MIRA INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOODS AND INNS LIMITED |
|
|
|
|
Registered
Office : |
Foods and |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Processing and Marketing of Fruit Pulps, Concentrates and Spray Dried Fruit and Vegetable Powders. |
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|
|
|
No. of Employees
: |
25 (Approximately) |
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 1400000 |
|
|
|
|
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 record. The rating reflects moderate financial risk profile marked by thin
profitability margins and huge external borrowing taken by the company, which
acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : B+ |
|
Rating Explanation |
Risk prone credit quality and high risk of
default. |
|
Date |
February 07, 2014 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Ganesh Thakur |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-25564326 |
|
Date : |
02.04.2014 |
LOCATIONS
|
Registered Office : |
Foods and |
|
Tel. No.: |
91-22-25564326/ 25564327/ 25515853/ 23533104 |
|
Fax No.: |
91-22-25553612/ 23533106 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
Dulwich Mansion, 3rd Floor, 224 Tardeo Road Mumbai –
400007, Maharashtra, India |
|
Tel. No.: |
91-22-23533104/ 23533105 |
|
Fax No.: |
91-22-23533106 |
|
|
|
|
Factory 1 : |
Nashik, |
|
|
|
|
Factory 2 : |
Chittoor, |
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|
|
|
Factory 3 : |
Valsad, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. C. Dalal |
|
Designation : |
Chairman (Alternate to Mr. George Gonszor) |
|
|
|
|
Name : |
Mr. Utsav
Dhupelia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. D. B.
Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. M. Maniar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ray Simkins |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.06.1943 |
|
Qualifications : |
M.E |
|
Experience : |
Commercial, Marketing operations and International
business. |
|
Date of Appointment : |
09.08.1995 |
|
|
|
|
Name : |
Mr. D. D. Trivedi |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.03.1932 |
|
Qualifications : |
B.A, M.Com |
|
Experience : |
Management Consultant – Corporate Planning, Strategy Formulations, Financial Restructuring, Acquisitions, Disinvestments etc. Conducted training programmes in financial institutions like; GIIC, GSFC, HDFC, Industrial organizations like; NTC, MSTC and CSPC and other Corporate houses. |
|
Date of Appointment : |
26.08.1987 |
|
|
|
|
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
|
Executive Committee Members |
v B. C. Dalal - Chairman v Utsav Dhupelia v Milan Dalal |
|
|
|
|
Name : |
Mr. Ganesh Thakur |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
520533 |
35.87 |
|
|
145742 |
10.04 |
|
|
666275 |
45.92 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
666275 |
45.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
150 |
0.01 |
|
|
21000 |
1.45 |
|
|
21150 |
1.46 |
|
|
|
|
|
|
186098 |
12.83 |
|
|
|
|
|
|
312783 |
21.56 |
|
|
83673 |
5.77 |
|
|
181061 |
12.48 |
|
|
3564 |
0.25 |
|
|
176520 |
12.17 |
|
|
977 |
0.07 |
|
|
763615 |
52.63 |
|
Total Public shareholding (B) |
784765 |
54.08 |
|
Total (A)+(B) |
1451040 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1451040 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and Marketing of Fruit Pulps, Concentrates and Spray Dried Fruit and Vegetable Powders. |
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Products/ Services : |
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Exports : |
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Products : |
Food Products |
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Countries : |
v China v Dubai v Malaysia v Singapore |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
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:
1)
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.
2) The installed capacity of Fruits and other powder is 300000 Kgs per annum.
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
v Andhra Bank v State Bank of India v Bank of Maharashtra v Export-Import Bank of India v Corporation Bank v Bank
of India v Kotak Mahindra Bank Limited v Deutsche Bank
A.G |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Advocates &
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
Address : |
State Bank Building, N.G.N. Vaidya Marg, Mumbai – 400023, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B. S. Mehta and Company Chartered Accountants |
|
Address : |
11/13, Botawala Building, 2nd Floor, Horniman Circle,
Fort, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Subsidiary Company : |
v
Dravya Finance Limited v Asim Export
International Limited |
|
|
|
|
Associate Company : |
Frozen Foods (India) Limited |
|
|
|
|
Entities over which Key Managerial Personnel and Relatives of Key
Managerial Personnel have control : |
v
Muller and Phipps (India) Limited v
Western Press Private Limited v
Trans Union Courier v
Western Securities-A Division of Western Press
Private Limited. v Tropical
Securities and Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
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 |
|
|
|
|
|
Reconciliation of the number of shares outstanding and amount of share
capital:
|
Equity Shares of
Rs. 10 par value |
31.03.2013 |
|
|
|
No. of shares |
Rs. in Millions |
|
At the beginning |
1451040 |
14.510 |
|
Changes during the year |
-- |
-- |
|
At the end |
1451040 |
14.510 |
Rights, preferences and restrictions:
The Company has
only one class of shares referred to as Equity Shares having par value of Rs.10 Each holder of Equity
Shares is entitled to one vote per share.
