MIRA
INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOODS AND INNS LIMITED |
|
|
|
|
Registered
Office : |
Foods and |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.10.1967 |
|
|
|
|
Com. Reg. No.: |
11-013837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14.510 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55200MH1967PLC013837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03863G MUMF03844B MUMF03698C MUMF03486A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0521C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturers and Exporters of fruit pulp and concentrates
in canned and aseptic packing, frozen pulp and vegetables, fruit powders etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record.
There appears some loss in the current year. The external borrowing appears
to be huge. However, trade relations are reported to be 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
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B+ (Long Term Fund) |
|
Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation. |
|
Date |
October 2012 |
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 : |
Foods and |
|
Tel. No.: |
91-22-25564326/25564327/25515853/23533104 |
|
Fax No.: |
91-22-25553612/23533106 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Dulwich Mansion, 3rd Floor, 224 Tardeo Road Mumbai – 400
007, Maharashtra, India |
|
Tel. No.: |
91-22-23533104/23533105 |
|
Fax No.: |
91-22-23533106 |
|
|
|
|
Factory 1 : |
Nashik, |
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|
|
|
Factory 2 : |
Chittoor, |
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|
|
|
Factory 3 : |
Valsad, |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. B. C. Dalal |
|
Designation : |
Chairman (Alternate to Mr. George Gonszor) |
|
|
|
|
Name : |
Mr. Utsav
Dhupelia |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. D. B.
Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. M. Maniar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Simkins |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. D.
Trivedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Milan Dalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Sriram
Subramaniam |
|
Designation : |
Director (Nominee of Export-Import Bank of India) (Appointed w.e.f.
May 2, 2011) |
|
|
|
|
Name : |
Mr. George
Gonszor |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B. C. Dalal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Utsav
Dhupelia |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Milan Dalal |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
|
520508 |
35.87 |
|
|
|
145742 |
10.04 |
|
|
Sub Total |
666250 |
45.92 |
|
|
(2) Foreign |
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
666250 |
45.92 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
Insurance Companies |
150 |
0.01 |
|
|
|
21000 |
1.45 |
|
|
|
21150 |
1.46 |
|
|
(2) Non-Institutions |
|
|
|
|
Bodies Corporate |
186519 |
12.85 |
|
|
|
|
|
|
|
|
311718 |
21.48 |
|
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
83673 |
5.77 |
|
|
Any Others (Specify) |
181730 |
12.52 |
|
|
|
3564 |
0.25 |
|
|
|
176520 |
12.17 |
|
|
Clearing Members |
1646 |
0.11 |
|
|
Sub Total |
763640 |
52.63 |
|
|
Total Public shareholding (B) |
784790 |
54.08 |
|
|
Total (A)+(B) |
1451040 |
100 |
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
|
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
1451040 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of fruit pulp and concentrates
in canned and aseptic packing, frozen pulp and vegetables, fruit powders etc. |
||||||||
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|
||||||||
|
Products : |
|
PRODUCTION STATUS (As On 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fruit Powder |
Kgs |
300000 |
463437 |
|
Fruit Pulp, Concentrate and Frozen Pulp |
Kgs |
55000000 |
48596037 |
|
Canned Veg. Pickles, Mango Chutney and Frozen Vegetables |
Kgs |
2500000 |
280596 |
|
Other Powder |
Kgs |
300000 |
137754 |
NOTES:
a)
The installed capacity being a technical matter and
figures of production and consumption are taken as Certified by Directors and
is not verified by the Auditors.
b)
The figures of Sales do not include Self
consumption, losses, samples and issues for research and development.
c)
The installed capacity of Fruits and other powder
is 3,00,000 Kgs per annum.
