|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENTEL FOOD PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
SIDHWA House 3rd Floor, M Asawant Marg, Colaba, Mumbai
400005, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.07.1987 |
|
|
|
|
Com. Reg. No.: |
044173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 million |
|
|
|
|
CIN No.: [Company Identification No.] |
U15100MH1987PTC044173 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05830G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE7857L |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Supplier of Frozen Seafood |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRAs Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38536 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
SIDHWA House 3rd Floor, M Asawant Marg, Colaba, Mumbai
400005, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
C 21 / 6, TTC Industrial Area, MIDC, Pawne Village, Turbhe, Navi
Mumbai 400703, Maharashtra, India |
|
Tel. No.: |
91-22-27681943 |
|
Mobile No.: |
91-9820078117 (Ms. Veera Somaya) |
|
Fax No.: |
91-22-27617115 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Ms. Veera Somaya |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.09.1960 |
|
Date of Appointment : |
01.02.1997 |
|
DIN No.: |
00481805 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U15100MH1987PTC044173
|
ENTEL FOOD PRODUCTS
PVT LTD |
Director |
01/02/1997 |
01/02/1997 |
- |
Active |
NO |
|
2 |
U24110MH1987PLC044801
|
HMG INDUSTRIES
LIMITED |
Director |
29/12/2011 |
29/12/2011 |
- |
Active |
NO |
|
Name : |
Mr. Aashish V Chavan |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.06.1964 |
|
Date of Appointment : |
01.02.1997 |
|
DIN No.: |
00481739 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Aashish V Chavan |
100 |
|
Veera Somaya |
1400 |
|
Renuka Avinash Goel |
1750 |
|
Methoo Zaki Hajeebhoy |
1750 |
|
Total |
5000 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
30.00 |
|
Other top fifty shareholders |
|
70.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Frozen Seafood |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Frozen Foods |
Qty (Tons) |
2745.238 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
Bankers : |
· Kotak Mahindra Bank · Standard Chartered Bank ·
Barclays Finance ·
Bank of Baroda ·
ICICI Bank ·
HSBC Bank ·
Vijaya Bank |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N S Gokhale and Company Chartered Accountant |
|
Address : |
104, Siddharth Darshan, 1st Floor, Dada Patil Wadi, Dada Patil
MArg, Thane 400602, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100 each |
Rs. 0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100 each |
Rs. 0.500 million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.134 |
6.136 |
4.683 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.634 |
6.636 |
5.183 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.502 |
1.726 |
2.384 |
|
|
2] Unsecured Loans |
9.580 |
4.080 |
4.080 |
|
|
TOTAL BORROWING |
13.082 |
5.806 |
6.464 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.716 |
12.442 |
11.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.570 |
1.851 |
2.220 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.220
|
16.860 |
24.264 |
|
|
Sundry Debtors |
30.962
|
10.054 |
5.470 |
|
|
Cash & Bank Balances |
4.358
|
5.408 |
2.593 |
|
|
Other Current Assets |
0.069
|
0.042 |
0.019 |
|
|
Loans & Advances |
8.320
|
5.515 |
2.687 |
|
Total
Current Assets |
55.929
|
37.879 |
35.033 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.143
|
22.828 |
22.444 |
|
|
Other Current Liabilities |
1.461
|
1.259 |
1.037 |
|
|
Provisions |
5.179
|
3.201 |
2.125 |
|
Total
Current Liabilities |
34.783
|
27.288 |
25.606 |
|
|
Net Current Assets |
21.146
|
10.591 |
9.427 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.716 |
12.442 |
11.647 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales / Service |
221.298 |
160.584 |
159.033 |
|
|
|
Other Income |
0.000 |
0.587 |
0.594 |
|
|
|
TOTAL (A) |
221.298 |
161.171 |
159.627 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
148.861 |
105.210 |
126.370 |
|
|
|
Materials Consumed Fresh |
0.417 |
1.968 |
0.000 |
|
|
|
Purchase Trading |
0.324 |
0.216 |
0.043 |
|
|
|
Increase/(Decrease) in Finished Goods |
4.528 |
7.410 |
(5.093) |
|
|
|
Administrative Expenses |
58.693 |
41.011 |
31.421 |
|
|
|
TOTAL (B) |
212.823 |
155.815 |
152.741 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.475 |
5.356 |
6.886 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.029 |
1.672 |
3.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.446 |
3.684 |
3.601 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.285 |
0.336 |
0.397 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.161 |
3.348 |
3.204 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.978 |
1.076 |
1.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.183 |
2.272 |
2.023 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
3.036 |
2.583 |
2.378 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
1.000 |
1.000 |
|
|
|
Dividend |
1.000 |
0.700 |
0.700 |
|
|
|
Tax on Dividend |
0.185 |
0.119 |
0.118 |
|
|
BALANCE CARRIED
TO THE B/S |
3.034 |
3.036 |
2.583 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
836.71 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.89
|
1.40 |
1.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.78
|
2.08 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.71
|
8.42 |
8.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.50 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.96
|
4.98 |
6.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.38 |
1.36 |
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 |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
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 |
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 Intl
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 companys 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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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.