The Company
declares and pays dividend in Indian Rupees. The dividend proposed by the Board
of Directors is subject to the approval of the Shareholders in the ensuing
Annual General Meeting, except in case of interim dividend. The Board of
Directors, in their meeting on May 14, 2013, proposed a final dividend of Re.1 per equity share
of Rs.10
each. The total dividend appropriation for the year ended March 31, 2013
amounted to Rs.1698 Millions including corporate dividend tax of Rs.0.247 Million. For
the period ended March 31, 2012, in view of the losses, the Company did not
declare any dividend.
In the event of
liquidation of the Company, the holders of Equity Shares will be entitled to
receive any of the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
Equity Shares held by the shareholders.
Details of shares held by shareholders holding more than 5% of the aggregate
equity shares in the Company:
|
Name of the Shareholders |
31.03.2013 |
|
|
|
No. of shares |
% Held |
|
Ray Simkins |
175820 |
12.12 |
|
Pallavi Dhupelia |
162905 |
11.23 |
|
Utsav Dhupelia |
133010 |
9.17 |
|
Western Press Private Limited |
114357 |
7.88 |
LISTING DETAILS:
|
|
BSE : 507552 NSE : 0 ISIN : INE976E01015 |
|
Stock Exchange Place : |
Ř Bombay Stock Exchange Limited, Mumbai (BSE) Ř Pune Stock Exchange (PSE) |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 (12 Months) |
31.03.2012 (18 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
14.510 |
14.510 |
|
(b) Reserves & Surplus |
|
343.913 |
321.327 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
358.423 |
335.837 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
131.030 |
193.955 |
|
(b) Deferred tax liabilities (Net) |
|
48.416 |
47.869 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
7.161 |
9.527 |
|
Total
Non-current Liabilities (3) |
|
186.607 |
251.351 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1511.190 |
1271.698 |
|
(b)
Trade payables |
|
286.323 |
179.178 |
|
(c)
Other current liabilities |
|
281.251 |
339.084 |
|
(d)
Short-term provisions |
|
5.867 |
2.599 |
|
Total
Current Liabilities (4) |
|
2084.631 |
1792.559 |
|
|
|
|
|
|
TOTAL |
|
2629.661 |
2379.747 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
831.616 |
828.155 |
|
(ii)
Intangible Assets |
|
0.018 |
0.025 |
|
(iii)
Capital work-in-progress |
|
120.139 |
83.511 |
|
(iv) Intangible assets under development |
|
1.999 |
1.999 |
|
(b) Non-current
Investments |
|
20.389 |
20.389 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
92.682 |
112.910 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
1066.843 |
1046.989 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
1.000 |
1.000 |
|
(b)
Inventories |
|
819.004 |
653.897 |
|
(c)
Trade receivables |
|
344.608 |
409.662 |
|
(d)
Cash and cash equivalents |
|
99.921 |
61.363 |
|
(e)
Short-term loans and advances |
|
236.142 |
140.671 |
|
(f)
Other current assets |
|
62.143 |
66.165 |
|
Total
Current Assets |
|
1562.818 |
1332.758 |
|
|
|
|
|
|
TOTAL |
|
2629.661 |
2379.747 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.288 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Amount for Preferential Convertible Warrants |
|
|
4.705 |
|
|
4] Reserves & Surplus |
|
|
343.257 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
361.250 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1479.512 |
|
|
2] Unsecured Loans |
|
|
270.096 |
|
|
TOTAL BORROWING |
|
|
1749.608 |
|
|
DEFERRED TAX LIABILITIES |
|
|
51.789 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2162.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
733.138 |
|
|
Capital work-in-progress |
|
|
63.058 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
21.388 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1914.539
|
|
|
Sundry Debtors |
|
|
374.810
|
|
|
Cash & Bank Balances |
|
|
64.001
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
256.998
|
|
Total
Current Assets |
|
|
2610.348 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
970.026
|
|
|
Other Current Liabilities |
|
|
283.264
|
|
|
Provisions |
|
|
11.995
|
|
Total
Current Liabilities |
|
|
1265.285 |
|
|
Net Current Assets |
|
|
1345.063
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2162.647 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 (12 Months) |
31.03.2012 (18 Months) |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2576.454 |
3946.309 |
2085.741 |
|
|
|
Income from Operations |
0.000 |
0.000 |
