MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARAG MILK FOODS PRIVATE LIMITED (w.e.f. 11.04.2008) |
|
|
|
|
Formerly Known
As : |
PARAG MILK AND MILK PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial
Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra |
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
29.12.1992 |
|
|
|
|
Com. Reg. No.: |
11-070209 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.159.695 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15204MH1992PTC070209 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP02591B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP0425G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer, Exporter and Importer of Milk Products such as Ghee,
Butter, Cheese and Milk Powder. |
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|
|
|
No. of Employees
: |
150 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3498000 |
|
|
|
|
Status : |
Moderate |
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|
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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 record. External borrowing of the company seems to be huge, which acts as
threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments terms
are as 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ [Long Term] |
|
Rating Explanation |
High risk of default |
|
Date |
13.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accountant |
|
Contact No.: |
91-9890700668 |
|
Date : |
31.01.2014 |
LOCATIONS
|
Registered Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital,
S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India |
|
Tel. No.: |
91-20-25674762/ 25674761/ 2133224761 |
|
Mobile No.: |
91-9890700668 (Mr. Ajit Marathe) |
|
Fax No.: |
91-20-25674763/ 25674761 / 2133223940 |
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E-Mail : |
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|
Website : |
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|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate
Office/ Factory 1 : |
Awasari Phata, Manchar, District Pune – 410 503, |
|
Tel. No.: |
91-21-33224763 |
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E-Mail : |
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|
Location : |
Owned |
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Factory 2 : |
Village Samudrapalle, and Panchayat Palmner Handal, |
|
Location : |
Owned |
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|
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|
Marketing
Office: |
8th Floor, 81-A Wing, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
|
Tel. No.: |
91-22-22844763 / 43005555 / 43005553 |
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|
|
|
Eastern Regional
Office: |
P-12, Kalindi Housing Estate, Ground Floor, Kolkata – 700 089, West |
|
Tel. No.: |
91-33-25223090/ 25223092 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Pritam Prakash Shah |
|
Designation : |
Managing Director |
|
Address : |
Bhagyalaxmi Niwas, Bazar Peth, Post Manchar, Ambegaon – 410503, Pune,
Maharashtra, India |
|
Date of Birth/Age : |
01.11.1970 |
|
Qualification : |
B.Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
29.312.1992 |
|
Din No.: |
01127247 |
|
|
|
|
Name : |
Mr. Devendra Prakash Shah |
|
Designation : |
Director |
|
Address : |
Bhagyalaxmi Niwas, Bazar Peth, Post Manchar, Ambegaon – 410503, Pune,
Maharashtra, India |
|
Date of Birth/Age : |
27.04.1964 |
|
Qualification : |
B.Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
29.12.1992 |
|
Din No.: |
01127319 |
|
|
|
|
Name : |
Mr. Parag Prakash Shah |
|
Designation : |
Director |
|
Address : |
Bhagyalaxmi Niwas, Bazar Peth, Post Manchar, Ambegaon – 410503, Pune,
Maharashtra, India |
|
Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
29.12.1992 |
|
Din No.: |
01127099 |
|
|
|
|
Name : |
Mr. Dhaval Sumantrai Desai |
|
Designation : |
Director |
|
Address : |
405, Gayatri Opposite Pratap Society, |
|
Date of Birth/Age : |
14.09.1956 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
15.01.2008 |
|
Din No.: |
00510044 |
|
|
|
|
Name : |
Mr. Sunil Badriprasad Goyal |
|
Designation : |
Director |
|
Address : |
731/ A, 7th Floor, Akshay Girikunj – III, |
|
Date of Birth/Age : |
04.10.1967 |
|
Date of Appointment : |
15.01.2008 |
|
Din No.: |
00503570 |
|
|
|
|
Name : |
Mr. Rakesh Ram Gopal Sony |
|
Designation : |
Director |
|
Address : |
Lotus Court, Flat No.10, 2nd Floor, JT Road, Chruchgate,
Mumbai - 400 021, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1976 |
|
Date of Appointment : |
06.02.2009 |
|
Din No.: |
00363053 |
|
|
|
|
Name : |
Mr. Bharatkumar Mahendrabhai Vyas |
|
Designation : |
Director |
|
Address : |
A-1, Kaira Can Complex, Near Chikhorda Railway Crossing, Anand-388001,
Gujarat, India |
|
Date of Birth/Age: |
05.05.1950 |
|
Date of Appointment : |
22.07.2010 |
|
Din No.: |
00043804 |
|
|
|
|
Name : |
Mr. Ggirish Dinantath Nadkarni |
|
Designation : |
Director |
|
Address : |
B/5, Shree, Saikrupa Co-operative Housing Society Limited, Natvar Nagar
Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Date of Birth/Age: |
21.10.1968 |
|
Date of Appointment : |
17.09.2013 |
|
Din No.: |
00043804 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmendra Kumar Vyas |
|
Designation : |
Secretary |
|
Address : |
Near Old Kotwali, Old City Kishangarh, Kishangarh, Ajmer – 305802,
Rajasthan, India |
|
Date of Birth/Age : |
20.11.1983 |
|
Date of Appointment : |
13.11.2011 |
|
Pan No.: |
AEMPV2653N |
|
|
|
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
Name of Shareholders File is attached.
