MIRA INFORM REPORT
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Report Date : |
27.12.2014 |
IDENTIFICATION DETAILS
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Name : |
FRESHTROP FRUITS LIMITED |
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Registered Office : |
A-603, Shapath IV, Opposite Karnavati Club, |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
30.09.1992 |
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Com. Reg. No.: |
04-018365 |
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Capital Investment / Paid-up Capital : |
Rs.121.450 millions |
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CIN No.: [Company
Identification No.] |
L15400GJ1992PLC018365 |
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IEC No.: |
0891015507 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMF00071B |
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PAN No.: [Permanent
Account No.] |
AAACF2885P |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business : |
Subject is engaged in the business of exports of fresh fruits and vegetables to leading Supermarket chains and also engaged in producing Fruit Pulp and Concentrate. |
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No. of Employees : |
Approximately 141 (In Office: 11 and In Factory: 130) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having fine track record. Financial
position of the company seems to be sound. Trade relations
are fair. Business is active. Payment terms are reported to be regular and as
per commitment. The company can be
considered good 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities: A- |
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Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
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Date |
29.09.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities: A2+ |
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Rating Explanation |
Have strong degree of safety and carry low credit risk. |
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Date |
29.09.2014 |
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 PARTED BY
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Name : |
Mr. Ashok V. Motiani |
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Designation : |
Chairman and Managing Director |
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Contact No.: |
91-9822656581 |
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Date : |
26.12.2014 |
LOCATIONS
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Registered Office : |
A-603, Shapath IV, Opposite Karnavati Club, S.G. Highway, Ahmedabad –
380 051, Gujarat, India |
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Tel. No.: |
91-79-66527060/ 66527061/ 40307050-59 |
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Mobile No.: |
91-9822656581 (Mr. Ashok V. Motiani) |
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Fax No.: |
91-79-66527069 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Unit I : |
Gat No.171, Village Jaulke, Bombay Agra Road, Taluka Dindori, District
Nasik – 422 207, Maharashtra, India |
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Unit II : |
Survey No.1366, Savlej-Wayfale Road, Post Siddhewadi, Taluka Tasgaon,
District Sangli – 416 311, Maharashtra, India |
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Tel. No.: |
91-2346-254871/ 2 /3 |
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Unit III : |
Gat No.598/1, Village Janori, Taluka Dindori, District Nasik – 422
206, Maharashtra, India |
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Tel. No.: |
91- 2557-202852-54 |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Ashok V. Motiani |
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Designation : |
Chairman and Managing Director |
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Address : |
Lane No.23, House No.553, Satyagrhchawani Co-Operative Housing
Society, Satellite, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
04.12.1949 |
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Qualification : |
Aeronautical Engineer from IIT MUMBAI |
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Date of Appointment : |
30.09.1992 |
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Name : |
Mrs. Nanita A. Motiani |
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Designation : |
Executive Director |
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Address : |
Lane No.23, House No.553, Satyagrhchawani Co-Operative Housing
Society, Satellite, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
04.04.1953 |
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Qualification : |
Master of science |
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DIN No. : |
00787809 |
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Name : |
Mr. Mayur J. Shah |
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Designation : |
Non-Executive/Independent Director |
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Address : |
E/2/9, Vikram Nagar Colony, B/H Iscon, Bopal Ambali Road, Ahmedabad – 380
058, Gujarat, India |
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Date of Birth/Age : |
03.09.1959 |
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Qualification : |
Commerce Graduate |
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Experience : |
30 Years |
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DIN No. : |
00124633 |
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Name : |
Mr. Dinesh Oza |
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Designation : |
Non-Executive/Independent Director |
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Address : |
63-A Tirth Bhumi Apartment, B/H: Gajjar Hall, Law Garden, Ellisbridge,
Ahmedabad – 380 006, Gujarat, India |
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Date of Birth/Age : |
04.07.1953 |
