MIRA INFORM REPORT
|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FIL INDUSTRIES LIMITED (w.e.f. 31.07.2000) |
|
|
|
|
Formerly Known
As : |
FUNGICIDES (INDIA) Private LIMITED (w.e.f.
11.02.1992) FUNGICIDES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
“Kohinoor House”,
7, Sheikh Bagh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.08.1989 |
|
|
|
|
Com. Reg. No.: |
07-001136 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.73.130 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231JK1989PLC001136 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AMRF10062D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS6497E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The company is engaged in various business viz. Agrochemical (under Crop Protection Division) Food Processing (under as Consumer Division) a 100% EOU, C.A. Store (Controlled Atmosphere Store) for storage of fruits and vegetables under controlled atmospheric conditions and a food and beverage division primarily tetra packaging / bottling of fruit juices. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved fair profitability from its operation during
the financial year 2013. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 – 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.
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 DENIED
Management Non Co-operative
Contact No.: 91-194-2474543
LOCATIONS
|
Registered Office : |
“Kohinoor House”,
7, Sheikh Bagh, |
|
Tel. No.: |
91-194-2474543 /
2455161 |
|
Mobile No.: |
91-9419093367 (Mr. Kuchey Basharat Ahmed) |
|
Fax No.: |
91-194-2452462 |
|
E-Mail : |
admin@filindustrieslimited.com |
|
Website : |
|
|
|
|
|
Factory 1 /Corporate Office : |
H – 88, The South
Mall, South Extension I, |
|
Tel. No.: |
91-11-24620505 /
0707 / 0808 / 24605600 |
|
Fax No.: |
91-11-24633874 /
24646551 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Sidco Electronic Complex, Rangreth, Srinagar - 190007, Jammu And Kashmir, India |
|
Tel. No.: |
91-194-2300507 |
|
Fax No.: |
91-194-2300168 |
DIRECTORS
As on 19.09.2013
|
Name : |
Mr. Iqbal Mohd Syed |
|
Designation : |
Whole time Director |
|
Address : |
7, Sheikh Bagh,
Srinagar-190001, |
|
Date of Birth/Age : |
14.07.1932 |
|
Date of Appointment : |
29.08.1989 |
|
DIN No.: |
00094720 |
|
|
|
|
Name : |
Mr. Altaf Mohmad Syed |
|
Designation : |
Managing Director |
|
Address : |
7, Sheikh Bagh,
Srinagar-190001, |
|
Date of Birth/Age : |
19.02.1959 |
|
Date of Appointment : |
27.09.2010 |
|
DIN No.: |
00092283 |
|
|
|
|
Name : |
Mr. Tariq Mohd Syed |
|
Designation : |
Director |
|
Address : |
7, Sheikh Bagh,
Srinagar-190001, |
|
Date of Birth/Age : |
07.07.1970 |
|
Date of Appointment : |
03.07.2007 |
|
DIN No.: |
00094590 |
KEY EXECUTIVES
|
Name : |
Mrs. Mallika Luthra |
|
Designation : |
Secretory |
|
Address : |
H-6/15, Malviya
Nagar, New Delhi – 110017, Delhi, India |
|
Date of Birth/Age : |
15.03.1976 |
|
Date of Appointment : |
21.09.2012 |
|
PAN No.: |
ADSPA9032F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Mohd Syed |
|
13580 |
|
Altaf Mohd. Syed |
|
20960 |
|
Tariq Mohd. Syed |
|
10294 |
|
Hafeeza Begum |
|
8690 |
|
Tabassum Altaf |
|
4300 |
|
Junaid Altaf |
|
200 |
|
Owais Altaf |
|
200 |
|
PFB Project
Engineering |
|
3906 |
|
Ruti Tarlq |
|
4000 |
|
Kohinoor International Private Limited, |
|
7000 |
|
Total |
|
73130 |
As on 19.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
5.36 |
|
Bodies corporate |
9.60 |
|
Directors or relatives of Directors |
85.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in various business viz.
