MIRA
INFORM REPORT
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Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CHENAB IMPEX PRIVATE LIMITED |
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Registered
Office : |
J1A, Ansa Industrial Estate, Saki Vihar Road, Saki Naka, Andheri
(East), Mumbai – 400072, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.05.1991 |
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Com. Reg. No.: |
11-061497 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1991PTC061497 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10451A |
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PAN No.: [Permanent Account No.] |
AAACC3509K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Importer and Exporter of Fine Foods. |
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No. of Employees
: |
16 [Approximately] |
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 79000 |
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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.
INFORMATION PARTED BY
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Name : |
Mr. Chandrakant |
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Designation : |
Account Officer |
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Contact No.: |
91-9820661070 |
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Date : |
14.11.2011 |
LOCATIONS
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Registered Office : |
J1A, Ansa Industrial Estate, Saki Vihar Road, Saki Naka, Andheri
(East), Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-28478880 / 28471623 |
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Mobile No.: |
91-9820147479 (Mr. Chandrakant) |
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Fax No.: |
91-22-28470859 |
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E-Mail : |
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Website : |
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Area : |
4500 sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Anil Ratanchand Chandhok |
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Designation : |
Director |
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Address : |
101, Leela Kunj Corner, of 15th and |
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Date of Birth/Age : |
10.08.1954 |
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Date of Appointment : |
03.05.1991 |
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Din No.: |
00687369 |
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Other Directorship:
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Name : |
Mrs. Rajni Anil Chandhok |
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Designation : |
Director |
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Address : |
101, Leela Kunj Corner, of 15th and |
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Date of Birth/Age : |
06.08.1962 |
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Date of Appointment : |
03.05.1991 |
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Din No.: |
00687244 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Chandrakant |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Anil R Chandhok |
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19309 |
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Rajni A Chandhok |
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251 |
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Chenab Information Technology Private Limited, India |
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440 |
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Total |
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20000 |
AS ON 30.09.2011
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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 |
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97.80 |
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Other
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2.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Importer and Exporter of Fine Foods. |
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Exports : |
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Products : |
Food Items |
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Countries : |
·
Maldives |
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Imports : |
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Products : |
Olive Oils |
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Countries : |
·
Europe ·
Spain ·
France ·
Germany |
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Terms : |
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Selling : |
L/C / Cash and Credit |
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Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
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Customers : |
Retailers, End Users and OEM’s |
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No. of Employees : |
16 [Approximately] |
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Bankers : |
State Bank of India, Sakinaka Branch, Lekhraj Bhavan, Saki Vihar Road,
Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V Kannan and Associates Chartered Accountants |
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Address : |
A-207, Kanara Business Centre, Ghatkoper – Andheri Link Road,
Ghatkoper (East), Mumbai – 400077, Maharashtra, India |
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Tel. No.: |
91-22-67974846 / 67974847 |
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Fax No.: |
91-22-67974845 |
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E-Mail : |
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Pan No.: |
AAGPK6044E |
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Associates/Subsidiaries : |
·
Chenab Information Technology Private Limited Address: J1A, Ansa Insustrial Estate, Saki Vihar Road, Sakinaka, Andheri
(East), Mumbai – 400072, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.921 |
16.764 |
13.959 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.921 |
18.764 |
15.959 |
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LOAN FUNDS |
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1] Secured Loans |
21.411 |
21.201 |
15.917 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
21.411 |
21.201 |
15.917 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.332 |
39.965 |
31.876 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.743 |
4.083 |
5.033 |
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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 |
16.945
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17.373 |
17.842 |
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Sundry Debtors |
12.487
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13.935 |
8.826 |
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Cash & Bank Balances |
4.603
|
6.496 |
5.442 |
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Other Current Assets |
0.554
|
1.058 |
0.627 |
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Loans & Advances |
2.702
|
3.193 |
2.485 |
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Total
Current Assets |
37.291
|
42.055 |
35.222 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
4.169 |
5.652 |
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Other Current Liabilities |
1.172
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0.000 |
0.000 |
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Provisions |
0.530
|
2.004 |
2.730 |
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Total
Current Liabilities |
1.702
|
6.173 |
8.382 |
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Net Current Assets |
35.589
|
35.882 |
26.840 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
41.332 |
39.965 |
31.876 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
72.739 [Due to less
import and export order] |
80.937 |
69.380 |
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PROFIT / (LOSS)
FOR THE YEAR |
1.498 |
5.371 |
8.004 |
KEY RATIOS
|
PARTICULARS |
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31.03.2011 |
31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.16
|
1.46 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
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21.91
|
1.17 |
4.20 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
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Sundry Creditors |
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Sundry Creditors
For Suppliers |
NA |
3.551 |
5.404 |
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Sundry Creditors For
Others |
NA |
0.618 |
0.248 |
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Total |
NA |
4.169 |
5.652 |
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Check List by
Info Agents |
Available in
Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
Yes |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
FINANCIAL RESULTS:
As a result of the terror strikes on luxury hotels in Mumbai and also because
of the global slowdown in 2008-09, their business with hotels continues to be
badly affected.