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Qualification : |
BSC (TECH) Food Technologist from Bombay university |
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Experience : |
35 Years |
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DIN No. : |
01307881 |
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Name : |
Mr. Anil Sharma |
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Designation : |
Non-Executive/Independent Director |
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Address : |
C-70, C-Block, Shastri Nagar, Meerut – 250 004, Uttar Pradesh, India |
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Date of Birth/Age : |
02.08.1954 |
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Qualification : |
Food Technologist |
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Experience : |
32 Years |
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DIN No. : |
06688634 |
KEY EXECUTIVES
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Name : |
Mr. Ashish B. Parekh |
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Designation : |
Chief
Financial Officer |
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Name : |
Mr. Jignesh J. Gandhi |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
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(A)
Shareholding of Promoter and Promoter Group |
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4349598 |
35.81 |
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2435013 |
20.05 |
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2435013 |
20.05 |
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6784611 |
55.86 |
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Total
shareholding of Promoter and Promoter Group (A) |
6784611 |
55.86 |
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(B)
Public Shareholding |
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538723 |
4.44 |
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2679030 |
22.06 |
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1468481 |
12.09 |
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|
674155 |
5.55 |
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|
481858 |
3.97 |
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|
192297 |
1.58 |
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|
5360389 |
44.14 |
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Total
Public shareholding (B) |
5360389 |
44.14 |
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Total
(A)+(B) |
12145000 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
12145000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand total |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
1 |
Freshcap Investment Private
Limited formerly known as Capital Packaging Private Limited |
24,35,013 |
20.05 |
20.05 |
|
2 |
Ashok
Vishandas Motiani |
16,15,904 |
13.31 |
13.31 |
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3 |
Nanita
Ashok Motiani |
8,72,246 |
7.18 |
7.18 |
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4 |
Dipti
Ashok Motiani |
7,69,712 |
6.34 |
6.34 |
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5 |
Priyanka
Motiani |
6,29,082 |
5.18 |
5.18 |
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6 |
Mayank
Ramesh Tandon |
4,62,654 |
3.81 |
3.81 |
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Total |
67,84,611 |
55.86 |
55.86 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
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|
1 |
Amit
Bhartia |
165000 |
1.36 |
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2 |
Avinash
P Wadhwa |
151437 |
1.25 |
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3 |
Shital
Navin Agarwal |
125630 |
1.03 |
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Total |
442067 |
3.64 |
Details of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Ashok
Vishandas Motiani |
5,00,000 |
4.12 |
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2 |
Nanita
Ashok Motiani |
2,00,000 |
1.65 |
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3 |
Dipti
Ashok Motiani |
2,00,000 |
1.65 |
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4 |
Priyanka
Ashok Motiani |
1,00,000 |
0.82 |
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5 |
Mayank
Ramesh Tandon |
1,00,000 |
0.82 |
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Total |
11,00,000 |
9.06 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of exports of fresh fruits and vegetables to leading Supermarket chains and also engaged in producing Fruit Pulp and Concentrate. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Others
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No. of Employees : |
Approximately 141 (In Office: 11 and In Factory: 130) |
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Bankers : |
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Facilities : |
LONG TERM BORROWINGS Nature of Security and
terms of repayment for Long Term Secured Borrowing Nature of Security and
terms of repayment for Long Term Secured Borrowing Term Loan of Nil
(P.Y.Rs.2.376 millions) is secured by Exclusive and Specific charge on the
Registered Office at Ahmedabad and repayable in 24 Monthly Installments
starting From December, 2011. Last instalment due in November, 2013. Rate of
Interest 14.50% p.a. (P.Y. 14.50% p.a.) at year end. Term Loan of Rs.5.625
millions (P.Y. Rs.13.125 millions) is secured by First charge over the entire
fixed assets of the company located at the Unit-IV for Tomato Processing Line
repayable in 16 Quarterly installments starting From March,2011. Last
installments due in December, 2014. Rate of Interest 13.25% p.a. (P.Y. 14.25%
p.a.) at year end. Term Loan of Rs.35.212
millions (P.Y. Rs.43.850 millions) is secured by Equitable mortgage of
Factory Land and Building located at Unit-1 repayable in 36 Monthly
Installments starting From July,2013.Last installments due in June, 2016.
