MIRA
INFORM REPORT
|
Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHAND FRUIT COMPANY PRIVATE LIMITED |
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Registered
Office : |
Bagwan Agriculture Farm, Akali Road, Miraj-416410, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.08.1999 |
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Com. Reg. No.: |
11-013907 |
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Capital Investment
/ Paid-up Capital : |
Rs. 5.768
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U01122PN1999PTC013907 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Fresh Fruits. |
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|
No. of Employees
: |
Approximately 20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 360000 |
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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
|
Name : |
Mr. Nasir |
|
Designation : |
Director |
|
Contact No.: |
91-233-2222199 |
|
Date : |
22.10.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 154/2A+2B, Bagwan Agriculture Farm, Akali Road, Miraj-416410,
Maharashtra, India |
|
Tel. No.: |
91-233-2222199/ 8532 |
|
Fax No.: |
91-233-2223279 |
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E-Mail : |
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|
Area : |
Owned |
DIRECTORS
(AS ON 12.09.2011 )
|
Name : |
Mr. Shafi Ahmed Haji Chandsaheb Bagwan |
|
Designation : |
Director |
|
Address : |
2349, Guruwar Peth, Miraj, Sangli-416410, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1949 |
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Date of Appointment : |
11.08.1999 |
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DIN No.: |
01825414 |
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|
|
|
Name : |
Mr. Nasir Mohamedsafi Bagwan |
|
Designation : |
Director |
|
Address : |
Bagwan Agri Farm, Takali Road, Miraj, Sangli-416410, Maharashtra,
India |
|
Date of Birth/Age : |
12.05.1971 |
|
Date of Appointment : |
11.08.1999 |
|
DIN No.: |
01494663 |
|
|
|
|
Name : |
Mr. Bashir Ahmed Shafi Bagwan |
|
Designation : |
Director |
|
Address : |
Takali Road, Bagwan Farm, Miraj, Sangli-416410, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1976 |
|
Date of Appointment : |
05.11.1999 |
|
DIN No.: |
01657181 |
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|
|
|
Name : |
Mr. Yunus Ahmed Shafi Bagwan |
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Designation : |
Director |
|
Address : |
2349 Guruwar Peth, Miraj, Sangli-416410, Maharashtra, India |
|
Date of Birth/Age : |
28.11.1973 |
|
Date of Appointment : |
11.08.1999 |
|
DIN No.: |
01662589 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 12.09.2011 )
|
Names of Shareholders |
|
No. of Shares |
|
Shafiahmed H Bagwan |
|
419300 |
|
Nasir M Bagwan |
|
46800 |
|
Yunus S Bagwan |
|
70000 |
|
Bashir S Bagwan |
|
40700 |
|
Total |
|
576800 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2011)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Fresh Fruits. |
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Exports : |
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Products : |
Fruits |
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Countries : |
Dubai |
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Imports : |
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Products : |
Fruits |
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Countries : |
China and Chile |
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Terms : |
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Selling : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Cold Storage Pre-Cooling |
Tonnes |
|
|
650 |
|
Unit |
Tonnes |
|
|
20 |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailer and End Users |
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No. of Employees : |
Approximately 20 |
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Bankers : |
·
IDBI Bank Limited, Shri Kurpa, C.S. No. 4158/A,
Ne3ar Maidan Datta Mandir, Bramin Puri, Near Maida, Miraj-416410, Maharashtra, India ·
Industrial Development Bank of India, Miraj
Branch, Miraj-416410, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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|
Name : |
Khire Khandekar and Kirloskar Chartered Accountant |
|
Address : |
1051, Madhav Nagar Road, Sangli-416410, Maharashtra, India |
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PAN No.: |
AABFK5801G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650000 |
Equity Share |
Rs. 10/- each |
Rs. 6.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
576800 |
Equity Share |
Rs. 10/-
each |
Rs. 5.768
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.768 |
5.768 |
5.768 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
84.960 |
52.480 |
31.557 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
90.728 |
58.248 |
37.325 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
87.243 |
72.884 |
81.888 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
4.403 |
|
|
TOTAL BORROWING |
87.243 |
72.884 |
86.291 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.211 |
|
|
|
|
|
|
|
|
TOTAL |
177.971 |
131.132 |
124.827 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
52.079 |
61.379 |
70.073 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
85.565
|
28.089 |
29.849 |
|
|
Sundry Debtors |
98.665
|
111.669 |
126.930 |
|
|
Cash & Bank Balances |
18.845
|
15.975 |
15.952 |
|
|
Other Current Assets |
20.077
|
6.842 |
4.213 |
|
|
Loans & Advances |
36.710
|
22.132 |
18.833 |
|
Total
Current Assets |
259.862
|
184.707 |
195.777 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.668
|
91.616 |
126.709 |
|
|
Other Current Liabilities |
3.421
|
2.088 |
3.851 |
|
|
Provisions |
18.881
|
21.250 |
10.463 |
|
Total
Current Liabilities |
133.970
|
114.954 |
141.023 |
|
|
Net Current Assets |
125.892
|
69.753 |
54.754 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
177.971 |