89.290 |
|
|
|
Other Income |
31.099 |
85.380 |
3.185 |
|
|
|
TOTAL (A) |
2607.553 |
4031.689 |
2178.216 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1514.042 |
1386.456 |
|
|
|
|
Purchases of Stock-in-Trade |
197.819 |
185.188 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(133.158) |
1262.671 |
|
|
|
|
Employees benefits expense |
121.484 |
133.588 |
|
|
|
|
Other expenses |
658.119 |
802.640 |
|
|
|
|
TOTAL (B) |
2358.306 |
3770.543 |
1957.518 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
249.247 |
261.146 |
220.698 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
176.686 |
285.657 |
154.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
72.561 |
(24.511) |
66.678 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.293 |
58.727 |
41.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
25.268 |
(83.238) |
25.109 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.094 |
(20.139) |
8.626 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
25.174 |
(63.099) |
16.483 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(28.350) |
34.749 |
31.055 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(1.698) |
0.000 |
10.000 |
|
|
|
Proposed Dividend |
1.451 |
0.000 |
2.392 |
|
|
|
Tax on Dividend |
0.247 |
0.000 |
0.397 |
|
|
BALANCE CARRIED
TO THE B/S |
(3.176) |
(28.350) |
34.749 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1831.459 |
2450.650 |
1339.429 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Packing Materials |
39.415 |
100.930 |
102.051 |
|
|
|
Raw Materials |
0.159 |
1.360 |
7.560 |
|
|
|
Plant and Machinery |
1.830 |
25.909 |
5.958 |
|
|
TOTAL IMPORTS |
41.404 |
128.199 |
115.569 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
17.35 |
(44.32) |
12.90 |
|
|
|
Diluted
|
17.35 |
(44.32) |
12.41 |
|
Expected Sales (2013-2014): Rs. 4000.000 Millions
The above information has been parted by Mr. Ganesh Thakur (Accountant)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
772.700 |
704.100 |
689.100 |
|
Total Expenditure |
790.600 |
703.000 |
598.100 |
|
PBIDT (Excl OI) |
(17.800) |
1.100 |
90.900 |
|
Other Income |
18.000 |
8.000 |
45.800 |
|
Operating Profit |
0.200 |
9.100 |
136.700 |
|
Interest |
42.400 |
39.600 |
56.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(42.200) |
(30.500) |
79.900 |
|
Depreciation |
14.300 |
12.700 |
11.20 |
|
Profit Before Tax |
(56.500) |
(43.100) |
68.700 |
|
Tax |
0.700 |
(0.300) |
(2.300) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(57.200) |
(42.900) |
71.000 |
|
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 |
(57.200) |
(42.900) |
71.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (12 Months) |
31.03.2012 (18 Months) |
30.09.2010 |
|
PAT / Total Income |
(%) |
0.97 |
(1.57) |
0.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.98 |
(2.11) |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.02 |
(3.66) |
0.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
(0.25) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.58 |
4.36 |
4.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75 |
0.74 |
2.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
14.510 |
14.510 |
|
Reserves & Surplus |
321.327 |
343.913 |
|
Net
worth |
335.837 |
358.423 |
|
|
|
|
|
long-term borrowings |
193.955 |
131.030 |
|
Short term borrowings |
1271.698 |
1511.190 |
|
Total
borrowings |
1465.653 |
1642.220 |
|
Debt/Equity
ratio |
4.364 |
4.582 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2085.741 |
3946.309 |
2576.454 |
|
|
|
89.204 |
(34.712) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
2085.741 |
3946.309 |
2576.454 |
|
Profit/ (Loss) |
16.483 |
(63.099) |
25.174 |
|
|
0.79% |
(1.60%) |
0.98% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10470770 |
20/12/2013 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI - 400001, |
B93738508 |
|
2 |
10468477 |
06/12/2013 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
GROUND FLOOR,
A-WING, MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B92838101 |
|
3 |
10454364 |
27/08/2013 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI STREET,
NANAVATHI MAHALAYA, MUMBAI - 400001, |
B87251179 |
|
4 |
10439772 |
10/07/2013 |
36,400,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI - 600001, TAMILNADU, INDIA |
B80755093 |
|
5 |
10434164 |
20/05/2013 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI - 400001, |
B78431319 |
|
6 |
10420874 |
23/03/2013 |
40,000,000.00 |