Rate of Interest 13.25% p.a. (P.Y. 13.50% p.a.) at year end. Term Loan of Rs.6.401
millions (P.Y. Nil) is secured by Equitable mortgage of Factory Land and
Building located at Unit-1 repayable in 36 Monthly Installments starting From
Sep-14. Last installments due in Jun-17. Rate of Interest 13.25% p.a. (P.Y.
13.50% p.a.) Term Loan of Rs.2.249
millions (P.Y. Nil) is secured by Equitable mortgage of Factory Land and
Building located at Unit-1 repayable in 36 Monthly Installments starting From
September,2014. Last instalment due in June, 2017. Rate of Interest 13.25%
p.a. (P.Y. 13.50% p.a.) at year end. Term Loan of Rs.10.000
millions (P.Y. Nil) is secured by Equitable mortgage of Factory Land and
Building located at Unit-1 repayable in 36 Monthly installments starting From
September, 2014. Last installments due in June, 2017. Rate of Interest 13.25%
p.a. (P.Y. 13.50% p.a.) at year end. The above mentioned term
Loans are collaterally secured by first charge by way of mortgage of factory
land and building and plant and machinery located at Unit-I, Unit-II and
Unit-IV and further secured by Extension of charge on current assets of the
company and personal Guarantee of Chairman and Managing Director. Term Loan of Rs.1.534
millions (P.Y. Nil) is secured by Hypothecation on the Vehicle of the company
repayable in 35 Monthly installments starting From July, 2013. Last
installments due in January, 2016. Rate of Interest 11.00% p.a. (P.Y. Nil) at
year end. Term Loan of Rs.1.739
millions (P.Y. Nil) is secured by Hypothecation on the Vehicle of the company
repayable 30 Monthly Installments starting From August, 2013. Last
installments due in January, 2016. Rate of Interest 8.35% p.a. (P.Y. Nil.) at
year end. Term Loan of Rs.0.078
million (P.Y. Rs.0.518 million) is secured by Hypothecation on the Vehicle of
the company repayable in 35 Monthly Installments starting From July, 2011.
Last installments due in May, 2014. Rate of Interest 10.45% p.a. (P.Y. 10.45%
p.a.) at year end. Installments falling due
in respect of all the above loans upto 31.03.2015 have been grouped under
Current Maturities of Long-Term Debt. SHORT TERM BORROWINGS Working Capital Loans
from Banks comprise of Cash Credit, Pre Shipment and Post Shipment Credit are
secured by way of hypothecation of Current Assets including Stocks and Book
Debts and are collaterally secured by first charge by way of mortgage of
factory land and building and Plant and Machinery located at Unit-I, Unit-II and
Unit-IV and further secured by Extension of charge over other fixed assets of
the company except Satara unit of the company and Personal Guarantee of
Chairman and Managing Director. |
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Banking Relations : |
-- |
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Auditors : |
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Name : |
Mayank Shah and Associates Chartered Accountants |
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Address : |
706/708-A, Mahakant, Opposite V.S. Hospital, Ellisbridge, Ahmedabad –
380 006, Gujarat, India |
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Tel. No. : |
91-79-26575642/ 26579106 |
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Mobile No. : |
91-9825064200 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise under significant influence of Key Management personnel : |
Address: A-603,Shapath-IV, Ahmedabad, Gujarat, India Line of Business : Investment Activity
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12145000 |
Equity Shares |
Rs.10/- each |
Rs.121.450 millions |
|
|
|
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|
10,00,000
equity shares of Rs.19.40/- each (including Securities Premium of Rs.9.40/-
each) and 11,00,000 equity shares of Rs.14.00/- each (including Securities
Premium of Rs.4.00/- each) were allotted as fully paid upon conversion of
Optionally Convertible Warrants during the last Five Years.
