MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NHC FOODS LIMITED |
|
|
|
|
Formerly Known
As : |
MIDPOINT SOFTWARE AND ELECTRON SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 777, Umarsadi Desaiwad Road,
At Village Umarsadi, Taluka Pardi Killa Pardi, District : Valsad - 396175,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.08.1992 |
|
|
|
|
Com. Reg. No.: |
04-076277 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 112.935 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15122GJ1992PLC076277 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
The company is engaged into the trading
and processing of agriculture commodities (which includes food spices, spice powder,
oil seeds, processed foods items and other agricultural products). |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 650000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by thin
profit margin, low reserves position and increased in the borrowings of the
company during 2013. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
August 7, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
August 7, 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 DENIED
Management Non-Cooperative
Contact No.: 91-22-61522020
LOCATIONS
|
Registered Office / Factory: |
Survey No. 777, Umarsadi Desaiwad Road,
at Village Umarsadi, Taluka Pardi Killa Pardi, District : Valsad - 396175,
Gujarat, India |
|
Tel. No.: |
91-260-2375660 / 2375661 |
|
Fax No.: |
91-260-2375662 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
‘NHC House’, 2/13, Anand Nagar, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-61522020 (30 Lines) |
|
Fax No.: |
91-22-61522021 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
D-18/5, MIDC, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai-400 703, Maharashtra,
India |
|
Tel. No.: |
91-22-27685033 |
|
Fax No.: |
91-22-27685034 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Alpa Shah |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Director |
KEY EXECUTIVES
Audit Committee :
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Member |
|
|
|
|
Remuneration
Committee : |
|
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Apoorva Shah |
|
Designation : |
Member |
|
|
|
|
Shareholders'/Investor's Grievances Committee : |
|
|
|
|
|
Name : |
Mr. Rajiv Bhatt |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Aashish Vyas |
|
Designation : |
Member |
|
|
|
|
Name : |
Mrs. Alpa Shah |
|
Designation : |
Member |
|
|
|
|
Name : |
Ms. Suvarnalata Chavan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
2979422 |
38.71 |
|
|
2979422 |
38.71 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2979422 |
38.71 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
910 |
0.01 |
|
|
910 |
0.01 |
|
|
|
|
|
|
2173882 |
28.24 |
|
|
|
|
|
|
660438 |
8.58 |
|
|
1115371 |
14.49 |
|
|
767112 |
9.97 |
|
|
767112 |
9.97 |
|
|
4716803 |
61.28 |
|
Total
Public shareholding (B) |
4717713 |
61.29 |
|
Total
(A)+(B) |
7697135 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7697135 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged into the trading
and processing of agriculture commodities (which includes food spices, spice powder,
oil seeds, processed foods items and other agricultural products). |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
Note : LONG TERM
BORROWINGS Term Loan from bank is secured by hypothecation of land and building,
plant and machinery and personal guarantee of directors; Carries rate of interest
of 14.75% and is repayable at Rs. 12.000 Millions in 2014-15, 3.289 Millions
in 2015-16. SHORT TERM
BORROWINGS Working capital facilities from bank is secured against Stock-in-trade
and carries rate of interest is @ 11.25% |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Statutory
Auditors : |
|
|
|
|
|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
Bi46, 3rd Floot, Provosi lndustriol Estote, V N. Rood, Goregoon
(East), Mumbai - 400063, Maharashtra, India |
|
Tel. No.: |
91-22-42173337 / 3327 |
|
Fdax No.: |
91-22-28760882 |
|
|
|
|
Company
over which key management personnel are able to exercise significant
influence : |
NHC Mercantile Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,85,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 185.000 Millions |
|
55,00,000 |
0% Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs. 55.000 Millions |
|
|
Total |
|
Rs. 240.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,93,535 |
Equity Shares |
Rs.10/- each |
Rs. 57.935 Millions |
|
55,00,000 |
0% Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs. 55.000 Millions |
|
|
Total |
|
Rs. 112.935
Millions |
(a) Reconciliation of number of shares
|
Reconciliation of number of shares |
As at March 31, 2013 |
|
|
No. of Shares |
|
Equity Share Capital |
|
|
At the beginning of the year |
3,251,135 |
|
Issued during the year |
1,000,000 |
|
On conversion of preference
shares |
1,542,400 |
|
At the end of the year |
5,793,535 |
|
|
|
|
0% Optionally Convertible
Redeemable Preference Shares |
|
|
At the beginning of the year |
7,042,400 |
|
Less: Converted into the
equity shares during the year |
1,542,400 |
|
At the end of the year |
5,500,000 |
(b)
Terms/rights attached to equity shares:
The Company
has only one class of equity shares having a par value of 10/- per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividend in Indian Rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the Annual General
Meeting.
