MIRA
INFORM REPORT
|
Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDFRAG LIMITED |
|
|
|
|
Registered
Office : |
#15, 2nd Floor, 12th Cross Service Road, Hal II
Stage, Bangalore – 560008, Karnataka, India |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.02.1987 |
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Com. Reg. No.: |
18-051014 |
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Capital
Investment / Paid-up Capital : |
Rs.39.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U02424KA1987PLC051014 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Producer
of natural extracts for the Dietary Supplement, Sport Nutrition,
Pharmaceutical, Food and Cosmetic Industries. |
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|
|
|
No. of Employees
: |
Not Available |
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 1460000 |
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|
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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.
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
#15, 2nd Floor, 12th Cross Service Road, Hal II
Stage, Bangalore – 560008, Karnataka, India |
|
Tel. No.: |
91-80-25285365 / 25285366 |
|
Fax No.: |
91-80-25284636 |
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E-Mail : |
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|
Website : |
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|
Branch Office : |
Located at
|
DIRECTORS
As on 10.09.2010
|
Name : |
Mr. Venkatachalam Arunachalam |
|
Designation : |
Director |
|
Address : |
No.3, |
|
Date of Birth/Age : |
05.09.1961 |
|
DIN : |
00115568 |
|
Date of Appointment : |
20.06.2009 |
|
|
|
|
Name : |
Mr. Philip Samuel |
|
Designation : |
Managing director |
|
Address : |
103, 4th Main Domlur, 2nd Stage, |
|
Date of Birth/Age : |
18.09.1947 |
|
DIN : |
00582590 |
|
Date of Appointment : |
30.08.1995 |
|
|
|
|
Name : |
Mrs. Anita Samuel |
|
Designation : |
Whole-time director |
|
Address : |
103, 4th Main Domlur, 2nd Stage, |
|
Date of Birth/Age : |
26.01.1955 |
|
DIN : |
00586165 |
|
Date of Appointment : |
29.05.1997 |
|
|
|
|
Name : |
Mr. Fabian Samuel |
|
Designation : |
Whole-time director |
|
Address : |
103, 4th Main Domlur, 2nd Stage, |
|
Date of Birth/Age : |
19.08.1978 |
|
DIN : |
00586178 |
|
Date of Appointment : |
26.09.2003 |
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|
|
|
Name : |
Mr. Sumant Kapur |
|
Designation : |
Director |
|
Address : |
B17/2, |
|
Date of Birth/Age : |
05.09.1952 |
|
Din : |
00593751 |
|
Date of Appointment : |
10.05.1996 |
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|
|
|
Name : |
Mr. Thoppur Rajagopal Natarajan |
|
Designation : |
Director |
|
Address : |
Plot NO.17, 4th |
|
Date of Birth/Age : |
20.02.1948 |
|
Din : |
02575903 |
|
Date of Appointment : |
16.03.2009 |
|
|
|
|
Name : |
Mr. Vellayan Arunachalam |
|
Designation : |
Alternate director |
|
Address : |
No.5, |
|
Date of Birth/Age : |
09.01.1953 |
|
Din : |
00148891 |
|
Date of Appointment : |
22.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Philip Samuel |
|
1754361 |
|
Anita Samuel |
|
343135 |
|
Fabian Samuel |
|
589333 |
|
Raj An Asirvatham |
|
180000 |
|
Ashok Samuel |
|
900 |
|
Avellayan |
|
73900 |
|
Avenkatachalam |
|
60000 |
|
Av.Arunachalam |
|
90000 |
|
V.Narayanan |
|
90000 |
|
V. Aru Nac Halam |
|
90000 |
|
Dunbridge Investments |
|
404000 |
|
Vasantha Natarajan |
|
13500 |
|
|
|
232000 |
|
P.P.Madappa |
|
19800 |
|
K.Ullas Kamath |
|
16000 |
|
Peterson Sudhakar J |
|
1500 |
|
Sandeep Chakrabarti |
|
2400 |
|
M.G.Sunder Rajan |
|
5900 |
|
A |
|
3000 |
|
Baburajk |
|
900 |
|
C R Shiva Shankar |
|
1500 |
|
G Jagadeesan |
|
930 |
|
Issac Mathai Nooranal |
|
3000 |
|
L Raghunathan |
|
2500 |
|
Mario Crasto |
|
2700 |
|
Raj Kumar Sathyaraj |
|
900 |
|
Nalini Mohandas Pai |
|
900 |
|
Chetna Shah |
|
900 |
|
Haresh Shah |
|
900 |
|
Harinder Singh Patheja |
|
900 |
|
P Pan D Ian |
|
3100 |
|
Santhivetr Is |
|
1100 |
|
Total |
|
3989959 |
As on 10.09.2010
|
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 |
15.94 |
|
Directors or relatives of Directors |
77.83 |
|
Other top fifty shareholders |
6.23 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer
of natural extracts for the Dietary Supplement, Sport Nutrition,
Pharmaceutical, Food and Cosmetic Industries. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
P. Chandrasekar Chartered Accountant |
|
Address : |
S-616, Manipal Centre, 47, |
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|
|
|
Subsidiaries : |
Sushrut Herbals Private Limited CIN : U24239KA2000PTC026409 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/-each |
Rs.100.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,989,959 |
Equity Shares |
Rs.10/-each |
Rs.39.900
millions |
|
|
|
|
|
Of the above 2,574,160 equity shares,
fully paid have been issued as bonus shares by capitalization of general
reserve and 128,719 right shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
39.900 |
39.900 |
39.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
226.077 |