Reconciliation of number of
Equity Shares and amount outstanding
|
Particulars |
As at 31st
March, 2014 |
|
Amount (Rs. in millions) |
|
|
Shares
outstanding at the beginning of the year |
11.645 |
|
Add: Issued during the
year on exercise of Convertible Warrants |
0.500 |
|
Shares outstanding at the
end of the year |
12.145 |
Rights, preferences and
Restrictions attached to Shares
The Company has only one
class of equity shares having a par value of Rs.10 per share. Each Shareholder
is eligible for one vote per share. The dividend proposed by the Board of
Directors is subject to the approval of shareholders, except in case of interim
dividend. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
Details of Shareholders holding
more than 5% shares in the company
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares |
% of Holding |
|
|
Freshcap Investments
Private Limited |
2435013 |
20.05% |
|
Ashok Vishandas Motiani |
1548553 |
12.75% |
|
Nanita Ashok Motiani |
872246 |
7.18% |
|
Dipti Ashok Motiani |
769712 |
6.34% |
|
Priyanka Tandon |
629082 |
5.18% |
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 |
121.450 |
116.450 |
110.450 |
|
(b) Optionally
Convertible Warrants |
0.000 |
1.750 |
0.000 |
|
(c) Reserves & Surplus |
220.202 |
175.959 |
152.068 |
|
(d) Deferred
Grant |
0.000 |
72.597 |
77.063 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
341.652 |
366.756 |
339.581 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
38.511 |
39.621 |
21.014 |
|
(b) Deferred tax liabilities (Net) |
45.474 |
42.965 |
25.425 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
83.985 |
82.586 |
46.439 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
180.514 |
170.937 |
188.764 |
|
(b) Trade payables |
403.624 |
269.291 |
178.065 |
|
(c) Other
current liabilities |
58.798 |
75.817 |
46.560 |
|
(d) Short-term
provisions |
24.894 |
19.275 |
1.839 |
|
Total Current
Liabilities (4) |
667.830 |
535.320 |
415.228 |
|
|
|
|
|
|
TOTAL |
1093.467 |
984.662 |
801.248 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
365.726 |
414.404 |
411.605 |
|
(ii)
Intangible Assets |
0.064 |
0.111 |
0.159 |
|
(iii)
Capital work-in-progress |
11.765 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
Loan and Advances |
30.475 |
28.625 |
21.147 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
408.030 |
443.140 |
432.911 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
437.112 |
331.869 |
235.825 |
|
(c) Trade
receivables |
175.233 |
157.662 |
96.659 |
|
(d) Cash
and cash equivalents |
30.364 |
13.910 |
19.439 |
|
(e)
Short-term loans and advances |
42.728 |
38.062 |
16.375 |
|
(f) Other
current assets |
0.000 |
0.019 |
0.039 |
|
Total
Current Assets |
685.437 |
541.522 |
368.337 |
|
|
|
|
|
|
TOTAL |
1093.467 |
984.662 |
801.248 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1135.610 |
912.596 |
611.437 |
|
|
|
Other Income |
12.259 |
22.433 |
7.339 |
|
|
|
TOTAL |
1147.869 |
935.029 |
618.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
786.433 |
662.347 |
401.775 |
|
|
|
Purchases pf stock-in-trade |
0.000 |
0.000 |
6.257 |
|
|
|
Changes in Inventories of Finished Goods |
(76.254) |
(93.435) |
(43.946) |
|
|
|
Employee Benefits Expenses |
46.790 |
35.074 |
29.256 |
|
|
|
Other Expenses |
267.271 |
230.704 |
168.341 |
|
|
|
TOTAL |
1024.240 |
834.690 |
561.683 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
123.629 |
100.339 |
57.093 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.262 |
23.662 |
26.413 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
103.367 |
76.677 |
30.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.406 |
23.731 |
23.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
81.961 |
52.946 |
7.570 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
25.509 |
17.573 |
2.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
56.452 |
35.373 |
5.391 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
148.921 |
127.430 |
122.039 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividends |
12.145 |
11.945 |
0.000 |
|
|
|