CORPORATION BANK |
GEORGE TOWN BRANCH,
101, ARMENIAN STREET, CHENNAI - 600001, TAMILNADU, INDIA |
B73489254 |
|
7 |
10402430 |
18/01/2013 |
51,600,000.00 |
BANK OF
MAHARASHTRA |
MITTAL COURT,
NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B67896712 |
|
8 |
10400051 |
07/12/2012 |
15,000,000.00 |
BANK OF
MAHARASHTRA |
MITTAL COURT,
NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B66913716 |
|
9 |
10397411 |
03/12/2012 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI - 400001, |
B66036435 |
|
10 |
10382774 |
10/10/2012 |
85,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
15 - 16, UGF,
AMBADEEP BUILDING, 14 K G MARG,, NEW DELHI - 110001, INDIA |
B60561388 |
|
11 |
10369874 |
04/07/2012 |
830,500,000.00 |
ANDHRA BANK |
FORT BRANCH, 18 HOMI
MODI STREET, NANAVATHI MAHALAYA, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B45433091 |
|
12 |
10362974 |
06/06/2012 |
10,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, GR. FLR., NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B42604504 |
|
13 |
10360245 |
09/05/2012 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI - 400001, |
B41463969 |
|
14 |
10343983 |
06/09/2013 * |
350,000,000.00 |
DEUTSCHE BANK
A.G |
KOTHARI BUILDING,
114 M G ROAD, NUNGAMBAKKAM, CHENNAI - 600034, TAMILNADU, INDIA |
B85163079 |
|
15 |
10300643 |
01/08/2011 |
30,000,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT,
MUMBAI - 400001, MAHARASHTRA, INDIA |
B18209585 |
|
16 |
10301789 |
06/07/2011 |
90,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATHI MAHALAYA, 18 HOMI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B18666420 |
|
17 |
10293017 |
13/06/2011 |
50,000,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI - 600001, TAMILNADU, INDIA |
B15292501 |
|
18 |
10275363 |
02/02/2011 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH, NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B09009168 |
|
19 |
10269916 |
18/01/2011 |
17,500,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE BRANCH, 70/80, M.G. ROAD,, BANK OF INDIA BUILDING, MEZZANINE FLOOR,
FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B05164975 |
|
20 |
10311708 |
15/12/2010 |
43,100,000.00 |
BANK OF
MAHARASHTRA |
MITTAL COURT A
WING, GR. FLOOR, NARIMAN POINT, MUMBAI - 400012, MAHARASHTRA, INDIA |
B17744996 |
|
21 |
10228035 |
10/06/2010 |
60,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI -
400005, MAHARASHTRA, INDIA |
A87388732 |
|
22 |
10200544 |
04/01/2010 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH, 18,
HOMI MODI STREET, NANVATHI MAHALAYA, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A78755618 |
|
23 |
10200546 |
04/01/2010 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH, 18,
HOMI MODI STREET, NANVATHI MAHALAYA, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A78757267 |
|
24 |
10171729 |
31/07/2009 |
23,500,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI -
400005, MAHARASHTRA, INDIA |
A67193797 |
|
25 |
10163837 |
18/06/2009 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A64511074 |
|
26 |
10139081 |
14/01/2009 |
30,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A55299192 |
|
27 |
10137560 |
23/12/2008 |
37,000,000.00 |
CORPORATION BANK |
101, ARMENIAN
STREET, GEORGE TOWN, CHENNAI - 600001, TAMILNADU, INDIA |
A54382650 |
|
28 |
10131315 |
11/11/2008 |
18,300,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A51569291 |
|
29 |
10121485 |
05/09/2008 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH,NANAVATI
MAHALAYA, 18,HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A45660016 |
|
30 |
10120633 |
04/09/2008 |
50,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE,CUFFE PARADE, MUMBAI
- 400005, MAHARASHTRA, INDIA |
A45172988 |
|
31 |
10120635 |
04/09/2008 |
150,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE,CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, INDIA |
A45173507 |
|
32 |
10114411 |
17/07/2008 |
30,000,000.00 |
ANDHRA BANK |
FORT
BRANCH,NANAVATI MAHALAYA, 18,HOMI MODI STREET, FORT, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A42262352 |
|
33 |
10110674 |
25/06/2008 |
60,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
A40289704 |
|
34 |
10114414 |
25/06/2009 * |
465,000,000.00 |
ANDHRA BANK |
FORT
BRANCH,NANAVATI MAHALAYA, 18 HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A65482853 |
|
35 |
10106078 |
22/04/2008 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A39514443 |
|
36 |
10100650 |