d)
Others is nothing but trading of other items.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
·
Andhra Bank ·
State Bank of India ·
Bank of Maharashtra ·
Export-Import Bank of India ·
Corporation Bank ·
Bank of India |
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
B. S. Mehta and
Company Chartered
Accountant |
|
Address : |
11/13, |
|
|
|
|
Advocates and Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
Address : |
|
|
|
|
|
Associates : |
·
Finns Frozen Foods (India) Limited |
|
|
|
|
Subsidiaries : |
·
Dravya Finance Limited ·
Asim Export International Limited |
|
|
|
|
Other Related Parties : |
·
Muller and Phipps (India) Limited ·
Western Press Private Limited ·
Trans Union Courier ·
Western Securities-A Division of Western Press
Private Limited ·
Tropical Securities and Investments Private
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
300000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 30.000 Millions |
|
|
TOTAL |
|
Rs. 90.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1451040 |
Equity Shares |
Rs.10/- each |
Rs. 14.510
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.510 |
13.288 |
12.258 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Amount for Preferential Convertible Warrants |
0.000 |
4.705 |
8.671 |
|
|
4] Reserves & Surplus |
321.327 |
343.257 |
315.621 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
335.837 |
361.250 |
336.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1488.538 |
1479.512 |
1283.712 |
|
|
2] Unsecured Loans |
83.693 |
270.096 |
129.223 |
|
|
TOTAL BORROWING |
1572.231 |
1749.608 |
1412.935 |
|
|
DEFERRED TAX LIABILITIES |
47.869 |
51.789 |
41.129 |
|
|
|
|
|
|
|
|
TOTAL |
1955.937 |
2162.647 |
1790.614 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
828.180 |
733.138 |
654.824 |
|
|
Capital work-in-progress |
96.071 |
63.058 |
90.228 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.389 |
21.388 |
21.389 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
653.897
|
1914.539
|
1074.037 |
|
|
Sundry Debtors |
409.662
|
374.810
|
310.269 |
|
|
Cash & Bank Balances |
61.639
|
64.001
|
48.218 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
308.908
|
256.998
|
205.304 |
|
Total
Current Assets |
1434.106
|
2610.348 |
1637.828 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
152.617
|
970.026
|
510.850 |
|
|
Other Current Liabilities |
259.038
|
283.264
|
88.796 |
|
|
Provisions |
12.154
|
11.995
|
14.009 |
|
Total
Current Liabilities |
423.809
|
1265.285 |
613.655 |
|
|
Net Current Assets |
1010.297
|
1345.063
|
1024.173 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1955.937 |
2162.647 |
1790.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
30.09.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3811.494 |
2085.741 |
1892.764 |
|
|
|
Income from Operations |
157.511 |
89.290 |
79.275 |
|
|
|
Other Income |
19.785 |
3.185 |
1.692 |
|
|
|
TOTAL (A) |
3988.790 |
2178.216 |
1973.731 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
2474.190 |
1172.837 |
867.435 |
|
|
|
Manufacturing and other expenses |
1148.664 |
712.748 |
786.855 |
|
|
|
Employee cost |
133.588 |
71.933 |
70.434 |
|
|
|
TOTAL (B) |
3756.442 |
1957.518 |
1724.724 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
232.348 |
220.698 |
249.007 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
231.953 |
154.020 |
143.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.395 |
66.678 |
105.445 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.727 |
41.569 |
32.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(58.332) |
25.109 |
73.229 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(20.139) |
8.626 |
10.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
(38.193) |
16.483 |
62.241 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Adjustments |
24.906 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.750 |
31.055 |
21.395 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
10.000 |
50.000 |
|
|
|
Proposed Dividend |
0.000 |
2.391 |
2.206 |
|
|
|
Tax on Dividend |
0.000 |
0.397 |
0.375 |
|
|
BALANCE CARRIED
TO THE B/S |
(28.349) |
34.750 |
31.055 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2450.650 |
1339.429 |
1161.402 |
|
|
TOTAL EARNINGS |
2450.650 |
1339.429 |
1161.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Packing materials |
100.930 |
102.051 |
76.935 |
|
|
|
Raw Materials |
1.360 |
7.560 |
4.393 |
|
|
|
