MIRA
INFORM REPORT
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Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RICHI RICH AGRO FOODS PRIVATE LIMITED
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Registered
Office : |
Village Tolanwani, Tehsil Barara, District- Barara, Ambala-133 205,
Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.05.2009 |
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Com. Reg. No.: |
05-39133 |
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CIN No.: [Company Identification
No.] |
U1549HR2009PTC039133 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKR05824A |
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PAN No.: [Permanent Account No.] |
AAECR3613D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Traditional Basmati Rice, Sharbati Rice, Pusa
Basmati, 1121 Basmati Rice, Sughandha Rice etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Agrawal Agro Industries, a partnership
concern started in the year 1998. trade relations are fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 PARTED BY
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Name : |
Mr. Niraj Goel |
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Designation : |
Director |
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Contact No.: |
91-9416024416 |
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Date : |
02.03.2011 |
LOCATIONS
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Registered Office : |
Village Tolanwani, Tehsil Barara, District- Barara, Ambala-133 205, |
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Tel. No.: |
91-1731-284416 |
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Mobile No.: |
91-9416024416 (Mr. Neeraj Goel) |
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Fax No.: |
91-1731-284816 |
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E-Mail : |
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Website : |
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Area : |
200 sq. ft. |
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Location : |
Owned |
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Mill : |
Barara – |
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Area : |
7 acre |
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Location : |
Owned |
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Overseas Office: |
Volvo Food Staff Trading LLC, P. O. Box No.-185 856, |
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Area : |
Rented |
DIRECTORS
As on 16.09.2010
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Name : |
Mr. Neeraj Goel |
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Designation : |
Director |
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Address : |
Houses No.243, Ward no.16, Main Bazar, Barara-133 201, |
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Date of Birth/Age : |
20.06.1972 |
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Date of Appointment : |
25.05.2009 |
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Name : |
Mr. Atul Goel |
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Designation : |
Director |
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Address : |
Houses No.243, Ward no.16, Main Bazar, Barara-133 201, |
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Date of Birth/Age : |
19.09.1976 |
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Date of Appointment : |
25.05.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 32.02.2010
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Names of Allottees |
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No. of Shares |
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Neeraj Goel |
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35000 |
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Atul Goel |
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15000 |
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Raksha Goel |
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8000 |
|
K Sera Sera Productions Limited, |
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40000 |
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Total |
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98000 |
As on 16.09.2010
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Category |
Percentage |
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Bodies corporate |
18.50 |
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Directors or relatives of Directors |
81.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Traditional Basmati Rice, Sharbati Rice, Pusa
Basmati, 1121 Basmati Rice, Sughandha Rice etc. |
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Exports : |
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Products : |
Basmati Rice |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Bankers : |
·
State Bank of ·
HDFC Bank ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rajiv Goel and Associates Chartered Accountants |
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Address : |
179/Bank Road, Ambala Cantt-133 001, |
CAPITAL STRUCTURE
As on 16.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
378000 |
Equity Shares |
Rs.10/- Each |
Rs.3.780
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.780 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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31.224 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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35.004 |
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LOAN FUNDS |
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1] Secured Loans |
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380.170 |
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2] Unsecured Loans |
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20.566 |
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TOTAL BORROWING |
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400.736 |
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DEFERRED TAX LIABILITIES |
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0.085 |
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TOTAL |
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435.825 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.633 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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569.462 |
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Sundry Debtors |
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185.755 |
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Cash & Bank Balances |
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0.884 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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2.787 |
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Total
Current Assets |
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758.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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356.631 |
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Other Current Liabilities |
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0.000 |
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Provisions |
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0.187 |
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Total
Current Liabilities |
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356.818 |
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Net Current Assets |
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402.070 |
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MISCELLANEOUS EXPENSES |
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0.122 |
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TOTAL |
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435.825 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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TOTAL |
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168.024 |
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Less |
EXPENSES |
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TOTAL |
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167.247 |
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PROFIT BEFORE
TAX |
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0.777 |
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Less |
TAX |
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0.273 |
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PROFIT AFTER TAX
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0.504 |
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Earnings Per
Share (Rs.) |
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1.33 |
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Expected Sales (2010-2011): Rs.1000.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
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PAT / Total Income |
(%) |
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0.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.10 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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21.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.13 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
Company:
The directors of the company report that the financial year 2009-2010
was satisfactory both quantitatively and qualitatively. Company has earned a
net profit of Rs.0.777 millions during the year.
Bankers Charges
Report as per Registry
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Corporate identity
number of the company |
U15494HR2009PTC039133 |
|
Name of the
company |
RICHI RICH AGRO
FOODS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Tolanwani, Tehsil Barara, District- Barara-133 205, |
|
This form is for |
Creation of
charge |
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Type of charge |
Book Debts Immovable
Property Others Stocks and
Machinery |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
loan-cum-hypothecation 2. Guarantee agreement 3. Latter of arrangement |
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Date of instrument
Creating the charge |
05.10.2009 |
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Amount secured by
the charge |
Rs.190.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. Rate of interest
on cc hypothecation is 2% above BPLR & 13.75 % per annum with monthly
rests. 2. Rate of
interest on cc EPC is 2.5% below BPLR & 9.25 % per annum with monthly
rests. Terms of
Repayment 1. CC repayable
on demand. 2. Term loan no.1
repayable 10 quarterly installments of Rs.0.600 Million each. 3. Term loan no.2
repayable 12 quarterly installments of Rs.0.625 Million each from December
2009 Margin 25%. Extent and
Operation of the charge 100% |
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Short particulars
of the property charged |
Stock of rice,
paddy, bran, nakku, husk, bardana etc. Vertical rice
whitner - 3 nos. Rice polisher
inculding essential spare parts and accessories Grain colour
sorter Grain colour
sorter Elivator with
spares / accessories Electronic weigh
bridge Gen. Set 500kva Plant and
machinery already installed / to be installed |
Trade Reference:
·
M. R. Trading Company, Narela,
·
S. K. Exports, Sonigadh
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.