MIRA
INFORM REPORT
|
Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
FRESH AND HEALTHY ENTERPRISES LIMITED |
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Registered
Office : |
Concor Bhawanc-3, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.02.2006 |
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Com. Reg. No.: |
55-145734 |
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Capital Investment
/ Paid-up Capital : |
Rs.763.296 Millions |
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CIN No.: [Company Identification
No.] |
U51909DL2006PLC145734 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of fresh fruits
and vegetables. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 632000 |
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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 record. Profitability of the company is under pressure. There are accumulated
losses recorded by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-11-41673093)
LOCATIONS
|
Registered Office : |
Concor Bhawanc-3,
Mathura Road, Opposite Apollo Hospital, New Delhi-110076, India |
|
Tel. No.: |
91-11-41673093 / 94 / 95 / 96 |
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Fax No.: |
91-11-41673112 |
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E-Mail : |
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Website : |
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Corporate Office : |
HSIIDC Industrial Estate, Rai, District Sonepat – 131029, Haryana,
India |
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Tel. No.: |
91-130-2366988 - 89 / 2366986 |
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Fax No.: |
91-130-2366987 |
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E-Mail : |
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Zonal
Office-Shimla : |
2nd Floor, HPMC Building, Subzi Mandi, Shimla -171001, Himachal
Pradesh, India |
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Tel. No.: |
91-177-2801000 |
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Fax No.: |
91-177-2803352 |
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E-Mail : |
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Branch Office 1
: |
Main Market, Post Office - Kingal, Teh.Kumarsain, District Shimla –
172024, Himachal Pradesh, India |
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Tel. No.: |
91-1782-240513 |
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Fax No.: |
91-1782-240513 |
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E-Mail : |
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Branch Office 2
: |
1ST Floor, Raj Bhawan, New Bus Stand, Tehsil Kotkahi, District Shimla
– 171202, Himachal Pradesh, India |
|
Tel. No.: |
91-1783-255030 |
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Fax No.: |
91-1783-255030 |
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Branch Office 3
: |
Azyan Niwas, Near Police Line, Rekong Peo, District Kinnaur -172107,
Himachal Pradesh, India |
|
Tel. No.: |
91-1786-223961 |
|
Fax No.: |
91-1786-223961 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Anil Kumar Gupta |
|
Designation : |
Chairman |
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|
Name : |
Mr. Harpreet Singh |
|
Designation : |
Director |
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|
Name : |
Mr. Yash Vardhan |
|
Designation : |
Director |
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|
Name : |
Ms. P. Alli Rani |
|
Designation : |
Director and Chief Executive Officer |
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|
Name : |
Mr. A. K. Bandyopadhyay |
|
Designation : |
Director |
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|
Name : |
Lt. Gen. (Retd.) Arvind Mahajan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Suman Lata Khanna |
|
Designation : |
Finance Manager and Company Secretary |
MAJOR SHAREHOLDERS
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Container
Corporation of
India Limited |
76329642 |
100.00 |
|
Total |
76329642 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of fresh fruits
and vegetables. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||||||||
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Bankers : |
·
Axis Bank ·
H.P. State Co-operative Bank ·
Punjab National Bank ·
UCO Bank ·
State Bank of India ·
State Bank of Patiala ·
Yes Bank |
||||||||||||||||||
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Facilities : |
Notes: Long Term Borrowings (Long Term Loan taken from Axis Bank has been paid off in full in the FY 2012-13 out of the proceeds from issue of fresh share capital,
Secured against first charge
on the present and future ked assets (movable and immovable]
of the company and Second
charge on the present and
future assets of the company) (Long Term Loan taken from Ads Bank has been paid off in full in the F/Y 2012-13 out of the proceeds from issue of fresh share capital) Short Term Borrowings Secured against hypothecation of all current assets both present and
future. |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Gupta Gupta and Associates Chartered Accountants |
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Holding Company : |
Container
Corporation of India Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76329642 |
Equity Shares |
Rs.10/- each |
Rs.763.296 Millions |
* Note
1. 100% shares are held by Container Corporation of India Limited (Holding company).