To compound the difficulty, their highest selling brand-Borges Olive
Oils, set up its own sales network and they had to launch a fresh brand of
Olive Oil. During the second half of the year, the food Safety Authority of
India started its operations in ports. This has resulted in significant delays
and consequently losses due to high demurrage and the costs of labeling
overseas, thereby increasing their costs but this cost they could not pass onto
customers since the market was already in a downward mode. So with rising costs
and stagnant prices, their profits fell sharply.
To make up for shortfall in business from hotels, they made an all out
effort to increase their retails business. They were successful in this effort
however this increase in retail business has come at a substantially lower
realization and a higher cost in sales promotion and marketing.
The combination of loss of leading brand, higher input costs and lower
realization from the retail business and stagnant prices with hotels, has led
to a situation where both the top line and the profits have suffered.
In the current year, the situation is gradually improving as their Olive
oil sale are rebounding and also they have now increased their prices to all
customer segments, leading to anticipation of better results.
The company has been greatly assisted by availability of working capital
facilities from State Bank of India, IF Branch Sakinaka.
OPERATIONS:
The company has considerably expanded its brand portfolio. During the
year, the company has added the many more prestigious sole representations form
the world’s leading companies in their product categories, covering
Mediterranean and modern European Cuisines.
They present, import and nationally distribute food products from many
World Class Companies located in France, Germany, Greece, Holland, Italy,
Mexico, Spain, Switzerland, Thailand, UK and USA. They sell to all sectors –
HORECA, Modern Retail, Traditional Retail, Gourmet Store, Airline Caterers etc.
A BRIEF
DESCRIPTION IS BELOW:
1.
Artisan Biscuits Limited (UK) – Crackers for Wine,
award winning Sweet Biscuits
2.
Bell Carter Foods, Inc (USA) – Olives, Spreads
Capers, Cocktail Onion, and Pimentos
3.
Cipriani Industria SRL (Italy) - Gourmet products – Pastas, Pasta Sauces,
Pesto, Rice, Coffee
4.
S.A. Delouls Fils (France) - Mustards, Vinegars, Vinaigrettes, Sauces
5.
Valley Sun Products Inc (USA) – Sun dried tomato
products, Pesto
6.
Verdu Canto Saffron Spain – Saffron, Paprika,
Saffron Tea
7.
Borde (France) – Wild Forest Mushrooms and Red
Berries
8.
Urbani (Italy) – Truffles and Truffle based
products
9.
Mariani (Thailand and USA) – Dried Fruits
10.
Barrier (France) – French Olives and Olive products
11.
Huileries de Lapalisse (France) – Nut Oils
12.
MacFarms (Hawali, USA) – Macadamia Nuts
13.
Bonomelli (Italy) – Polenta, Spices, Camomile Tea
14.
Pasta Rummo (Italy) – Pasta
15.
Pasticceria SCARPATO (Italy) – Finest traditional
Italian Confectionary and Cakes
16.
Rodolfi Mansueto (Italy) – Italian Tomato products
(Crushed, Choped, sauces, Concentrates)
17.
Dorset Cereals (UK) – Premium Cereals and Muesli
18.
Fine Cheese Company (UK) – Cheese accompaniments –
Crackers, Fruits and Pickles
19.
Danesi
Coffee (Italy) – Premium Italian Coffee
20.
Ocean Spray (USA) – Cranberry Juices and Sauces
21.