Agrochemical (under Crop Protection Division) Food Processing (under as
Consumer Division) a 100% EOU, C.A. Store (Controlled Atmosphere Store) for
storage of fruits and vegetables under controlled atmospheric conditions and
a food and beverage division primarily tetra packaging / bottling of fruit
juices. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
As On 31.03.2011
|
Pesticides,
Herbicides, Fungicides, Insectides, Food Processing and Tetra Pack Plants: |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
WDP Plant |
MT |
N.A. |
1675 |
1531 |
|
Liquid Plant |
KL |
N.A. |
1920 |
972 |
|
Granual Plant |
MT |
N.A. |
1533 |
936 |
|
Food Processing Plant |
MT |
N.A. |
4800 |
196 |
|
Tetra packing Plant |
KL |
N.A. |
3024 |
2986 |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
NOTE : Long-term
borrowings (A) From Banks
(Secured Against Specific Plant & Machinery and Other Assets) i) Food and
Beverage Division The Jammu & Kashmir Bank 200.005 millions ii) Ware Housing Division
UCO Bank Rs. 5.421 millions iii) Crop Protection Division UCO Bank Rs.79.853
millions (B) The Loan is secured
by way of first mortgage/charge on the immovable property of Food &
Beverage Division and second charge on the immovable properties of Consumer
Division situated at Rangreth, Srinagar, Kashmir. The Term Loan is secured by
way of first mortgage/charge on the immovable property situated at
Warehousing Division situated at Rangreth, Srinagar, Kashmir. The Term Loan
is secured by way of first mortgage/charge on the immovable property situated
at, Barhibramhna, Jammu. All the above loans are provided with personal
guarantees of all Promoter Directors (A) Term Loans
a) From Banks (Secured Against Specific Plant & Machinery and Other
Assets) i) Food and Beverage Division The Jammu & Kashmir Bank, RS
150.000 millions /- ii) Ware Housing Division UCO Bank RS 62.643 millions /-
iii) Crop Protection Division UCO Bank The Loan is secured by way of first
mortgage/charge on the immovable property of Food & Beverage Division and
second charge on the immovable properties of Consumer Division situated at
Rangreth, Srinagar, Kashmir. ^^ The Term Loan is secured by way of first
mortgage/charge on the immovable property situated at Warehousing Division
situated at Rangreth, Srinagar, Kashmir. The Term Loan is secured by way of
first mortgage/charge on the imovable property situated at, Barhibramhna,
Jammu. All the above loans are provided with personal guarantees of all
Promoter Directors. Short –term
borrowings (A) Working
Capital Demand Loans Crop Protection Division UCO Bank RS 165.817
millions /- Cash Credit Crop Protection
Division UCO Bank RS 38.534 millions /- Ware Housing Division UCO Bank RS
127.811 millions /- Food and Beverage Division The Jammu & Kashmir Bank
RS 33.166 millions /- Pre & Post Shipment Credit Consumer Division UCO
Bank RS 24.979 millions /- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manzoor and Company Chartered Accountants |
|
Address : |
2ND Floor, MIR and Co Shopping Complex, Karan Nagar,
Srinagar, Jammu And Kashmir, India |
|
Tel. No.: |
91-194-2482495 / 96 / 97 / 98 |
|
Mobile No.: |
91-9906628861 |
|
PAN.: |
AATPW6692D |
CAPITAL STRUCTURE
As on 19.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000 |
Equity Shares |
Rs.1000/- each |
Rs.220.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73130 |
Equity Shares |
Rs.1000/-
each |
Rs.73.130
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
73.130 |
72.870 |
72.870 |
|
(b) Reserves & Surplus |
1310.537 |
1261.165 |
1205.591 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
41.300 |
0.260 |
0.260 |
|
Total
Shareholders’ Funds (1) + (2) |
1424.967 |
1334.295 |
1278.721 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
306.971 |
219.285 |
294.943 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
20.033 |
35.859 |
33.077 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
327.004 |
255.144 |
328.020 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
351.257 |
390.309 |
355.590 |
|
(b) Trade
payables |
108.420 |
141.394 |
101.682 |
|
(c) Other
current liabilities |
184.605 |
213.737 |
181.017 |
|
(d) Short-term
provisions |
22.329 |
22.283 |
25.764 |
|
Total Current
Liabilities (4) |
666.611 |
767.723 |
664.053 |
|
|
|
|
|
|
TOTAL |
2418.582 |
2357.162 |
2270.794 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1185.383 |
1070.930 |
1109.739 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
20.778 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.202 |
22.872 |
25.581 |
|
(e) Other
Non-current assets |
111.679 |
111.787 |
118.895 |
|
Total Non-Current
Assets |
1319.264 |
1226.367 |