2. Shares held by shareholders holding more
than 5% shares
|
Shareholder |
As on 31.03.2013 |
|
Container
Corporation of
India Limited (Nos.) |
76329642 |
|
Percentage of
Shares held |
100.00% |
3. CONCOR's BOD has approved the following:
i. Fresh Equity infusion off Rs.281.400 Millions in Fresh and Healthy Enterprises Limited towards retiring of high cost debt taken from Axis Sank, the same has been implemented; and
ii. Infusion of Fresh Equity of Rs.110.000 Millions for financing development of infrastructure / procurement centersion other parts of India (to be released depending upon the progress of the projects).
For the purpose of-g effect
to above. FHEL's Shareholders'
in their recently held Extra-ordinary general meeting on
04.05.2012 have accorded their approval
far increase of Authorized Share Capital of the Company from Rs.5600.000 Millions to
Rs.1500.000 Millions and consequent amendment in Clause V of Memorandum
of Association of the Company the Shareholders
have also
accorded their consent for fresh
issue to CONCOR of 28055832 Equity
Shares of
Rs.10/- each at Premium of Rs.0.03/- as per valuation done by
MIS. SBI Capital Markets
Ltd. (Independent appointed by CONCOR), towards retiring of high cost debts taken from Axis Bank Limited by Fresh and Heathy
Enterprises Limited.
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 |
763.296 |
482.738 |
4,827.381 |
|
(b) Reserves & Surplus |
(605.283) |
(511.367) |
(3,891.272) |
|
(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) |
158.013 |
(28.629) |
936.109 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
234.003 |
2,964.041 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
18.852 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.346 |
4.498 |
27.892 |
|
Total Non-current Liabilities (3) |
7.346 |
238.501 |
3,010.785 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
816.043 |
715.896 |
3,932.270 |
|
(b) Trade payables |
19.902 |
8.271 |
97.893 |
|
(c) Other current
liabilities |
82.197 |
111.040 |
881.850 |
|
(d) Short-term provisions |
0.379 |
0.630 |
1.381 |
|
Total Current Liabilities (4) |
918.521 |
835.837 |
4,913.394 |
|
|
|
|
|
|
TOTAL |
1,083.880 |
1,045.709 |
8,860.288 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
615.191 |
650.910 |
6,862.702 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
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 |
4.409 |
4.635 |
45.868 |
|
(e) Other Non-current assets |
3.313 |
0.440 |
5.658 |
|
Total Non-Current Assets |
622.913 |
655.985 |
6,914.228 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
427.515 |
278.184 |
622.303 |
|
(c) Trade receivables |
27.476 |
106.895 |
1,237.155 |
|
(d) Cash and cash
equivalents |
1.456 |
1.254 |
40.434 |
|
(e) Short-term loans and
advances |
2.870 |
2.940 |
39.149 |
|
(f) Other current assets |
1.650 |
0.451 |
7.019 |
|
Total Current Assets |
460.967 |
389.724 |
1,946.060 |
|
|
|
|
|
|
TOTAL |
1,083.880 |
1,045.709 |
8,860.288 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
388.262 |
398.927 |
6434.84 |
|
|
|
Other Income |
4.035 |
3.941 |
30.113 |
|
|
|
TOTAL (A) |
392.297 |
402.868 |
6,464.953 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-trade |
390.798 |
493.166 |
3918.887 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(149.049) |
(216.269) |
261.687 |
|
|
|
Direct Expenses |
92.680 |
87.889 |
922.046 |
|
|
|
Employee Benefits Expenses |
20.268 |
18.467 |
142.814 |
|
|
|
Other Expenses |
27.061 |
24.937 |
286.751 |
|
|
|
TOTAL (B) |
381.758 |
408.190 |
5,532.185 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.539 |
(5.322) |
932.768 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.226 |
82.643 |
507.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(58.687) |
(87.965) |
425.091 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
36.069 |
36.161 |
364.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(94.756)
|
(124.126)
|
61.012 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000
|
(1.885)
|
18.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(94.756)
|
(122.241)
|
