MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NHC FOODS LIMITED |
|
|
|
|
Formerly Known
As : |
MIDPOINT SOFTWARE AND ELECTRON SYSTEMS LIMITED |
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Registered
Office : |
Survey No. 777, Umarsadi Desaiwad Road,
At Village Umarsadi, Taluka Pardi Killa Pardi, District : Valsad - 396175,
Gujarat |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
04.08.1992 |
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|
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|
Com. Reg. No.: |
04-076277 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 112.935 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15122GJ1992PLC076277 |
|
|
|
|
IEC No.: |
Not Avaialble |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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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
: |
The company is engaged into the trading
and processing of agriculture commodities (which includes food spices, spice
powder, oil seeds, processed foods items and other agricultural products). |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 490000 |
|
|
|
|
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. The rating reflects moderate financial risk profile marked by thin profit
margin, low reserves position and increased borrowings of the company during
2014. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
01.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
01.10.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-61522020
LOCATIONS
|
Registered Office / Factory: |
Survey No. 777, Umarsadi Desaiwad Road,
at Village Umarsadi, Taluka Pardi Killa Pardi, District : Valsad - 396175,
Gujarat, India |
|
Tel. No.: |
91-260-2375660 / 2375661 |
|
Fax No.: |
91-260-2375662 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
‘NHC House’, 2/13, Anand Nagar, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-61522020 (30 Lines) |
|
Fax No.: |
91-22-61522021 |
|
E-Mail : |
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|
|
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|
Factory 2 : |
D-18/5, MIDC, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai-400 703, Maharashtra,
India |
|
Tel. No.: |
91-22-27685033 |
|
Fax No.: |
91-22-27685034 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Alpa Shah |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Director |
KEY EXECUTIVES
Audit Committee :
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Member |
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|
|
|
Nomination and
Remuneration Committee : |
|
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Member |
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|
|
|
Shareholder’s Relationship Committee : |
|
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Member |
|
|
|
|
Name : |
Mrs. Alpa Shah |
|
Designation : |
Member |
|
|
|
|
Name : |
Ms. Suvarnalata Chavan |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
2979422 |
38.71 |
|
|
2979422 |
38.71 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2979422 |
38.71 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2610 |
0.03 |
|
|
2610 |
0.03 |
|
|
|
|
|
|
864369 |
11.23 |
|
|
|
|
|
|
2029279 |
26.36 |
|
|
1550469 |
20.14 |
|
|
270986 |
3.52 |
|
|
270986 |
3.52 |
|
|
4715103 |
61.26 |
|
Total Public shareholding (B) |
4717713 |
61.29 |
|
Total (A)+(B) |
7697135 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7697135 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged into the trading
and processing of agriculture commodities (which includes food spices, spice powder,
oil seeds, processed foods items and other agricultural products). |
|
|
|
|
Products : |
Not Divulged |
|
|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
SECURED LOANS
Note : LONG TERM
BORROWINGS (i) Term loan from bank is secured by hypothecation of land and
building, plant and machinery, and personal guarantee of directors; carries
rate of interest of 12% to 12.40% and is repayable in 2015-16 Rs. 11.084
Millions; 2016-17 Rs. 49,99,992 ; 2017-18 Rs. 4.999 Millions ; and 2018-19
Rs. 3.579 Millions (ii) Unsecured loans from Bank carries rate of interest 13% is
