MIRA
INFORM REPORT
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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FIVE STAR DEHYDRATION PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.05.2003 |
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Com. Reg. No.: |
04 -042370 |
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Capital
Investment/ Paid-up Capital: |
Rs.7.500 Million |
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CIN No.: [Company Identification
No.] |
U15132GJ2003PTC042370 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTF00133A |
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PAN No.: [Permanent Account No.] |
AACCF7398D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Exporter of Dehydration Onion, Garlic and
Vegetables. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 138000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some dip in the turnover and profitability. Also the profit margin of the
company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/Administration office : |
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Tel. No.: |
91-2842-240267 |
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Fax No.: |
91-2842-222467 |
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E-Mail : |
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Web Site: |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Gulamabbas Noormahmad Bhurani |
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Designation : |
Director |
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Address : |
Gulubhai’s Wadi, Talaja,
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Date of Birth/Age : |
17.12.1945 |
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Date of Appointment : |
09.05.2003 |
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Din No.: |
00115739 |
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Name : |
Mr. Naushadali Gulamabbas Bhurani |
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Designation : |
Director |
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Address : |
Gulubhai’s Wadi, |
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Date of Birth/Age : |
22.01.1971 |
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Date of Appointment : |
25.06.2003 |
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Din No.: |
00115893 |
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Name : |
Mr. Nihal Gulamabbas Bhurani |
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Designation : |
Director |
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Address : |
Noor Housing Society, Gulubhai’s Wadi, |
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Date of Birth/Age : |
08.11.1974 |
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Date of Appointment : |
25.06.2003 |
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Din No.: |
00115679 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Gulamabbas Noormahmad Bhurani |
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189944 |
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Naushadali Gulamabbas Bhurani |
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186747 |
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Nihal Gulamabbas Bhurani |
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168934 |
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Raziyabanu Gulamabbas Bhurani |
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51875 |
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Rozibanu Nihalali Bhurani |
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20000 |
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Reshmabanu Naushadali Bhurani |
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20000 |
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Gajanandbhai Devshankar Pandya |
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57188 |
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Mahesh Gajanandbhai Pandya |
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17500 |
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Pramodbhai Gajanandbhai Pandya |
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10000 |
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Vivek Maheshbhai Pandya |
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4125 |
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Harshaben Vrajlal Upadhyay |
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16625 |
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Hansaben B. Upadhyay |
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7062 |
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Total |
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750000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporter of Dehydration Onion, Garlic and
Vegetables. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Saurashtra, Main Branch, Vav
Chowk, Talaja - 364140, ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C. P Shah and Company Chartered Accountant |
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Address : |
403, Ashwamegah House, Navrangpura, Ahmedabad – 380009, |
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Pan No.: |
ACBPS8919F |
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Related Party : |
Fine Foods Industries |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.979 |
25.904 |
23.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.479 |
33.404 |
31.410 |
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LOAN FUNDS |
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1] Secured Loans |
31.747 |
23.322 |
25.937 |
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2] Unsecured Loans |
1.589 |
3.218 |
2.119 |
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TOTAL BORROWING |
33.336 |
26.540 |
28.056 |
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DEFERRED TAX LIABILITIES |
1.009 |
0.876 |
0.758 |
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TOTAL |
68.824 |
60.820 |
60.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.512 |
17.887 |
18.743 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.800
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32.338 |
40.480 |
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Sundry Debtors |
32.242
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14.364 |
13.505 |
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Cash & Bank Balances |
0.706
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0.072 |
0.322 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
14.420
|
23.378 |
9.381 |
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Total
Current Assets |
74.168
|
70.152 |
63.688 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.775
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23.304 |
19.276 |
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Other Current Liabilities |
0.112
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0.832 |
0.093 |
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Provisions |
2.969
|
3.083 |
2.838 |
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Total
Current Liabilities |
23.856
|
27.219 |
22.207 |
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Net Current Assets |
50.312
|
42.933 |
41.481 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.824 |
60.820 |
60.224 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Other Income |
