MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
Note :- Given address could not be confirmed
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
“Waghbakri House”, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.09.1980 |
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Com. Reg. No.: |
04-3946 |
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CIN No.: [Company
Identification No.] |
U01132GJ1980PLC003946 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00554B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Dealers of Tea Business |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 5313000 |
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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
Management is Non Co-operative
LOCATIONS
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Registered Office : |
“Waghbakri House”, |
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Tel. No.: |
91-79-26409631 to 36 |
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Fax No.: |
91-79-26409639/ 26409640 |
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E-Mail : |
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Website : |
DIRECTORS
As on 21.07.2010
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Name : |
Mr. Piyushkumar Ochhavlal Desai |
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Designation : |
Chairman and Managing Director |
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Address : |
“Punit” Mithakhali |
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Date of Birth/Age : |
05.12.1939 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Pankajkumar R. Desai |
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Designation : |
Managing Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
02.06.1942 |
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Date of Appointment : |
01.07.2009 |
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Name : |
Mr. Raseshkumar R. Desai |
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Designation : |
Managing Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
05.05.1947 |
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Date of Appointment : |
01.07.2009 |
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Name : |
Mr. Paragkumar R. Desai |
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Designation : |
Whole Time Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
08.02.1973 |
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Date of Appointment : |
01.07.2009 |
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Name : |
Mrs. Pratimaben P. Desai |
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Designation : |
Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
28.07.1941 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mr. Krishnaben R. Desai |
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Designation : |
Director Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
08.05.1950 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mr. Paraskumar P. Desai |
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Designation : |
Whole Time Director |
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Address : |
“Parag” Mithakhali |
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Date of Birth/Age : |
09.08.1973 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mrs. Maitriben D. Zaveri |
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Designation : |
Director |
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Address : |
Fagun, Near BCS Society, Near Kashiram Hall, Ahmedabad – 380006, |
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Date of Birth/Age : |
25.08.1968 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mr. Mayankbhai P. Shah |
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Designation : |
Director |
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Address : |
Shantiniketan, 5th Floor, Prabhat Colony, Santacruz (East),
Mumbai – 400055, |
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Date of Birth/Age : |
27.02.1953 |
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Date of Appointment : |
16.12.1994 |
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Name : |
Mr. Harishbhai M. Parekh |
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Designation : |
Director |
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Address : |
Flat No.3-A, Navin Apartment, Bali Gunj, Kolkata – 700079, West |
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Date of Birth/Age : |
23.02.1937 |
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Date of Appointment : |
13.07.1995 |
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Name : |
Mr. Rajeshbhai C. Shah |
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Designation : |
Director |
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Address : |
“Shakar” Opposite U S Pizza Near St. Xavier Sladies Hostel, University
Road, Navrangpura, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
20.07.1953 |
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Date of Appointment : |
25.12.2003 |
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Name : |
Mr. Bhushan B. Punani |
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Designation : |
Director |
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Address : |
34, Spring Field, Vastrapur, Ahmedabad – 380015, |
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Date of Birth/Age : |
03.01.1954 |
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Date of Appointment : |
22.03.2001 |
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Name : |
Mrs. Pannaben P. Desai |
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Designation : |
Director |
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Address : |
“Punit” Mithakhali |
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Date of Birth/Age : |
22.07.1939 |
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Date of Appointment : |
28.05.2007 |
KEY EXECUTIVES
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Name : |
Mr. Vijay Arvindbhai Shah |
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Designation : |
Company Secretary |
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Address : |
64, Surchi Apartment, B/H Doctor House, |
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Date of Birth/Age : |
