MIRA
INFORM REPORT
|
Report Date : |
30.06.2014 |
Note: Given name is old name
IDENTIFICATION DETAILS
|
Name : |
RADIKAL FOODS LIMITED (w.e.f. 13.09.2013) |
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Formerly Known
As : |
RADIKAL FOODS PRIVATE LIMITED (w.e.f. 01.10.2013) RADIKAL OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
Radikal House, 28 Community
Centre, Saket New Delhi - 110017, Delhi |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.06.2009 |
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Com. Reg. No.: |
55 - 191397 |
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Capital
Investment / Paid-up Capital : |
Rs. 106.296 Millions |
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CIN No.: [Company Identification
No.] |
U15122DL2009PLC191397 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELR17134F |
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PAN No.: [Permanent Account No.] |
AAECR3846A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and suppliers of premium basmati rice. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 63000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
June 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 (91-11-26566002)
LOCATIONS
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Registered Office : |
Radikal House, 28 Community
Centre, Saket New Delhi - 110017, Delhi, India |
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Tel. No. : |
91-11-47566000 |
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Fax No. : |
91-11-26566001 |
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E-Mail : |
DIRECTORS
As on : 30.09.2013
|
Name : |
Mr. Siddharth Chaudhary |
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Designation : |
Managing director |
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Address : |
D-119, Ground Floor, Saket, New Delhi- 110017, Delhi, India |
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Date of Birth/Age : |
17.09.1987 |
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Date of Appointment : |
17.07.2009 |
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DIN No. : |
02272725 |
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Other Directorship :
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Name : |
Mr. Chandra Prakash Choudhary |
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Designation : |
Director |
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Address : |
D-119, Ground Floor,Saket,New Delhi- 110017 Delhi, India |
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Date of Birth/Age : |
19.10.1963 |
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Date of Appointment : |
01.07.2010 |
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DIN No. : |
00054040 |
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Other Directorship :
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Name : |
Mr. Anju Choudhary |
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Designation : |
Director |
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Address : |
D-119, Ground Floor,Saket,New Delhi- 110017 Delhi, India |
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Date of Birth/Age : |
14.04.1964 |
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Date of Appointment : |
19.06.2009 |
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DIN No. : |
00054061 |
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Other Directorship :
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Name : |
Mrs. Anindita Chaudhary |
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Designation : |
Director |
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Address : |
D-119, Ground Floor,Saket, New Delhi- 110017 Delhi, India |
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Date of Birth/Age : |
13.07.1986 |
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Date of Appointment : |
01.05.2010 |
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DIN No. : |
02993959 |
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KEY EXECUTIVES
|
Name : |
Mr. Sachin Kumar |
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Designation : |
Secretary |
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Address : |
96, govind park, Jagat Puri, Krishna nagar, New Delhi- 110059
Delhi, India |
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Date of Birth/Age : |
15.07.1986 |
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Date of Appointment : |
17.01.2013 |
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PAN No.: |
BLRPK7781F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Siddharth
Chaudhary |
|
155000 |
|
Chandra Prakash
Choudhary |
|
310000 |
|
Anju Chaudhary |
|
175000 |
|
Radikal
International Pvt. Ltd. India |
|
3455000 |
|
Shreedhar Estates
Pvt. Ltd. India |
|
1530000 |
|
Tirumala Vanijya
Pvt. Ltd. India |
|
2790000 |
|
Kundan Commercial
Pvt. Ltd. India |
|
3354600 |
|
Minarva Vyappar
Private Limited India |
|
2060000 |
|
Bennett Coleman
& Co. Limited India |
|
10 |
|
Werfine
Investments Limited India |
|
170731 |
|
Total |
|
14000341 |
As on : 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
95.43 |
|
Directors or relatives of Directors |
4.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and suppliers of premium basmati rice. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of India, 14th Floor, Jawahar Vyapaar Bhawan, 1