In
the extent of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Terms
of conversion/redemption of preference shares:
0%
Optionally Convertible Preference Shares (OCPRS) of 10/- each shall be
converted into equity shares in the ratio of 1:1 in one or more tranches within
a period of five years from the date of allotment in such a manner that the
requirements of Clause 40A of the listing agreement is met at all times. The
OCPRS, if not converted in equity shares, either fully or partly within the
said period of five years, shall be compulsorily redeemed within the period of
subsequent five years in one or more tranches.
(c) The Company does not have a holding company.
(d) Details of share holders holding more than 5% shares
in the Company:
As at March 31, 2013
|
Name of Share holder |
No. of Shares |
% of holding |
|
Equity Shares |
|
|
|
Apoorva Himatlal Shah |
994,051 |
17.16% |
|
Hansa Himatlal Shah |
1,733,686 |
29.92% |
|
Alpa Apoorva Shah |
-- |
-- |
|
Selarka Ashvinkumar Mohanlal |
500,000 |
8.63% |
|
|
|
|
|
0% Optionally Convertible Redeemable Preference Shares |
|
|
|
Apoorva Himatlal Shah |
4,148,800 |
75.43% |
|
Hansa Himatlal Shah |
546,800 |
9.94% |
|
Alpa Apoorva Shah |
800,800 |
14.56% |
(e) Aggregate number and class of shares allotted as
fully paid-up pursuant to scheme of amalgamation without payment being received
in cash.
The Company allotted 22,00,750 equity shares of 10/-
each and 70,42,400 0% Optionally Convertible Redeemable Preference Shares of
10/- each in pursuant of scheme of amalgamation without payment being received
in cash during the year ended March 31, 2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.935 |
102.935 |
102.935 |
|
(b) Reserves & Surplus |
45.728 |
17.022 |
12.390 |
|
(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) |
158.663 |
119.957 |
115.325 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41.643 |
28.418 |
42.643 |
|
(b) Deferred tax liabilities
(Net) |
15.038 |
7.206 |
4.309 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.565 |
3.080 |
1.702 |
|
Total
Non-current Liabilities (3) |
59.246 |
38.704 |
48.654 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
84.500 |
59.514 |
56.237 |
|
(b) Trade payables |
163.966 |
156.852 |
172.134 |
|
(c) Other current liabilities |
39.899 |
47.494 |
28.491 |
|
(d) Short-term provisions |
2.219 |
1.467 |
1.706 |
|
Total
Current Liabilities (4) |
290.584 |
265.327 |
258.568 |
|
|
|
|
|
|
TOTAL |
508.493 |
423.988 |
422.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
134.280 |
135.117 |
125.458 |
|
(ii) Intangible Assets |
61.932 |
65.803 |
69.026 |
|
(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 |
0.120 |
0.120 |
0.060 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.216 |
5.937 |
7.049 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
205.548 |
206.977 |
201.593 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
68.664 |
61.304 |
43.472 |
|
(c) Trade receivables |
149.394 |
82.394 |
133.818 |
|
(d) Cash and cash equivalents |
58.983 |
49.993 |
25.787 |
|
(e) Short-term loans and
advances |
10.141 |
7.418 |
17.877 |
|
(f) Other current assets |
15.763 |
15.902 |
0.000 |
|
Total
Current Assets |
302.945 |
217.011 |
220.954 |
|
|
|
|
|
|
TOTAL |
508.493 |
423.988 |
422.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue form operations |
1,364.279 |
926.791 |
724.100 |
|
|
Other Income |
14.285 |
5.836 |
7.006 |
|
|
TOTAL
(A) |
1,378.564 |
932.627 |
731.106 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12.165 |
16.818 |
0.000 |
|
|
Purchases of Stock-in-Trade |
1,122.311 |
777.371 |
644.965 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3.425) |
(13.745) |
(18.426) |
|
|
Employees benefits expense |
23.640 |
19.907 |
13.091 |
|
|
Other expenses |
169.722 |
96.850 |
64.735 |
|
|
TOTAL
(B) |
1,324.413 |
897.201 |
704.365 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
54.151 |
35.426 |
26.741 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.981 |
19.188 |
14.231 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.170 |
16.238 |
12.510 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