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
13.43 |
|
Directors
or relatives of directors |
85.46 |
|
Other
top fifty shareholders |
1.11 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Customer : |
End Users |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Milk Products such as Ghee,
Butter, Cheese and Milk Powder. |
|
|
|
|
Products : |
·
Ghee ·
Butter ·
Cheese ·
Cream ·
Gulab Jamun Mix ·
Milk Powders ·
Curd ·
Butter Milk ·
Butter Oil ·
Dairy Whitener ·
Milk |
|
|
|
|
Brand Names : |
“GOWARDHAN” |
|
|
|
|
Exports : |
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|
Products : |
Finished Goods |
|
Countries : |
·
Oman ·
Russia ·
Philippines |
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
·
UK ·
Germany |
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|
|
|
Terms : |
|
|
Selling : |
L/C / Credit |
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|
|
|
Purchasing : |
L/C / Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
INSTALLED
CAPACITIES:
|
Particulars |
As
at March 31, 2011 |
|
Pasteurized Milk |
1700000 LPD |
|
Condensed Milk |
105 TPD |
|
Cream/ Ghee/ Cheese |
65 TPD |
|
SMP/ Dairy Whitener/ Gulab Jamun Mix/ Real Milk Powder |
65 TPD |
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
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|
Bankers : |
· Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India · Bank of Maharashtra, Manchar Branch · Union Bank of India, Industrial Finance Branch, 619, Sachapir Street, Pune – 411 001, Maharashtra, India · Union Bank of India, Pune Camp Branch, Aurora Towers, M.G. Road, Pune – 411 001, Maharashtra, India · State Bank of India, Industrial Finance Branch, Pune – 411 003, Maharashtra, India · Standard Chartered Bank, Mumbai, Maharashtra, India ·
IDBI Bank, Pune, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
--- |
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|
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|
Auditors : |
|
|
|
|
|
Name: |
Haribhakti and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
Bhagyalaxmi Dairy Farms Private Limited CIN No.: U01211PN2003PTC018624 |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15969465 |
Equity Shares |
Rs.10/- each |
Rs.159.695 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
159.695 |
158.103 |
158.103 |
|
(b) Reserves & Surplus |
714.717 |
558.918 |
463.173 |
|
(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) |
874.412 |
717.021 |
621.276 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2244.795 |
1510.124 |
1246.993 |
|
(b) Deferred tax liabilities (Net) |
127.273 |
125.409 |
92.614 |
|
(c) Other long term liabilities |
23.647 |
60.534 |
57.980 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2395.715 |
1696.067 |
1397.587 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2232.704 |
2126.290 |
1481.458 |
|
(b) Trade payables |
856.341 |
774.375 |
498.609 |
|
(c) Other current
liabilities |
434.068 |
427.641 |
395.150 |
|
(d) Short-term provisions |
2.164 |
50.867 |
35.973 |
|
Total Current Liabilities (4) |
3525.277 |
3379.173 |
2411.190 |
|
|
|
|
|
|
TOTAL |
6795.404 |
5792.261 |
4430.053 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1951.204 |
2034.937 |
1715.308 |
|
(ii) Intangible Assets |
3.216 |
2.714 |
2.976 |
|
(iii) Capital
work-in-progress |
29.420 |
41.724 |
285.320 |
|
(iv)
Intangible assets under development |
32.082 |