Distribution Tax on Proposed Dividends |
2.064 |
1.937 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
191.164 |
148.921 |
127.430 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of Fresh Fruits |
84.990 |
649.910 |
412.500 |
|
|
|
Sales of Processed Fruits |
56.864 |
40.577 |
44.375 |
|
|
TOTAL EARNINGS |
141.854 |
690.487 |
456.875 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
3.567 |
|
|
|
Packing Material |
45.545 |
34.423 |
19.300 |
|
|
|
Consumables |
0.128 |
1.365 |
0.402 |
|
|
|
Capital Goods |
3.926 |
8.395 |
0.000 |
|
|
|
Others |
0.000 |
0.430 |
0.356 |
|
|
TOTAL IMPORTS |
49.599 |
44.613 |
23.625 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.76 |
3.18 |
0.49 |
|
|
|
- Diluted |
4.76 |
3.15 |
0.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net
Sales |
|
697.800 |
102.300 |
|
Total
Expenditure |
|
582.000 |
81.700 |
|
PBIDT
(Excl OI) |
|
115.800 |
20.600 |
|
Other
Income |
|
5.000 |
1.400 |
|
Operating
Profit |
|
120.800 |
22.000 |
|
Interest |
|
6.400 |
3.000 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
114.400 |
19.100 |
|
Depreciation |
|
12.100 |
11.800 |
|
Profit
Before Tax |
|
102.300 |
7.200 |
|
Tax |
|
34.000 |
4.200 |
|
Provisions
and contingencies |
|
0.000 |
0.000 |
|
Profit
After Tax |
|
68.300 |
3.000 |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior
Period Expenses |
|
0.000 |
0.000 |
|
Other
Adjustments |
|
0.000 |
0.000 |
|
Net
Profit |
|
68.300 |
3.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.97 |
3.88 |
0.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
10.89 |
10.99 |
9.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.58 |
5.38 |
0.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.14 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64 |
0.57 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.01 |
0.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
110.450 |
116.450 |
121.450 |
|
Optionally
Convertible Warrants |
0.000 |
1.750 |
0.000 |
|
Reserves & Surplus |
152.068 |
175.959 |
220.202 |
|
Deferred
Grant |
77.063 |
72.597 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
339.581 |
366.756 |
341.652 |
|
|
|
|
|
|
Long Term borrowings |
21.014 |
39.621 |
38.511 |
|
Short Term borrowings |
188.764 |
170.937 |
180.514 |
|
Total borrowings |
209.778 |
210.558 |
219.025 |
|
Debt/Equity ratio |
0.618 |
0.574 |
0.641 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
611.437 |
912.596 |
1,135.610 |
|
|
|
49.254 |
24.437 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
611.437 |
912.596 |
1,135.610 |
|
Profit |
5.391 |
35.373 |
56.452 |
|
|
0.88% |
3.88% |
4.97% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
30.711 |
23.862 |
32.538 |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND:
Subject is engaged in the business of exports of fresh fruits and
vegetables to leading Supermarket chains in various parts of Europe, Russia and
Hong Kong as well as in Domestic Market. The company is producing Fruit Pulp
and Concentrate for both the Domestic and International Customers.
OPERATIONS:
The year shows a growth in
the total income from Rs.935.000 millions to Rs.1147.000 millions an increase
of 22.76%, while the profit after tax has grown from Rs.35.370 millions to
Rs.56.450 millions an increase of 59.59%. The increase in the Income has come
from growth in both their business segments, fresh fruits exports and processed
food business. They feel both these segments have a large potential and will
continue to grow and contribute to the profits of the company in the coming
years.
FRESH FRUITS SEGMENT:
Demand for Indian grapes
continues to grow in the EU markets. Total exports of grapes from India to EU
increased from 64,644MT in 2013 season to 80,141MT in 2014 season an increase
of 24%. While their Exports of grapes increased from Rs.651.000 millions to
Rs.837.000 millions an increase of 28.61%. They are also working on expanding
this business in non EU markets. During the 2014 season the business to this
market was stagnant but it has a large potential for growth in the coming
years.