9.232 |
8.709 |
7.697 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
23.938 |
7.529 |
4.813 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
7.831 |
2.897 |
0.286 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
|
16.107 |
4.632 |
4.527 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1,063.925 |
776.618 |
562.639 |
|
|
TOTAL
EARNINGS |
1,063.925 |
776.618 |
562.639 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
9.468 |
0.000 |
24.563 |
|
|
TOTAL
IMPORTS |
9.468 |
0.000 |
24.563 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
3.050 |
1.420 |
1.390 |
|
|
Diluted |
1.490 |
0.440 |
0.440 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
1.17 |
0.50 |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.75 |
0.81 |
0.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.71 |
1.78 |
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.151 |
0.063 |
0.042 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.795 |
0.733 |
0.857 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
0.82 |
0.85 |
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 |
102.935 |
102.935 |
112.935 |
|
Reserves & Surplus |
12.390 |
17.022 |
45.728 |
|
Net
worth |
115.325 |
119.957 |
158.663 |
|
|
|
|
|
|
long-term borrowings |
42.643 |
28.418 |
41.643 |
|
Short term borrowings |
56.237 |
59.514 |
84.500 |
|
Total
borrowings |
98.880 |
87.932 |
126.143 |
|
Debt/Equity
ratio |
0.857 |
0.733 |
0.795 |
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) |
|
Revenue form operations |
724.100 |
926.791 |
1,364.279 |
|
|
|
27.992 |
47.205 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue form operations |
724.100 |
926.791 |
1,364.279 |
|
Profit After Tax |
4.527 |
4.632 |
16.107 |
|
|
0.63% |
0.50% |
1.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
---- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
----- |
|
22] |
Litigations
that the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
------- |
|
26] |
Buyer
visit details |
---- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from others |
6.854 |
3.442 |
|
Loans and Advances from related parties |
19.500 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from related parties (interest free) |
16.628 |
14.449 |
|
Other Loans |
3.026 |
2.716 |
|
Total |
46.008 |
20.607 |
Note :
LONG TERM
BORROWINGS
- Unsecured
loans from others carry interest rate of 17% to 19.50% and is repayable at
Rs. 5.155 Millions in 2014-2015, Rs. 1.698
Millions in 2015-16.
- Loans and
advances from related party carries interest rate of 10% and is repayable
in 2015-16.
SHORT TERM
BORROWINGS
- Other loans
carry interest rate of 18%.
OPERATIONS
During
the year, the Company has recorded income of 1378.564 Millions as against 932.627 Millions in the previous year. The Net
Profit for the financial year ended 31st March, 2013 increased to 16.107 Millions from
4.631 Millions in the previous
year.
Saaz
• Saaz,
initially launched in just two states, but in just 2 years it has started
making presence in other states like Karnataka, Goa, Madhya Pradesh and
Rajasthan.
• Roll
out in a phased manner - Launch in Tier I cities of Gujarat, Mumbai and
neighboring satellite towns. Over the year Saaz’s distribution network has expanded
and started spreading its reach to the remote areas of Maharashtra and Gujarat.
• Vast
Repertoire of 60 + recipes of masalas and mixes – researched and concocted
in-house. Initially launched – 14 masala types processed in-house.
Export
• Subject
is a Government Recognized Star Export House engaged in the Business of Exports
of Whole and Ground Spices, Lentils,
Pulses, Grains, Oil Seeds and various other Agri - products and Assorted Food
Products.
• Currently
NHC Foods Limited is Exporting the above-mentioned Commodities to more
than 60 Countries World-wide.
•
Existing Clientele Countries:
Singapore,
USA, Canada, Israel, Russia, Spain, New Zealand, Hong Kong, Malaysia, China,
Indonesia, Vietnam, Thailand, Taiwan, UAE, Saudi Arabia,\ Kuwait, Bahrain,
Turkey, Yemen, Egypt, Mauritius, Sri Lanka, Brazil, Ukraine, Macedonia, Iran,
Pakistan, Bangladesh.
