MIRA INFORM REPORT
|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAVORICH AGRO PRIVATE LIMITED (w.e.f. 04.07.2003) |
|
|
|
|
Formerly Known
As : |
AKKAMAHADEVI AGRO FOODS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
45/3 JD Royallite Tumkur Road, Yeshwanthpur, Bangalore-560022,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
24.03.1995 |
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|
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|
Com. Reg. No.: |
08-017441 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.540 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15111KA1995PTC017441 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacture and Reseller of Corn and Rice Products. |
|
|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s 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 106000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
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
|
Registered Office / Factory : |
45/3 JD Royallite Tumkur Road, Yeshwanthpur, Bangalore-560022,
Karnataka, India |
|
Tel. No.: |
91-80-23577111 |
|
Fax No.: |
91-80-23577555 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Located at
|
DIRECTORS
As on 27.09.2012
|
Name : |
Mr. Jayadev Dhoolapalli Munivenkatappa |
|
Designation : |
Director |
|
Address : |
3, 9th Main RMV Extension, Bangalore-560088, Karnataka,
India |
|
Date of Birth/Age : |
01.04.1966 |
|
Date of Appointment : |
24.03.1995 |
|
DIN No.: |
02038258 |
|
|
|
|
Name : |
Ms. Lavanya Jayadev |
|
Designation : |
Director |
|
Address : |
3, 9th Main RMV Extension, Bangalore-560088, Karnataka,
India |
|
Date of Birth/Age : |
23.09.1969 |
|
Date of Appointment : |
24.03.1995 |
|
DIN No.: |
02038272 |
|
|
|
|
Name : |
Mr. Munivenkatta Jayadev Vishal |
|
Designation : |
Additional director |
|
Address : |
3, 9th Main RMV Extension, Bangalore-560088, Karnataka,
India |
|
Date of Birth/Age : |
13.02.1991 |
|
Date of Appointment : |
27.04.2009 |
|
DIN No.: |
02662564 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
D M Jayadev |
|
88399 |
|
Lavanya Jayadev |
|
7000 |
|
Total |
|
95399 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Reseller of Corn and Rice Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V C Kamath and Associates Chartered Accountants |
|
Address : |
No 186/38, 1st floor, Maruthi Building, R V Road, Bangalore-560004,
Karnataka, India |
|
Tel. No.: |
91-80-26574820 |
|
PAN No.: |
AAYPK8396B |
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Associates : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000 |
Equity Shares |
Rs.100/- each |
Rs. 10.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95399 |
Equity Shares |
Rs.100/- each |
Rs. 9.540 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.540 |
5.451 |
5.451 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.990 |
6.682 |
13.389 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26.530 |
12.133 |
18.840 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.996 |
48.317 |
65.230 |
|
|
2] Unsecured Loans |
30.681 |
39.501 |
15.733 |
|
|
TOTAL BORROWING |
100.677 |
87.818 |
80.963 |
|
|
DEFERRED TAX LIABILITIES |
1.533 |
1.916 |
1.925 |
|
|
|
|
|
|
|
|
TOTAL |
128.740 |
101.867 |
101.728 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33.625 |
54.956 |
43.729 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
15.032 |
|
|
|
|
|
|
|
|
INVESTMENT |
33.003 |
0.003 |
0.003 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.553
|
13.726 |
11.222 |
|
|
Sundry Debtors |
32.626
|
30.596 |
52.708 |
|
|
Cash & Bank Balances |
1.563
|
1.557 |
3.654 |
|
|
Other Current Assets |
1.019
|
1.766 |
0.000 |
|
|
Loans & Advances |
50.212
|
28.596 |
19.776 |
|
Total
Current Assets |
114.973
|
76.241 |
87.360 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.587
|
28.043 |
46.145 |
|
|
Other Current Liabilities |
5.200
|
0.000 |
0.000 |
|
|
Provisions |
5.074
|
1.290 |
0.100 |
|
Total
Current Liabilities |
52.861
|
29.333 |
46.245 |
|
|
Net Current Assets |
62.112
|
46.908 |
41.115 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.849 |
|
|
|
|
|
|
|
|
TOTAL |
128.740 |
101.867 |
101.728 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
334.965 |
304.270 |
252.374 |
|
|
|
Other Income |
10.796 |
8.530 |
|
|
|
|
TOTAL |
345.761 |
312.800 |