28.295 |
0.000 |
|
(b) Non-current Investments |
180.741 |
177.698 |
177.698 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
835.477 |
452.448 |
146.032 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
5.543 |
|
Total Non-Current Assets |
3032.140 |
2737.816 |
2332.877 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1355.301 |
1351.159 |
1130.229 |
|
(c) Trade receivables |
1517.918 |
1191.470 |
823.363 |
|
(d) Cash and cash
equivalents |
28.792 |
22.159 |
19.706 |
|
(e) Short-term loans
and advances |
532.328 |
289.974 |
41.194 |
|
(f) Other current
assets |
328.925 |
199.683 |
82.684 |
|
Total Current Assets |
3763.264 |
3054.445 |
2097.176 |
|
|
|
|
|
|
TOTAL |
6795.404 |
5792.261 |
4430.053 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
9268.700 |
8793.600 |
6284.800 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
9268.700 |
8793.600 |
6284.800 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
8362.000 |
8056.100 |
5791.800 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
8362.000 |
8056.100 |
5791.800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
906.700 |
737.500 |
493.000 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
238.400 |
202.600 |
172.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX |
668.300 |
534.900 |
321.000 |
|
|
|
|
|
|
|
|
|
|
INTEREST |
393.700 |
365.200 |
201.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
274.500 |
169.700 |
119.300 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
TAX |
|
|
|
|
|
|
Income Tax |
26.200 |
39.600 |
34.400 |
|
|
|
Deferred Tax |
12.300 |
32.800 |
36.200 |
|
|
|
Taxes of Earlier Years |
120.800 |
(0.500) |
1.400 |
|
|
|
Wealth Tax |
0.000 |
0.000 |
0.000 |
|
|
|
MAT (Minimum Alternate Tax) |
(62.900) |
(1.400) |
16.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
121.500 |
95.700 |
30.900 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
479.500 |
383.800 |
357.100 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
611.400 |
479.500 |
383.800 |
|
|
|
|
|
|
|
|
|
|
EARNING IN
FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value Of Export |
494.858 |
98.538 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.625 |
27.752 |
25.312 |
|
|
|
Capital Goods |
22.531 |
3.667 |
34.314 |
|
|
TOTAL IMPORTS |
49.156 |
31.419 |
59.626 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
8.26 |
6.06 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.31
|
1.08 |
0.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
3.06 |
3.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.83
|
5.07 |
4.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
0.90 |
0.86 |
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 |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 [Rs.
In Millions] |
As
on 31.03.2012 [Rs.
In Millions] |
|
Long Term Loan |
|
|
|
Fully Convertible Debentures |
1250.000 |
550.000 |
|
Non - Convertible Debentures |
180.000 |
0.000 |
|
Other Loans and Advances |
0.000 |
400.000 |
|
|
|
|
|
Short
Term Loan |
|
|
|
Working Capital Loans From Banks |
8.251 |
3.192 |
|
Loans Repayable on Demand |
0.000 |
39.481 |
|
Loans Repayable on Demand Others |
201.105 |
50.000 |
|
Deposits From Directors |
27.503 |
29.844 |
|
|
|
|
|
Total |
1666.859 |
1072.517 |
CURRENT MATURITIES
OF LONG-TERM DEBT
|
Particulars |
As
on 31.03.2013 [Rs.
In Millions] |
As
on 31.03.2012 [Rs.
In Millions] |
As
on 31.03.2011 [Rs.
