MIRA INFORM REPORT
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Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
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Name : |
GHANTA FOODS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
30.09.2013 |
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Date of
Incorporation : |
03.06.1981 |
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Com. Reg. No.: |
01-003053 |
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Capital
Investment / Paid-up Capital : |
Rs.56.235 Millions |
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CIN No.: [Company Identification
No.] |
U15490TG1981PTC003053 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of instant mixes,
asafoetida, soups, namkeens, sweets, spices and masalas, etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 27000 |
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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. As per available, management has reported low reserves during FY 13. Management has failed to file latest financials for FY 14, with the statutory
authorities. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow but correct. In view of long standing presence the company can be considered for
business dealings with 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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL SME |
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Rating |
SE1B |
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Rating Explanation |
Moderate financial strength and highest performance capability. |
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Date |
March 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 DECLINED BY
|
Name : |
Mr. Suresh |
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Designation : |
Sales Department |
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Contact No.: |
91-40-44363246 |
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Date : |
18.12.2014 |
LOCATIONS
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Registered Office : |
Surya Towers, 4th Floor, E. Block, S P Road, Secunderabad – 500003,
Telangana, India |
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Tel. No.: |
91-40-44363246 |
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Fax No.: |
Not Available |
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E-Mail : |
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Manufacturing Facilities
1 : |
1/93-1, Lingojigudda Sagar Road, Hyderabad – 500035, Telangana, India |
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Tel No.: |
91-40-
24077045 |
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Manufacturing
Facilities 2 : |
6-2-210, Bibinagar, Bhongir Taluka, Nalgonda District -
-508126, Telangana,
India |
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Tel No.: |
91- 8685-278323 |
DIRECTORS
As on 13.12.2013
|
Name : |
Mr. Myadam Raghuveer |
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Designation : |
Director |
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Address : |
10-2-262-263, Marredpally, Secunderabad – 500026, Telangana, India |
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Date of Birth/Age : |
08.03.1960 |
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Date of Appointment : |
08.03.1985 |
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DIN No.: |
01455951 |
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Other Directorship:
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Name : |
Mr. Kishan Rao Mydam |
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Designation : |
Director |
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Address : |
10-2-262-263, Marredpally, Secunderabad – 500026, Telangana, India |
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Date of Birth/Age : |
10.02.1936 |
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Date of Appointment : |
26.11.2010 |
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DIN No.: |
02425967 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Suresh |
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Designation : |
Sales Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.12.2013
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Names of Shareholders |
No. of Shares |
%age
holding |
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Subramanyam Mydam |
545065 |
9.69 |
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Rao Krishna Mydam |
4522533 |
80.42 |
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Bai Sugandha Mydam |
102667 |
1.83 |
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Raghuveer Mydam |
412133 |
7.33 |
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Anita |
41067 |
0.73 |
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Total |
5623465 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 13.12.2013
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Category |
Percentage |
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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 : |
Subject is engaged in manufacturing of instant mixes,
asafoetida, soups, namkeens, sweets, spices and masalas, etc. |
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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 : |
Not Divulged |
PRODUCTION STATUS 30.09.2013
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Unit |
Qty (Mts) |
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Licensed
Capacity |
-- |
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Installed
Capacity |
8400.000 |
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Actual
Production |
4867.020 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Financial Institute: |
Andhra Pradesh State Financial Corporation, 5-9-194,
Chirag Ali Lane,P.B 165, Hyderabad - 500001, Andhra Pradesh, India |
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Auditors : |
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Name : |
PRV Associates Chartered Accountants |
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Address : |
Flat 9, 6th Floor, Lingapur Complex, Himayat Nagar, Hyderabad – 500029, Telangana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFP6810F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate
Companies: |
Bambino Agro Industries Limited MLR Industries Private Limited Seshsayi Foods Private Limited Revathi tobacco Company Private Limited |
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Other Associates: |
Madhava Roller Flour Mills Marshal Transport Company |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5623465 |
Equity Shares |
Rs.10/- each |
Rs. 56.235
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
56.235 |
56.235 |
33.716 |
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(b) Reserves & Surplus |
38.948 |
23.020 |
15.830 |
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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 |
22.519 |
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Total
Shareholders’ Funds (1) + (2) |
