MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHENAB IMPEX PRIVATE LIMITED |
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Registered
Office : |
J-1A, Ansa Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.05.1991 |
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Com. Reg. No.: |
11-061497 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1991PTC061497 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10451A |
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PAN No.: [Permanent Account No.] |
AAACC3509K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Importer and Distributor of Fine Foods. |
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No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments
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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Chandrakant |
|
Designation : |
Accounts Officer |
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Contact No.: |
91-9820661070 |
|
Date : |
28.08.2014 |
LOCATIONS
|
Registered Office : |
J-1A, Ansa Industrial Estate, Sakivihar Road Sakinaka, Mumbai –
400072, Maharashtra, India |
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Tel. No.: |
91-22-28478880/ 28471623 |
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Mobile No.: |
91-9820661070 [Mr. Chandrakant] |
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Fax No.: |
91-22-28470859 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mrs. Rajni Anil Chandhok |
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Designation : |
Director |
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Address : |
101, Leelakunj Corner of 15 and 13 Road, Khar [West], Mumbai – 400052,
Maharashtra, India |
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Date of Birth/Age : |
06.08.1962 |
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Date of Appointment : |
03.05.1991 |
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DIN No.: |
00687244 |
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Name : |
Mr. Anil Ratanchand Chandhok |
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Designation : |
Director |
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Address : |
101, Leelakunj Corner of 15 and 13 Road, Khar [West], Mumbai – 400052,
Maharashtra, India |
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Date of Birth/Age : |
10.08.1954 |
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Date of Appointment : |
03.05.1991 |
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DIN No.: |
00687369 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrakant |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Anil Ratanchand Chandhok |
19309 |
96.55 |
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Rajni Anil Chandhok |
251 |
1.26 |
|
Chenab Information Technologies Private Limited, India |
440 |
2.20 |
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Total |
20000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Importer and Distributor of Fine Foods. |
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Exports : |
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Products : |
Food Item |
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Countries : |
Maldives |
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Imports : |
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Products : |
Olive Oils |
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Countries : |
· Europe Spain France Germany Bangkok US UK Italy |
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Terms : |
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Selling : |
Cash, Advance Payment, L/C and Credit |
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Purchasing : |
Cash, Advance Payment, L/C and Credit |
GENERAL INFORMATION
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Suppliers : |
· Verdu Canto Saffron Spain Ambrosi SPA Artisan Biscuits, UK Belvoir Fruit Farms Limited, UK Doormen Foods Limited, UK Oak Exports Limited, UK Ponti SPA |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s and Manufacturer · A J Foods Corporation Anand Bazar, Bandra BCMA, Karma Blue Foods Private Limited Chalet Hotels Private Limited, Powai Dinodia Foods Private Limited Eatwel India Private Limited |
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No. of Employees : |
18 (Approximately) |
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Bankers : |
· State Bank of India Saki Naka Branch, Lekhraj Bhavan, Saki Vihar Road, Saki
Naka, Andheri (East), Mumbai - 400072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. Mohan Chartered Accountant |
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Address : |
B 204/83, Balakrishna Centre, 2nd Floor, Near Chembur Railway Station,
N G Acharya Marg, Chembur, Mumbai – 400071, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACDPN2900M |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.000 |
2.000 |
2.000 |
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(b) Reserves & Surplus |
22.978 |
19.929 |
17.921 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
24.978 |
21.929 |
19.921 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
27.094 |
22.388 |
21.411 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