12.01.1957 |
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Date of Appointment : |
10.02.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 21.07.2010)
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Names of Shareholders |
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No. of Shares |
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Piyushkumar Ochhavlal Desai Pannaben P. Desai |
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620820 |
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Piyushkumar Ochhavlal Desai (HUF) Pannaben P. Desai |
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63000 |
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Pannaben P. Desai Piyushkumar Ochhavlal Desai |
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888222 |
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Jagrutiben Desai Piyushkumar Ochhavlal Desai |
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433125 |
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Maitriben Zaveri Pannaben P. Desai |
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299250 |
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Namrataben Mehta Pannaben P. Desai |
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299250 |
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Kshamaben Merchant Pannaben P. Desai |
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283500 |
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Shradhhaben Shah Pannaben P. Desai |
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409500 |
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PankajKumar Desai Pratimaben Desai |
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676125 |
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Pratimaben Desai PankajKumar Desai |
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542250 |
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Paraskumar Desai Pratimaben Desai |
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1134000 |
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Sapnaben Modi Pratimaben Desai |
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283500 |
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Pankajkumar Desai (HUF) Pratimaben Desai |
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546278 |
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Raseshkumar Desai Krishnaben Desai |
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707625 |
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Raseshkumar Desai (HUF) Krishnaben Desai |
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613777 |
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Krishnaben Desai Raseshkumar Desai |
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411750 |
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Paragkumar Desai Krishnaben Desai |
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1102500 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 21.07.2010)
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Category |
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Percentage |
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Bodies corporate |
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34.00 |
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Directors or relatives of directors |
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66.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Tea Business |
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Products : |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
State Bank of |
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Facilities : |
Notes :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C.C. Chokshi and Company Chartered Accountant |
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Address : |
“Heritage” 3rd Floor, Near Gujarat Vidhyapith, Off |
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Tel. No.: |
91-79-27582542/ 27582543/ 66073100 |
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Fax No.: |
91-79-27582551 |
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Subsidiaries : |
·
Evergreen Beverages Private Limited ·
Jagruti Multi-trade Private Limited ·
Jayalaxmi Multi-Trade Private Limited ·
Krishna- Laxmi Multi – trade Private Limited ·
Pioji Tea Private Limited ·
The Gujarat Tea Department company. |
CAPITAL STRUCTURE
As on 21.07.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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19900000 |
Equity Shares |
Rs.10/- each |
Rs.199.000 Millions |
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10000 |
14% Redeemable Preference Shares |
Rs.100/- each |
Rs.1.000 Million |
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Total |
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Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
17128125 |
Equity Shares |
Rs.10/- each |
Rs.171.281 Millions |
NOTE:
1] 15009375 Equity Shares were allotted as
fully paid up Bonus Shares by way of capitalization of:
A] General Reserve
– Rs.58.469 Millions
B] Balance of
profit and Loss Account – Rs.91.625 Millions
2] 1968750 Equity Shares of Rs.10/- each were
allotted as fully paid up to the shareholders of erstwhile Standard Tea
Processing Company Limited, Pursuant to the Scheme of Amalgamation for
consideration other than cash amalgamation for consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
171.281 |
171.281 |
114.188 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1157.007 |
943.908 |
869.090 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1328.288 |
1115.189 |
983.278 |
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LOAN FUNDS |
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1] Secured Loans |
12.004 |
0.000 |
0.000 |
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2] Unsecured Loans |
200.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
212.004 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
4.077 |
4.287 |
3.967 |
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TOTAL |
1544.369 |
1119.476 |
987.245 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
252.486 |
267.675 |
224.987 |
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Capital work-in-progress |
28.902 |
0.000 |
3.835 |
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INVESTMENT |
