|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRI VARSHA FOOD PRODUCTS INDIA LIMITED |
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Registered
Office : |
D.NO. 19-3-13/9, 4th Floor, Tirupathi -517501, Andhra
Pradesh. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.11.2008 |
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Com. Reg. No.: |
061664 |
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Capital
Investment/ Paid-up Capital: |
Rs.61.720 Millions |
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CIN No.: [Company Identification
No.] |
U15132AP2008PLC061664 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporters of Fruit Pulps |
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No. of Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The management
of the company has failed to file its financial with the government
departments after the year 2010. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with some
caution. |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D.NO. 19-3-13/9, 4th Floor, Tirupathi- -517501, |
|
Tel. No.: |
91-844-2100304 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
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Tel. No.: |
91-877-2100304,2101305 |
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Area : |
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|
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Head Office : |
D.NO. 19-3-13/9, 4th Floor, |
DIRECTORS
As on 23.09.2010
|
Name : |
Kasturi Viswanadha Naidu |
|||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
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Address : |
H.No.5-325/1, Gayatri Nagar, Tirupati – 517501, |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
03.11.2008 |
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Din No.: |
01134617 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Sivaji Rao Ramineni |
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Designation : |
Director |
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Address : |
10-67, M.R.Palli, Maruthi Nagar, Tirupati -517501, |
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Date of Birth/Age : |
10.12.1955 |
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Date of Appointment : |
03.011.2008 |
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Din No.: |
02321080 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
LIST OF ALLOTTEES
|
Names of Allottees |
|
No. of Shares |
|
K.Vishwanth Naidu |
|
1747025 |
|
V Praddep Kumar |
|
1044975 |
|
V. Umapathi |
|
828000 |
|
Nandgopal |
|
200000 |
|
R. Appji Naidu |
|
10000 |
|
R.Sivaji Rao |
|
20000 |
|
R.Subhash Chnadra |
|
10000 |
|
Vrash Vishwanth properties Private Limited, |
|
1000000 |
|
Total |
|
4860000 |
As on 15.04.2010
|
Names of Allottees |
|
No. of Shares |
|
Sri Kasthri Vishwanath Naidu |
|
491565 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Fruit Pulps |
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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 : |
Indian Overseas Bank , 630, |
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
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|
Name : |
MMGS and Associates |
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Address : |
Flat No.103, |
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|
|
Enterprises in which Key Management Personnel and / or their
relatives have significant
influence : |
·
Varsha Viswanath Properties Private Limited ·
Rasnmadhuri Food Products |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5860000 |
Equity Share |
Rs.10/- each |
Rs.58.600
Millions |
|
|
(out of the above 920000 shares were allotted for consideration than cash ) |
|
|
|
|
Shares Application pending money |
|
Rs.3.120
Millions |
|
Total |
|
|
Rs.61.720 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 |
|
61.720 |
36.380 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.462 |
0.00 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.00 |
|
|
NETWORTH |
|
66.182 |
36.380 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
149.685 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
149.685 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
215.867 |
36.380 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
127.491 |
17.931 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
Advance for Capital Goods |
|
17.232 |
7.868 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
74.476 |
0.000 |
|
|
Sundry Debtors |
|
4.360 |
0.000 |
|
|
Cash & Bank Balances |
|
31.102 |
11.833 |
|
|
Other Current Assets |
|
0.000 |
0.448 |
|
|
Loans & Advances |
|
56.732 |
0.00 |
|
Total
Current Assets |
|
166.670 |
12.281 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
74.125 |
3.655 |
|
|
Other Current Liabilities |
|
13.479 |
0.000 |
|
|
Provisions |
|
8.049 |
0.173 |
|
Total
Current Liabilities |
|
95.653 |
3.828 |
|
|
Net Current Assets |
|
71.017 |
8.453 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.127 |
2.128 |
|
|
|
|
|
|
|
|
TOTAL |
|
215.867 |
36.380 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
182.415 |
NA |
|
|
|
Other Income |
|
1.692 |
NA |
|
|
|
TOTAL (A) |
|
184.107 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
131.693 |
NA |
|
|
|
Selling and Administrative Expenses |
|
10.083 |
NA |
|
|
|
TOTAL (B) |
|
141.776 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
42.331 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
15.594 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
26.737 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
14.226 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
12.511 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
8.049 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
4.462 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
0.093 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
7.61 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.42 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
6.86 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.25 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.71 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.74 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last one year |
Yes |
|
Profitability
for last one years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
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,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
OPERATIONS:
The Company has successfully implemented the project for establishing pulp
processing unit at S.N. Puram Puttur, Road, Renigunta
The Company started commercial production on 29th May 2009.
During the year company has achieved a turnover of Rs.184.108 Millions and
earned a net profit of Rs4.462 Millions after provision for tax
Proximity of the raw material plays a very important part in identifying the food products that
could be processed, Tomatoes, Bananas, Papayas and Guavas are available in
plenty in and around Chittor District. During the year only trial production is
being carried out for pulp for the above fruits. They see an very good scope in
these products
The company has taken steps to get required certification for exports to
develop market such as US European Union. The company now holds the following
quality certificates
1.
ISO 9001 :2008
2.
Certificate from HACCP
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U15132AP2008PLC061664 |
|
Name of the
company |
SRI VARSHA FOOD
PRODUCTS INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in |
D.NO. 19-3-13/9, 4th Floor, Tirupathi - -517501 Email: sarma_19592004@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10224380 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
Indian Overseas Bank , 630, Email ID: vjtptbr@vijsco.iobnet.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Agreement |
|
Date of instrument
Creating the charge |
16.06.2010 |
|
Amount secured by
the charge |
Rs.195.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Term Loan BPLR
Plus 1% For Cash Credit BPLR
Plus 0.50% Terms of Repayment Cash Credit
Repayable on demand and interest is to be serviced as and when debited Margin For Cash Credit 25% Extent and Operation of the charge The Charges
operates for repayment of existing term loan of Rs.86.500 Millions Plus
interest and also repayment of Cash Credit with enhanced limit Rs.110.000
Millions with interest. |
|
Short particulars
of the property charged |
Hypothecation of
Stocks and Book Debts |
|
Particulars of the
present modification |
The Credit Limits
have been enhanced from Rs.166.500 Millions to Rs.196.500 Millions as under : Existing Term
Loan of Rs.86.500 Millions Cash Credit Limit
from Rs.80.000 Millions to Rs.110.000 Millions |
FIXED ASSETS:
·
Plant and Machinery
·
Building
·
Computers
·
Furniture and Fixtures
·
Vehicles
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.