MIRA
INFORM REPORT
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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SKR FOODS PRIVATE LIMITED |
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Registered
Office : |
14, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.03.2004 |
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Com. Reg. No.: |
11-144989 |
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Capital
Investment/ Paid-up Capital: |
Rs.1.620 Million |
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CIN No.: [Company Identification
No.] |
U15100MH2004PTC144989 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Retailer of Fish and Sea Foods. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 4000 |
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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
a some accumulated losses recorded. However, 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 – 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 : |
14, |
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Tel. No.: |
91-22-22020284 |
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Fax No.: |
91-22-22025112 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Ramesh Pahlajrai
Thakur |
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Designation : |
Director |
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Address : |
607, C Sai, |
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Date of Birth/Age : |
13.03.1963 |
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Date of Appointment : |
11.03.2004 |
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Din No.: |
00648051 |
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Other Directorship:
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Name : |
Mr. Anil Bhupinder Singh |
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Designation : |
Director |
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Address : |
14, |
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Date of Birth/Age : |
13.03.1963 |
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Date of Appointment : |
11.03.2004 |
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Din No.: |
00648159 |
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Other Directorship:
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Name : |
Mr. Vivek Bhupindar
Singh |
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Designation : |
Director |
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Address : |
14, |
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Date of Birth/Age : |
11.11.1966 |
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Date of Appointment : |
11.03.2004 |
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Din No.: |
02565457 |
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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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Anil Bhupinder Singh |
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54000 |
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Ramesh Pahlajrai Thakur |
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54000 |
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Vivek Bhupindar Singh |
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54000 |
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Total |
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162000 |
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 : |
Retailer of Fish and Sea Foods. |
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GENERAL INFORMATION
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Customers: |
· The Taj Group of Hotels · Hotel J.W. Marriott · The Hyatt Group of Hotels · Le Meridien · The Intercontinental Group · Holiday Inn · The Oberoi Group · The Ecotel Group of Hotels · The Leela Group of Hotels ·
The leading supermarkets all over · Restaurants like Olive, Indigo |
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil A. Masand and Company Chartered Accountant |
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Address : |
3, Shewa Apartment, 33-B, |
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Tel. No.: |
91-22-26482720/26493608 |
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Fax No.: |
91-22-26057222 |
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Pan No.: |
AAFPM3445C |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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162000 |
Equity Shares |
Rs.10/- each |
Rs.1.620
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 |
1.620 |
1.620 |
1.620 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.551) |
(0.622) |
(0.447) |
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NETWORTH |
1.069 |
0.998 |
1.173 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
7.579 |
7.054 |
6.100 |
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TOTAL BORROWING |
7.579 |
7.054 |
6.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.648 |
8.052 |
7.273 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.021 |
0.029 |
0.023 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.322 |
0.322 |
0.572 |
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DEFERREX TAX ASSETS |
0.715 |
0.755 |
0.686 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.472
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4.402 |
8.065 |
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Sundry Debtors |
6.311
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4.861 |
3.197 |
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Cash & Bank Balances |
2.741
|
2.787 |
1.437 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.829
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1.965 |
1.981 |
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Total
Current Assets |
13.353
|
14.015 |
14.680 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.157
|
1.105 |
3.855 |
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Other Current Liabilities |
3.599
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4.753 |
3.605 |
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Provisions |
0.019
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1.227 |
1.247 |
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Total
Current Liabilities |
5.775
|
7.085 |
8.707 |
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Net Current Assets |
7.578
|
6.930 |
5.973 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.016 |
0.019 |