Shortbread House of Edinburgh (Scotland) –
Shortbread, Oaties, Dundee Cakes
22.
Amedei (Italy) – Chocolate
23.
Contitures Andresy (France) – Contitures (Jams,
Jellies, Deserts, Sauces)
24.
Lune de Miel (France) – Honey
25.
Ponti (Italy) – Aged Balsamic and Fine Wine
Vinegars
26.
Tipiak (France) – Couscous (natural and flavoured),
Bulgar Wheat, Croutons (natural and flavoured)
27.
Solania (Italy) – Peeled tomatoes
28.
Domen’s (UK) – Bar Snacks
29.
Eat Natural (UK) – Premium Snack Bars
30.
Fiore di Puglia – Traditional Italian Snacks
31.
Parthenon (Greece) – Greek Olives
32.
Dryden and Palmer (USA) – Demitasse Sticks, Crystal
Sugar
33.
Valette Foie Gras (France) – Foie Gras, Duck and
Goose products
34.
Sel Del Guerande (France) – Finest Sea Salt
35.
Tate and Lyle (UK) – Sugars and syrups
36.
The Blue Elephant (Thailand) – Gourmet Thai
ingredients
37.
Sole Graells (Spain) – El Bulli Textures
38.
Fox’s (UK) – Candies
39.
Henaff (France) – Pork Pate
40.
Enso (Thailand) – Japanese Green Tea
41.
Connectable (France) – Canned Fish
42.
Koh Kae (Thailand) – Snacks
43.
Huober (Germany) – Pretzels
44.
Ponthier (France) – Frozen Fruit Purees, Frozen
Berries, Chestnuts, Coulis
45.
Basic American Foods (USA) – Mashed Potatoes,
Hashbrowns
46.
HACO (Switzerland) – Concentrates
47.
Clipper Tea (UK) – Organic and Fairtrade, Teas,
Coffees, Drinking Chocolate and hot Chocolate
48.
Belvoir Fruit Farms (UK) – Juices
49.
Van Oordt (Netherlands) – Portion Packs for HORECA
50.
Dolce vita (Italy) – 100% Italian Olive Oils
51.
Dupont d’Lsigny (France) – Confectionary and Candy
52.
La costena (Mexico) – ingredients for Mexican
Cuisine
53.
Lambda (Canary Islands, Spain) – Nectars
54.
Remsaier (Switzerland) – Swiss apple juices
55.
Casilo (Italy) – Italian Durum Wheat Flour, Soft
Wheat Flour
56.
Jose Paez Loboto (Spaint) – Sherry Vinegars
57.
Cannamela (Italy) – Spray of Extra Virgin Olive Oil
with Spices
58.
Grumpy Mule (UK) – Organic and Fairtrade Coffee
Each of these companies is a well established business and a World
Leader in their product range.
They are selling to hotels like Taj Group, Oberoi Group, Hyatt Regency,
Park Hyatt, Grand Hyatt, ITC Welcomgroup, Intercontinental The Grand, Marriott
Group, Hilton, Leela Group, Orchid Park, Lemon Tree and Fine dining restaurants
like Olive Bars, Aurus, Saltwatergril, Indigo, Vie and many more, at over India
as well as though leading gourmet stores such as those in Oberoi, JW Marriott,
Grand Hyatt, Supermarkets such as Nature’s Bashet, Reilance, Trent Spar,
Spencers.
They have their own sales and distribution network reaching every major
city of India. Their sales managers are located in the major cities of India.
Mumbai, New Delhi, Chennai and they have stockiest in major cities of India
Their brands are the leaders I their categories within India
FUTURE PROSPECTS
Their experience of the introduction of fine foods has been a good one. They
have now developed the capability to service both retail and food service
customers throughout India. Their new product lines show good promise and they
plan to add some more exciting, healthy and delicious products in the future.
The company is optimistic of a profitable future
TRADE REFERENCES:
·
Ocean Spray
·
The Find Cheese Company
FIXED ASSETS:
·
Air Conditioner
·
Computer and Printers
·
Computer and Software
·
Furniture and Fixtures
·
Office Appliances
·
Office Equipments
·
Vehicles Outlander
·
Machinery
·
Refrigerator
·
Mobile Hand Sell
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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.