0.193 |
2.724 |
22.905 |
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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 |
886.506 |
751.243 |
493.307 |
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Sundry Debtors |
132.380 |
99.900 |
90.735 |
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Cash & Bank Balances |
554.832 |
224.282 |
393.225 |
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Other Current Assets |
6.930 |
11.217 |
2.920 |
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Loans & Advances |
16.126 |
15.812 |
11.576 |
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Total
Current Assets |
1596.774 |
1102.454 |
991.763 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
130.160 |
104.299 |
117.637 |
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Other Current Liabilities |
163.494 |
129.193 |
113.619 |
|
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Provisions |
40.332 |
19.885 |
24.989 |
|
Total
Current Liabilities |
333.986 |
253.377 |
256.245 |
|
|
Net Current Assets |
1262.788 |
849.077 |
735.518 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
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TOTAL |
1544.369 |
1119.476 |
987.245 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
4514.366 |
3599.865 |
2880.051 |
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Other Income |
42.767 |
53.072 |
39.839 |
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TOTAL (A) |
4557.133 |
3652.937 |
2919.890 |
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Less |
EXPENSES |
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|
|
|
|
|
|
Manufacturing Expenses |
650.052 |
608.969 |
514.325 |
|
|
|
Raw Material Consumed |
3268.919 |
2555.038 |
1946.101 |
|
|
|
Increase/(Decrease) in Finished Goods |
(28.026) |
(11.282) |
3.267 |
|
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Payments for Employees |
143.168 |
114.293 |
87.185 |
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TOTAL (B) |
4034.113 |
3267.018 |
2550.878 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
523.020 |
385.919 |
369.012 |
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
21.473 |
24.259 |
13.445 |
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
501.547 |
361.660 |
355.567 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.363 |
24.773 |
21.172 |
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|
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|
PROFIT BEFORE TAX
(E-F) (G) |
470.184 |
336.887 |
334.395 |
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Less |
TAX (I) |
156.955 |
124.819 |
124.250 |
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PROFIT AFTER TAX
(G-I) (J) |
313.229 |
212.068 |
210.145 |
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|
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|
|
|
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|
Add |
Short provision for
taxation |
0.000 |
0.000 |
(0.489) |
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
456.070 |
403.752 |
283.392 |
|
|
|
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|
|
|
|
|
Less |
Utilised
for issue of Bonus Shares |
0.000 |
57.094 |
0.000 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
32.000 |
22.500 |
22.500 |
|
|
|
Interim Dividend |
68.512 |
68.512 |
45.675 |
|
|
|
Tax on Interim Dividend |
11.644 |
11.644 |
7.762 |
|
|
|
Proposed Dividend |
17.128 |
0.000 |
11.419 |
|
|
|
Tax on Proposed Dividend |
2.845 |
0.000 |
1.940 |
|
|
BALANCE CARRIED
TO THE B/S |
637.170 |
456.070 |
403.752 |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
97.897 |
67.709 |
42.536 |
|
|
TOTAL EARNINGS |
97.897 |
67.709 |
42.536 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
11.579 |
16.079 |
|
|
TOTAL IMPORTS |
NA |
11.579 |
16.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.29 |
12.38 |
12.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.87 |
5.81 |
7.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.41 |
9.36 |
11.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.42 |
24.59 |
27.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.30 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41 |
0.23 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78 |
4.35 |
3.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to Micro and Small Enterprises |
3.352 |
3.283 |
0.000 |
|
Others |
126.808 |
101.016 |
117.637 |
|
Total |
130.160 |
104.299 |
117.637 |
REVIEW OF
OPERATIONS :
During the year, "Wagh Bakri", the flagship brand
recorded value growth of 21.88% and strengthened its dominance in packet tea
market in Gujarat, Rajasthan, Madhya Pradesh and
The Directors feel enthusiasm to report that the Company
forayed into
The Company has achieved remarkable grow-th in
The Directors wish to state that the profitability of the
Company has drastically improved during the year 2009-10. The Company has
earned profit after tax of Rs.313.229 millions during the year as against Rs.
212.068 millions during the previous year, showing a rise of 47.70% despite
tough marketing competition from the regional as well as Multinational
Companies and global recession and exorbitant price rises in almost all
commodities.
TEA
SCENARIO
Whenever they think of prevailing tea market condition, they
should always think of production, export and domestic consumption. Last
calendar year 2009, the annual tea production of their country ending 31''
December 2009 was 979 million kgs. Which was very satisfactory and afterwards
during January to May, 2010, there was adequate rain fall during April and May,
2010 as a result production of tea is satisfactory.
When they look at other tea producing countries like Sri
Lanka and Kenya, where tea production is in excess during January to May, 2010
as compared to corresponding last year period from January to May, 2009, Sri
Lanka is ahead by 20 million Kgs. And
So far as export of their tea is concerned till date, it is
not encouraging as there is less demand as compared to previous year. However,
looking to overall picture, they hope that they might not have to pay high
price for procurement of tea as they had paid during last year.
Looking to the prevailing conditions, they had taken lead in
reducing prices of their brands by Rs.81- to Rs.121- per kg and if there would be
further fall in procurement prices, they intend to reduce further during
incoming months.
