MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MRS. BECTORS FOOD SPECIALITIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.09.1995 |
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Com. Reg. No.: |
55 - 033417 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.708 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U74899PB1995PLC033417 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Food Products |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4716000 |
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Status : |
Good |
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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 fine track. General
financial position of the company is good. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vinnay |
|
Designation : |
National Sales Manager |
|
Contact No.: |
91-9871123499 |
|
Date : |
23.05.2011 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-1826-502923 |
|
Mobile No.: |
91-9871123499 (Mr. Vinnay ) |
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Fax No.: |
91-1826-502902 |
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E-Mail : |
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Website : |
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|
Area : |
4000 Sq. ft |
|
Location : |
Owned |
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|
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|
Factory : |
B-XXXIII/ 324, G.T.Road (WEST), Jalandher Bye – Pass, Phillaur –
144409, |
|
Tel. No.: |
91-1826-222826/ 222430/ 502921/ 222430/ 309898/ 502912/ 502910 |
|
Fax No.: |
91-1826-222915/ 502902 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anoop Bector |
|
Designation : |
Managing Director |
|
Address : |
C -13, Sarabha Nagar, |
|
Date of Birth/Age : |
05.10.1962 |
|
Date of Appointment : |
19.09.1995 |
|
DIN No.: |
00108589 |
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|
|
|
Name : |
Mr. Akshay Bector |
|
Designation : |
Managing Director |
|
Address : |
C -13, Sarabha Nagar, |
|
Date of Birth/Age : |
29.03.1961 |
|
Date of Appointment : |
18.04.2000 |
|
DIN No.: |
00058877 |
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|
|
|
Name : |
Mr. Ajay Bector |
|
Designation : |
Director |
|
Address : |
C -13, Sarabha Nagar, |
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Date of Birth/Age : |
17.12.1958 |
|
Date of Appointment : |
19.09.2005 |
|
DIN No.: |
00058904 |
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|
|
|
Name : |
Mr. Dharamvir Bector |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
C -13, Sarabha Nagar, |
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Date of Birth/Age : |
01.04.1932 |
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Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00108654 |
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|
|
|
Name : |
Mrs. Rajni Bector |
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Designation : |
Whole Time Director |
|
Address : |
C -13, Sarabha Nagar, |
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Date of Birth/Age : |
02.06.1940 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00108730 |
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|
|
|
Name : |
Mr. Praveen Kumar Goel |
|
Designation : |
Whole Tome Director |
|
Address : |
230 – A, Rishi Nagar, |
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Date of Birth/Age : |
21.08.1963 |
|
Date of Appointment : |
01.05.2008 |
|
DIN No.: |
00007297 |
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|
|
|
Name : |
Mr. Rakesh Soni |
|
Designation : |
Director |
|
Address : |
Flat No. 10, 2nd Floor, Lotus Court, J. TATA Road, Churchgate,
Mumbai, Maharasahtra, India |
|
Date of Birth/Age : |
02.01.1976 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00363053 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Kumar Bajoria |
|
Designation : |
Company Secretary |
|
Address : |
#1301, Gali Kameti Wali Katra Ahluwala, |
|
Date of Birth/Age : |
21.06.1979 |
|
Date of Appointment : |
22.09.2009 |
|
PAN.: |
AKAPB2327H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dharamvir Bector |
|
2520 |
|
Akshay Bector |
|
2500 |
|
Anoop Bector |
|
2500 |
|
Ajay Bector |
|
2500 |
|
Ceramics Fooda Limited, |
|
195000 |
|
Bectors Foods Limited, |
|
149000 |
|
Cetemica Industries Limited, |
|
350000 |
|
Ceramica Agro Foods Limited, |
|
66805 |
|
IL &FS Trusts Company Limited, Mumbai |
|
78056 |
|
|
|
144962 |
|
Total |
|
993843 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
15.00 |
|
Bodies corporate |
84.00 |
|
Directors or relatives of Directors |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food Products |
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|
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|
Products : |
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|
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Imports : |
|
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Products : |
Food Products |
|
Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 Days/ 60Days/ 90 Days) |
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|
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|
Purchasing : |
Cash and Credit (30 Days/ 60Days/ 90 Days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Biscuits |
MT |
NA |
77370 |
48108 |
|
Bakery Products |
MT |
NA |
5119 |
2348 |
|
Sauces, Syrups and Spreads |
Ltrs |
NA |
13800000 |
9230391 |
|
Food Processing |
MT |
NA |
1000 |
520 |
|
Namkeen |
Mt |
NA |
1320 |
611 |
Note:-
The production of Bakery Products include
production of Job work of 19763 MT (Previous Year 10555 MT)
The production of Biscuits excludes production
of Job works of 28072 MT (Previous Year 26745 MT)
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s
|
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
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Bankers : |
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S R Batlibo and Company Chartered Accountant |
|
Address : |
Golf View Corporate Tower –B, Sector – 42, |
|
PAN.: |
AALFS0506L |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital : Rs. 30.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 25.708 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