repayable in 2015-16 Rs. 0.510 Millions and unsecured loans from others
carries rate of interest of 18.80% and is repayable in 2015-16 Rs. 1.000
Millions. (iii) Loans and advances from related party carries interest rate of
10% and is repayable in 2015-16. SHORT TERM
BORROWINGS (i) Working Capital Borrowings from Banks is secured against
stock-in-trade includes cash credit facilities, carries rate of interest
12.25% and Packing Credit carries rate of interest Libor + 2.5%. (ii) Other loans carries rate of interest 15% to 16.8% p.a. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Statutory
Auditors : |
|
|
|
|
|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
B/46, 3rd Floot, Pravasi lndustriol Estote, V N. Rood, Goregoon
(East), Mumbai - 400063, Maharashtra, India |
|
Tel. No.: |
91-22-42173337 / 3327 |
|
Fax No.: |
91-22-29277244 |
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|
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Memberships : |
----- |
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|
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Collaborators : |
----- |
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|
Company
over which key management personnel are able to exercise significant
influence : |
NHC Mercantile Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,85,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 185.000 Millions |
|
55,00,000 |
0% Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs. 55.000 Millions |
|
|
Total |
|
Rs. 240.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,97,135 |
Equity Shares |
Rs.10/- each |
Rs. 76.971 Millions |
|
35,96,400 |
0% Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs. 35.964 Millions |
|
|
Total |
|
Rs. 112.935
Millions |
(a) Reconciliation of number of shares
|
Reconciliation of number of shares |
As at March 31, 2014 |
|
|
|
No. of Shares |
Amount |
|
Equity Share Capital |
|
|
|
At the beginning of the year |
5793535 |
57.935 |
|
Add -Issued during the year |
000 |
0.000 |
|
On conversion of preference
shares |
1903600 |
19.036 |
|
At the end of the year |
7697135 |
76.971 |
|
|
|
|
|
0% Optionally Convertible
Redeemable Preference Shares |
|
|
|
At the beginning of the year |
5500000 |
55.000 |
|
Less: Converted into the
equity shares during the year |
1903600 |
19.036 |
|
At the end of the year |
3596400 |
35.964 |
(b)
Terms/rights attached to equity shares:
The Company
has only one class of equity shares having a par value of 10/- per share. 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 Annual General
Meeting.
In
the extent of liquidation of the Company, the holders of equity shares will be
entitled to receive 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.
Terms
of conversion/redemption of preference shares:
0%
Optionally Convertible Preference Shares (OCPRS) of 10/- each shall be
converted into equity shares in the ratio of 1:1 in one or more tranches within
a period of five years from the date of allotment in such a manner that the
requirements of Clause 40A of the listing agreement is met at all times. The
OCPRS, if not converted in equity shares, either fully or partly within the
said period of five years, shall be compulsorily redeemed within the period of
subsequent five years in one or more tranches.
(c) The Company does not have a holding company.
(d) Details of share holders holding more than 5% shares
in the Company:
As at March 31, 2014
|
Name of Share holder |
No. of Shares |
% of holding |
|
Equity Shares |
|
|
|
Apoorva Himatlal Shah |
994051 |
12.91% |
|
Hansa Himatlal Shah |
1733686 |
22.52% |
|
Selarka Ashvinkumar Mohanlal |
500000 |
6.50% |
|
Evolution Corporate Services Private Limited |
475000 |
6.17% |
|
Hermes Corporate Advisory Private Limited |
475000 |
6.17% |
|
Aries Advisory Services Private Limited |
475000 |
6.17% |
|
Echelon Corporate Services Private Limited |
475000 |
6.17% |
|
|
|
|
|
0% Optionally Convertible Redeemable Preference Shares |
|
|
|
Apoorva Himatlal Shah |
2248800 |
62.53% |
|
Hansa Himatlal Shah |
546800 |
15.20% |
|
Alpa Apoorva Shah |
800800 |
22.27% |
(e) Aggregate number and class of shares allotted as
fully paid-up pursuant to scheme of amalgamation without payment being received
in cash.
