MIRA
INFORM REPORT
|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KAVISHA FOOD AND AGRO PROCESSING INDIA PRIVATE LIMITED |
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Registered
Office : |
F-52, Professor Colony, Kamla Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
20-033971 |
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Capital
Investment / Paid-up Capital : |
Rs.0.260 Million |
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CIN No.: [Company Identification
No.] |
U01400UP2007PTC033971 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AGRK10930D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pickles, Jam, Jelly, Ketchup, Sauce,
Mayonnaise, Cake Mix, Squash juice, Canned juice, Culinary Powder, Etc |
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|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. Trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
F-52, Professor Colony, Kamla Nagar, |
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Tel. No.: |
91-562-3265502 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vivek Agrawal |
|
Designation : |
Director |
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Address : |
F-52, Professor Colony, Kmla Nagar, |
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Date of Birth/Age : |
30.12.1983 |
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Date of Appointment : |
28.09.2007 |
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DIN No.: |
01740011 |
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Name : |
Mr. Sarthar Singhal |
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Designation : |
Director |
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Address : |
F-42, Professor Colony, Kmla Nagar, |
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Date of Birth/Age : |
03.08.1988 |
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Date of Appointment : |
28.09.2007 |
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DIN No.: |
01681489 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vivek Agrawal |
|
6000 |
|
Sarthak Singhal |
|
4000 |
|
Hari Shankar Agarwal |
|
3000 |
|
|
|
2000 |
|
Indra Agarwal |
|
2000 |
|
Ranjana Agarwal |
|
2000 |
|
Anurag Garg |
|
2000 |
|
Anuj Garg |
|
3000 |
|
Satish Agarwal |
|
2000 |
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Total |
|
26000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
92.31 |
|
Other top fifty shareholders |
7.69 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pickles, Jam, Jelly, Ketchup, Sauce, Mayonnaise,
Cake Mix, Squash juice, Canned juice, Culinary Powder, Etc |
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|
|
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Products : |
Processed Food |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surendra G. and Company Chartered Accountants |
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Address : |
7-D, First Floor, Block 57, |
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Tel. No.: |
91-562-4062866 |
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Mobile No.: |
91-9412255886 |
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Fax No.: |
91-562-4062866 |
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E-Mail : |
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PAN.: |
AARPG3157F |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
26000 |
Equity Shares |
Rs.10/- each |
Rs.0.260
Million |
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|
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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 |
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|
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1] Share Capital |
0.260 |
0.260 |
0.260 |
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2] Share Application Money |
1.651 |
1.651 |
1.651 |
|
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.272) |
(0.118) |
(0.019) |
|
|
NETWORTH |
1.639 |
1.793 |
1.892 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.508 |
2.095 |
0.000 |
|
|
2] Unsecured Loans |
10.719 |
7.550 |
6.277 |
|
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TOTAL BORROWING |
16.227 |
9.645 |
6.277 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.866 |
11.438 |
8.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.500 |
9.379 |
8.275 |
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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 |
0.085 |
0.029 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
4.251
|
1.578 |
0.235 |
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Sundry Debtors |
4.652
|
0.742 |
0.000 |
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Cash & Bank Balances |
1.420
|
0.299 |
0.016 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.684
|
1.464 |
0.149 |
|
Total
Current Assets |
11.007
|
4.083 |
0.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
5.144
|
2.167 |
0.699 |
|
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Other Current Liabilities |
0.681
|
0.035 |
0.007 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
5.825
|
2.202 |
0.706 |
|
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Net Current Assets |
5.182
|
1.881 |
(0.306) |
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MISCELLANEOUS EXPENSES |
0.099 |
0.149 |
0.200 |
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TOTAL |
17.866 |
11.438 |
8.169 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
32.133 |
6.810 |
1.161 |
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Other Income |
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TOTAL |
32.133 |
6.810 |
1.161 |
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Less |
EXPENSES |
|
|
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|
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|
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|
30.676 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
30.676 |
5.566 |
1.002 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.457 |
1.244 |
0.159 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.667 |
1.373 |
0.175 |
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PROFIT BEFORE
TAX |
(0.210) |
(0.129) |
(0.016) |
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Less |
TAX |
(0.057) |
(0.029) |
0.000 |
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PROFIT AFTER TAX
|
(0.153) |
(0.100) |
(0.016) |
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Earnings Per
Share (Rs.) |
(5.89) |
(3.84) |
(0.62) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.48)
|
(1.47) |
(1.38) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.89)
|
(0.96) |
(0.18) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
(0.07) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.45
|
6.61 |
3.69 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.85 |
0.57 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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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 |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01400UP2007PTC033971 |
|
Name of the
company |
KAVISHA FOOD AND AGRO PROCESSING INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
F-52, Professor Colony, Kamla Nagar, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable property Movable property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Agreement of Loan
cum hypothecation, Letter of arrangement and Deed of further charge |
|
Date of
instrument Creating the charge |
17.02.2010 |
|
Amount secured by
the charge |
Rs.6.700 Millions
|
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 14% on Term Loan
and 13.5% on cash credit Terms of Repayment Terms repayable
in 60 installment of Rs.41667 each. Working capital loan are repayable on
demand. Margin 28.57% Extent and Operation of the charge The companies
properties as mentioned hereunder (as per column No.14) are hypothecated to
secure term loan for Rs.2.500 Millions cash credit limit up Rs.3.000 Millions
and L/c limit up to Rs.1.200 Millions total Rs.6.700 Millions granted by bank
to the borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stocks and all
types of machinery belonging to the borrower. |
Fixed Assets:
- Building
- Furniture and
Fixture
- Plant and
Machinery
- Motor Car
- Motor Lorries
- Computer
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.51.66 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.