MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
CHAMAN LAL SETIA EXPORTS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.09.1994 |
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Com. Reg. No.: |
16-015083 |
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CIN No.: [Company Identification
No.] |
L51909PB1994PLC015083 |
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Legal Form : |
Public Limited Liability Company The company Shares are Listed on
Stock Exchange. |
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Line of Business
: |
Manufacture and Exporter of Maharani Basmati Rica. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 1270500 |
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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 a company having satisfactory track. Trade relations are fair.
Business is active. Payments are reported to be usually correct and as pre
commitments. The company can be considered 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 PARTED BY
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Name : |
Mr. Rajeev Setia |
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Designation : |
Executive Director |
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Contact No.: |
91-9818828261 |
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Date : |
12.03.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-183-2590318 |
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Mobile No.: |
91-9818828261 (Mr. Rajeev Setia) |
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Fax No.: |
91-183-2590453/2291067 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory: |
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Location : |
Owned |
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Corporate Office : |
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Tel. No.: |
91-11-47041410 |
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Location : |
Owned |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Chaman Lal Setia |
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Designation : |
Chairman Cum Managing Director |
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Name : |
Mr. Vijay Setia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajeev Setia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Inder Dev Kukkar |
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Designation : |
Director |
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Name : |
Mr. Sukarn Setia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Ankit Setia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Naresh Suneja |
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Designation : |
Director |
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Name : |
Mr. Parmod Kumar |
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Designation : |
Director |
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Name : |
Mr. Amit Malhotra |
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Designation : |
Director |
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Name : |
Mr. Raghav Peshawaria |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
6,929,401 |
72.95 |
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Any Other (Specify) |
156,800 |
1.65 |
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Director of Promoters |
156.800 |
1.65 |
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Sub Total |
7,086,201 |
74.60 |
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2) Foreign |
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Total shareholding of Promoter and Promoter Group |
7,086,201 |
74.60 |
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(B) Public Shareholdings |
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1) Institutions |
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2) Non – Institution |
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a) Bodies corporate |
484.970 |
5.11 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
1,256,215 |
13.23 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
563,808 |
5.94 |
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c) Any other |
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i) Clearing Member |
1,769 |
0.02 |
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ii) Non Resident Indians |
6,632 |
0.07 |
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iii) Trusts |
14,519 |
0.15 |
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iv) Hindu Undivided Families |
84,186 |
0.89 |
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Total |
2,412,099 |
25.40
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BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Maharani Basmati Rica. |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Opening Stock |
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14MT |
14MT |
324995 |
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GENERAL INFORMATION
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Bankers : |
Punjab National Bank, International Banking Branch, 46, The Mall, |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Rajesh Kapoor and Company Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
--- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9498300 |
Equity Shares |
Rs.10/- each |
Rs.
94.983Millions |
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Less: |
Calls in Arrears |
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Rs. 1.025 Millions |
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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 |
93.958 |
93.815 |
93.809 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
223.670 |
171.015 |
170.176 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
317.628 |
264.830 |
263.985 |
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LOAN FUNDS |
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1] Secured Loans |
272.248 |
248.679 |
374.969 |
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2] Unsecured Loans |
130.634 |
122.427 |
117.913 |
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TOTAL BORROWING |
402.882 |
371.106 |
492.882 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
720.510 |
635.936 |
756.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
112.372 |
108.110 |
66.960 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.693 |
3.529 |
0.693 |
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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 |
373.494
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345.465 |
521.898 |
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Sundry Debtors |