The Company allotted 22,00,750 equity shares of 10/-
each and 70,42,400 0% Optionally Convertible Redeemable Preference Shares of 10/-
each in pursuant of scheme of amalgamation without payment being received in
cash during the year ended March 31, 2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.935 |
112.935 |
102.935 |
|
(b) Reserves & Surplus |
61.274 |
45.728 |
17.022 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
174.209 |
158.663 |
119.957 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
45.673 |
41.643 |
28.418 |
|
(b) Deferred tax liabilities (Net) |
21.315 |
15.038 |
7.206 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.682 |
2.565 |
3.080 |
|
Total Non-current
Liabilities (3) |
69.670 |
59.246 |
38.704 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
121.252 |
84.500 |
59.514 |
|
(b) Trade
payables |
73.629 |
163.966 |
156.852 |
|
(c) Other
current liabilities |
46.542 |
39.899 |
47.494 |
|
(d) Short-term
provisions |
2.358 |
2.219 |
1.467 |
|
Total Current
Liabilities (4) |
243.781 |
290.584 |
265.327 |
|
|
|
|
|
|
TOTAL |
487.660 |
508.493 |
423.988 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
131.005 |
134.280 |
135.117 |
|
(ii)
Intangible Assets |
58.065 |
61.932 |
65.803 |
|
(iii)
Capital work-in-progress |
0.113 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.060 |
0.120 |
0.120 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15.825 |
9.216 |
5.937 |
|
(e) Other
Non-current assets |
0.500 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
205.568 |
205.548 |
206.977 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.060 |
0.000 |
0.000 |
|
(b)
Inventories |
120.994 |
68.664 |
61.304 |
|
(c) Trade
receivables |
66.118 |
149.394 |
82.394 |
|
(d) Cash
and cash equivalents |
59.973 |
58.983 |
49.993 |
|
(e)
Short-term loans and advances |
14.786 |
10.141 |
7.418 |
|
(f) Other
current assets |
20.161 |
15.763 |
15.902 |
|
Total
Current Assets |
282.092 |
302.945 |
217.011 |
|
|
|
|
|
|
TOTAL |
487.660 |
508.493 |
423.988 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue form operations |
1427.373 |
1364.279 |
926.791 |
|
|
Other Income |
9.292 |
14.285 |
5.836 |
|
|
TOTAL
(A) |
1436.665 |
1378.564 |
932.627 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12.031 |
12.165 |
16.818 |
|
|
Purchases of Stock-in-Trade |
1242.993 |
1122.311 |
777.371 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(48.223) |
(3.425) |
(13.745) |
|
|
Employees benefits expense |
26.595 |
23.640 |
19.907 |
|
|
Other expenses |
147.099 |
169.722 |
96.850 |
|
|
TOTAL
(B) |
1380.495 |
1324.413 |
897.201 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
56.170 |
54.151 |
35.426 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.299 |
20.981 |
19.188 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.871 |
33.170 |
16.238 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
10.049 |
9.232 |
8.709 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
21.822 |
23.938 |
7.529 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
6.277 |
7.831 |
2.897 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
|
15.545 |
16.107 |
4.632 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
947.923 |
1063.925 |
776.618 |
|
|
TOTAL
EARNINGS |
947.923 |
1063.925 |
776.618 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
0.000 |
9.468 |
0.000 |
|
|
TOTAL
IMPORTS |
0.000 |
9.468 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
2.60 |
3.050 |
1.420 |
|
|
Diluted |
1.38 |
1.490 |
0.440 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.09 |
1.18 |
0.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.94 |
3.97 |
3.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.48 |
4.71 |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.15 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.96 |
0.80 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.04 |
0.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
102.935 |
112.935 |
112.935 |
|
Reserves & Surplus |
17.022 |
45.728 |
61.274 |
|
Net
worth |
119.957 |
158.663 |
174.209 |
|
|
|
|
|
|
long-term borrowings |
28.418 |
41.643 |
45.673 |
|
Short term borrowings |
59.514 |
84.500 |
121.252 |
|
Total
borrowings |
87.932 |
126.143 |
166.925 |
|
Debt/Equity
ratio |
0.733 |
0.795 |
0.958 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
926.791 |
1364.279 |
1427.373 |
|
|
|
47.205 |
4.625 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
926.791 |
1364.279 |
1427.373 |
|
Profit |
4.632 |
16.107 |
15.545 |
|
|
0.50% |
1.18% |
1.09% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Bank |
0.510 |
0.000 |
|
Loan from others |
1.000 |
6.854 |
|
Loans and Advances from related parties |
19.500 |
19.500 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from related parties (interest free) |
10.177 |
16.628 |
|
Other Loans |
3.000 |
3.026 |
|
Total |
34.187 |
46.008 |
OPERATIONS
During
the year, The Company has recorded income of 1427.373 Millions as against 1378.564 Millions in the previous year.
FACTORY AUTOMATION:
(a)
Our manufacturing unit in Valsad, Gujarat is set up with modern amenities and
automated processing units imported from Germany and UK which are well
controlled by computer systems, which ensures uniform and quality products.
(b)
Our offices are well equipped and we use hi – tech machinery and technology and
connectivity to interact with our clients and agents which on a daily basis,
and enables us to respond to our buyer’s queries immediately, thereby
shortening our turnaround time and satisfying their requirements which in turn
help us to generate more enquiries and more orders.
(c)
We are also using e-storm software a mass mailing software which helps us to
mail our offers and introductions to multiple buyers at a time without having
to send mails to each and every buyer individually. This software helps us
target multiple buyers at a single time, thereby generating more enquiries
which will help us in getting us more clients in the long run.