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TOTAL |
193.974 |
213.246 |
253.084 |
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Less |
EXPENSES |
189.921 |
208.049 |
243.767 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.053 |
5.197 |
9.317 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
2.513 |
2.636 |
2.475 |
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PROFIT BEFORE
TAX |
1.540 |
2.561 |
6.842 |
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Less |
TAX |
0.465 |
0.568 |
3.159 |
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PROFIT AFTER TAX |
1.075 |
1.993 |
3.683 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.904 |
23.911 |
20.227 |
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BALANCE CARRIED
TO THE B/S |
26.979 |
25.904 |
23.910 |
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Earnings Per
Share (Rs.) |
1.43 |
2.66 |
4.91 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.55 |
0.93 |
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.66 |
2.91 |
8.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.08 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66 |
1.61 |
1.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.11 |
2.57 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Constitution
of the firm |
Yes |
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Premises
details |
No |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
No |
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Name
of Person Contacted |
No |
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Designation
of contact person |
No |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last three years |
Yes |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
No |
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Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
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Major
Suppliers |
No |
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Major
Customers |
No |
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Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
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Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
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Banking
Facility Details |
Yes |
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Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
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Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
No |
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Major
Shareholders, if applicable |
Yes |
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Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
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PAN
of Proprietor/Partner/Director, if available |
No |
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Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
WORKING
The company’s working for the year is satisfactory
and before charging deprecation, there is a profit of Rs.4.053 Million after
deprecation of Rs. 2.514 Million and Taxation provision of Rs.0.331 Million and
Deferred Tax liabilities Rs. 1.009 there are a profit of Rs. 1.075 Million
FORM 8
|
Corporate
identity number of the company |
U15132GJ2003PTC042370 |
|
Name of the
company |
FIVE
STAR DEHYDRATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Email: info@fivestardehydration.com
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|
This form is for |
Modification of charge |
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Charge identification (ID) number of the charge to be
modified |
10044422 |
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Type of charge |
Immovable property |
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Particular of
charge holder |
State Bank of Email: sbi.60026@sbi.co.in
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Nature of instrument
creating charge |
Memorandum
relating to deposit of title deeds for creation of further charge for term
loan / overall limit where the initial charge is created by way of mortgage
by deposit of title deeds dated 02.06.2010. |
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Date of instrument
Creating the charge |
02.06.2010 |
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Amount secured by
the charge |
Rs.50.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest % Below SBAR with
minimum of 10.75% P.A. with monthly rests. Term
of Payment: On demand Margin 25% - Raw Materials Extent and
operation of the charge Charge is operational to the extent
of Rs. 50.000 Millions plus other due payable by the borrower to the bank, on
the immovable properties of the company more particularly mentioned in the
MODTD dated 02.06.2010 attached herewith. Others: |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
Property and Industrial land of S.No.63/1p in Talaja adm. 750 sq. mtrs. in the
name of Five Star Dehydration Private Limited Property
Bearing Residential Plot Situated at Plot No. 23 of R.S. No. 45p in Talaja,
Dist: Property
Bearing Residential Plot situated at Plot No. 17 of R.S. No. 45p in Talaja,
Dist: Property
Bearing Residential Plot situated at Plot No. 20 of R.S. No. 45p in Talaja,
Dist: Property
Bearing Residential Plot situated at Pl No.2,9,22,25,26 and 27 of R.S.No. 45p
in Talaja, Dist: |
|
Date of last modification prior to the present modification |
08.03.2008 |
|
Particulars of the present modification |
Charge
extended over immovable properties as mentioned above to cover overall credit
limit of Rs. 50.000/- Millions granted by the Bank to the Company. CC /
EPC limit enhanced from Rs. 45.000/- Millions to Rs. 50.000/- Millions. Term
Loan limit - Nil Now
total charge stands at Rs. 50.000/- Millions. |
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Furniture and
Fixtures
·
Computer
·
Air Conditioner
·
Plastic Cerate
·
Electrical Installation
·
Fax Machine
·
·
Laboratory Equipment
·
·
Motor Cycle
·
Mini Truck
AS PER WEB SITE DETAILS
PROFILE:
Subject was established in the year 2003 and started production of dehydrated onions with a mere capacity of 3 MT per day. The first year was total concentration on quality and hence the local market of exporters was supplied. On successful operation and having achieved targets, the foreign market was tapped in subsequent years which showed tremendous acceptability of the company's products which have and are being exported around the globe right from Australia, Asia, Africa to Europe, Canada, South America and the U.S.
To fulfill customer demands, the company's production capacity was increased for dehydrated onions and powder to 10 MT and 6 MT per day respectively. The company has increased its scope of production by starting production of various garlic products as well.
Today FSDPL having achieved success by leaps and bound in a very short span,
stands as one of the leading manufacturers / exporters of quality dehydrated
products in
They aim to achieve
total customer satisfaction through manufacture and supply of quality products
confirm to customer requirements.
They are committed
to continual improvement in all aspects of business by establishing and
maintaining quality management system confirming to international standards.
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 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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.