21/04/2008 * |
139,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE,CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, INDIA |
A38385084 |
|
37 |
10112464 |
22/09/2009 * |
60,000,000.00 |
CORPORATION BANK |
GEORGE TOWN BRANCH,
101, ARMENIAN STREET, CHENNAI - 600001, TAMILNADU, INDIA |
A71704159 |
|
38 |
10088297 |
05/02/2008 |
20,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A32727083 |
|
39 |
10054104 |
29/05/2007 |
20,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A16190746 |
|
40 |
90241114 |
01/07/2005 * |
150,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE WORLD
TRADE CENTRE CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
41 |
90240241 |
13/09/2012 * |
1,630,800,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B58993403 |
|
42 |
90238289 |
04/06/2005 * |
124,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fixed Deposits |
16.294 |
24.837 |
|
From Director |
27.105 |
25.580 |
|
|
|
|
|
Total |
43.399 |
50.417 |
OPERATIONS
During the
financial year ended on March 31, 2013, the turnover of the Company is
Rs.2576.500 Millions as compared to Rs.3946.300 Millions for the period of 18
months ended on March 31, 2012. The Company made a profit before tax of
Rs.25.300 Millions during the year ended March 31, 2013 against the loss before
tax of Rs.83.200 Millions during the 18 months period ended on March 31,
2012.The Company’s exports during the year was Rs.1914.800 Millions
(Rs.2461.600 Millions) and domestic sale was Rs.558.600 Millions (Rs.1349.800
Millions). This translates into a ratio of 77.42 % to 22.58 % (64.58% to
35.41%) between exports and domestic sales.
FUTURE PROSPECTS:
In view of current
international scenario the Company is maximizing utilization of its enhanced
capacities by aggressive efforts in the domestic and neighboring countries
markets.
Company is
continuing its efforts of reducing packing cost with innovative bulk packaging
options.
Company is expediting its efforts on commissioning of new projects of
value added products for improving the profitability.
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.
STRATEGIES OF THE
COMPANY
The business
strategy of the Company focuses on the following elements:
a) Operational
efficiency by utilizing existing infrastructure.
b) Enhancing quality
standards.
c) Adapting new
technologies to meet customer requirements.
d) Creating,
establishing and enhancing presence in newer markets.
e) New Product Development.
PROCESSING
OPERATIONS
PROCESSING UNITS
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.
FINANCIAL REVIEW
Turnover of the
Company for the Year ended March 31, 2013 is Rs.2576.500 Millions as compared
to Rs.3946.300 Millions for the Eighteen Months period ended March 31, 2012.
Company has earned profit after tax of Rs.25.200 Millions as against a loss
after tax of Rs. (63.100) Millions.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
a. Claims against the Company not acknowledged as debt Provision has not been made for Interest for delayed payment of due to
a director notified under the Trial of Offences (Relating to Transactions in
Securities) Act, 1992, as no demand has yet been raised. |
0.714 |
0.714 |
|
b. Guarantees Corporate
Guarantees given to a Bank against the Credit facility extended to an
associate company |
117.000 |
117.000 |
|
c. Others |
|
|
|
i. Income-tax matters under appeal |
|
|
|
-Assessment Year 2006-2007 |
0.000 |
0.430 |
|
-Assessment Year 2007-2008 |
0.000 |
0.336 |
|
-Assessment Year 2008-2009 |
0.000 |
0.626 |
|
-Assessment Year 2009-2010 |
0.000 |
76.689 |
|
-Assessment Year 2010-2011 |
22.868 |
0.000 |
|
ii. Service Tax matters under appeal (Accounting Years 2004-05 to
2007-08) |
0.397 |
0.397 |
|
iii. Sales Tax matter
under appeal (Accounting Year 2012-2013) paid there against Rs. 6.041
Millions (Previous Period Rs. NIL) |
21.462 |
0.000 |
|
|
|
|
|
Total |
162.441 |
196.192 |
FIXED ASSETS:
Tangible Assets
v Land
v Buildings
v Factory Building
v Administrative
Building
v Plant and
Equipments
v Plant and
Machinery
v Generators
v Forklift
Accessories
v Furniture and
Fixtures
v Vehicles
v Office Equipments
v Others
v Computers
Intangible Assets
v Patents and
Trademarks
v Computer Software
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. 60.12 |
|
|
1 |
Rs. 100.07 |
|
Euro |
1 |
Rs. 82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
|
DEFAULTERS |
|
|
|
--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.