1254.215 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
335.731 |
281.313 |
346.496 |
|
(c) Trade
receivables |
541.046 |
558.937 |
515.802 |
|
(d) Cash
and cash equivalents |
36.408 |
29.390 |
43.242 |
|
(e)
Short-term loans and advances |
186.133 |
261.152 |
111.033 |
|
(f) Other
current assets |
0.000 |
0.003 |
0.006 |
|
Total
Current Assets |
1099.318 |
1130.795 |
1016.579 |
|
|
|
|
|
|
|
2418.582 |
2357.162 |
2270.794 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1911.477 |
1845.873 |
1640.515 |
|
|
|
Other Income |
10.823 |
16.877 |
51.081 |
|
|
|
TOTAL (A) |
1922.300 |
1862.750 |
1691.596 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
784.999 |
692.563 |
685.515 |
|
|
|
Purchase of stock –in-trade |
659.334 |
577.490 |
548.643 |
|
|
|
Changes in inventories of finished goods work-in-progress and stock
–in-trade |
(41.533) |
69.496 |
(39.591) |
|
|
|
Employee benefit expenses |
83.544 |
82.250 |
80.747 |
|
|
|
Other expenses |
179.307 |
190.441 |
156.484 |
|
|
|
Extraordinary Items |
0.779 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1666.430 |
1612.240 |
1431.798 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
255.870 |
250.510 |
259.798 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL EXPENSES (D) |
118.146 |
108.642 |
95.579 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
137.724 |
141.868 |
164.219 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.854 |
70.491 |
70.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.870 |
71.377 |
93.614 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.594 |
14.316 |
18.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.276 |
57.061 |
74.912 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
968.793 |
913.220 |
840.424 |
|
|
|
|
|
|
|
|
|
Less |
INCOME TAX AD
JUST MENT OF THE EARLIER YEAR |
0.904 |
1.488 |
2.116 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1018.165 |
968.793 |
913.220 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Manufacturing Good |
0.000 |
0.000 |
3.048 |
|
|
|
FOB |
0.000 |
1.639 |
0.000 |
|
|
|
Traded Goods |
0.000 |
0.000 |
42.287 |
|
|
TOTAL EARNINGS |
0.000 |
1.639 |
45.335 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.475 |
23.744 |
62.508 |
|
|
|
Stores & Spares |
0.000 |
1.370 |
0.996 |
|
|
|
Capital Goods |
0.000 |
0.000 |
2.282 |
|
|
TOTAL IMPORTS |
26.475 |
25.114 |
65.786 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
687.000 |
783.000 |
1028.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.62
|
3.06
|
4.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.39
|
3.87
|
5.70
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.68
|
3.03
|
4.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.05
|
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.46
|
0.46
|
0.51
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.47
|
1.53
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
72.870 |
72.870 |
73.130 |
|
Reserves & Surplus |
1,205.591 |
1,261.165 |
1,310.537 |
|
Share Application money
pending allotment |
0.260 |
0.260 |
41.300 |
|
Net
worth |
1,278.721 |
1,334.295 |
1,424.967 |
|
|
|
|
|
|
long-term borrowings |
294.943 |
219.285 |
306.971 |
|
Short term borrowings |
355.590 |
390.309 |
351.257 |
|
Total
borrowings |
650.533 |
609.594 |
658.228 |
|
Debt/Equity
ratio |
0.509 |
0.457 |
0.462 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1,640.515 |
1,845.873 |
1,911.477 |
|
|
|
12.518 |
3.554 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1,640.515 |
1,845.873 |
1,911.477 |
|
Profit After Tax |
74.912 |
57.061 |
50.276 |
|
|
4.57% |
3.09% |
2.63% |
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 |
No |
|
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 |
COMPANY OVERVIEW
FIL Industries
Ltd. is engaged in various business viz. Agrochemical (under Crop Protection
Division) Food Processing (under as Consumer Division) a 100% EOU, C.A. Store
(Controlled Atmosphere Store) for storage of fruits and vegetables under
controlled atmospheric conditions and a food and beverage division primarily
tetra packaging / bottling of fruit juices. The Electronics/Trading Division
which caters to vast requirements of different consumers and aims to cover both
Hardware and Software items. The company has successfully executed projects of
supply of electronic equipments. The Company is also engaged in the activities
of providing basic infrastructure facilities at the farm level and near the
fruit growing areas involving setting up and maintenance of processing units
and controlled atmospheric stores together to the packing and grading lines on
contract basis under its Engineering Division.