In Millions] |
|
|
|
|
|
|
Current Maturities of Long-Term Debt |
290.256 |
295.081 |
202.577 |
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10443204 |
12/08/2013 |
250,000,000.00 |
Union Bank of India Industrial Finance
Branch |
619,Sachapir Street, Pune Cantonment,
Camp, Pune, |
B82171810 |
|
2 |
10429908 |
15/05/2013 |
130,000,000.00 |
Union Bank of India |
Industrial Financial Branch, 619-Sachapir
Street, |
B76640630 |
|
3 |
10377612 |
09/08/2012 |
100,000,000.00 |
Union Bank of India Industrial Finance
Branch |
619 Sachapir Street, Camp, Pune,
Maharashtra - 41 |
B58501412 |
|
4 |
10342253 |
20/03/2012 |
100,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING,FLOOR 21, WORLD TRADE
CENTRE |
B35045012 |
|
5 |
10354822 |
25/08/2011 |
120,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch, 619, Sachapir
Street, |
B28195378 |
|
6 |
10354826 |
28/05/2013 * |
590,000,000.00 |
State Bank of India Industrial Finance
Branch |
Tara Chambers,2nd floor, Near Mariaai
Policechowky, Maharashtra - 411003, INDIA |
B77454544 |
|
7 |
10249487 |
01/11/2010 |
28,257,535.00 |
ELECTRONICA FINANCE LIMITED |
128/A, Plot No.3,Kailashchandra
Appartments,, Pau |
A98579113 |
|
8 |
10176312 |
24/12/2009 * |
100,000,000.00 |
State Bank of India |
Industrial Finance Branch, Tara Chambers,,
Mumbai |
A77456770 |
|
9 |
10146538 |
15/02/2013 * |
1,755,700,000.00 |
Union Bank of India Industrial Finance
Branch |
619-Sachapir Street, Camp, Pune,
Maharashtra - 41 |
B70314893 |
|
10 |
10146539 |
23/02/2009 |
760,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 691, SACHPIR
STREET, PUNE, Maharashtra - 411001,
INDIA |
A58278912 |
* Date of charge modification
Note :-
Registered office of the company has been shifted
from 602, Kumar Purammukund Nagar, Pune – 411037, Maharashtra, India to the
present address w.e.f. 06.02.2009
BUSINESS OVERVIEW
The Chart below shows Growth trend of
the company:-
The Company
has marked a total income of Rs. 9268.700 Millions for the Financial Year
2012-2013 as against Rs. 8785.400 Millions during the Financial Year 2011-2012,
an increase by 6 %during the year. In an increasingly competitive environment
where the profit and profitability are greatly impacted by commodity inflation,
the Profit before tax (PBT) for the year is Rs.274.500 Millions as against
Rs.169.700 Millions an increase of 61.75% during the previous Financial Year.
The significant improvement in the bottom line is possible due to change in the
product mix, wherein the company is more focused on the value added products.
Review of Operations
Growing Consumer
aspiration in the urban India and flurry of new products has provided a strong
foundation for the growth of food industry in India, some of the major
highlights for the financial year 2012-13 as company per se is as under:
The Company's
Cheese production continued to represents a key pillar for the future growth
due to its unique advantage of being India's largest and most sophisticated
cheese plant and company's ability to deliver the best quality. As the demand
and consumption of cheese rose on pan India basis, Company has registered
substantial growth in manufacturing of Cheese by 43.42%. On the institutional
side, company is in continuity to supply of Cheese to all leading Food Chains
such as: Pizza Hut, Dominos, US Pizza, Smoke-in Joe's, Uncle Sam's, etc, and
institutional suppliers like Vista Foods, McCain Foods and Gravis Foods etc.
Total Sale/Production of Cheese is 7002.85tonnes during the Financial Year
2012-2013 as against 4882.82 tonnes from during the previous year 2011-12. Ghee
has been one of the flagship products of our portfolio under ˝Gowardhanď, ˝
brand and during the year. Total Sale/production of Ghee is 7920.59 tonnes
during the Financial Year 2012-2013as against 7883.61 tonnes during the
previous Financial Year 2011-12 and Sale/Production of Dhai7365.91 tonnes
during the Financial Year 2012-2013 as against 5565.00 tonnes during the
previous year 2011-12. This resulted significant growth in the Dhai sale with
growth of 32.36 %. There is a significant growth in Sales of Butter 28.26% the
total sale of Butter is 2103.45 Tonnes during the Financial Year 2012-2013 as
against of 1639.94 Tonnes during the previous year. During the previous year
the significant capital expenditure was made to expand the existing capacity at
Planer mainly in UHT plant, resultant the full-fledged commercial production of
UHT milk started.