131.132 |
124.827 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
600.370 |
547.048 |
454.952 |
|
|
|
Other Income |
42.055 |
38.813 |
37.898 |
|
|
|
Profit From Electricity Generation |
1.700 |
0.006 |
0.000 |
|
|
|
TOTAL |
644.125 |
585.867 |
492.850 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
597.906 |
553.689 |
453.521 |
|
|
|
Depreciation |
|
|
|
|
|
|
Financial Charges/ Interest |
|
|
|
|
|
|
Loss from Electricity Generation |
0.000 |
0.000 |
14.304 |
|
|
|
TOTAL |
597.906 |
553.689 |
467.825 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
46.219 |
32.178 |
25.025 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.739 |
11.254 |
6.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
32.480 |
20.924 |
18.115 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
Dollar 13429278 Euro 69391 GBP 5030 |
Dollar 7797717 Euro 140933 |
NA |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.31 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
600.000 |
The above information has been parted by Mr. Nasir Director
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.04
|
3.57 |
3.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.70
|
5.88 |
5.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.82
|
13.08 |
9.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.55 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
3.22 |
6.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.61 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in Report
(Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the firm |
Yes |
|
Constitutions of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
-- |
|
No. of Employees |
Yes |
|
Name of person Contacted |
Yes |
|
Designation of contact person |
Yes |
|
Turnover of firm for last 3 years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for Variation <> 20%` |
-- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
No |
|
Details of sister concern |
|
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payment Terms |
Yes |
|
Export/ Import Details (If applicable) |
Yes |
|
Market Information |
-- |
|
Litigations that the firm/ Promoter involved in |
-- |
|
Banking Details |
Yes |
|
Banking Facility details |
Yes |
|
Conduct of the banking account |
-- |
|
Buyer visit details |
-- |
|
Financials, fi provided |
Yes |
|
Incorporation details, if applicable |
-- |
|
Last accounts filed at ROC |
-- |
|
Major Shareholders , if available |
-- |
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for goods and others |
111.668 |
91.616 |
126.709 |
|
Total |
111.668 |
91.616 |
126.709 |
PARTIAL DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2010 |
|
Balasaheb Narhari Shinde |
0.193 |
|
Bhagwan Govind Bidwai |
0.382 |
|
Govindrao Genubhai Ghodekar |
0.465 |
|
Kisan Banurao Kale |
0.391 |
|
Ramchandra Baburao Kolhe |
0.361 |
|
Sham
Bhau Kolhe |
0.234 |
|
Swapnil Vishwanath Jadhav |
0.444 |
|
Abhishek Sambhahji Hirve |
0.037 |
|
Bhagwan Tukaram Khetmalis |
1.313 |
|
Chand Abbas Ali Sheikh |
0.042 |
Operations:
The company expects a great response to the
activity in the coming future. The Directors have taken steps for improving the
quality and decided to give emphasis on marketing and to strengthen the internal
controls. The focus during the year have been to continuous invest in improving
the delivery practices and enhance the relationships with the customers to
deliver higher value. The company is expecting to grow the business in the
coming years.
Net sales and other income of the company
increase to Rs. 644.100 Millions form Rs. 585.900 Millions in the previous
year, which shows growth of 9.94%.
The Profit after tax for the current year is
Rs. 32.480 Millions as against Rs. 20.924 Millions in the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01122PN1999PTC013907 |
|
Name of the
company |
CHAND FRUIT COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Bagwan Agriculture Farm, Akali Road, Miraj-416410, Maharashtra, India |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90092409 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
IDBI Bank Limited, Shri Kurpa, C.S. No. 4158/A, Ne3ar Maidan Datta
Mandir, Bramin Puri, Near Maida,
Miraj-416410, Maharashtra, India |
|
Nature of
instrument creating charge |
1) Supplemental
Deed of Hypothecation 2) Supplemental
Facilities Agreement (All the
agreements executed for a single modification) |
|
Date of
instrument Creating the charge |
24.02.2011 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BBR +1.75% or
rate s may be prescribed by Bank from time to time Terms of
Repayment Yearly review/
Renewal / Liquidation Margin 25% Extent and
Operation of the charge The mortgagor
company created a registered mortgage
in respect of its immovable properties for repayment of Rs. 90.000 Millions
(PC/PCFC/FBP) sanctioned to Chand Fruit Company Private Limited with all
interest, costs, expenses, charge commissions and all other moneys payable to
the mortgage bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on
all current assets Hypothecation of
goods procured for export receivables. First Charge on
gross block of company (Excluding Wind Mill Project Land and Unit) Equitable
Mortgage of Agri Land and Gat No. 154/2A/2B at Miraj owned by Director of the
company. FDR of Rs. 10.000
Millions |
|
Date of
instrument modifying the charge |
24.04.2009 |
|
Particulars of
the present modification |
The PCFC limit is
enhanced from Rs. 70.000 Millions to Rs. 90.000 Millions. The charge on hypothecated
assets extended to secure the total facilities availed by the company. |
Fixed Assets:
·
Machinery and
Installation
·
Electric Installation
·
Furniture
·
Air Conditioner Machinery
·
EPBX Machine
·
Plastic Crates
·
Office Automation
·
Vehical- Tata Innova
·
Inkjet Printer
·
TVS Star
·
Ford Fiesta
·
Mobile Handset
·
Pallet Truck (Hand
Hydraulic)
·
Computer HCL PC
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.50.06 |
|
|
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.