206.766 |
136.493 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
265.977 |
246.666 |
176.393 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
20.531 |
61.339 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
20.531 |
61.339 |
|
|
DEFERRED TAX LIABILITIES |
0.836 |
0.908 |
8.980 |
|
|
|
|
|
|
|
|
TOTAL |
266.813 |
268.105 |
246.712 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
160.600 |
177.587 |
165.933 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.072 |
2.072 |
2071 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.541
|
52.649 |
54.120 |
|
|
Sundry Debtors |
23.689
|
41.643 |
27.054 |
|
|
Cash & Bank Balances |
65.495
|
59.952 |
31.804 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
33.790
|
38.565 |
19.184 |
|
Total
Current Assets |
175.515
|
192.809 |
132.162 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000 |
49.331 |
17.353 |
|
|
Other Current Liabilities |
71.374
|
18.114 |
33.793 |
|
|
Provisions |
0.000 |
36.918 |
2.308 |
|
Total
Current Liabilities |
71.374
|
104.363 |
53.454 |
|
|
Net Current Assets |
104.141
|
88.446 |
78.708 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
266.813 |
268.105 |
246.712 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
302.029 |
605.770 |
260.584 |
|
|
|
Other Income |
8.451 |
8.600 |
10.891 |
|
|
|
TOTAL (A) |
310.480 |
614.370 |
271.475 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
60.254 |
130.874 |
57.821 |
|
|
|
Operating Expenses |
183.730 |
356.173 |
163.104 |
|
|
|
Increase / Decrease in stock |
[2.773] |
4.146 |
26.160 |
|
|
|
TOTAL (B) |
241.211 |
491.193 |
247.085 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.269 |
123.177 |
24.390 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.087 |
2.900 |
6.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.182 |
120.277 |
17.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.979 |
21.450 |
21.312 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
46.203 |
98.827 |
[3.757] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.842 |
4.232 |
0.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
41.361 |
94.595 |
[2.816] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
181.211 |
109.956 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
[4.620] |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
[5.985] |
[19.950] |
0.000 |
|
|
|
Interim Dividend |
[13.965] |
0.000 |
0.000 |
|
|
|
Interim / Proposed Dividend Tax |
[3.082] |
[3.390] |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
194.920 |
181.211 |
109.956 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.37 |
23.71 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.32
|
15.40 |
[1.04] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.30
|
16.31 |
[1.44] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.75
|
26.68 |
[1.26] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.40 |
[0.02] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
0.51 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46
|
1.85 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office address
of the company has been shifted from 102/3
Business Review:
Their ongoing
strategy of broad basing sales to many countries and decreasing dependence on a
few products continues successfully, reducing the risks. Due to global market
recession there was unforeseen reduction in sales during the year. However,
they expect good improvement in the years to come.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10144211 |
|
Corporate
identity number of the company |
U02424TZ1987PLC006931 |
|
Name of the
company |
INDFRAG LIMITED |
|
Address of the registered
office or of the principal place of
business in |
102/3 635113 |
|
Type of charge |
|
|
Particular of
charge holder |
ABN Amro Bank N. V., 74, Sakhar Bhavan, 7th Floor, Nariman
Point,, Mumbai - 400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
deed of movable assets |
|
Date of
instrument Creating the charge |
02.03.2009 |
|
Amount secured by
the charge |
Rs.40.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Credit Facilities. Commission / Interest
- At negotiated Rates Terms of
Repayment - As agreed by and with the Bank from time to time. Margin - As
applicable, if any. Extent and
Operation of the charge - The Bank is having sole charge on the security
given by the Company. |
|
Short particulars
of the property charged |
Sole Charge on
all current assets (present and future) and sole charge on all movable assets
(present and future) Credit limits
availed from ABN Amro Bank NV is only INR 40 million as against charge
created on 12.10.2004 and the present charge being modified |
|
Particulars of
the present modification |
Sole Charge on
Book Debts and all movable fixed assets (both present and future). within in
the overall limit of Rs.40.000 millions. |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Installations
·
Vehicles
·
Research and Development Equipment
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.46.17 |
|
|
1 |
Rs.73.64 |
|
Euro |
1 |
Rs.64.95 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.