MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAS PENDAWALA FOODS PRIVATE LIMITED |
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Registered
Office : |
290, G.I.D.C. Estate, Chitra, Bhavnagar – 364004, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.04.1996 |
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Com. Reg. No.: |
029257 |
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Paid-up Capital
: |
Rs. 4.125 Millions |
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CIN No.: [Company Identification
No.] |
U15499GJ1996PTC029257 |
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PAN No.: [Permanent Account No.] |
AAACD7552R |
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Legal Form : |
Private limited liability company. |
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Line of Business
: |
Manufacturer of Sweets, Namkeen and Bakery Products. |
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No. of Employees
: |
37 |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 34096 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
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
|
Name : |
Mr. Bhavin |
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Designation : |
Accounts Manager |
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Date : |
06.05.2011 |
LOCATIONS
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Registered Office/Factory : |
290, G.I.D.C. Estate, Chitra, Bhavnagar – 364004, Gujarat, India |
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Tel. No.: |
91-278-2449595 |
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Fax No.: |
91-278-2449597 |
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E-Mail : |
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Location : |
Owned |
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Branches : |
Located at ·
Bhavnagar ·
Baroda ·
Ahmedabad ·
Surat ·
Savarkundla |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dudharam B. Shrama |
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Designation : |
Director |
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Address : |
518, Brahman, Nousar, Th. Osiyan, Jodhpur – 342303, Rajasthan, India |
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Date of Appointment : |
01.03.2002 |
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Name : |
Mr. Punit K. Mehta |
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Designation : |
Director |
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Address : |
846-A, Vallabhi, Tilaknagar, Bhavnagar – 364001, Gujarat, India |
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Date of Birth/Age : |
16.12.1965 |
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Date of Appointment : |
01.08.2008 |
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Name : |
Mr. Baiju S. Mehta |
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Designation : |
Director |
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Address : |
3, “Ahulad”, Manekwadi, Bhavnagar – 364001, Gujarat, India |
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Date of Birth/Age : |
18.10.1970 |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Bhavneshbhai Mehta |
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100 |
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Mr. Sureshbhai Mehta |
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137100 |
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Mr. Sarjoo Mehta |
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10 |
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Ms. Rakshaben Mehta |
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10 |
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Ms. Chandan Mehta |
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10 |
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Ms. Hina Mehta |
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24010 |
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Mr. Chetan Mehta |
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50 |
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Ms. Bina Mehta |
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50 |
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Ms. Kalpana Mehta |
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10 |
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Mr. Jimmy Mehta |
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3500 |
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Mrs. Darshnaben Mehta |
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45000 |
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Mr. Baijubhai S. Mehta |
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202650 |
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Total |
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412500 |
AS ON 30.09.2010
|
Category |
Percentage |
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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 of Sweets, Namkeen and Bakery Products. |
GENERAL INFORMATION
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Customers : |
·
End Users ·
Big Bazar ·
Reliance Fresh |
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No. of Employees : |
37 (in office 20, 17 in factory) |
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Bankers : |
·
State Bank of India, Darbargadh Branch, Ambachowk,
Bhavnagar – 364001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
T. K. Andharia and Company Chartered Accountants |
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Address : |
Near Hanuman Temple, Kachiyawad, Diwanpara Road, Bhavnagar – 364001,
Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs. 10 /- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,12,500 |
Equity Shares |
Rs. 10 /- each |
Rs. 4.125
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs. 26.700 Millions
The above information has been parted by Mr. Bhavin (Accounts Manager)
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 |
4.125 |
4.125 |
4.125 |
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2] Share Application Money |
1.850 |
2.760 |
3.735 |
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3] Reserves & Surplus |
2.549 |
2.127 |
1.697 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.524 |
9.012 |
9.557 |
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LOAN FUNDS |
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1] Secured Loans |
1.585 |
4.103 |
5.258 |
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2] Unsecured Loans |
3.707 |
0.898 |
0.000 |
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TOTAL BORROWING |
5.292 |
5.001 |
5.258 |
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DEFERRED TAX LIABILITIES |
0.686 |
0.523 |
0.331 |
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TOTAL |
14.502 |
14.536 |
15.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.765 |
14.792 |
14.014 |
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Capital work-in-progress |
0.000 |
0.000 |
1.157 |
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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 |
0.440
|
1.049 |
0.626 |
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Sundry Debtors |
0.664
|
0.669 |
0.407 |
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Cash & Bank Balances |
0.239
|
0.104 |
0.151 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.978
|
0.747 |
0.940 |
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Total
Current Assets |
2.321
|
2.569 |
2.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.407
|
0.927 |
0.313 |
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Other Current Liabilities |
2.022
|
1.743 |
1.681 |
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Provisions |
0.200
|
0.210 |
0.220 |
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Total
Current Liabilities |
2.629
|
2.880 |
2.214 |
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Net Current Assets |
(0.308)
|
(0.311) |
(0.009) |
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MISCELLANEOUS EXPENSES |
0.045 |
0.055 |
0.065 |
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TOTAL |
14.502 |
14.536 |
15.146 |
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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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TOTAL INCOME |
0.224 |
0.178 |
0.151 |
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EXPENSES |
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TOTAL |
0.216 |
0.171 |
0.144 |
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PROFIT BEFORE
TAX |
0.007 |
0.007 |
0.006 |
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Less |
TAX (I) |
0.003 |
0.003 |
0.002 |
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PROFIT AFTER TAX
(G-I) (J) |
0.004 |
0.004 |
0.004 |
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Earnings Per
Share (Rs.) |
1.20 |
1.15 |
0.98 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.78
|
2.24 |
2.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
0.04 |
0.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.87 |
0.78 |
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Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.89 |
0.95 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Big Bazar
·
Reliance Fresh
Note – The registered
office address of the company has been shifted from Business House Kharrgatenr Jagdish
Mandir, Bhavnagar – 364001, Gujarat, India to present address w.e.f. 11.11.2006
Form 8
|
Corporate
identity number of the company |
U15499GJ1996PTC029257 |
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|
Name of the
company |
DAS PENDAWALA FOODS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
290, G.I.D.C. Estate, Chitra, Bhavnagar – 364004, Gujarat, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Supplemental
Agreement of Loan-Cum-Hypothecation Memorandum of
Deposit of Title Deeds For Creation Of Further Charge |
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Date of
instrument Creating the charge |
09.08.2010 |
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Amount secured by
the charge |
Rs. 4.828
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
2.75% Above Sbar 11.25% P.A (Present Effective Rate 12.50% P.A) Term Loan: 1.25%
Above Sbar(Present Effective Rate 13.50% P.A) Terms of
Repayment Working capital
repayable on demand. Term loan: as per
existing terms Margin Raw materials,
semi-finished goods and finished goods: 25%, Domestic
receivables: 50% Extent and
Operation of the charge firstcharge in
favour of bank Others Nil |
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Particulars of
the property charged |
All Types Of
Sweets, Namkeens, Other Milk Products, Stores, Spares, Book Debts, Plant,
Machinery And Land and building
at plot no. 290, R.S.No. 86 - 1p, 86-2p, 88p, G.I.D.C., chitra, bhavnagar
having land area of 6968 sq. Mts. & const. Of 2836 sq. Mts. |
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|
Particulars of
the present modification |
The Charge Has
Been Modified In The Following Manner: C.C. Limit Increased From Rs. 0.800
millions To Rs. 1.200 millions. Medium Term Loan Stands Reduced To Rs. 3.628 millions
Due To Repayment. Now Total Charge Stands At Rs. 4.828 millions |
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.62.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.