Birth/Age : |
29.04.1950 |
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Date of Appointment : |
04.01.1995 |
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DIN No. : |
01797862 |
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Name : |
Mr. Ravindra Krishnadas Pasta |
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Designation : |
Director |
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Address : |
Rukshmani Villa, 145, |
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Date of Birth/Age : |
26.08.1952 |
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Date of Appointment : |
04.01.1995 |
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DIN No. : |
01879042 |
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Name : |
Mr. Mohan Narayan Menon |
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Designation : |
Director |
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Address : |
6 Beach Craft, |
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Date of Birth/Age : |
10.08.1948 |
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Date of Appointment : |
11.10.1997 |
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DIN No. : |
02838483 |
KEY EXECUTIVES
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Name : |
Mr. P C S Balaji |
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Designation : |
General Manager |
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Address : |
507, 5th Floor, Minerva House, |
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Tel No. : |
91-40-27899273 / 27849798 |
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Fax No : |
91-40-27815777 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ravindra Narayan Menon |
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93500 |
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Ravindra Krishnadas Pasta |
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1000 |
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Mohan Narayan Menon |
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500 |
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Total
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95000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Marketing of Poultry Feed
Supplements/ Aqua Feed Supplements. |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Aqua Feed Supplements |
Kgs |
12193 |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Financial Institute : |
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Auditors : |
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Name : |
S. M. Pradhan and Company Chartered Accountants |
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Address : |
5, Vijayalaxmi, |
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Tel. No.: |
91-22-21636889 |
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Fax No.: |
91-22-21636889 |
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E-Mail : |
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Pan No.: |
AAAPP5904C |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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95000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.950
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.950 |
0.950 |
0.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.444 |
12.958 |
7.441 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.394 |
13.908 |
8.391 |
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LOAN FUNDS |
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1] Secured Loans |
1.160 |
0.810 |
0.263 |
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2] Unsecured Loans |
13.043 |
13.352 |
8.698 |
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TOTAL BORROWING |
14.203 |
14.162 |
8.961 |
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DEFERRED TAX LIABILITIES |
0.053 |
0.026 |
0.060 |
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TOTAL |
42.650 |
28.096 |
17.412 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.861 |
6.778 |
2.039 |
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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 |
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Inventories |
23.477
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10.564
|
6.361 |
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Sundry Debtors |
30.724
|
28.627
|
26.709 |
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Cash & Bank Balances |
5.575
|
2.160
|
1.182 |
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Other Current Assets |
0.120
|
0.120
|
0.120 |
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Loans & Advances |
8.532
|
2.480
|
2.455 |
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Total
Current Assets |
68.428
|
43.951
|
36.827 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.640 |
18.940 |
20.344 |
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Other Current Liabilities |
0.000
|
0.873
|
0.000 |
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Provisions |
8.000
|
2.820
|
1.110 |
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Total
Current Liabilities |
34.639
|
22.633
|
21.454 |
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Net Current Assets |
33.789
|
21.318
|
15.373 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.650 |
28.096 |
17.412 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
144.676 |
102.659 |
79.730 |
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Other Income |
0.243 |
(0.636) |
0.156 |
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TOTAL (A) |
144.919 |
102.023 |
79.886 |
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Less |
EXPENSES |
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Raw Material Consumed |
0.500 |
0.524 |
0.754 |
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Purchases of Trading Goods |
88.459 |
61.782 |
45.320 |
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Direct Expenses |
18.081 |
12.230 |
12.333 |
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Administrative Selling and Distribution
Expenses |
19.120 |
15.585 |
13.283 |
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Payment to and Provision for Employees |
6.365 |
5.910 |
4.405 |
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Increase/(Decrease) in Finished Goods |
(12.721) |
(4.266) |
(0.051) |
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TOTAL (B) |
119.804 |
91.765 |
76.044 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.115 |
10.258 |
3.842 |
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Less |
FINANCIAL
EXPENSES (D) |
2.255 |
1.659 |
1.346 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.860 |
8.599 |
2.496 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.202 |
0.311 |
0.303 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.658 |
8.288 |
2.193 |
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Less |
TAX (I) |
8.026 |
2.786 |
0.816 |
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PROFIT AFTER TAX
(G-I) (J) |
14.632 |
5.502 |
1.377 |
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Less |
Short Provision
for tax (Net) |
0.145 |
(0.014) |
(0.059) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
3.881 |
2.945 |
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Less |
APPROPRIATIONS |
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General Reserve |
NA |
0.500 |
0.500 |
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Dividend |
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Tax on Dividend |
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BALANCE CARRIED
TO THE B/S |
NA |
8.897 |
3.881 |
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EARNINGS IN
FOREIGN CURRENCY |
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Reimbursement of Business Promotion Expenses |
NA |
NA |
0.179 |
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F.O,B Value of Export of Goods |
NA |
NA |
3.148 |
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TOTAL EARNINGS |
NA |
NA |
3.327 |
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IMPORTS |
62.201 |
38.836 |
25.477 |
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Earnings Per
Share (Rs.) |
154.02 |
57.92 |
14.49 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.10
|
5.39
|
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.84
|
8.07
|
2.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.32
|
16.34
|
5.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.80
|
0.59
|
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
2.64
|
3.62 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.94
|
1.72 |
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF
SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors
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Sundry creditors for goods |
18.447 |
12.491 |
15.065 |
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Sundry creditors for expenses |
8.193 |
6.449 |
5.279 |
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Total |
26.640 |
18.940 |
20.344 |
OPERATIONS:
During the year the turnover of the company has increased substantially to
Rs. 144.676millions as against 102.659millions in the previous year. The profit
before tax rose to 14.631 millions as against 5.502 millions in the preceding
year. Attempts are being made to control the expenses and their by maintain the
profitability.