42.159 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(512.430) |
(390.189) |
(432.348) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(607.186) |
(512.430) |
(390.189) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.29) |
(2.53) |
0.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(24.15) |
(30.34) |
0.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.41) |
(31.11) |
0.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.74) |
(11.87) |
0.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.60) |
4.34 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.16 |
(33.18) |
7.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.50 |
0.47 |
0.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
4827.381 |
482.738 |
763.296 |
|
Reserves & Surplus |
(3891.272) |
(511.367) |
(605.283) |
|
Net
worth |
936.109 |
(28.629) |
158.013 |
|
|
|
|
|
|
long-term borrowings |
2964.041 |
234.003 |
0.000 |
|
Short term borrowings |
3932.270 |
715.896 |
816.043 |
|
Total
borrowings |
6896.311 |
949.899 |
816.043 |
|
Debt/Equity
ratio |
7.367 |
(33.180) |
5.164 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
6,434.840 |
398.927 |
388.262 |
|
|
|
(93.801) |
(2.673) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
6,434.840 |
398.927 |
388.262 |
|
Profit |
42.159 |
(122.241) |
(94.756) |
|
|
0.66% |
(30.64%) |
(24.41%) |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
|
|
|
Container
Corporation of India Limited (Holding Company) |
431.433 |
431.433 |
|
Total |
431.433 |
431.433 |
OPERATIONS REVIEW
The company procured 6,243 MT of Apples, 403 MT of Kinnows, 167 MT of
Oranges and 15 MT of Pomegranates. Apples were primarily procured from Kinnaur
and Shimla districts of Himachal Pradesh
and in the financial year 2012 – 13 company sold 4639 MT (inclusive of opening
stock of 2,878 MT) of apples and other fruits at Delhi, Mumbai, Chennai,
Ahmadabad, Hyderabad and other fruit wholesale terminal markets in India on
fixed prices.
During, the year, the company made significant improvements in
operations by ensuring procurement of better quality fruit, quick movement
fruit to Rai, Recycling of packing material, improvement in quality during
storage and innovation in sorting/grading/packing of apples. The attempt has
been made to supply international quality of domestic origin fruit to
consumers.
The open policy of sale to all interested buyers throughout country on
pre-determined price was adopted for the first time which has resulted well.
The buyers have appreciated the new initiative taken by FHEL as it has given
opportunity to them to buy directly from FHEL. Although sale of products on
predetermined fixed price is a bit tough this time due to agents expecting the
past practice wherein they had freedom to quote price, it will definitely help
in selling large: quantity in coming year at fixed price and prevent losses to
FHEL.
MARKETING REVIEW
In 2012 - 13 FHEL procured 6,243 MT of Apples, 403 MT of Kinnows, 167 MT
of Oranges and 15 MT of Pomegranates. Bulk of the apples procured and stored
was sold in the wholesale markets like Delhi, Chennai, Bangalore, Maharashtra
etc. In the year 2012 - 13, the best of FHEL apples were sold at par with
imported apples.
The company
supplied apples and other fruits to all the big Retail Chains namely, Wal-Mart,
More, Reliance, Big Bazaar, Mother Dairy, Big Apple, etc. In addition a number
of buyers from Punjab, Mumbai, Ahmedabad, Bangalore and Chennai also directly
procured fruit from FHEL. In line with our endeavor nearly 100% of off - season
sales were done at fixed rates.
During, Diwali
FHEL sold nearly 73 MT of Supreme and AAA
quality apples as Gift Packs/boxes valuing Rs. 81 lacs of apples in
packing formats of 6, 12, and 20125 apples. Apart from apples FHEL also
procured and sold sizable quantities of
Kinnows, Oranges and Pomegranates on trial basis. During off-season FHEL has
given chambers on hire for storage of Rice, Flower Bulbs and Apples.
FINANCIAL REVIEW
During the year,
Operating turnover of your Company registered a decline of 2.67% appx.