FOOD PROCESSING SEGMENT:
During the year their
Income from this segment grew from Rs.218.700 millions in 2012-13 to Rs.236.690
in 2013-14 a growth of 8.23%.
FINANCE:
During the year, the
Company has enhanced its Working Capital Facilities of Rs.150.000 millions for
the peak season and Rs.90.000 millions for off season to Rs.210.000 millions
and 90.000 millions from Axis Bank Limited for the Fresh Fruits and Food
Processing activities of the Company. During the year, Axis bank has also
sanctioned total fresh term loans of Rs.55.000 millions out of which Rs.10.000
millions for expansion of Unit-1, and Rs.45.000 millions for Expansion of
unit-4.
MANAGEMENT DISCUSSION AND
ANALYSIS
INDUSTRY STRUCTURE AND
DEVELOPMENT:
·
Grape
exports from India to Europe is the foremost success story of Indian
horticultural exports. India is an important supplier of fresh grapes during
the summer months to both Europe and the Middle East markets.
·
Over
the past few years, new markets such as CIS countries and Far-East have opened
up offering alternates and giving the industry a healthy growth prospect. This
also reduces the over-dependence of this business on EU and the gulf markets.
·
Modern
packhouse facilities with forced air cooling systems, APEDA sponsored
traceability systems and Internationally qualified chemical residue testing
laboratories have all helped the industry grow exponentially by offering fresh
Indian grapes with all required food safety controls.
·
Indian
food and food processing industry has seen significant growth and changes over
the past few years, driven by changing trend in markets, consumer segment and
regulations. These trends, as well as changing demographics, growing population
and rapid urbanization are expected to continue in the future and therefore
will shape the demand for value added products in the food processing industry.
The food processing sector in India is hence an attractive sector for
investment and offers significant growth potential to investors.
·
The
Indian beverage industry is on a high growth path. Fast urbanisation, growing
affluent consumers, changing lifestyles and health considerations are main
driving factors behind this growth. The non-alcoholic ready-to-drink beverage
market has been recording a compounded annual growth of 13% since 2009 and is
one segment that has successfully defied the recessionary trends witnessed
almost all across the world and all segments.
SEGMENT WISE PERFORMANCE:
The Company has identified
following segments as reportable segments:
1) Fresh Fruits
2) Food Processing
RECENT TRENDS AND FUTURE
OUTLOOK:
The food processing
industry provides vital linkages and synergies between industry and
agriculture. The Food Processing Industry sector in India is one of the largest
in terms of production, consumption, export and growth prospects. The
government has accorded it a high priority, with a number of fiscal reliefs and
incentives, to encourage commercialization and value addition to agricultural
produce, for minimizing pre/post-harvest wastage, generating employment and
export growth. India’s food processing sector covers a wide range of fruits and
vegetables.
Indian food processing
industry is widely recognized as a ‘sunrise industry’ having huge potential for
uplifting agricultural economy, creation of large scale processed food
manufacturing and food chain facilities, and the resultant generation of
employment and export earnings. Over the last few years, there has been a
positive growth in ready-to-serve beverages, fruit juices and pulps, dehydrated
and frozen fruits and vegetable products, tomato products, convenience vegspice
pastes, reasons being increase in consumption by nuclear families, working
women, students and single employees staying alone. An increasing acceptance of
new products with market development efforts has been witnessed lately given
the fact that there is a good international demand for certain fruits and
vegetable products. The Indian food processing industry is primarily export