Plant and machinery |
25.909 |
5.958 |
3.718 |
|
|
TOTAL IMPORTS |
128.199 |
115.569 |
85.046 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(44.32) |
12.90 |
50.78 |
|
|
|
- Diluted |
(44.32) |
12.41 |
49.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
648.700 |
657.400 |
617.200 |
|
Total Expenditure |
643.700 |
590.400 |
624.400 |
|
PBIDT (Excl OI) |
5.000 |
67.000 |
(7.200) |
|
Other Income |
6.000 |
79.400 |
7.100 |
|
Operating Profit |
11.000 |
146.400 |
(0.200) |
|
Interest |
52.000 |
38.600 |
40.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(41.100) |
107.800 |
(40.200) |
|
Depreciation |
12.000 |
14.800 |
10.400 |
|
Profit Before Tax |
(53.000) |
93.000 |
(50.700) |
|
Tax |
(0.400) |
(3.500) |
1.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(52.600) |
96.600 |
(52.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(52.600) |
96.600 |
(52.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
30.09.2010 |
30.09.2009 |
|
PAT / Total
Income |
(%) |
(0.96)
|
0.76 |
3.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.53)
|
1.20 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.58)
|
0.75 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.07 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.68
|
4.84 |
4.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
2.06 |
2.67 |
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 |
No |
|
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) |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 30.09.2010 |
|
Fixed Deposits |
57.130 |
84.195 |
|
Loans from Directors |
25.580 |
25.720 |
|
Intercorporate Deposits |
0.000 |
158.500 |
|
Interest Accrued and Due on Loans / Intercorporate Deposits |
0.983 |
1.681 |
|
|
|
|
|
TOTAL |
83.693 |
270.096 |
OPERATIONS
(i)
During the period of 18 months ended on 31st March
2012, the turnover of the Company was Rs. 3811.500 Millions as compared to Rs. 2085.700
Millions for the year ended 30th September 2010. The Company suffered a loss
before tax at Rs. 58.300 Millions during the period against the profit before
tax of Rs. 25.100 Millions during the earlier year. The Company’s exports
during the period was Rs. 2461.600 Millions (Rs. 1381.200 Millions) and
domestic sale was Rs. 1349.800 Millions (Rs. 704.600 Millions). This translates
into a ratio of 64.58% to 35.41% (66.22% to 33.78%) between exports and
domestic sales.
(ii)
An accidental fire due to electric short circuit
took place at Chittoor factory resulting in loss of materials worth Rs. 11.600 Millions.
The claim was lodged with the Insurance Company and the same was settled by the
Insurance Company for Rs. 11.300 Millions on April 4, 2012.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
BUSINESS OVERVIEW
The Company, a
public limited Company established in 1971 is a multi-locational Trading House.
The Company is primarily engaged in the business of processing and marketing
fruit pulps, concentrates and spray dried fruit and vegetable powders both into
domestic and international markets. The Company exports its products to various
geographies such as Europe, Middle East, USA and Japan catering to companies in
the foods, beverage and dairy industry. The Company through its various
divisions viz. (i) Aseptic, (ii) Canning and (iii) Spray Dried products makes a
diverse portfolio of processed food products.
The Company
presently operates from seven (7) processing units strategically located near
the fruit and vegetable growing areas at Chittoor (Andhra Pradesh), Valsad
(Gujarat), Nasik (Maharashtra) and Mumbai. The Company’s units at Chittoor and
Nasik are FSSC 22000-2010 accredited by DNV Business Assurance for food safety
management of the Company. Valsad unit of the Company is ISO 22000 certified. In
addition to the above, the Company’s units are SGF accredited in recognition of
the quality practices adopted by the Company over the
years. These certifications enable the Company to sell its products in
the regulated markets like Europe, USA and Japan.
The Company
derives significant portion of its income from sale of range of mango products
both in domestic as well as international markets. The domestic business of the
Company is driven by its own sales and marketing network. The Company
participates in leading international trade fairs and exhibitions such as Anuga
(Germany), Sial (France), Gulf Food (Dubai) enabling the Company to procure customer
orders.