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TOTAL |
8.648 |
8.052 |
7.273 |
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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 |
18.083 |
14.782 |
24.558 |
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EXPENSES |
17.946 |
15.016 |
26.780 |
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PROFIT
/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.137 |
(0.234) |
(2.222) |
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DEPRECIATION/
AMORTISATION |
0.008 |
0.009 |
0.015 |
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PROFIT/(LOSS)
BEFORE TAX |
0.129 |
(0.244) |
(2.238) |
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TAX |
0.019 |
0.000 |
0.000 |
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PROFIT/(LOSS)
AFTER TAX |
0.070 |
(0.244) |
(1.816) |
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Earnings Per
Share (Rs.) |
0.43 |
- |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
0.39 |
1.65 |
7.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.96 |
(1.74) |
(15.22) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
(0.24) |
(1.91) |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.49 |
14.17 |
85.59 |
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Current Ratio (Current Asset/Current Liability) |
|
2.31 |
1.98 |
1.69 |
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 |
|
Line
of Business |
Yes |
|
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 |
No |
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Major
Suppliers |
No |
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Major
Customers |
Yes |
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Payment
Terms |
No |
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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 |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
No |
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Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
FINANCIAL RESULTS:
During the year under review the Company incurred a profit of Rs.0.129 Million after providing for depreciation Rs.0.008 Million.The profit transferred to Profit and Loss A/c is Rs.0.070 Million
BUSINESS RESULTS (AN
OVERVIEW)
The year has been a fruitful one for the Company. From the beginning of the year they have focused on building awareness among their target clients of the abilities of their Company to deliver Quality Content and enhanced values. This endeavor has been rewarded with a series of shows delivered to a variety of clients. Some of the key achievements include- with the opening up of the economy and increase in the international travel, the food habits of the people has undergone the sea change, to cater to their demand, they will be happy to inform you that they have added new products to their existing portfolio and also opened up the branch office in Bangalore to meet the requirements of Southern States.
FUTURE PROSPECTS
During the year, the Company made profits and is making efforts to undertake new projects in the near future.
AS PER WEB SITE DETAILS
INTRODUCTION
The Gourmet Foods industry had seen many players providing inconsistent
quality and delivery of goods over the years. There was a void that had to be
filled. “SKR Foods”, the Gourmet Food Marketing unit was launched in November
2001, with its head office at Nariman Point, Mumbai.
SKR Foods decided to take a step forward and handle quality goods that maintained
a high level of consistency, with the key being to deliver these goods in a
timely and efficient manner. As with most fledging companies, that initial
goals were small; with the first consignment of Salmon fish weighing at 150
KGs!
SKR Foods has successfully promoted and marketed the
world-renowned FOSSEN brand of Salmon, imported from
GROWTH
Since inception, SKR has grown significantly with the following statistics
to boast about:
First consignment of salmon was 150 KGs; today each quarterly consignment is approx. 4 tonnes on an average.
The grade A quality Salmon was initially delivered only to establishments based
in Mumbai city; over the years, the distribution network has grown into other
metropolitan cities as
SKR sold 400 kgs / month of Salmon in its first year
and has since evolved into a major distributor, currently selling 1,600 kgs / month.
STRENGTH
The statistics are merely numbers that do not tell the complete story. What
has made SKR a dominant player in the market, and sets it apart from other
Gourmet Food distributors are several key factors:
· Its level of commitment in consistently providing premium quality goods (Salmon).
· The Company’s ability to handle large orders as compared to the other players market.
· Ready Stock availability throughout the year.
· Its formidable distribution network, and
· Timely deliveries of all products.
LOOKING AHEAD
Today
HISTORY OF FOSSEN
HACCP Certified Quality
Fossen's production facility is built according
to the highest hygienic standards, and its quality assurance programme is based on HACCP standards. The factory is HACCP
certified according to both EU and US regulations. These certifications are
renewed annually, thanks to the continual upkeep of routines and skills and the
upgrading of machinery and facilities. All of Fossen's
products are marked with the company's licence number,
H-55.
Integrated Company
The 7,500-m2 plant has an annual prodcution
capacity of 5,000 tonnes of fish. Fossen
operates its own fish farms in order to ensure a stable supply of high-quality
raw materials for smoked and other value-added products. All farming,
slaughtering, processing and export activities are performed in-house.
Fossen is the largest smoke processing house of salmon. It's deep red colour, fine texture and taste have attracted discriminating, quality-concious customers worldwide.
Fossen uses only fresh raw materials in its production of smoked and marinated salmon products. All Fossen products are produced according to Kosher rules and carry the Circle U certification symbol
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 ecords 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 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] 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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
2 |
|
--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 |
|
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--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 |
|
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.