FINANCE
The Networth of the Company as at 31'' March, 2010 stands at
Rs. 1328.300 millions and Book value of Equity share of the Company works out
to Rs. 77.55 per share.
Inventories were maintained at optimum level by effective
monitoring by proper use of bank borrowing during the year. The overall
liquidity position of the Company was comfortable throughout the year.
During the Financial Year 2009-10, State Bank of India ( SBI
) renewed Working Capital Limit in June 2009 and also sanctioned Term Loan for
expansion projects. The company availed the part of the working capital limit
at concessional rate of interest for a period of three months during the year from
SBI. Moreover, the company also availed unsecured short term loan for a period
of six months during the year under review at concessional rate of interest
from other Bank.
ICRA has upgraded the rating of the company for the fund
based working capital facilities to LAA from LAA-. The outlook on the rating is
stable.
EXPANSION
PLANS
The
construction work for setting up of Tea Blending factory and storage facilities
at Dholka location is going on full fledged and is likely to complete by
November, 2010. The Company has also placed an order for "Semi Automated
Storage and Retrieval System [SASIRS]" with Godrej Efacec Automation and
Robotics Limited. at new Dholka factory which will
enhance overall effectiveness in storage and handling of materials within the
factory premises. The Company has also placed an order for installing Proflex
Roof System at new Dholka factory which is an innovative self supported roofing
technology which ensures maintenance free life span of over five decades with
utmost protection to the goods, machineries and human capital.
The Directors feel immense
pleasure to report that shortly Tea Testing laboratory will be established at
Khokhra location in Ahmedabad city with latest equipments and machineries. This
will help your company to strengthen and streamline its Tea testing operations
with finest quality standards and best parameters. The Directors are hopeful to
start operations during current financial year 2010-1 1.
EXPORTS
During the year, the Company initiated several steps to
strengthen its international operations. The Company's
Exports turnover during the year under review has increased
by 44.58% to Rs. 97.897 millions from Rs. 67.709 millions during the previous
year.
During the year, the Company has started full fledge exports
to Australia and UK and now regularly supplying its "Packet Tea" and
"Staple Free" Premium and Masala Chai Tea Bags.
The Company has developed POT TEA BAGS for
The Company has also participated in ANUGA exhibition held
in Koln (
NOTE:
The Registered Office of the Company has been shifted from Vipul Estate,
Near Pragati HG School, Khokhra Mehabebad, Ahmedabad – 380008,
Bankers Charges
Report as per Registry
|
Name of the company |
|
|
Presented By |
Managing Director, Mr. P R Desai |
|
1) Date and description of instrument creating the change |
29.09.1995 Memorandum of Entry dated 29.09.1995 creating equitable
mortgage by deposit of title deeds with State Bank of Modified on 30th day of September 95, 22nd January, 1998, 23rd January, 1998, 18th June, 1998 and lastly modified on 14.07.1998.l |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit facilities of Rs. 30.000 Millions |
|
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 |
Equitable Mortgage of the company’s immovable property comprising of land bearing survey No. 1779/ part admeasuring 17300 sq. mts. And survey no. 178 admeasuring 12647 sq. mts. Situate lying and being at Mouje Dholka, District Ahmedabad, together with the building and other structures, fixed plant and machinery, fixtures and fittings now constructed, erected or installed theron. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
i) Interest @ 2.25% over the State Bank of ii) Penal Interest @ 1.25% over the state Bank of India, Advance rate with a minimum of 19.% p.a. iii) Margin : a) On Tea Chest : 25% b) On Packing Material : 25% c) Packed Tea : 30% iv) Repayment on Demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
Certificate No. GCJ/MISC/ 32 Dated 3rd July,
2002 issued by the bank in respect of cash credit facility migrated form
S.B.I. Laghu Udyog Branch to Special commercial Branchl, Neptune Tower
Annexel, |
|
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. |
The existing cash credit facilities of Rs. 60.000 Millions
migrated form State Bank of In short entire cash credit facilities of Rs. 60.000 Milions is to be used form State Bank of India, Specialize commercial branch, Neptune Tower Annexe, Ashram Road, Ahmedabad-380009. Save and except the aforesaid changes all other terms and conditions remain unaltered. |
|
Corporate
identity number of the company |
U01132GJ1980PLC003946 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
“Waghbakri House”, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
90096388 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum of
deposit of Title Deeds by way of Equitable mortgage dated 20th
August ’09 for securing cash credit limit (Hypothecation of stocks) of Rs.
