MIRA INFORM REPORT

 

 

Report Date :

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

BLOSSOM SHOWER AGRO EXPORTS PRIVATE LIMITED

 

 

Registered Office :

Survey No. 4 and 5, R Narayanapura, Ramagondanahalli Varthur Road, Bangalore – 560 066, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

28.01.2000

 

 

Com. Reg. No.:

08-26285

 

 

CIN No.:

[Company Identification No.]

U01122KA2000PTC026285

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRB04104C

 

 

PAN No.:

[Permanent Account No.]

AABCB2583K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of agro products and gherkin

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

--

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The management of the company has not filed its financial to government department, after the year 2008. Trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings on a secured 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kumar Velu

Designation :

Commercial Manager

Contact No.:

91-9900196652

Date :

03.05.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Survey No. 4 and 5, R Narayanapura, Ramagondanahalli Varthur Road, Bangalore – 560 066, Karnataka, India

Tel. No.:

91-80-28475885

Mobile No.:

91-9845456652/9900196652 (Mr. Pradeep Poovayya / Mr. Kumar velu)

Fax No.:

91-80-28475395

E-Mail :

blossomshower@vsnl.net

ppswamy_49@hotmail.com

Area :

5 ˝ Acre

Location :

Rented

 

 

Processing Unit :

·         Located at

·         Karur (Tamilnadu)

·         Kattur Ballary (Karnataka)

 

 

DIRECTORS

 

Name :

Mr. T M Poovayya

Designation :

Chairman cum Managing Director

Address :

39, Sector A, Jal Vayu Vihar Kammanahalli, Main Road, Bangalore – 560 043, Karnataka, India 

Date of Birth/Age :

20.04.1960

Qualification :

B.Com

Date of Appointment :

28.01.2000

 

 

Name :

Mr. N C Chengappa

Designation :

Director

Address :

105, Vars Ferndale, 1st Main Road, Hal 2nd Stage, Kodihalli, Bangalore – 560 008, Karnataka, India

Date of Birth/Age :

30.06.1959

Qualification :

B.Sc.

Date of Appointment :

28.01.2000

 

 

Name :

Mr. M K Chengappa

Designation :

Director

Date of Birth/Age :

51 years

Qualification :

M. Sc.

 

 

Name :

Mr. T M Gevaiah

Designation :

Director

Date of Birth/Age :

46 years

Qualification :

Diploma in Computer Science

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2008

Category

Percentage

 

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of agro products and gherkin

 

 

Products :

·         Gherkins: Burr Gherkins, Acidic Gherkins, Cucumber Gherkins, Bottled Gherkins, Processed Gherkins, Vegetables Gherkins, Burr Gherkins, etc.

·         Dill Pickles 

·         Cucumber Spears

·         Gherkin Stackers

·         Pickled Cucumbers

·         Pepper Corns, etc.       

 

 

Exports :

 

Countries :

·         USA

·         Africa

·         Japan

·         Europe

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Suppliers :

·         Aryan Logistics Private Limited

·         Green Agro Pack

·         Organic Plastics

·         Planet Pickles Private Limited

·         RSN Salt

·         Sri Lakshmi Chemicals

·         SLN Fertilizers and Pesticides

·         Bharathi Associates

·         Dabur Foods Limited

·         Vishal Natural Food

·         Varsha Printers

 

 

Customers :

·         Limtex (India) Limited

·         Southern Gardens India Private Limited

·         Global Green Company Limited

·         Green Pickles – Nagegowda

·         Ravi Bala Imports

·         Sumeru Agro Exports

·         S A Corporation

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

·         HSBC Bank, Bangalore Branch, Karnataka, India

·         ABN Amro Bank

·         Bank of India

·         State of India

·         State Bank of Mysore

·         Indusind Bank

·         Canara Bank

Agriculture Finance Branch, Unity Building, J C Road, Bangalore – 560 002, Karnataka, India

 

 

Facilities :

Secured Loans

(As on 31.03.2008)

Rs. in millions

Secured Loan from Canara Bank

10.833

 

 

Total

10.833

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G G Patil

Chartered Accountant

Address :

No. 69, 2nd Floor, Sapthagiri Apartments, 6th Cross, Malleshwaram, Bangalore – 560 003, Karnataka, India 

Tel. No.:

91-80-23340487

Mobile No.:

91-9845040779 / 9880890214

E-Mail :

sgpatg@yahoo.co.in

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

600,000

Equity Shares

Rs.10/- each

Rs.6.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

320,000

Equity Shares

Rs.10/- each

Rs.3.200 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

                       

SOURCES OF FUNDS

 

31.03.2008

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3.200

3.200

3.200

2] Share Application Money

3.509

3.509

3.509

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(14.660)

(16.387)

(15.698)

NETWORTH

(7.951)

(9.678)

(8.989)

LOAN FUNDS

 

 

 

1] Secured Loans

10.833

10.833

10.833

2] Unsecured Loans

2.042

0.000

2.650

TOTAL BORROWING

12.875

10.833

13.483

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

4.924

1.155

4.494

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.174

2.323

2.644

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.003

0.003

0.003

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1.245

0.849

2.220

 