Tolstoy Marg, New Delhi – 110001, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vikas Jain & Associates Chartered Accountants |
|
Address : |
O-14, 2ND Floor, Amber Tower, S.C. Road, Jaipur, Rajasthan, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFV4320K |
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Associates/Subsidiaries : |
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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 |
|
|
|
|
|
|
14000341 |
Equity Shares |
Rs.10/- each |
Rs.140.003 Millions |
|
|
|
|
|
As on : 31.03.2013
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 |
|
|
|
|
|
|
10629600 |
Equity Shares |
Rs.10/- each |
Rs.106.296 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 |
106.296 |
62.296 |
40.246 |
|
(b) Reserves & Surplus |
1179.395 |
538.114 |
223.220 |
|
(c) Money
received against share warrants |
30.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
262.194 |
70.000 |
180.500 |
|
Total
Shareholders’ Funds (1) + (2) |
1577.885 |
670.410 |
443.966 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
516.687 |
275.168 |
159.846 |
|
(b) Deferred tax liabilities (Net) |
5.250 |
5.090 |
1.068 |
|
(c) Other long term
liabilities |
14.117 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
536.054 |
280.258 |
160.914 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3322.251 |
1819.241 |
955.680 |
|
(b) Trade
payables |
134.386 |
202.224 |
144.932 |
|
(c) Other
current liabilities |
55.072 |
36.792 |
53.535 |
|
(d) Short-term
provisions |
57.463 |
54.894 |
3.419 |
|
Total Current
Liabilities (4) |
3569.172 |
2113.151 |
1157.566 |
|
|
|
|
|
|
TOTAL |
5683.111 |
3063.819 |
1762.446 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
302.549 |
294.991 |
284.146 |
|
(ii)
Intangible Assets |
4.493 |
2.998 |
3.286 |
|
(iii)
Capital work-in-progress |
291.743 |
13.262 |
45.348 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.300 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
214.403 |
25.866 |
3.375 |
|
(e) Other
Non-current assets |
129.746 |
1.741 |
26.730 |
|
Total Non-Current
Assets |
943.234 |
338.858 |
362.885 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
|
|
(b)
Inventories |
4137.358 |
2372.136 |
1214.699 |
|
(c) Trade
receivables |
438.511 |
228.246 |
106.863 |
|
(d) Cash
and cash equivalents |
31.589 |
12.092 |
2.046 |
|
(e) Short-term
loans and advances |
37.587 |
14.644 |
6.531 |
|
(f) Other
current assets |
94.832 |
97.843 |
69.422 |
|
Total
Current Assets |
4739.877 |
2724.961 |
1399.561 |
|
|
|
|
|
|
TOTAL |
5683.111 |
3063.819 |
1762.446 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5587.473 |
3445.223 |
NA |
|
|
|
Other Income |
60.326 |
23.050 |
NA |
|
|
|
TOTAL (A) |
5647.799 |
3468.273 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5198.328 |
3373.283 |
NA |
|
|
|
Changes in Inventories |
(721.476) |
(587.028) |
NA |
|
|
|
Employees Benefits |
43.386 |
22.413 |
NA |
|
|
|
Other Expenses |
383.377 |
229.178 |
NA |
|
|
|
TOTAL (B) |
4903.615 |
3037.846 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
744.184 |
430.427 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
387.400 |
202.908 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
356.784 |
227.519 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.484 |
44.380 |
NA |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
BEFORE TAX |
0.728 |
1.720 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
311.572 |
181.419 |
56.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
66.292 |
64.975 |
8.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
245.280 |
116.444 |
48.569 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
33.47 |
24.26 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
4.34
|
3.36 |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.58
|
5.27 |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.78
|
5.95 |
3.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.27 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.43
|
3.12 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.29 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
40.246 |
62.296 |
106.296 |
|
Reserves & Surplus |
223.220 |
538.114 |
1179.395 |
|
Net
worth |
263.466 |
600.410 |
1,285.691 |
|
|
|
|
|
|
long-term borrowings |
159.846 |
275.168 |
516.687 |
|
Short term borrowings |
955.680 |
1819.241 |
3322.251 |
|
Total
borrowings |
1115.526 |
2094.409 |
3838.938 |
|
Debt/Equity
ratio |
4.234 |
3.488 |
2.986 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
|
3445.223 |
5587.473 |
|
|
|
|
62.180 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
|
3445.223 |
5587.473 |
|
Profit |
|
116.444 |
245.282 |
|
|
|
3.38% |
4.39% |
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
two 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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL REVIEW
During the year the
Company has achieved a turnover of INR 5587.400 Millions as against INR
3445.200 Millions in the previous year. An increase of 61.66% over the last
year. During the year, net profit of the Company is increased to INR 245.200 Millions
in comparison to net profit of INR 116.400 Millions in the previous year
showing an increment of 47.47%. The Directors of the Company are optimist and
envisage further increase in the sales in the coming years.