NHC Foods Limited – SAAZ:
During
the month of Oct, 2011 we had launched our own brand “SAAZ” under which we
produce more than twenty varieties of blended spices powders in the domestic
market primarily in the states of Maharashtra, Gujarat, Goa. In order to expand
the market and business of all products under the “SAAZ brand” to other states
of India, the Company is in the process of tying up and entering into
agreements/ arrangements with popular modern trade outlets to other states in
India and is also considering setting our own retain shops under ownership and
franchising models.
CURRENT
OUTLOOK
Current
outlook, industry structure and development along with opportunities and
threats are discussed in the Management Discussion and Analysis Report, which
forms part of this report.
MANAGEMENT
DISCUSSION AND ANALYSIS
FORWARD –
LOOKING STATEMENT
The report contains forward-looking statements, identified by words like
‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’,
‘estimates’ and so on. All statements that address expectations or projections
about the future, but not limited to the Company’s strategy for growth, product
development, market position, expenditures and financial results, are forward –
looking statements. Since these are based on certain assumptions and
expectations of future events, the Company cannot guarantee that these are
accurate or will be realized. The Company’s actual results, performance or
achievements could thus differ from those projected in any forward –looking
statements. The Company assumes no responsibility to publicly amend, modify or
revise any such statements on the basis of subsequent developments, information
or events.
OVERVIEW
Spices are primarily used as flavouring agent in food or as medicine.
Looking into the domestic front, India is among the major producer and exporter
of all these spices. The demand for domestic spice is high – not only in India
but also in countries such as the United, European Union, Arab Countries and
South Asian Countries.
According to market experts, India is important centre for spices
producing more than 2.7 million tonnes of spices out of which it exports about
8-10%.
As per the data released by the Spice Board at Kochi, the India’s spices
export in rupee terms registered an increase of 41% in the financial year
(April – Dec 2013). The total volume of 1,93,625 tonnes seed spices valued at
1,9060.000 Millions has been exported against 1,09,067 tonnes valued at 1,008
Crores in the previous year.
•
Seed spice basket had registered 78% increase in
volume and 89% in value.
•
Cumin registered a prominent increase of 89% in
volume and 83% in value.
•
Value-added products viz. spice oils, oleoresins,
etc, fetched 1,242 crore by exploring 8,665 tonnes
•
Pepper and cardamom (small) marked an increase of
41% and 23% respectively.
INDUSTRY
STRUCTURE & DEVELOPMENT
Changing
economy and business conditions, evolving consumer preferences, rapid
technological innovation and adoption and globalization are creating an
increasingly competitive market environment that is driving corporations to
transform the manner in which they operate. Companies in this environment are
now focusing even more on their core business objectives, such as revenue
growth, profitability and asset efficiency.
India’s
food processing industry is one of the largest industries in the country – it
is ranked fifth in terms of production, consumption, export and expected
growth. The Indian food industry is estimated to grow to US$ 200 billion and is
expected to grow US$ 310 billion by 2015. India is one of the world’s major
food producers but accounts for only 1.7 per cent of the world trade in this
sector – this share is slated to increase to 3 per cent.
