MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MIRHA EXPORTS PRIVATE LIMITED |
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Registered Office : |
6071, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
11.09.1997 |
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Com. Reg. No.: |
55-89573 |
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CIN No.: [Company
Identification No.] |
U63022DL1997PTC089573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08606D |
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PAN No.: [Permanent
Account No.] |
AAACM8612P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Supplier of Fresh Frozen |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 320000 |
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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
|
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. Pravin |
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Designation : |
Accounts Department |
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Date : |
22.03.2011 |
LOCATIONS
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Registered Office/Corporate Office : |
6071, |
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Tel. No.: |
91-11-23524295/ 23524029/ 2367758/ 65185534 / 23674758 |
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Fax No.: |
91-11-23634938 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Factory: |
B-36, Site IV, Sahibabad Industrial Area, Gaziabad-201010, |
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Area : |
Owned |
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Branch Office: |
30, |
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Tel. No.: |
91-11-23524029/65185534/23353271/72/73 |
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Fax No.: |
91-11-23634938 |
DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Shuab Ahmed Qureshi |
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Designation : |
Director |
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Address : |
6066, |
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Date of Birth/Age : |
10.08.1968 |
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Qualification: |
Graduate |
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Date of Appointment : |
11.09.1997 |
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Name : |
Mr. Qaiser Hussain |
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Designation : |
Director |
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Address : |
6062, |
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Date of Birth/Age : |
20.03.1966 |
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Date of Appointment : |
02.06.2003 |
KEY EXECUTIVES
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Name : |
Mr. Pravin |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Shuab Ahmed Qureshi |
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123490 |
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Qaiser Hussain |
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288500 |
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Zareen Qureshi |
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62500 |
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Arshia Shuab Ahmed Qureshi |
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707010 |
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Kahkashan Qureshi |
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3500 |
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Total |
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1185000 |
AS ON 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Fresh Frozen |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 30.03.2009)
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Particulars |
Unit |
Installed Capacity |
Actual
Production |
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Buffalo Meat Processing |
M. Tons |
24000 |
18395.188 (at Town Plant) 516.873 (At Others
Plant) |
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
[100 (In Office 20) (In Factory 70) (In Branches 10)] (Approximately) |
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Bankers : |
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Facilities : |
Note: 1. Term Loan of
Rs. 2.756 Millions has been sanctioned from Bank Of Baroda, IBB, 2. FBP/PCL limit
of Rs. 150.000 Millions had been sanctioned from Bank of Baroda, IBB,
parliament Street, 3. The Company has
taken Vehicle Loan of Rs. 0.213 Millions from HDFC Bank Ltd. for purchase of
new car which is secured against hypothecation of said vehicle and personal
guarantee of all the directors. 4. Term Loan of
Rs. 1.400 Millions had been sanctioned from Bank of Baroda, IBB, 5. The company had
taken Overdraft limit of Rs. 46.614 Millions from Bank of Baroda, IBB, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Duggal Kundra and Associates Chartered Accountants |
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Address : |
301, |
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Tel. No.: |
91-11-27027974 |
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Pan No. : |
AHHPK4426G |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1185000 |
Equity Shares |
Rs.10/- each |
Rs.11.850
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.850 |
11.850 |
11.850 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.465 |
48.683 |
35.812 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.315 |
60.533 |
47.662 |
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LOAN FUNDS |
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1] Secured Loans |
49.223 |
142.788 |
47.163 |
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2] Unsecured Loans |
1.750 |
1.933 |
1.907 |
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TOTAL BORROWING |
50.973 |
144.721 |
49.070 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.288 |
205.254 |
96.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.903 |
77.283 |
66.787 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.642
|
89.586
|
37.223 |
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Sundry Debtors |
158.037
|
202.945
|
49.445 |
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Cash & Bank Balances |
31.197
|
26.573
|
10.876 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
106.987
|
15.160
|
14.999 |
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Total
Current Assets |
339.863
|
334.264
|
139.245