oriented. India’s geographical situation gives it the unique advantage of
connectivity to Europe, the Middle East and the far-east.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter Corporate Deposit |
6.383 |
3.614 |
|
Total |
6.383 |
3.614 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10411575 |
21/02/2013 |
48,750,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR,
OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B70698519 |
|
2 |
10200129 |
21/02/2013 * |
224,075,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR,
OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B70694211 |
|
3 |
90100132 |
26/12/2013 * |
316,400,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR,
OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B94281342 |
|
4 |
90102756 |
30/01/2014 * |
316,400,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR, OPPOSITE
SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006,
INDIA |
B97387229 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
i) Disputed matters in
appeals/contested in respect of: |
|
|
|
- Income Tax |
-- |
6.612 |
|
- Service Tax |
43.244 |
45.744 |
|
ii) Estimated amount of
Custom/Excise duty liability in respect of Capital Goods purchased without payment
of duty under EPCG Scheme |
15.017 |
8.960 |
|
iii) Estimated amount of
duty liability on stock of duty free materials |
4.769 |
6.193 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED ON 30.09.2014
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
(Rs in Millions) |
|||
|
UNAUDITED |
|||
|
Net
Sales / Income from Operation |
84.326 |
654.630 |
738.956 |
|
Other
Operating Income |
17.966 |
43.206 |
61.172 |
|
Total
Income |
102.292 |
697.836 |
800.127 |
|
Expenses
|
|
|
|
|
Cost of Materials Consumed |
57.285 |
199.116 |
256.401 |
|
Purchases pf stock-in-trade |
0.000 |
0.000 |
0.000 |
|
Changes in Inventories of Finished Goods |
(7.722) |
296.457 |
288.735 |
|
Employee Benefits Expenses |
12.744 |
12.741 |
25.485 |
|
Depreciation/
Amortisation Expenses |
11.839 |
12.143 |
23.981 |
|
Other Expenses |
19.355 |
73.702 |
93.057 |
|
Total
Expenditure |
93.501 |
594.158 |
687.659 |
|
Profit
from Operation before Other Income, Interest and Exceptional Items |
8.791 |
103.678 |
112.468 |
|
Other
Income / (Loss) |
1.379 |
4.971 |
6.349 |
|
Profit
before Interest & Exceptional Items |
10.170 |
108.649 |
118.818 |
|
Financial
Costs |
2.959 |
6.367 |
9.326 |
|
Profit
after Interest but before Exceptional Items |
7.211 |
102.282 |
109.492 |
|
Exceptional
Items |
-- |
-- |
-- |
|
Profit/(Loss)
from ordinary activities before tax |
7.211 |
102.282 |
109.492 |
|
Tax
Expenses |
4.236 |
34.021 |
38.257 |
|
Net
Profit/(Loss) from Ordinary Activities after Tax |
2.975 |
68.261 |
71.235 |
|
Extraordinary items (Net
of Tax Expenses) |
-- |
-- |
-- |
|
Net Profit/(Loss) for the
period |
2.975 |
68.261 |
71.235 |
|
Paid
up equity Share capital (Face value of Rs.10 per share) |
121.450 |
121.450 |
121.450 |
|
Reserve
excluding revaluation reserve as per balance sheet of previous year |
-- |
-- |
-- |
|
Earninq per share (EPS) |
|
|
|
|
Basic & Diluted before
extraordinary Items |
0.24 |
5.62 |
5.87 |
|
Basic & Diluted after
extraordinary Items |
0.24 |
5.62 |
5.87 |
|
Public
Shareholding |
|
|
|
|
Number of Shares |
5360389 |
5407740 |
5360389 |
|
Percentage of shareholding |
44.14 |
44.53 |
44.14 |
|
Promoters
& Promoter Group Shareholding |
|
|
|
|
a)
Pledqed / Encumbered |
|
|
|
|
Number of Shares |
Nil |
Nil |
Nil |
|
Percentage of Shares (as a
% of the total shareholding of the Promoter & Promoter Group) |
Nil |
Nil |
Nil |
|
Percentage of Shares (as a
% of the total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
b)
Non-Encumbered |
|
|
|
|
Number of Shares |
6784611 |
6737260 |
6784611 |
|
Percentage of Shares (as a
% of the total shareholding of the Promoter & Promoter Group) |
100.00 |
100.00 |
100.00 |
|
Percentage of Shares (as a
% of the total Share Capital of the Company) |
55.86 |
55.47 |
55.86 |
|
Particulars |
Quarter Ended |