227.334
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156.548 |
174.994 |
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Cash & Bank Balances |
76.611
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79.780 |
44.835 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
56.108
|
41.975 |
32.843 |
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Total
Current Assets |
733.547
|
623.768 |
774.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.694
|
33.380 |
32.564 |
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Other Current Liabilities |
7.540
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3.269 |
4.086 |
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Provisions |
89.868
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62.839 |
48.723 |
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Total
Current Liabilities |
126.102
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99.488 |
85.373 |
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Net Current Assets |
607.445
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524.280 |
689.197 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.017 |
0.017 |
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TOTAL |
720.510 |
635.936 |
756.867 |
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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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Sales and Other Income |
1865.860 |
1544.942 |
1214.826 |
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TOTAL (A) |
1865.860 |
1544.942 |
1214.826 |
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Less |
EXPENSES |
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Increase (Decrease) in Stock of work |
20.427 |
98.836 |
(51.148) |
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Manufacturing Expenses |
1569.504 |
1183.310 |
1071.265 |
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Personal Expenses |
17.921 |
16.628 |
12.088 |
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Administrative Expenses |
14.008 |
17.698 |
14.782 |
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Selling and Distribution |
96.933 |
130.008 |
63.324 |
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TOTAL (B) |
1718.793 |
1446.480 |
1110.311 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
147.067 |
98.462 |
104.515 |
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Less |
FINANCIAL
EXPENSES (D) |
27.922 |
31.320 |
33.521 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
119.145 |
67.142 |
70.994 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.691 |
17.034 |
9.839 |
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PROFIT BEFORE
TAX (E-F) (G) |
102.454 |
50.108 |
61.155 |
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Less |
TAX (I) |
32.481 |
16.000 |
11.030 |
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PROFIT AFTER TAX
(G-I) (J) |
69.973 |
34.108 |
50.125 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.961 |
36.548 |
7.615 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
6.997 |
3.410 |
5.012 |
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Proposed Dividend |
17.392 |
16.297 |
10.651 |
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BALANCE CARRIED
TO THE B/S |
79.190 |
33.961 |
36.548 |
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Earnings Per
Share (Rs.) |
5.83 |
NA |
NA |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
346.76 |
426.66 |
496.84 |
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Total Expenditure |
327.76 |
408.78 |
464.42 |
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PBIDT (Excl
OI) |
19.00 |
17.88 |
32.42 |
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Other Income |
0.06 |
0.97 |
0.70 |
|
Operating
Profit |
19.06 |
18.85 |
33.12 |
|
Interest |
4.50 |
0.25 |
5.72 |
|
Exceptional
Items |
0.00 |
0.00 |
0.00 |
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PBDT |
14.56 |
18.60 |
27.40 |
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Depreciation |
3.78 |
3.18 |
3.25 |
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Profit
Before Tax |
10.77 |
15.42 |
24.15 |
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Tax |
3.63 |
5.27 |
7.46 |
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Reported PAT |
7.14 |
10.15 |
16.69 |
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Extraordinary Items |
0.00 |
0.00 |
0.00 |
|
Prior Period Expenses |
0.00 |
0.00 |
0.00 |
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Other Adjustments |
0.00 |
0.00 |
0.00 |
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Net Profit |
7.14 |
10.15 |
16.69 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.75
|
2.20 |
4.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.49
|
3.24 |
5.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.96
|
8.03 |
7.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.18 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.37 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
|
5.81
|
6.26 |
9.07 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Land and Building
- Plant and Machinery
- Accessories
- Wooden crates
- Car
- Furniture
Company’s Profile:
The Company during
the year registered a handsome growth both in Sales as well as Profit
During the year
the Sales of Company increased at a higher pace in spite of the adverse factors
i.e. fall in the value of dollar & cut throat competition in the market.
This was the result of the efforts put in by management viz attractive packing,
branding & standardization of quality of rice, creating of new markets
domestic as well as overseas, removal of export duty by the Govt. and increase
in the prices of rice worldwide. The handsome increase in profit can be
attributed to the innovative ideas of management to produce better quality
product which led to better realization of Prices, Increase in prices of Rice
specially in the export market as a resultant to food grain shortage world
wide.
Economic
Environment & Rice Industry:-
The Indian Economy
is one of the fastest growing economies and is the 12th largest in terms of the
Market Exchange rate at $1242 billion .In terms of Purchasing Power parity
(PPP) .the Indian Economy ranks the fourth largest in the World.
The service Sector
.backed by IT revolution, remained the biggest contributor to the National GDP,
with a contribution of 58.4%. The Industry sector contributed 24.1% and the
agriculture sector contributed 17.5% To the GDP Still Agriculture Sector is a
major component of the Indian economy, as over 66 % of the Indian population
earns its livelihood from this sector.