252.374 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
311.492 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
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TOTAL |
318.176 |
311.492 |
245.396 |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.585 |
1.308 |
6.978 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.511 |
8.024 |
4.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
18.074 |
(6.716) |
2.404 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.678 |
(0.009) |
0.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
14.396 |
(6.707) |
2.033 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
8.096 |
10.511 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
150.90 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.16
|
(2.14) |
0.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.40
|
(2.21) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.16
|
(5.12) |
1.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68
|
(0.55) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.79
|
9.66 |
6.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.60 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
S.P. Industries |
7.850 |
7.850 |
|
Nector Trading and Investment Private Limited |
20.000 |
20.000 |
|
D.M. Jayadev Current account |
0.679 |
4.779 |
|
Favorich Mark Private Limtied – Bangalore |
0.000 |
4.930 |
|
D.M Jayadev (HUF) |
2.152 |
1.942 |
|
Total |
30.681 |
39.501 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U15111KA1995PTC017441 |
|
Name of the company |
FAVORICH AGRO PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
45/3 JD Royallite Tumkur Road, Yeshwanthpur, Bangalore-560022,
Karnataka, India Email: fapl@favorichindia.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10180729 |
|
Type of charge |
|
|
Particular of charge holder |
Corporation Bank, No.45/C, Near APMC Gate, Tumkur Road, Yeshwanthpur,
Bangalore - 560022, Karnataka, India Email: cb426@corpbank.co.in |
|
Nature of instrument creating charge |
Common Deed of Hypothecation of Movables / Assets / Debts |
|
Date of instrument Creating the charge |
09.06.2012 |
|
Amount secured by the charge |
Rs. 86.700 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC - Base Rate+1.00% i.e. 11.60% p.a. CorpMobile - Base Rate+2.50% i.e.13.10% p.a. Term Loan - Base Rate+2.00% i.e. 12.60% p.a. Corp Mortgage - Base Rate+4% i.e. 14.60% p.a. Terms of Repayment CC - Running account repayable on demand subject CorpMobile - Repayable in 84 EMIs of Rs.1,21,400/- commencing from
11/08/2011. Term Loan - As at present, i.e. Not to exceed 66 months including
initial moratorium period of 6 months, in 60 equitated monthly installments
of Rs.328010/- each. Corp Mortgage - Running account repayable on demand subject to renewal
every year. Margin CC-PCL-FDBN/FDBP/FDBD - RM: Imported/Indigenous:25% WIP: 25% FG: 25% Book Debts: 30% Corp Mobile- 15% Corp Mortgage - 60% other limits existing bank sanction terms Extent and Operation of the charge The charge shall operate to the extent of entire loan amount plus
interest, commission, cost, expenses and other charges thereon. Others The Charge amount of Rs.86.700 millions comprises of
CC/PCL/FDBN/FDBP/FDBD Limit of Rs.45.000 millions, Corp Mortgage Loan
Rs.20.000 millions, TL Rs.15.000 millions, Corp Vehicle Loan Rs. 6.700
millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation by way of first charge on stocks, inventory cum book
debts, current assets, plant, machineries, vehicles and all other
movables both present and future stored/installed at company premises at No.45/3,J D Royallite, Tumkur
Road, Bangalore 560022 or at any other place (other than plant and machinery
at Karnal unit) |
|
Date of instrument modifying the charge |
22.05.2012 |
|
Particulars of the present modification |
By the above the charge amount
stands revised from Rs.101.700 millions to Rs.86.700 millions (All other terms conditions
remains unchanged) |
FIXED ASSETS
- Factory
Building
- Office
Building
- Computers
- Furniture and
Fixture
- Plant and
Machinery
- 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 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 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.53.89 |
|
|
1 |
Rs.84.93 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared by
: |
MRI |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.