decreasing from Rs.398.900 Millions in F/Y 2011-12 to Rs.388.300 Millions in
F/Y 2012-13. Cost of Sales reduced by 8.33% appx. from Rs.364.800 Millions in F/Y 2011-12 to Rs.334.400 Millions. in F/Y
2012-13. Further, Employee Benefits Expenses, Finance costs and other expenses
for F/Y 2012-13 are Rs.20.300
Millions, Rs.69.200 Millions and
Rs.25.900 Millions, respectively. After providing for depreciation and writing
off of preliminary expenses amounting to Rs.36.100 Millions Rs.1.200 Millions
respectively the Company suffered Net Loss of Rs.94.800 Millions as against Net
Loss of Rs.122.200 Millions of previous year. The average procurement rate of
apple in 2012-13 was Rs.54.101-
per kg as compared to Rs.65.691- per kg during 2011-
OUTLOOK:
India is a huge
country and the market for quality fruit and Vegetables is growing rapidly. India is the second largest producer of
Fruits and
vegetables in the world and this
business is in excess of nearly Rs.2000000.000 Millions. Out of this more than
Rs.700000.000 Millions worth of fruit and vegetables perish due to lack of Cold Chain Infrastructure and lack of
organized distribution and marketing. Due to the nature of business and
perishable nature of the commodity, it is indeed a big challenge to organize it
and generate profits. The company has been able to make substantial
improvements in the business each year. Our main focus at present is on apples
coming from Himachal Pradesh. The growing areas of Himachal Pradesh are
dependent on rainfall for crop. Further, there are risks of hail storm during
the summer months April - June
which effects crop. Otherwise Himachal Pradesh produces apples worth approx
Rs.20000.000 Millions per annum. The apple from Kinnaur Command premium price
and company has a substantial presence in this area. The demand for Shimla and Kinnaur apples is expected to remain good.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
358.649 |
139.180 |
846.407 |
|
b) Other operating income |
3.876 |
0.526 |
4.892 |
|
Total
income from Operations(net) |
362.525 |
139.706 |
851.299 |
|
2.Expenditure |
|
|
|
|
a) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
406.129 |
48.355 |
409.580 |
|
b) Direct Expenses |
25.878 |
29.222 |
144.263 |
|
c) Purchase of traded goods |
32.737 |
28.367 |
504.253 |
|
c) Employees benefit expenses |
5.661 |
4.594 |
19.057 |
|
d) Depreciation and amortization expenses |
8.792 |
11.013 |
37.919 |
|
e) Other Expenditure |
|
|
|
|
Agency Charges |
2.352 |
3.250 |
33.316 |
|
f) Other Expenses |
16.334 |
10.190 |
20.538 |
|
Total expenses |
497.883 |
134.991 |
1168.926 |
|
3. Profit from operations before other income and
financial costs |
(135.358) |
4.715 |
(317.627) |
|
4. Other income |
0.987 |
1.783 |
4.290 |
|
5. Profit from ordinary activities before finance costs |
(134.371) |
6.498 |
(313.337) |
|
6. Finance costs |
20.451 |
23.960 |
78.271 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(154.822) |
(17.462) |
(391.608) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(154.822) |
(17.462) |
(391.608) |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(154.822) |
(17.462) |
(391.608) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(154.822) |
(17.462) |
(391.608) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
764.293 |
764.293 |
764.293 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
(2.03) |
(0.23) |
(5.13) |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
(2.03) |
(0.23) |
(5.13) |
Notes:
1.
The company is engaged in logistic of fresh fruits
and vegetables. All the activities of the company revolve around this business
and all operations are in India. As such there are no separate reportable
segment as per accounting standard on segment reporting (AS-17).
2.
Inventory has been taken as per the actual physical
verification and valued at cost or realized value, whichever is less. Cost
includes all direct expenses incurred to bring the inventory to the present
location and conditions.
3.
In view tax holiday enjoyed by the company and on
consideration of purchases as set out in accounting standard 22 on “Accounting
For Tax on Income” adjustments on account of deferred tax assets / Liability
has not been considered.
4.
Previous periods figures have been regrouped /
rearranged, wherever required.
SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
31.03.2014 |
|
1.
Segment revenue |
|
|
Income from operation |
851.299 |
|
Less : |
|
|
Inter segment revenue |
0.000 |
|
Net
sales / income from operation |
851.299 |
|
|
|
|
2.
Segment Results |
|
|
Profit before tax and interest from |
|
|
Income from operation |
(395.898) |
|
Less : |
|
|
Other Un-Allocable Expenditure |
0.000 |
|
Other Un-Allocable Income |
4.290 |
|
Total
Profit Before Tax |
(391.608) |
|
|
|
|
3.
Capital Employed |
|
|
Segment Assets – Segment Liabilities |
|
|
Capital Employed |
0.000 |
|
Add : Allocable Corporate Assets |
676.870 |
|
Less : Allocable Corporate Liabilities |
909.465 |
|
|
|
|
Total
Capital Employed |
(232.595) |
NO CHARGES EXIST FOR
THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
28 |
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.