Food
processing is a large sector that covers activities such as agriculture,
horticulture, plantation, animal husbandry and fisheries. It also includes
other industries that use agriculture inputs for manufacturing of edible
products. While the industry is large in terms of size, it is still at a
nascent stage in terms of development.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH
SEPTEMBER 2014
(Rs. in Millions)
|
|
Standalone |
||
|
Sr. No. |
Particulars |
Quarter ended |
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
||
|
1 |
lncome from
operations |
|
|
|
|
a) Net Sales Income from operations |
348.541 |
348.404 |
|
|
b) Other Operating Income |
10.436 |
10.580 |
|
|
Total Income from
operations (net) |
358.977 |
358.984 |
|
|
|
|
|
|
2 |
Expenses : |
|
|
|
|
a) Cost of materials consumed |
5.100 |
5.396 |
|
|
b) purchase of Traded Goods |
279.010 |
320.600 |
|
|
c) Changes in inventories of finished goods and work-in-progress |
7.103 |
(24.688) |
|
|
d) Employee benefits expense |
7.504 |
6.890 |
|
|
e) Depreciation & amortization expenses |
2.925 |
2.996 |
|
|
f) Other Expenditure |
53.520 |
43.839 |
|
|
Total |
355.162 |
355.033 |
|
|
|
|
|
|
3 |
Profit from Operation before Other income, lnterest and Exceptional Items |
3.815 |
3.951 |
|
4 |
Other Income |
4.204 |
6.138 |
|
5 |
Profit before Interest and Exceptional Items |
8.019 |
10.089 |
|
6 |
Interest |
4.830 |
3.996 |
|
7 |
Profit before Interest but before Exceptional Items |
3.189 |
6.093 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
|
9 |
Profit I (Loss) from Ordinary Activities before tax |
3.189 |
6.093 |
|
|
Tax Expense |
|
|
|
|
- Current |
0.716 |
0.000 |
|
|
- Deferred |
0.313 |
0.992 |
|
|
-Earliervear adiustments |
0.000 |
0.000 |
|
|
Total Tax Expense |
1.029 |
0.992 |
|
10 |
Net Profit (+)/
Loss from Ordinary Activities after tax |
2.160 |
5.101 |
|
|
Extra ordinary Items |
0.000 |
0.000 |
|
11 |
Net Profit (+)/ Loss After Tax |
2.160 |
5.101 |
|
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value Rs. 10/-) |
76.971 |
76.971 |
|
11 |
Reserves (as per Balance Sheet of previous Accounting Year) |
0.000 |
0.000 |
|
12 |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.28 |
0.66 |
|
|
b) Basic
and diluted EPS after extraordinary items |
0.19 |
0.45 |
|
|
|
|
|
|
13 |
Public Shareholding |
|
|
|
|
a) Number of Shares |
4717713 |
4717713 |
|
|
b) Percentage of Shareholding |
61.29 |
6.129 |
|
|
|
|
|
|
|
Promoters and Promoter
group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
-Number of Shares |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
-Number of Shares |
2979422 |
2978622 |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
100 |
100 |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
38.71 |
38.71 |
|
Investor
complaints |
Quarter
ended 30.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Unresolved at the end of the quarter |
Nil |
STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
Standalone
statement of assets and liabilities
[RS. IN MILLIONS]
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
112.935 |
|
|
(b) Reserves & Surplus |
66.867 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
54.620 |
|
|
(b) long-term provisions |
2.682 |
|
|
(c) Deferred tax
liabilities (Net) |
22.620 |
|
|
|
|
|
3 |
Current
Liabilities |
|
|
|
(a) Short
term borrowings |
115.093 |
|
|
(b) Trade
payables |
84.447 |
|
|
(c) Other
current liabilities |
60.938 |
|
|
(d) Short-term
provisions |
2.243 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
522.445 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
Tangible assets |
125.524 |
|
|
(b) Intangible Assets |
56.115 |
|
|
(c)Capital work-in-progress |
0.113 |
|
|
(d) Non-current Investments |
0.060 |
|
|
(e) Long-term Loan and Advances |
15.772 |
|
|
(f) Other Non-current assets |
0.500 |
|
|
|
198.084 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a)
Current investments |
0.060 |
|
|
(b)
Inventories |
136.592 |
|
|
(c) Trade
receivables |
63.808 |
|
|
(d) Cash
and cash equivalents |
42.267 |
|
|
(e)
Short-term loans and advances |
51.177 |
|
|
(f) Other
current assets |
30.457 |
|
|
|
324.361 |
|
|
|
|
|
|
TOTAL-ASSETS |
522.445 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10456317 |
15/10/2013 * |
260,000,000.00 |
ING VYSYA BANK LIMITED |
C-12, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (E), |
B89337679 |
|
2 |
10456574 |
15/10/2013 * |
25,000,000.00 |
ING VYSYA BANK LIMITED |
C-12, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (E), |
B89347934 |
|
3 |
10456576 |
15/10/2013 * |
40,000,000.00 |
ING VYSYA BANK LIMITED |
C-12, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (E), |
B89348171 |
|
4 |
90230771 |
29/10/1993 |
200,000.00 |
THE UNITED WESTERN BANK LIMTED |
PRARTHANA SAMAJ
BRANCH, BOMBAY, MAHARASHTRA - 4000 |
- |
* Date of charge modification
FIXED ASSETS
- Land and
Building
- Machinery
- Furniture
- Vehicles
- Office
Equipments
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.87 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.76.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.