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.915
|
14.655 |
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Other Current Liabilities |
267.253
|
184.532
|
114.580 |
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Provisions |
18.362
|
7.718
|
7.154 |
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Total
Current Liabilities |
294.530
|
206.905
|
109.365
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Net Current Assets |
45.333
|
127.359
|
29.880
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MISCELLANEOUS EXPENSES |
0.002 |
0.037 |
0.065 |
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OTHERS |
1.050 |
0.575 |
0.000 |
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TOTAL |
133.288 |
205.254 |
96.732 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
2053.404 |
1905.363 |
1172.660 |
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Other Income |
92.325 |
13.731 |
12.380 |
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TOTAL |
2145.729 |
1919.094 |
1185.040 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
2097.647 |
1891.081 |
1165.387 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.082 |
28.013 |
19.653 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
7.985 |
7.569 |
6.147 |
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PROFIT BEFORE
TAX |
40.097 |
20.444 |
13.506 |
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Less |
TAX |
14.806 |
7.718 |
4.404 |
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PROFIT AFTER TAX
|
25.291 |
12.726 |
9.102 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
2006.268 |
1861.893 |
1149.214 |
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Earnings Per
Share (Rs.) |
33.84 |
17.25 |
11.40 |
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Expected Sales (2010-2011) : Rs.2500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.18
|
0.66 |
0.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.95
|
1.07 |
1.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.40
|
4.97 |
6.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.34 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.20
|
5.81 |
3.32 |
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Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.61 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The company has achieved total turnover of Rs. 2053.404 Millions as compared
to last year's turnover of Rs. 1905.363 Millions with an overall increase of
Rs. 148.041 Millions. The net profits before depreciation of the company have
also increased from Rs. 28.013 Millions to Rs. 48.082 Millions. The demand of
frozen boneless buffalo meat is increasing day by day with the opening of new
foreign markets. The Directors' are expecting more business in the current
financial year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U63022DL1997PTC089573 |
|
Name of the
company |
MIRHA EXPORTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6071, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement dated 30.12.2010 |
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Date of
instrument Creating the charge |
30.12.2010 |
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Amount secured by
the charge |
Rs.25.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Upto 90 days: Base
Rate plus 3% p.a. with monthly rests and overdue interest @ 9% p.a. above
Base Rate with monthly rests. Terms of
Repayment Payable on demand Margin 25% against PC
and 10% for FBP/FBD limit. Extent and
Operation of the charge 100% Others To secure all
amounts payable under Adhoc Packing/FBP/FBD limit of Rs. 25.000 millions
granted to the Company for a period of 3 months together with all interests,
costs, charges, expenses etc. |
|
Short particulars
of the property charged |
I)
Hypothecation
of the following by way of first charge: i)The whole of the Borrower's
current assets - both present & future and including but without
prejudice to the generality of the foregoing II)
words,
all stocks of raw-materials, work-in-process, goods-in-transit, semi-finished
goods and finished goods, packing materials and stores etc. whatsoever and
wheresoever situated and/or in transit III)
Whether
now belonging to or that may at any time during the continuance of this
security belong to the Borrower or that may be held by any party anywhere to
the order and disposition of the Borrower. IV)
ii)First
charge on all the present and future on book-debts, outstandings, monies
receivables, claims, bills, contracts, engagements and securities which are
now due and owing or which may at any time V)
hereafter
during the continuance of this security become due and owing to the borrower
in the course of its business by any person, firm, company or body corporate
or by the Government of India or any VI)
State
Govt. or Indian Railways or and Government Department or office or any
municipal or local or public or semi
government body or authority whatsoever including those relating to the
assets leased VII)
Out
and/or given on hire purchased basis. iii)All tangible moveable machinery and
plant and cranes, boats and craft and the vehicles of the Borrower together
with spares, tools and accessories and VIII)
Other
moveables - both present and future and the furniture, fixtures and fittings
and office equipment whether installed or not and whether lying loose or in
case which are now lying or stored in or IX)
about
or shall be brought into or be stored or be in or upon or about the
borrower's premises and godowns or wherever else the same may be or be held
by any party to the order and disposition of the X)
Borrower
(including those on lease or hire purchase) relating or pertaining to the
Borrowers work at 6071, |
FIXED ASSETS:
- Air Curtains / Cooler/Fan/AC
- Barrels
- Building (Dasna)
- Car
- Computer
- Cooling Tower
- Cycle
- Electric Fittings
- Equipments
- Fire Extinguisher
- Furniture and Fixture
- Generator
- Inverter
- Lab Equipments
- Land (Dasna )
- Land (
- Mobile Phone / EPABX
- Motor Cycle
- Photostate Machine
- Plant and Machinery
- Refrigerator
- Rendering Plant
- Rendering Plant Shed
- Scanner
- Scooter
- Strapping Machine
- Tempo – 709
- T. V. / CC Camera
- Trip Washing Machine
- Typewriter
- Water Dispenser
- Weighing Scale
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.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
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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.