After several years
of rapid growth Inflation continuous to pose a threat at around 10.7% in 2009,
in addition to the increasing population, lower per capita income and
Unemployment.
Outlook-Global
Rice Industry:-
Throughout history
rice has been one of man's most important foods. Today, this unique grain helps
sustain two-thirds of the worlds population. Today, agriculture is the backbone
of
The major rice
growing area in India are West Bengal, Uttar Pradesh, Madhya Pradesh, Orissa,
Bihar, Andhra Pradesh, Assam, Tamil Nadu, Punjab, Maharashtra, Kannataka,
Haryana, Gujarat, Kerala, Jammu- Kashmir, Tripura, Meghalaya, Manipur,
Rajasthan, Nagaland, Arunanchal Pradesh, Himachal Pradesh, Mirozam, Goa,
Pondicherry, Sikkim, A & N Island and D & N Haveli.
The Production of rice in the year 2009-10 (July-June ) fell to 89.13
Million Tonnes from its previous year which was 99.18 million tones due to
Drought mainly. According the Agricultural Ministry the Rice Production could
reach at 100 Million tones in the year 2010-11 mainly due to good and steady
rainy season continuing as such. The land under paddy sowing has also increased
by 1.200 Millions hectares over its previous year.
The monsoon in 2009 was 10 to 40 percent below normal in most of the
country impacting food production and leading to sky rocketing of good grains
prices. In 2010 it is going to be normal monsoon as per meteorological
department which will have p o s i t i ve affect on the economy.
The export of basmati rice of our country is expected to cross 3
millions M.T. inspite of subsidy with draw of Saudi. Set back to exports in
M.T. Showing 43.75% growth over the same period last year
So the Company has considerable scope of growth if capture even little
share of the pie.
FINANCIAL PERFORMANCE:
During
the year the Sales of Company increased at a higher pace in spite of the
adverse factors i.e. fall in the value of dollar and cut throat competition in
the market. This was the result of the efforts put in by management viz
attraction packing, branding and standardization of quality of rice, creating
of new markets domestic as well as overseas, removal of export duty by the Govt. and
increase in the prices of rice worldwide . The handsome increase in profit can
be attributed to the innovative Ideas of
management to produce better quality product which led to better realization of
Prices, Increase in prices of Rice specially
in the export market as a resultant to food grain shortage world wide The Sales
of the Company increased from Rs. 1529.191
Millions in 2008-09 to Rs. 1856.673 Millions in 2009-10 registering a growth of
21 % The Profit of the company increased from
Rs. 50.108 Millions to Rs. 102.454 Millions in the same period showing a rise
of 104 % mainly attributable to increase in
the prices of Rice worldwide and removal of export duty by the Govt. The EPS of
the company increased from Rs 3.67 to Rs .7.53
during the same period
INDUSTRIAL
RELATIONS & HUMAN RESOURCE MANAGEMENT:
Like any high
performance organization, your company firmly believes that success of the
company comes from good Human Resources. Employees are considered as important
assets and key to its success. HRD always strives for sourcing and developing
high caliber employees, providing them relevant training for enhancement of
their competence and facilitating their assessment process through an effective
performance Management System (PMS).
Training and
development initiatives aim at bridging the gap between existing skills and
desired skills of the employees in line with organisational needs. Extensive
training inputs aim at building up competence amid commitment to employees
through understanding and utilizing new technology, hands on job training,
inter functional knowledge, furtherance of safety awareness and training in
behavioural area etc.
During the year
company has incurred Rs.0.629 Millions on the training of its employees and Rs
5.254 Millions on staff welfare & other provisions for the benefit of
employees.
Employee relation
continued to be satisfactory. The number of persons directly employed by the
company was above 200 as on 31st March 2010.
The company
continued with the existing welfare schemes for the benefits of its employees.
The Provident Fund, Bonus, Promotion, Gratuity and other fringe benefits were
bestowed upon all the confirm employees of the company to motivate them for
attaining the ultimate goals of the company. In addition to these benefits
Group Insurance, Medical Insurance and Retrenchment Compensation were also
assured for the employees of the company.
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.45.15 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.