MIRA
INFORM REPORT
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Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
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Name : |
EXOTIC FRUITS PRIVATE LIMITED |
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Registered Office : |
No. 514, 16th Cross, Indiranagar, 2nd Stage, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.03.1999 |
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Com. Reg. No.: |
08-024875 |
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Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company
Identification No.] |
U15137K1999PTC024875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00651A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer and
Exporter of fruit pulps-mango, pineapple, fruit products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 630000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
No. 514, 16th Cross, Indiranagar, 2nd Stage, |
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Tel. No.: |
91-80-25203080/81 |
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Fax No.: |
91-80-41161717 |
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E-Mail : |
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Website : |
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Marketing Office : |
B-208, |
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Tel. No.: |
91-22-67550901 |
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Fax No.: |
91-22-67550902 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Shashidharan Alanghat |
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Designation : |
Managing Director |
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Address : |
No 54 2nd Stage, 14 Cross 9th Main,
Indra Nagar, |
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Date of Birth/Age : |
05.11.1954 |
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Date of Appointment : |
14.02.2000 |
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DIN No.: |
00542769 |
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Name : |
Mr. Chandrasekar Ramakrishnan |
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Designation : |
Wholetime Director |
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Address : |
14, Jyostsana, Sivaram Nagar, Ramanathapuram, |
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Date of Birth/Age : |
06.10.1957 |
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Date of Appointment : |
25.03.1999 |
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DIN No.: |
00542727 |
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Name : |
Mr. Pratik Bhupendra Popat |
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Designation : |
Whole Time Director |
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Address : |
13C, Sett Minar, |
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Date of Birth/Age : |
08.03.1966 |
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Date of Appointment : |
25.03.1999 |
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DIN No.: |
00542673 |
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Name : |
Mr. Avinash Vasant Phirake |
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Designation : |
Whole Time Director |
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Address : |
401, Sneh Regency, 79 Sector, 29, Vashi, Navi Mumbai -
400004, |
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Date of Birth/Age : |
14.08.1959 |
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Date of Appointment : |
02.06.2003 |
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DIN No.: |
00542852 |
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Name : |
Cornelis Henricus Maria Cools |
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Designation : |
Additional Director |
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Address : |
Rotsvlinderhof 6, |
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Date of Birth/Age : |
01.03.1951 |
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Date of Appointment : |
24.11.2010 |
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DIN No.: |
03311949 |
MAJOR SHAREHOLDERS
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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A. Shashidharan |
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143750 |
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Avinash V. Phirake |
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93750 |
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Pratik B. Popat |
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143750 |
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R. Chandrasekar |
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118750 |
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Total |
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500000 |
As On 24.11.2010
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List of Allottees |
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No. of Shares |
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Dohler Asia Pte Limited – |
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125000 |
As On 30.09.2010
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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 and
Exporter of fruit pulps-mango, pineapple, fruit products |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
Installed
Capacity: 180000 P.A (MTS)
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Andhra Bank, N. R. Road Branch, ·
ICICI Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ganoba and Bhat Chartered Accountants |
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Address : |
No 45, 1st Floor, Annamalai Arcade, Wilson
Garden, Hosur Main Road, Bangalore – 560021, Karnataka, India |
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Pan No.: |
AAAFG5742M |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
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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|
500000 |
Equity Shares |
Rs.10/- Each |
Rs. 5.000 Millions |
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After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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625000 |