230.000 Millions and term loan of Rs. 200.000 Millions |
|
Date of
instrument Creating the charge |
20.08.2009 |
|
Amount secured by
the charge |
Rs. 430.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For C.C
Facilities of Rs. 230.000 Millions @
SBAR (State Bank Advance Rate) For Term loan
facilities of Rs. 200.000 Millions = @ SBAR (State Bank Advance Rate) Terms of
Repayment
Margin Raw Materials :
Ndigenous – 25% Finished Goods :
30% Export Packing
Credit : 10% Term Loan =
29.789% Extent and
Operation of the charge The charge on
immovable property a) Situated at S.No. 1779/P adm. 17300
sq.mtrs and S.No. 1781 adm. 12647 sq.mtrs. of Mouje Dholka is extended and b) Fresh charge created on land bearing S. No.
1777 adm. 14063 sq. mtrs. And S No. 1778/ P adm. 11685 sq.mtrs. of Mouje
Dholka and land bearing consolidated S.No. 179 part adm. 12595 sq.mtrs. of
Mouje Tunldel, Taluka Nadiad, District Kheda to secure both CC Limit
(Hypothecation of stocks) of Rs. 230.000 Millions and Term Loan of Rs.
200.000 Millions aggregating to total facilities of Rs. 430.000 Millions |
|
Short particulars
of the property charged |
Immovable
property being land, bearing survey no. 1779/ Part and 1781 of Moje Dholkal,
Taluka Dholka (Charge is Extended) Immovable
property being land, bearing survey No. 1777 and 1778/ Part of Moje Dholka
Taluka Dholka (Fresh Charge is created) Immovable
property, being land, bearing consolidated survey no. 179 of
village tundel, taluka nadiad (Fresh Charge is created) |
|
Date of
instrument modifying the charge |
30.06.2009 |
|
Particulars of
the present modification |
The charge on
immovable property a) Situated at S.No. 1779/P adm. 17300 sq.mtrs
and S.No. 1781 adm. 12647 sq.mtrs. of Mouje Dholka is extended and b) Fresh charge created on land bearing S.
No. 1777 adm. 14063 sq. mtrs. And S No. 1778/ P adm. 11685 sq.mtrs. of Mouje
Dholka and land bearing consolidated S.No. 179 part adm. 12595 sq.mtrs. of
Mouje Tunldel, Taluka Nadiad, District Kheda to secure both CC Limit
(Hypothecation of stocks) of Rs. 230.000 Millions and Term Loan of Rs.
200.000 Millions aggregating to total facilities of Rs. 430.000 Millions |
FIXED ASSETS:
- Land
- Building
- Improvements
to leasehold property
- Plant and
Machinery
- Furniture and
Fixture
- Computers
- Office
Equipment
- Vehicles
WEBSITE DETAILS
WAGHBAKRI
TEA GROUP
Waghbakri Company is
a family owned tea business amongst conglomerates and mega corps that tower the
International business scenario all over the world. Waghbakri house is
one of the largest tea producers and sellers in
HISTORY
AND GROUP PROFILE
WAGHBAKRI TEA
HOUSE – GLOBAL PRESENCE
With blessings from Mahatma Gandhi, Sir Narandas Desai set
foot on Indian soil in the year 1892 after gaining experience in tea business
as an owner of tea garden in
He started Waghbakri Tea Company in the yr 1892, which then was represented by
small company retail shop at kalupur
Waghbakri tea house markets various tea brands in loose leaf cartons and tea
bags for tea lovers all over the globe – the finest certified black teas from
The production base is at Dholka (Dist. Ahmedabad) in a
impressive spread of 14 acres with a modern manufacturing plant and state of
art production and packaging unit that conforms to International norms in
producing, blending and packaging of the finest tea leaf for worldwide
consumption.
THE
FAMILY
CHAIRMAN: MR.