3.
CURRENT OUTLOOK
Current
outlook, industry structure and development along with opportunities and
threats are discussed in the Management Discussion and Analysis Report, which
forms part of this report.
AWARD
/ RECOGNITION:
Subject
have been awarded for Certificate of Merit from the Spices Board (Ministry of
Commerce and Industry, Government of India) in recognition of outstanding
performance in the Export of Spices and Spices products for the year 2011-12.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY
AND INDUSTRY OVERVIEW:
The
Indian food processing industry is one of the largest in the world in terms
ofproduction, consumption, export and growth prospect. Over the years, with
emerging newmarkets and technologies, the sector has widened its scope. The
liberalization of theIndian Economy and world trade as well as rising consumer
prosperity has thrown up newopportunities for diversification in the food
processing sector and opened up new avenuefor growth. Demand for processed and
convenience food is increasing constantly because ofurbanization, changing
lifestyle and food habits of the people. Accordingly, Indianconsumers are being
offered newer higher quality food products made by using the
lateststate-of-the-art technology.
BUSINESS
OVERVIEW:
India is
the Second Largest Producer of Spices and Agri-Products next only to
China,therefore it is one of the most preferred choice of all Importers to meet
theirrequirement of different Spices, Oil Seeds, Animal Feeds, Pulses, Grains
and otherAgri-Products. Since Indian Spices and Agri - Products are consumed
world over, MarketPotential is huge and there is level playing field for all
the Exporters who have good andapt knowledge of the product quality and the
trade.
On
Competition front, there is Competition from other Countries as well as
fromExporters within India, but NHC Foods Limited has managed to survive stiff
competition dueto its professional management and good brand image.
EXPORT:
Since the
last several decades, Subject has managed to hold an edge over manyof its
competitors due to the Quality Standards it has maintained. NHC has always strivedto
provide good quality products to its Customers and at the same time managed to
keep thepricing very competitive which has attracted Customers across the globe
and has alsomanaged to successfully retain all its loyal and regular Customers
since the last so manyyears. Under the dynamic leadership and sharp business
acumen of its Directors, NHC FoodsLimited has managed to achieve great growth
in spite of stiff Competition.
Due to
ethical business practice, our constant endeavor to provide the best of
servicesand proactive response to the Customers' queries, complaints and
feedbacks, their Customers have reposed immense faith in NHC Foods Limited and
this has further enhanced their reputation in the Global Market due to which we
have been able to acquire good numberof new Customers as well.
At
present NHC Foods Limited is exporting more than 50 types of Whole Spices,
GroundSpices, Oil Seeds, Grains, Pulses, Animal Feeds, Dehydrated Foods
Products, Assorted FoodProducts and Ready to Eat Food Products to all its
Customers world-wide.
Subject has
already got its presence in majority of the Spice Importing Countries worldwide
like, USA, Canada, Mexico, Brazil, Singapore, Hong Kong, China,Malaysia,
Vietnam, Indonesia, Sri Lanka, Pakistan, Bangladesh, New Zealand,
Zimbabwe,Taiwan, Thailand, Macedonia, Jamaica, Trinidad and Tobago, Mauritius,
Spain, Bulgaria,Turkey, Egypt, Jordan, Yemen etc to name a few, but still there
is a huge market which canbe tapped and captured and in this direction NHC
Foods Limited has strengthened its CoreMarketing Team who are utilizing various
platforms and marketing tools like sourcing newClients and markets through
online business platforms like Alibaba.com which is accessedby a large number
of Importers as well as Exporters. Right now we are focusing oncapturing new
markets in African Region like Nigeria, Cambodia etc who are big consumersof
Indian Agri-products.
Since
Indian Population is found in majority of the Countries worldwide our Ready
toEat Food Products and Assorted Food Products are in good demand by Overseas
Super Marketand Food Bazaars, therefore we are very confident of doing good
business in this segmentof Blended Spice Mix also.
SAAZ:
• Roll out in a phased
manner - Launch in Tier I cities of Gujarat, Mumbai& neighboring satellite
towns. Over the year Saaz's distribution network has expandedand started
spreading its reach to the remote areas of Maharashtra and Gujarat.