27.094 |
22.388 |
21.411 |
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(4)
Current Liabilities |
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(a)
Short term borrowings |
0.000 |
3.000 |
0.000 |
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(b)
Trade payables |
4.881 |
1.997 |
0.467 |
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(c)
Other current liabilities |
0.528 |
0.407 |
0.386 |
|
(d) Short-term
provisions |
2.997 |
2.520 |
1.061 |
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Total Current
Liabilities (4) |
8.406 |
7.924 |
1.914 |
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TOTAL |
60.478 |
52.241 |
43.246 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
4.232 |
4.659 |
5.613 |
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(ii)
Intangible Assets |
0.084 |
0.052 |
0.130 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(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 |
3.966 |
3.091 |
3.256 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
8.282 |
7.802 |
8.999 |
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(2) Current
assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
25.035 |
25.769 |
16.945 |
|
(c)
Trade receivables |
15.887 |
12.941 |
12.699 |
|
(d) Cash
and cash equivalents |
11.274 |
5.729 |
4.603 |
|
(e) Short-term
loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
52.196 |
44.439 |
34.247 |
|
|
|
|
|
|
TOTAL |
60.478 |
52.241 |
43.246 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
113.469 |
87.878 |
72.739 |
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PROFIT AFTER TAX
|
4.350 |
3.009 |
1.498 |
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EARNINGS IN FOREIGN
CURRENCY |
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|
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Export Earnings |
0.156 |
0.062 |
NA |
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IMPORTS |
|
|
|
|
|
|
|
Purchase |
46.875 |
|
|
|
|
|
Clearing Transportation and Other Charges |
4.571 |
4.440 |
|
|
|
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Customs Duty |
15.116 |
12.467 |
|
|
|
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Freight on Import |
5.072 |
4.284 |
|
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Insurance on Purchase |
0.074 |
0.067 |
|
|
|
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Octroi on purchases |
2.441 |
2.267 |
|
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|
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Labelling and Stickering expenses import |
0.047 |
0.000 |
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|
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TOTAL IMPORTS |
74.196 |
65.557 |
NA
|
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|
|
|
Earnings Per
Share (Rs.) |
217.50 |
150.45 |
74.90 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
120.000 |
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|
|
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|
The above information has been parted by Mr. Chandrakant [Accounts
Officer]
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.08 |
1.16 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.21 |
5.61 |
17.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.000 |
2.000 |
2.000 |
|
Reserves & Surplus |
17.921 |
19.929 |
22.978 |
|
Net
worth |
19.921 |
21.929 |
24.978 |
|
|
|
|
|
|
long-term borrowings |
21.411 |
22.388 |
27.094 |
|
Short term borrowings |
0.000 |
3.000 |
0.000 |
|
Total
borrowings |
21.411 |
25.388 |
27.094 |
|
Debt/Equity ratio |
1.075 |
1.158 |
1.085 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
72.739 |
87.878 |
113.469 |
|
|
|
20.813 |
29.121 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
72.739 |
87.878 |
113.469 |
|
Profit |
1.498 |
3.009 |
4.350 |
|
|
2.06% |
3.42% |
3.83% |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90242468 |
22/03/2014 * |
42,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1ST FLOOR, LEKHRAJ BHAVAN, SAKI VIHAR ROAD, SAKI NAKA., MUMBAI, MAHARASHTRA - 400072, INDIA |
C04256186 |
* Date of charge modification
OPERATIONS
The Company has considerably expanded its brand portfolio. During the
year, the Company has added the many more prestigious Sole Representations from
the World’s leading Companies in their product categories, covering
Mediterranean and modern European cuisines.
They represent import and nationally distribute food products from many
World Class Companies located in France, Germany, Greece, Italy, Mexico, Spain,
Thailand, UK and USA. They sell to all sectors HORECA Modern Retail,
traditional Retail, Gourmet Store, Airline Caterers etc.
FIXED ASSETS:
· Air Conditioners
Computer
and Printers
Furniture
and Fixture
Office
Equipment
Office
Appliances
Vehicles
Machinery
Refrigerator
Cold
Storage
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. 60.47 |
|
|
1 |
Rs. 100.35 |
|
Euro |
1 |
Rs. 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
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Analysis Done by
: |
SUM |
|
|
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Report Prepared by
: |
BVA |
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 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.