Current year as begun on a good note and there is an all around growth
in the turnover and profitability. If the same trend continues in the next six
months, the profitability will jump considerably. The directors are hopeful that
the financial year 2010-2011 will see some higher turnover and better
profitability.
Bankers Charges
Report as per Registry
|
Name of the company |
APC NUTRIENTS PRIVATE LIMITED |
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Presented By |
Ravindra K. Pasta
– Director |
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1) Date and description of instrument creating the change |
1) Cash Credit
Agreement Dated 25.02.2005 2) Agreement Re:
collateral security vehicle machinery dated 25.02.2005 3) Agreement for
opening inland irrevocable Letter of Credit dated 25.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
millions a) OCC Rs. 1.000
million b) ILC.FLCS
(DA/DP) Rs. 1.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) Hypothecation
of Stocks and Book Debts 2) Stock procured
against ILC / FLCs. 3) Exclusive
charge on fixed assets of the company having Net Block of Rs. 0.960 millions
as per ABS 31.03.2004 4) Personal
guarantee of Mr. Ravindra N. Menon Director of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Margin -25% 2) Rate of
Interest 10% p.a. (Monthly compounded this rate of interest is subject to changes
made by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Industrial Finance Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Available |
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Corporate identity
number of the company |
U74999MH1995PTC084330 |
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Name of the
company |
APC NUTRIENTS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
43, Vikas Centre,
106, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Current assets
and receivables Immovable
property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Deed of
Hypothecation Dated: 27.05.2010. Mortgage
Declaration Dated: 27.05.2010. |
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Date of
instrument Creating the charge |
27.05.2010 |
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Amount secured by
the charge |
Rs. 20.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Cash Credit: Shall be 3.75% P.A. below the sum of IBAR and CC risk Premium
prevailing on that date. Term Loan: shall be
1.75% P.A. below IBAR, Liquidity Premium, prevailing on that date. Terms of
Repayment – Cash Credit &
Letter of Credit: 12 Months (Upto 23.02.2011). Term Loan: 60
Months including Moratorium Period of 6 Months. Principal amount
is to be repaid in 54 equal installments commencing from 30/09/2010. Last
installment payable is March 2015. Margin – Cash Credit:
Inventory: Uniform margin of 25% against all components of inventory. Book Debts: Cover
Period : 90 days. Margin: 25%. Letter of Credit:
Cash Margin: 25%. Term Loan : 26.9%
of the Project Cost. Special
Condition: 1) 26.9% of the Project to be funded by way of internal accruals. 2) CA Certificate
Confirming work execution to the extent of Rs. 2.5Mn. Extent and
Operation of the charge - 1) Exclusive Charge by way of Hypothecation of the
Company's entire stocks of raw materials, semi-finished and finished goods,
consumable stores and spares and such other movables, including book-debts,
bills whether documentary or clean, outstanding monies, receivables, both
present and future. 2) Exclusive
Charge by way of Hypothecation on the entire Movable Fixed Assets of the
Company both present and future (WDV as on 31.03.2009 is Rs.6.800 Millions). Others - 3) Exclusive
Charge by way of Equitable Mortgage on the Immovable Property of the Company.
Details of the Immovable Properties |
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Particulars of
the property charged |
All that the
portion of Plot bearing No.60/C (part), admeasuring 788.10sq.yds vacant land
with accessibility of 25'wide approach road on the North Eastern side of the
Plot from the main road, in Sy.No 284/2, covered
under Block No. 35, situated at Phase-I, IDA Jeedimatla of |
COMPANY PROFILE:
Subject in
Subject has launched in the European market
with an office in
Quality Controls
and Standards
Subject has
established a quality management system that is in compliance with the
International Quality System Standard ISO 9001 - 2000 and Q9001 - 2000.
Join hands with
subject for fast-track growth
Subject seeks interested parties looking at
distribution options in Europe,
FIXED ASSTES:
- Building
- Computer
- Computer
Notebook
- Verna vehicle
(car)
- Motor car
(Santro)
- Motor car
(Honda CRV)
- Motor car
(Honda City)
- Furniture and
fixture
- Furniture and
fixture s’bad
- Office
equipment
- Typewriter
- Air conditioner
s’bad
- Fax machine
at s’bad
- Mobile phone
- Packing
machine
- Equipments
(aqua kit)
- Equipments
(mixer)
- Printer at
s’bad
- Air cooler
- Over head
projector
- Equipment
(grinding machine)
- Weighing
machine
- Equipment LCD
projector
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.45.11 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.