PERFORMANCE REVIEW
This year your company
has seen a marginal increase in turnover from Rs 1897.200 millions in the
previous year 2011-12 to Rs 1967.600 millions in the current year 2012-13. The
Net Profit for the year however showed a decrease from Rs. 57.000 millions in
the previous year 2011 - 12 to Rs. 50.200 millions in the current year 2012 -
13. This has been mainly due to the losses posted by Consumer Division and
Engineering Division.
Towards the end of
2012, the Crop Protection Division of the company has entered into a strategic
alliance with the Aditya Birla group for the marketing of agrochemicals under
the Company’s brand throughout the country other than Jammu and Kashmir. This
is a new mile stone in the Company’s achievement and we are hopeful that the
alliance will further strengthen our brands. The Food and Beverage Division and
the Warehouse Division have shown positive growth during the year and we are
sure that both the divisions would achieve their respective goals in the
current year as well. However, the Consumer Division again had losses,
primarily owing to the availability of cheaper Chinese concentrate in the
markets, while, with higher input costs in India it was not feasible to export
concentrates.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10456820 |
23/09/2013 |
100,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
SSI LAL CHOWK,
SRINAGAR, JAMMU AND KASHMIR - 190001, INDIA |
B88217575 |
|
2 |
10433694 |
10/05/2013 |
97,200,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR,
METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI,
MAHARASHTRA - 400051, INDIA |
B78238383 |
|
3 |
10418904 |
18/03/2013 |
300,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
G-40 CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, INDIA |
B72937717 |
|
4 |
10387172 |
19/11/2012 |
20,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE CENTRE, 5, PARLIAMENT STREET, |
B62261243 |
|
5 |
10387299 |
19/11/2012 |
90,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE CENTRE, 5, PARLIAMENT STREET, |
B62281167 |
|
6 |
10337588 |
16/01/2012 |
220,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
G-40, CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, |
B32970634 |
|
7 |
10335483 |
08/09/2011 |
100,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
(CORPORATE HEADQUARTERS),
M.A.ROAD,SRINAGAR, KASHMIR, SRINAGAR, JAMMU AND KASHMIR - 190001, INDIA |
B25233917 |
|
8 |
10086297 |
19/11/2012 * |
10,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE CENTRE, 5, PARLIAMENT STREET, |
B64137243 |
|
9 |
10070039 |
17/10/2007 |
50,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A24560559 |
|
10 |
10031615 |
03/09/2009 * |
200,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
(CORPORATE
HEADQUARTERS), M.A.ROAD,SRINAGAR, KASHMIR , SRINAGAR, JAMMU AND KASHMIR -
190001, INDIA |
A70138714 |
Note: * Date of charge modification
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans taken for vehicles |
3.982 |
0.000 |
FIXED ASSETS:
- Land
- Land(Leasehold)
- Office
Building
- Plant and
Machinery
- Vehicles
- Furniture and
Fixture
- Office
Equipments
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 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.59.65 |
|
|
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.