95.183 |
79.255 |
72.065 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
68.716 |
57.268 |
42.021 |
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(b) Deferred tax liabilities
(Net) |
10.302 |
9.207 |
8.027 |
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(c) Other long term
liabilities |
6.487 |
0.271 |
0.270 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
85.505 |
66.746 |
50.318 |
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(4) Current Liabilities |
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(a) Short term borrowings |
79.934 |
85.408 |
79.901 |
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(b) Trade payables |
115.730 |
93.519 |
83.936 |
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(c) Other current liabilities |
27.938 |
20.414 |
13.828 |
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(d) Short-term provisions |
6.759 |
7.917 |
7.202 |
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Total
Current Liabilities (4) |
230.361 |
207.258 |
184.867 |
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TOTAL |
411.049 |
353.259 |
307.250 |
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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 |
82.654 |
81.768 |
72.785 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital work-in-progress |
4.495 |
0.000 |
0.489 |
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(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
8.200 |
8.200 |
8.200 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
95.349 |
89.968 |
81.474 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
289.774 |
233.619 |
184.684 |
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(c) Trade receivables |
15.890 |
19.147 |
25.876 |
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(d) Cash and cash equivalents |
0.656 |
1.088 |
5.475 |
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(e) Short-term loans and
advances |
8.520 |
8.540 |
9.075 |
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(f) Other current assets |
0.860 |
0.897 |
0.666 |
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Total
Current Assets |
315.700 |
263.291 |
225.776 |
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TOTAL |
411.049 |
353.259 |
307.250 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
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SALES |
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Income |
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|
350.351 |
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Other Income |
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TOTAL
|
603.677 |
470.889 |
350.351 |
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EXPENSES |
553.179 |
433.754 |
321.903 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
50.498 |
37.135 |
28.448 |
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FINANCIAL
EXPENSES |
24.139 |
21.200 |
14.889 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
26.359 |
15.935 |
13.559 |
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DEPRECIATION/
AMORTISATION |
6.102 |
5.529 |
5.461 |
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PROFIT/
(LOSS) BEFORE TAX |
20.257 |
10.405 |
8.098 |
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PROVISION
FOR INCOME TAX |
3.233 |
2.035 |
1.501 |
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PROVISION
FOR DEFERRED TAX |
1.095 |
1.180 |
1.352 |
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PROFIT/
(LOSS) AFTER TAX |
15.928 |
8.370 |
5.244 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.948 |
23.030 |
15.830 |
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Balance
Carried to the B/S |
38.948 |
23.030 |
15.830 |
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Earnings
/ (Loss) Per Share (Rs.) |
2.83 |
1.28 |
NA |
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 |
30.09.2012 |
30.09.2011 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.09 |
3.02 |
2.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.13 |
0.11 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.56 |
1.80 |
1.69 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.27 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
33.716 |
56.235 |
56.235 |
|
Reserves & Surplus |
15.830 |
23.020 |
38.948 |
|
Share Application money pending allotment |
22.519 |
0.000 |
0.000 |
|
Net
worth |
72.065 |
79.255 |
95.183 |
|
|
|
|
|
|
long-term borrowings |
42.021 |
57.268 |
68.716 |
|
Short term borrowings |
79.901 |
85.408 |
79.934 |
|
Total
borrowings |
121.922 |
142.676 |
148.650 |
|
Debt/Equity
ratio |
1.692 |
1.800 |
1.562 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
350.351 |
470.889 |
603.677 |
|
|
|
34.405 |
28.199 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
350.351 |
470.889 |
603.677 |
|
Profit |
5.244 |
8.370 |
15.928 |
|
|
1.50% |
1.78% |
2.64% |
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 |
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 |
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONAL
PERFORMANCE AND FUTURE PROSPECTS:
During the year, the company has achieved a Turnover of 603.677 Millions as compared to 470.889 Millions in the previous year recording growth of 28.20% resulting in a after tax profit of 15.928 Millions. These performances can be considered to be satisfactory amid the intensive competitive encouragement and slowdown in the economy.
The outlook for the FMCG is promising. The income level of the average Indian family is increasing and the consumer spending on the food consumption particularly on the convenient food is on the rise. The emergence of the modern retail chain format also affords enormous opportunities for sustainable growth. The Company has evolved strategy to accelerate growth by penetrating into the rural markets with its distribution network and other promotional schemes. Given the inherent brand strength, the company expects to garner sizable market share in the instant food segment.
During the year their company has introduced new products/items and also planning to increase the production capacity with new items for which the production/sale turnover would be increasing 30%.
The company has not declared any dividend during the year.
CORPORATE INFORMATION
The Company is a Private Limited company domiciled in India and incorporated under the provisions of the Companies Act 1956. The Company is engaged in manufacturing of instant mixes, asafoetida, soups, namkeens, sweets, spices & masalas, etc.
UNSECURED LOAN
|
PARTICULARS |
30.09.2013 (Rs.
in Millions) |
30.09.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances |
1.763 |
1.551 |
|
|
|
|
|
Total |
1.763 |
1.551 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Furniture and fixtures
- Computer equipments
- Vehicles
- Motor vehicles
- Office equipment
- Other 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 records 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.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
31 |
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.