Equity Shares |
Rs.10/- Each |
Rs. 6.250 Millions |
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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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
153.231 |
140.049 |
120.553 |
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NETWORTH |
158.231 |
145.049 |
125.553 |
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LOAN FUNDS |
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1] Secured Loans |
202.425 |
101.534 |
24.667 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
202.425 |
101.534 |
24.667 |
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DEFERRED TAX LIABILITIES |
2.307 |
2.661 |
2.780 |
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TOTAL |
362.963 |
249.244 |
153.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.874 |
61.888 |
61.693 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.123 |
0.123 |
0.038 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
150.058
|
96.793 |
32.321 |
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Sundry Debtors |
19.009
|
41.281 |
26.097 |
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Cash & Bank Balances |
40.101
|
59.262 |
22.525 |
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Other Current Assets |
83.093
|
74.373 |
22.321 |
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Loans & Advances |
61.137
|
38.516 |
46.414 |
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Total
Current Assets |
353.398
|
310.225 |
149.678 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
30.312
|
40.211 |
34.896 |
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Other Current Liabilities |
1.744
|
57.600 |
2.519 |
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Provisions |
23.376
|
25.181 |
20.994 |
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Total
Current Liabilities |
55.432
|
122.992 |
58.409 |
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Net Current Assets |
297.966
|
187.233 |
91.269 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
362.963 |
249.244 |
153.000 |
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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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Income |
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Other Income |
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TOTAL (A) |
1228.998 |
1018.631 |
914.724 |
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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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TOTAL (B) |
1157.255 |
894.258 |
839.465 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.743 |
124.373 |
75.259 |
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Less |
FINANCIAL
EXPENSES (D) |
41.225 |
34.073 |
26.569 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.518 |
90.300 |
48.690 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.389 |
8.283 |
9.248 |
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PROFIT BEFORE
TAX (E-F) (G) |
21.129 |
82.017 |
39.442 |
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Less |
TAX (I) |
7.947 |
15.723 |
9.913 |
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PROFIT AFTER TAX
(G-I) (J) |
13.182 |
66.294 |
29.529 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1033.976 |
874.970 |
817.555 |
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TOTAL EARNINGS |
1033.976 |
874.970 |
817.555 |
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IMPORTS |
1101.443 |
15.025 |
9.921 |
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Earnings Per
Share (Rs.) |
26.36 |
132.59 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.07
|
6.51 |
3.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
|
22.04 |
18.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.57 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
1.55 |
0.66 |
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Current Ratio (Current Asset/Current Liability) |
|
6.38
|
2.52 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from
No 877, 1st A Cross, Indiranagar, 1st Stage,
Form 8:
|
Corporate
identity number of the company |
U15137KA1999PTC024875 |
|
Name of the
company |
EXOTIC FRUITS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 514, 16th
Cross, Indiranagar 2nd Stage, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Name : Andhra
Bank, Address: N R Road
Branch, E-Mail: Krishnamurthy@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Agreement Pronote (2 Nos) Letter Evidencing
Deposit of Title Deeds Packing Credit
Agreement |
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Date of
instrument Creating the charge |
09.07.2010 |
|
Amount secured by
the charge |
Rs. 960.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
(Interest @ 1.25% above BMPLR with a minimum of 9.50% p.a. for PC Terms of
Repayment : Repayable on Demand (PC/FUBD/FDBP-Rs.500.000
Millions/FUBD/FDBP-Rs.150.000 Millions/ ILC/FLC-Rs.150.000 Millions/ For
Adhoc (Gold card Limit) PC/FDBD/FDBP-Rs.100.000 Millions/FUBD/FDBP-Rs.30.000
Millions/ILC/FLC-Rs.30.000 Millions) Margin: Margin
for PC 25% & for ILC/FLC-Rs.10% Extent and
Operation of the charge : 100% Till the Closure of the Loan. |
|
Short particulars
of the property charged |
Hypothecation of
Stocks of Raw Materials, Semi finished and Finished Goods, Packing Materials,
meant for export etc., are stored at Company's Premises belonging to the
Company. |
|
Particulars of
the present modification |
Limit increased From
Rs.700.000 Millions to Rs.960.000 Millions.(PC/FUBD/FDBP-Rs.500.000
Millions/FUBD/FDBP-Rs.1500.000 Millions/ ILC/FLC-Rs.150.000 Millions/ For
Adhoc (Gold card Limit) PC/FDBD/FDBP-Rs.100.000 Millions/FUBD/FDBP-Rs.30.000
Millions/ILC/FLC-Rs.3 Millions). Extension of Equitable Mortgage of Property
situated at Plot No.G-20, Mirjole, MIDC, Rathnagiri-415639.All other Terms
conditions and Securities Continues for the increased limit of Rs.960.000
Millions. |
Fixed Assets:
- Leasehold land
- Building
- Plant and machinery
- Electrical installation
- Office equipments
- Computer
- Lab equipments
- Furniture and fixtures
- Vehicle
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.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.