Processing Operations
Processing Units
The Company
presently operates from 7 processing units strategically located near the fruit
and vegetable growing areas at Chittoor (Andhra Pradesh), Valsad (Gujarat),
Nasik (Maharashtra) and Mumbai. The details of the processing units of the Company
are set out below:
|
LOCATION |
FACILITY (CANNING/ SPRAY
DRYING /ASEPTIC) |
PRODUCTS
PROCESSED |
|
Existing Units |
||
|
Unit I (Mumbai): Sion Trombay
Road Deonar, Mumbai 400 088, Maharashtra, India |
Spray Drying |
Vegetable and Fruit Powder |
|
Unit IIA
(Valsad): National Highway
No.8 Vavfalia, Village Abrama Valsad 396 001, Gujarat, India |
Canning and Aseptic Fruit Processing |
Fruit Pulp (Mango, Guava, Papaya) |
|
Unit III (Nasik): S.No.340, At
Post Gonde Taluka Sinnar, District Nasik, Maharashtra, India |
Aseptic Processing |
Fruit Pulp (Mango, Guava, Papaya) |
|
Unit IV
(Chittoor): Gollmadugu
Village Pallur Post, Vellor Road Chittoor 517 501, India |
Canning and Aseptic Fruit Processing |
Fruit Pulp (Mango, Guava, Papaya) and Concentrate |
FINANCIAL REVIEW
The Company has
extended the financial year from September to March comprising of a period of
Eighteen months. Turnover of the Company for the Eighteen months period ending
March 31, 2012 is Rs. 3811.500 Millions as compared to Rs. 2085.700 Millions for
the year ending September 30,2010 resulting in increase of 21.83% annualized
over the previous year. Company has suffered net loss after tax of (Rs. 38.200 Millions)
as against a profit after tax of Rs. 16.500 Millions. Due to volatility in
foreign exchange and due to reinstatement of assets and liabilities in foreign
currency, Company has suffered loss which is notional in nature. This notional
debit will be neutralized through subsequent period export sales. However, the
Company has earned profit before tax Rs. 42.600 Millions without considering
the notional reinstatement figures.
CAPITAL EXPENDITURE
During the year
the Company made capital investments of Rs. 157.400 Millions at its
manufacturing facilities in Chittoor and Nashik for enhancing the capacities to
take advantage of growing domestic demand of their products.
FIXED ASSETS
·
Land
·
Factory building
·
Administrative Building
·
Plant and machinery
·
Office equipments /
furniture and fixtures / computers
·
Vehicles
·
Patents and trademarks
·
Generators
·
Forklift accessories
WEBSITE DETAILS
|
1940s |
Started with canning facilities to supply canned foods to the Allied
Armed forces during world war II. |
|
|
|
|
1971 |
The Company went public and created facility for spray dried Egg
powder to supply Indian armed forces which was the 1st in South East Asia . |
|
|
|
|
1983 |
Company diversified into manufacturing tropical fruit pulps with the
first fully automated canning lines. |
|
|
|
|
1995 |
Setup frozen fruit and vegetable lines in Nasik to take advantage of
the growing demand for ethnic snacks and vegetables in international markets. |
|
|
|
|
1999 |
1st in India to install skid mounted, PLC operated Aseptic processing
and packaging line. |
|
|
|
|
2001-2007 |
Added 5 more Aseptic processing lines with Concentration facilities
during next 6 years. |
|
|
|
|
2008 |
Setup a new Aseptic Processing facility exclusive for Alphonso and
high Aroma single strength Purees. The plant layout and design was done with
the technical assistance of a leading Japanese Group. |
|
|
|
|
Same year we initiated the NPOP(Organic Mango) program for Alphonso
Mango. |
|
|
|
|
|
2010 |
Certified By Control Union (NL) for Organic Alphonso Mango tree |
|
|
|
|
2011 |
With the commissioning of new concentration line in Southern division
we have doubled the capacity. |
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. 54.16 |
|
|
1 |
Rs. 81.74 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.