25.708 |
25.708 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1153.524 |
1096.183 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1179.232 |
1121.891 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
987.260 |
928.277 |
|
|
2] Unsecured Loans |
|
10.407 |
27.833 |
|
|
TOTAL BORROWING |
|
997.667 |
956.110 |
|
|
DEFERRED TAX LIABILITIES |
|
76.995 |
47.996 |
|
|
|
|
|
|
|
|
TOTAL |
|
2253.894 |
2125.997 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1507.111 |
1268.125 |
|
|
Capital work-in-progress |
|
126.215 |
308.327 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4.268 |
3.708 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
415.219 |
349.843 |
|
|
Sundry Debtors |
|
326.981 |
297.731 |
|
|
Cash & Bank Balances |
|
122.667 |
100.794 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
208.527 |
265.171 |
|
Total
Current Assets |
|
1073.394 |
1013.539 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
445.578 |
422.363 |
|
|
Provisions |
|
11.516 |
45.339 |
|
Total
Current Liabilities |
|
457.094 |
467.702 |
|
|
Net Current Assets |
|
616.300 |
545.837 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2253.894 |
2125.997 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3598.827 |
3230.473 |
|
|
|
Other Income |
|
124.314 |
87.818 |
|
|
|
TOTAL (A) |
|
3723.141 |
3318.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
|
2419.881 |
2080.286 |
|
|
|
Consumption of stores and spare
parts |
|
10.533 |
9.244 |
|
|
|
Increase / decrease in finished
goods |
|
2.156 |
(10.628) |
|
|
|
Salaries, Wages and Bonus |
|
253.560 |
224.840 |
|
|
|
Managerial Remuneration |
|
19.210 |
17.852 |
|
|
|
Payment of Auditors |
|
2.206 |
2.138 |
|
|
|
Insurance Expenses |
|
4.661 |
4.841 |
|
|
|
Power and Fuel |
|
196.501 |
196.057 |
|
|
|
Other expenditure |
|
530.314 |
585.973 |
|
|
|
TOTAL (B) |
|
3439.022 |
3110.603 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
284.119 |
207.688 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
95.613 |
76.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
188.506 |
131.406 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
83.682 |
62.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
104.824 |
68.425 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
18.496 |
8.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
86.328 |
59.525 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
|
637.956 |
738.395 |
|
|
|
Other Receipts |
|
3.761 |
0.000 |
|
|
TOTAL EARNINGS |
|
641.717 |
738.395 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
116.754 |
13.729 |
|
|
|
Components and Spare Parts |
|
1.568 |
0.387 |
|
|
|
Capital Goods |
|
4.860 |
34.892 |
|
|
TOTAL IMPORTS |
|
123.182 |
49.008 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic Earning Per Share |
|
76.72 |
46.13 |
|
|
|
Diluted Earning Per Share |
|
59.51 |
37.33 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
4000.000 |
Expected Sales (2011 -12) : Rs. 4500.000 Millions
The above information has been parted by Mr. Vinnay.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.32
|
1.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.91 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.06 |
3.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.23 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.35 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
Operations and
Overall Performance:
The company could post a significant increase of 12% in the turnover from
Rs. 3320.000 Millions in the year 2008-09 to Rs. 3720.000 Millions in the year
2009-10
The company has undertaken capacity expansion in Biscuit division at
Phillaur and added a new Fourth line of Biscuit Production during the last financial
year. Also, the company is in talks with Kraft Foods for Manufacturing high
quality biscuits for them which will give a new boost to the business of the
company.
The company has also been awarded STAR EXPORT HOUSE status by the office
of the joint directors general of Foreign Trade Ministry of Commerce and
Industry, Government of India effective from 1st April 2009 for five
years. Mrs. Rajni Bector founder of the company was awarded Best Entrepreneur
Award by SIDBI. Also Govt. of Punjab
awarded Mrs. Rajni Bector for exemplary service rendered in the field of
‘Learned Profession’ in August 2009.
Form 8:
|
Corporate
identity number of the company |
U74899PB1995PLC033417 |
|
Name of the
company |
MRS. BECTORS FOOD SPECIALITIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
10067480 |
|
Type of charge |
Immovable
Property Book Debts Floating charge Others ( Current
Assets of the Biscuit Division) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1. Agreement of
loan for overall limit dated 9/12/2010.(form c.1) 2. Agreement of
hypothecation of goods and assets dated 9/12/2010.(form-c.2) 3. Letter
regarding the grant of individual limits within the overall limit dt.
9.12.2010 ( form c-5 ) 4. Recitals date.
9.12.2010 ( Form C - 10 ) |
|
Date of
instrument Creating the charge |
09.12.2010 |
|
Amount secured by
the charge |
Rs. 794.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Intt. on working
capital limits@ 12.60 % p.a. with monthly rests. Intt. on Export
Finance will be as per SBI Exporters' Gold Card Scheme Intt. on Term
Loans will be as per terms of sanction letter. Terms of
Repayment Working Capital
Limits are payable on Demand. and repayment of
various Term Loans will be as per the terms of Sanction Letter Margin Inventories - 25
% Debtors - 40% Bank Guarantees
& EPC : 15 % New Term Loan,
One Time ILC / FLC for import of machinery
: 33.33 % Extent and
Operation of the charge The Charge
operates as continuing security for the repayment of Credit Facilities of Rs.
794.000 Millions alongwith all the interest and various other charges due to
the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
The overall credit
facilities of Rupees 712.200 Millions have been enhanced to Rupees 794.000
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.45.21 |
|
|
1 |
Rs.72.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
50 |
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.