Sundry Debtors
0.553

0.000

1.010

 

Cash & Bank Balances
0.312

0.087

0.056

 

Other Current Assets
2.322

0.413

0.365

 

Loans & Advances
2.867

0.896

1.527

Total Current Assets
7.299

2.245

5.178

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.215

3.169

3.097

 

Provisions
0.402

0.312

0.300

Total Current Liabilities
4.617

3.481

3.397

Net Current Assets
2.682

(1.236)

1.781

 

 

 

 

MISCELLANEOUS EXPENSES

0.065

0.065

0.066

 

 

 

 

TOTAL

4.924

1.155

4.494

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

 

 

 

 

Profit/(Loss) Before Tax

 

1.265

(0.226)

 

 

 

 

Provision for Taxation

 

0.000

0.000

 

 

 

 

Profit/(Loss) After Tax

 

1.265

(0.226)

 

 

 

 

Earnings Per Share (Rs.)

 

3.95

--

 

 

Particulars

 

31.03.2010

31.03.2009

 

 

 

 

Sales Turnover (Approximately)

 

85.000

 

120.000

 

 

 

 

 

Expected Sales (2010-2011) : Rs. 80.000 Millions

 

The above information has been parted by Mr. Velu [Commercial Manager]

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2008

31.03.2007

31.03.2006

Return on Total Assets

(PBT/Total Assets}

(%)
13.35

(4.95)

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.16)

(0.02)

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(2.20)

(1.48)

(1.88)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.58

0.64

1.52

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form No. 8

 

Name of the company

BLOSSOM SHOWER AGRO EXPORTS PRIVATE LIMITED

Presented By

Blossom Shower Agro Exports Private Limited and Canara Bank, Agriculture Finance Branch, Bangalore 560 002

1) Date and description of instrument creating the change

16.02.2002 – Regd. on 01.04.2002 (D. No. 12) Common Hypothecation Agreement

Agreement for Opening Inland Irrevocable Letter of Credit

Counter Indemnity Letter for Negotiation / Purchase / discount of Bills Counter Indemnity

Power of Attorney to be obtained in respect of Export Bills Purchased / Negotiated  

(All the above pertain to the same charge)

2) Amount secured by the charge/amount owing on the securities of charge

Rs.11.000 millions

(Packing Credit Rs.3.000 millions; FDB/FBE Rs.6.000 millions; Letter of credit Rs.1.500 millions; Bank Guarantee Rs.0.500 million)

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

Hypothecation of gherkins, under raw materials, work in progress and finished goods, chemicals, HDPE barrels, etc;

Bookdebts and export receivables, deposits made out the of the export bills discounted proceeds, plant and machineries belonging to the company valued at Rs.2.103 millions as at 31.03.2001. 

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest – PC/FDB/FBE - @ 8% p.a. if repaid within 90 days

13.75% p.a., if repaid after 90 days

BG - @ 17.75% p.a.

LC - @ 15.75% p.a.

5) Name and Address and description of the person entitled to the charge.

Canara Bank

Agriculture Finance Branch, Unity Building, J C Road, Bangalore – 560 002, Karnataka, India

6) Date  and brief description of instrument modifying the charge

29.10.2003

Supplemental Common Hypothecation Agreement

Memorandum of Agreement for Agricultural Loans

(Both the above pertain to the same charge)

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.

By the above, the amount secured by charge stands increased from Rs.24.000 millions to Rs.40.900 millions as under :

 

(Rs. in millions)

Nature of Facility

Existing Limit

Revised Limit

Latter of Credit – Regular

1.500

4.500

Adhoc

3.000

-

Guarantee

0.500

0.500

Packing Credit

3.000

14.000

FDB/FBE

16.000*

20.000

Term Loan

-

1.900

Total

24.000

40.900

 

* (Including Adhoc/STFBE)

 

The Credit limit are additionally secured by machineries to be acquired under the term loan now sanctioned.

 

The charge on the movables comprising stocks, book debts, machineries and other movables shall extend to the enhanced amount said above.

Rate of interest (New TL) - @ 13.25% p.a.

TL of Rs.1.900 millions repayable in monthly installments of Rs.0.050 million each.

(All other terms and conditions remain unchanged)

 

 

Financial Results

 

During the year 1st April, 2007 to 31st March 2008, the Company has made a profit of Rs.1.265 millions. The Directors are confident that the future of the Company would be bright.

 

Fixed Assets

 

·         Computer

·         Printer

·         Furniture and Fixture

·         Electric Fitting

·         Agro Shadent

·         Air Curtain

·         Batteries

·         Building

·         Cold Storage Room

·         Crate box

·         Labeller Machine

·         Meter

·         Mobiles

·         Motor Machine

·         Motors

·         M S Tray

·         Office Equipment

·         Plain Belt

·         Plant and Machinery

·         Pumps

·         Security booth

·         Fax

·         Telephone Equipments

·         Vehicles

·         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, India Prisons Service, Interpol, etc.

 

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.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

26

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.