Half Year Ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Rs in Millions) |
|
|||
|
UNAUDITED |
|
|||
|
Segment Revenue (Net Sales including Export Incentives) |
|
|
|
|
|
a) Fresh Fruits |
21.104 |
603.259 |
624.363 |
|
|
b) Food Processing |
81.188 |
94.576 |
175.764 |
|
|
Total Revenue |
102.292 |
697.835 |
800.127 |
|
|
|
|
|
|
|
|
Segment
Results (Profit before Interest &
Financial Expenses, Exceptional
Items and Taxes) |
|
|
|
|
|
a) Fresh Fruits |
10.170 |
103.565 |
113.734 |
|
|
b) Food Processing |
5.542 |
9.485 |
15.026 |
|
|
|
|
|
|
|
|
LESS: |
|
|
|
|
|
Financial Cost |
2.959 |
6.367 |
9.326 |
|
|
Other Unallocable Expenditure |
6.466 |
4.470 |
10.936 |
|
|
Other Unallocable Income |
(0.924) |
(0.070) |
(0.994) |
|
|
Total
Profit / (Loss) Before Tax |
7.211 |
102.282 |
109.492 |
|
Notes:
1. The above financial results have been reviewed by the Audit Committee, and approved by the Board of Directors in their meeting held on 14.11.2014. The Auditors have carried out "Limited Review" for the result of quarter ended 30th September 2014.
2. Other Operating Income includes Export
Incentive.
3. Other Income includes Exchange Gain during
the year whereas Other Expenses include Exchange Loss.
4. From 1st April, 2014, new Companies Act 2013
has come into force as per schedule-II of the Companies Act 2013, company has
revised the useful life of Fixed Assets for providing depreciation on it.
Accordingly, the carrying amount as on 1st April, 2014 has been depreciated
over the remaining useful life of the fixed assets. Due to this change in
depreciation for the six months ended 30th September 2014 is higher and the
profit before tax is lower to the extent of Rs.11.665 millions. Further, an
amount of Rs.4.512 millions (Net of Deferred tax of Rs.2.167 millions)
representing the carrying amount of assets with revised useful life as Nil, has
been charged to the opening reserve as on April 1, 2014 pursuant to Companies
Act, 2013.
5. The provisions of Current Tax expenses and
MAT Credit Entitlement have been made as per prevailing Income Tax Act.
6. The Company has identified following segments
as reportable segment in accordance with AS-17 issued by the ICAI. Segment wise
details are given to the extent possible.
a. Fresh Fruits
b. Food Processing
7. Previous Year’s figures have been regrouped,
wherever necessary.
(Rs.
in millions)
|
SOURCES
OF FUNDS |
Half Year Ended 30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
121.450 |
|
(b) Optionally
Convertible Warrants |
284.758 |
|
(c) Reserves & Surplus |
0.000 |
|
(d) Deferred
Government Grant |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
406.208 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) Long-term
borrowings |
46.024 |
|
(b) Deferred tax liabilities (Net) |
46.231 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) Long-term
provisions |
0.000 |
|
Total Non-current Liabilities
(3) |
92.255 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
8.400 |
|
(b) Trade
payables |
26.189 |
|
(c) Other
current liabilities |
63.085 |
|
(d) Short-term
provisions |
16.289 |
|
Total Current Liabilities
(4) |
113.963 |
|
|
|
|
TOTAL |
612.426 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
409.778 |
|
(ii)
Intangible Assets |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
|
(b) Non-current
Investments |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
|
(d) Long-term
Loan and Advances |
13.415 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
423.193 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
129.176 |
|
(c) Trade
receivables |
26.771 |
|
(d) Cash
and cash equivalents |
19.887 |
|
(e)
Short-term loans and advances |
13.399 |
|
(f) Other current
assets |
0.000 |
|
Total
Current Assets |
189.233 |
|
|
|
|
TOTAL |
612.426 |
FIXED ASSETS:
Tangible Assets
·
Land and Land Development
·
·
Machinery
·
Office Equipment
·
Vehicles
·
Furniture and Fixtures
·
Computer
·
Office Electrification
·
Pollution Control Equipment
Intangible Assets
·
Website
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.