Marketing and Distribution Network
Company has its
distribution network on pan India basis. For further expansion of business in
South India, The Company's plan of setting up Depot, own distribution network,
on pan India basis has been implemented at Manchar, Palamner, Delhi, Kanpur,
Kolkata, Jammu, Guwahati, Raipur and Kerala in its first phase, in the second
phase of implementation depots at Jaipur, Cuttack, Cochin, Siliguri, Ahmedabad,
Bangalore, Chennai, Patna, Parwanoo, Indore, Hyderabad, etc. are expected to be
completed by the next year. The Company has appointed various Super Stockiest
and Super Distributors and distributor / dealers all over India during the year
taking the strength to 75 Super-stockiest, 1500 Distributors covering 125,000
retail outlets.
NEWS
New
Delhi, July 13:
Parag Milk Foods Private Limited, which sells dairy
products under the Govardhan brand, is eyeing joint ventures with local
companies to expand its footprint in the north Indian market.
According to Devendra Shah, Chairman of Parag Foods, through
the proposed joint ventures, the company plans to manufacture fresh dairy
products, such as curd, paneer, yoghurt and flavoured milk among
others. However, Shah did not comment on the number or the time frame for such
ventures.Parag, which sells cheese under the Go brand and ghee under Govardhan,
operates milk processing facilities at Manchar, near Pune and at Palamner in
Andhra Pradesh. The company is looking to enhance its cheese-making capacity by
about 50 per cent.
“Currently have a 40 tonnes a day cheese production
capacity, which will be expanded to 60 tonnes with an investment of Rs 1600.000
Millions,” Shah said. He said the company did not have any plans to raise fresh
funds and that the current expansion was being funded from the Rs 900.000 Millions
raised recently from the International Finance Corporation and from IDFC’s
private equity funding of Rs 760.000 Millions that it received last year.
Shah said the cheese market in India is growing annually
by 25-30 per cent and that the company had been selling about 1,800 tonnes
every month. Besides catering to the retail market, Parag serves institutional
customers such as Domino’s Pizza, Pizza Hut, US Pizza, Nirula’s, Jumbo King,
Taj Group of Hotels and The Leela Hotels among others.
Parag is also looking at marketing whey, a by-product
obtained while manufacturing cheese, as a nutritional supplement in a big way,
after converting it into a powder form by using driers, Shah said. Whey is the
watery part of milk that separates from the curd in the process of making
cheese.
International Finance Corp provides $15
million loan to Parag Milk Foods
NEW
DELHI: Global development finance institution International Finance Corp has
provided a $15 million loan to dairy company Parag Milk Foods to
expand its milk processing facilities, the private investing arm of the World
Bank announced on Wednesday.
The
loan will also be used by the Pune-based venture to enhance dairy farm
productivity and boost incomes in rural India, according to a press statement
released by IFC.
Parag
Milk Foods will expand supply chain linkages across over 50,000 farmers and
food suppliers and improve food safety standards. It will also create more
jobs, especially for women in the town of Manchar in Pune district in
Maharashtra where one of dairy product company's plants is located. The loan
will also assist the dairy company in expanding its portfolio to more
value-added products like whey powder and ultra-high temperature milk.
"IFC's
global knowledge and expertise in the dairy sector will help the company
develop best practices to increase milk yields, adopt environmental and food
safety standards and upgrade technology and operational practices," said Devendra Shah, chairman and managing director, Parag
Milk Foods.
The
loan financing is also expected to have a positive effect on the privately held
company's operational efficiency through plant automation, and expand its procurement
and distribution networks. Parag distributes its products through 60
super-stockists, 1,000 distributors and over 120,000 retail outlets across
India.
"IFC's
support to Parag will help create direct and indirect jobs and boost growth of
small and medium enterprises," said Serge
Devieux, director of South Asia at IFC.
Parag
Milk Foods has a milk processing capacity of around two million litres per day
at its two plants in Maharashtra and Andhra Pradesh. The company's product
portfolio ranges from liquid milk to value added products such as cheese,
paneer and butter, among others.
In
2012, it had raised $29 million from IDFC Private
Equity, and prior to that, it had raised Rs 550.000 Millions from Motilal Oswal Private Equity. The latter has since partially
exited the company.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
AJT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.