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances |
70.000 |
275.168 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances |
150.000 |
2.745 |
|
|
|
|
|
Total |
220.000
|
277.913
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10469864 |
07/01/2014 |
280,000,000.00 |
STATE BANK OF MYSORE |
15-16, SHAHEED BHAGAT SINGH MARG,, NEAR GOAL MARKET, NEW DELHI, DELHI - 110001, INDIA |
B93397545 |
|
2 |
10402663 |
07/02/2013 |
700,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14, 15 FLOOR JAWAHAR VYAPAR BHAWAN, NEW DELHI, DELHI - 110001, INDIA |
B67958231 |
|
3 |
10402553 |
30/11/2013 * |
860,000,000.00 |
STATE BANK OF TRAVANCORE |
18/4, ARYA SAMAJ ROAD, DELHI, DELHI - 110005, INDIA |
B91228932 |
|
4 |
10379705 |
13/05/2014 * |
6,100,000,000.00 |
STATE BANK OF INDIA |
14 FLOOR, JAWAHAR VYAPAAR BHAWAN, 1 TOLSTOY MARG, |
C03937760 |
|
5 |
10351527 |
30/03/2012 |
550,000,000.00 |
INDIAN OVERSEAS BANK |
MID CORPORATE BRANCH, RACHNA CINEMA BUILDING, 4TH FLOOR,2 RAJENDRA PLACE, NEW DELHI, DELHI - 110008, INDIA |
B38138806 |
|
6 |
10346651 |
12/01/2013 * |
350,000,000.00 |
STATE BANK OF PATIALA |
AMARPALI CORPORATE TOWER, GROUND FLOOR, BLOCK-J,S |
B68154780 |
|
7 |
10333282 |
31/01/2012 |
410,000,000.00 |
STATE BANK OF HYDERABAD |
36, ELITE HOUSE, KAILASH COLONY BRANCH, NEW DELHI, DELHI - 110048, INDIA |
B31116205 |
|
8 |
10269164 |
30/01/2013 * |
300,000,000.00 |
ORIENTAL BANK OF COMMERCE |
M-1/2/3,, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B68482629 |
|
9 |
10304779 |
14/12/2012 * |
410,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
KHARI BAOLI, DELHI, DELHI - 110006, INDIA |
B65725509 |
|
10 |
10191234 |
27/09/2013 * |
1,650,000,000.00 |
STATE BANK OF INDIA |
14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B88051495 |
* Date of charge modification
FIXED ASSETS
- Land and
Building
- Plant and
Machinery
AS PER WEBSITE
PRESS RELEASES
Radikal Foods invests
Rs 100.000 Millions to expand in India and make global forays
Wednesday, November
27, 2013
Radikal Foods Limited invested Rs 100.000 Millions to set up warehouses to store paddy in Uttar Pradesh and expand its mill capacity in India. Moreover, it has chalked out plans to foray into the Tier-II and III cities and augment its modern retail presence. It also plans to increase its global forays, which include the establishment of a Greenfield milling unit in Ghana.
Uday Nayak, the company’s senior general manager, said, “The rising demand for Radikal rice across the country and in the global markets would now help us to double our earnings from Rs 5800.000 Millions in 2012-13 to Rs.10000.000 Millions for the fiscal 2013 14.” It is among the top two in terms of modern trade volumes, and its presence spans over 2,000 stores across India.
It has 110 wholesale and one lakh retail outlets. Its six brands are Aqua Mist Premium Basmati Rice, Pristine Traditional Basmati Rice, Morvarid Premium Sella Basmati Rice, Apica Basmati Rice, Auric Premium Basmati Rice and Arctic Pink Basmati Rice. These are known for being low in fat and containing no calories and healthy carbohydrates. They are available in 10kg and 25 kg bulk packs and 1kg and 5kg consumer packs.
The paddy is sourced from select regions, and the grains are processed at the company’s state-of-the-art facilities in Garhmukteshwar in Hapur district of Uttar Pradesh to ensure high-quality, purity and taste.
Early this year, the company increased its annual production capacity from two lakh metric tonne (MT) to 4.80 lakh MT. The company has been generating global and domestic revenues in the ratio of 50:50.
“The company will expand its export market reach from the current 35 countries to 80 countries to include not just the entire European Union, but also the United States. The Indian population in many of these countries is driving our growth. However we have been able to maximise our presence in the Gulf Cooperation Council (GCC) countries,” Nayak said.
“Presently, the southern and western states are registering the highest sales, followed by the eastern region. We are now working to tap the cities in the North-East, which is predominantly a rice-consuming region,” he added.
In order to drive its sales, the company advertises regularly, and organised the ‘Rice to Riches’ cookery challenge last year, in which 500 resident welfare associations, comprising two lakh consumers in eight cities, participated. This year, it will be held in nine cities, and is expected to attract 2.5 lakh consumers.
The company also plans to into the ready- to-cook and ready-to-eat spaces, where it will also offer value-added rice products, including flakes. “We have backward integration to improve efficiencies. In this regard, we have commenced our research on this, and hope to enter the market within the next three years,” said Nayak.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.