• Saaz, initially launched
in just two states, but in just 2 years it hasstarted making presence in other
states like Karnataka, Goa, Madhya Pradesh and Rajasthan.
• Also, we have tied up with
Modern Retailers like Reliance, Future Group,Home Care -Magnet and Dhanraj.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS
ENDED DECEMBER 31, 2013
(Rs. in Millions)
|
|
Standalone |
|||
|
Sr. No. |
Particulars |
Quarter ended |
Nine Months Ended |
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
||
|
1 |
lncome from
operations |
|
|
|
|
|
a) Net Sales Income from operations |
349.144 |
297.322 |
954.291 |
|
|
b) Other Operating Income |
7.042 |
6.657 |
20.088 |
|
|
Total Income from
operations (net) |
356.185 |
303.979 |
974.378 |
|
|
|
|
|
|
|
2 |
Expenses : |
|
|
|
|
|
a) Cost of materials consumed |
5.513 |
3.379 |
9.940 |
|
|
b) purchase of Traded Goods |
279.969 |
270.879 |
831.115 |
|
|
c) Changes in inventories of finished goods and work-in-progress |
17.711 |
(21.144) |
(20.371) |
|
|
d) Employee benefits expense |
7.769 |
6.049 |
20.105 |
|
|
e) Depreciation & amortization expenses |
2.536 |
2.524 |
7.539 |
|
|
f) Other Expenditure |
37.066 |
36.014 |
104.575 |
|
|
Total |
350.564 |
297.701 |
952.903 |
|
|
|
|
|
|
|
3 |
Profit from Operation before Other income, lnterest and Exceptional Items |
5.621 |
6.278 |
21.475 |
|
4 |
Other Income |
3.437 |
2.276 |
7.364 |
|
5 |
Profit before Interest and Exceptional Items |
9.059 |
8.554 |
28.840 |
|
6 |
Interest |
4.309 |
5.748 |
15.469 |
|
7 |
Profit before Interest but before Exceptional Items |
4.750 |
2.806 |
13.371 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit I (Loss) from Ordinary Activities before tax |
4.750 |
2.806 |
13.371 |
|
|
Tax Expense |
|
|
|
|
|
- Current |
0.000 |
0.000 |
0.000 |
|
|
- Deferred |
2.013 |
0.399 |
4.331 |
|
|
-Earliervear adiustments |
0.000 |
0.000 |
0.000 |
|
|
Total Tax Expense |
2.013 |
0.399 |
4.331 |
|
10 |
Net Profit (+)/
Loss from Ordinary Activities after tax |
2.737 |
2.407 |
9.040 |
|
|
Extra ordinary Items |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit (+)/ Loss After Tax |
2.737 |
2.407 |
9.040 |
|
|
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value Rs. 10/-) |
57.935 |
57.935 |
57.935 |
|
11 |
Reserves (as per Balance Sheet of previous Accounting Year) |
0.000 |
0.000 |
0.000 |
|
12 |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.98 |
0.42 |
1.56 |
|
|
b) Basic
and diluted EPS after extraordinary items |
0.50 |
0.21 |
0.80 |
|
|
|
|
|
|
|
13 |
Public Shareholding |
|
|
|
|
|
a) Number of Shares |
2814913 |
2814913 |
2814913 |
|
|
b) Percentage of Shareholding |
48.59 |
48.59 |
48.59 |
|
|
Promoters and
Promoter group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
Nil |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of Shares |
2978622 |
2978622 |
2978622 |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
100 |
100 |
100 |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
51.41 |
51.41 |
51.41 |
|
Investor
complaints |
Quarter
ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Unresolved at the end of the quarter |
Nil |
Note :
1) The above unaudited results have been reviewed by the Audit Committee approved by the Board of Director in their meetings held on 13th February 2014, at the corporate office and limited review of the same has been carried by the statutory Auditors of the company.
2) The Company is exclusively engaged in the food prccessing business.
3) During the quarter, Extra Ordinary General Meeting of the Shareholders was held on 28th November, 2013 for modification in term for issue of Equity shares by way of qualified institutional placement pursuant to Section 81 (1A) of the Companies Act, 1956 and for increase in limit of Fll's holding from 24% to 4 and limit of NRls holdint fpm 10% to 24%
4) 6) Figures for the earlier periods have been re-grouped/ re-arranged where ever necessary.
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.