PIYUSH DESAI
Mr. Piyush Desai sits at the helm of the corporate and with age
old experience and sagacity that is the envy of professional management
fraternity, he commands and leads the tea house toward the way forward. Today
Waghbakri tea house is a fast expanding tea house with over an ever increasing
retail base of one hundred thousand consumer outlets that retail the company’s
popular tea brands. The overseas market is experiencing success and the
Waghbakri brands are available in many countries today. Under the able
leadership of Shri Piyush Desai the company now sells finest tea blends to the
tune of two billion rupees annually.
VICE
CHAIRMAN AND MANAGING DIRECTOR: MR. PANKAJ DESAI
With years of experience in tea business he is a master in
blending and tasting tea that has fructified in the creation of master tea
blends that millions of tea lovers relish. Under the aegis of Mr.
Pankaj Desai the company has gained repute for its unique tea blends
that help retain and increase major chunk of market share in the tea world. He
tends to the financial, Commercial, Legal and Tax matters of the company as
well.
MANAGING
DIRECTOR
MR. RASESH DESAI
Mr. Rasesh Desai pioneered the company’s foray
into packaged tea, a venture that paid rich dividend and added to the fast
growing bulk and tea wholesale business in the state of
Whole time Directors
MR. PARAG DESAI
With masters in business administration,
MR.
PARAS DESAI
A diploma holder in management studies from
ACHIEVEMENTS
Year 1892, on
call from Mahatma Gandhi, Sir Narandas Desai left
Year 1919, Sir
Narandas established tea business in Ahmedabad. The firm was named The Gujarat
Tea Depot
Year 1925, Wagh
Bakri brand was born now a favorite of millions of tea lovers.
Year 1944, the
Good Morning brand of premium blended tea leaf was introduced for tea
connoisseurs, a blend rich in full bodied taste and aroma. The tea cuppers
discovered it to be the right brand to begin their mornings fresh with a cup
that cheers.
Year 1976,
encouraged by the success “Wagh Bakri” tea house enters into large scale
distribution of Good Morning.
Year 1980, the
first to recognize the need for packaged teas, the group established Gujarat
Tea Processors and Packers Limited to meet a growing demand for quality blends
of branded teas and with the aim of selling quality tea products to the tea
lovers in India and globally.
Year 1986, the
Standard Tea Processing Comoany Limited was established with a view to avail
the benefits of mechanized operations and meet with demands for bulk teas. The
Company also started an office in Kolkata to oversee and check the purchase of
tea at auction centres there.
Year 1989, D'ling
Brand a pure certified premium Darjeeling Tea was launched especially for tea
connoisseurs.
Year 1991 the
increased demand of packaged tea by professionals in the corporate segment
initiated the launch of "Tea Quik" tea bags. The utility of tea bag
is immense. It is travel, worthy, quick to make at home hygienically.
Year 1994, For
the larger audience "MILI” tea" was launched. Being an affordable
quality tea in carton and jar, it finds place in the hearts of tea lovers all
over the world.
Year 1998, the
Wagh Bakri brand launched in
Year 1999, the
Wagh Bakri brand enters the central Indian state of
Year 2003,
Premium brand of the Company “Wagh Bakri” secured its place among top 100
popular brands in
Year 2004,
Company received ISO: 9001: 2000 and HACCP Certification.
Year 2006, with
a view to synergize efforts and operations Standard Tea Processing Company
Limited, merged into Gujarat Tea Processors and Packers Limited
Year 2007, Company
started office at Mumbai (
Company entered into Maharashtra (
Year 2008,
Company imported Double Chamber Tea Bag Machine viz. IMA C 27 from
Company received EN ISO 22000:2005 Certification for Company’s Food Safety
Management System for Blending and Packaging of Tea.
Company acquired the land admeasuring 25,748 sq.meters adjoining to existing
Dholka factory and also 12,595 sq. meters at village Tundel, Taluka Nadiad,
Gujarat for the purpose of expansion / setting up of Tea Blending factory and
storage facilities.
Opened a Wagh Bakri Tea Lounge at Ville Parle [East], Mumbai, which serves Ice
Tea and all premium varieties of Tea manufactured / marketed by Wagh Bakri Tea
Group along with snacks.
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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
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 |
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 |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.