MIRA
INFORM REPORT
|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHAKTI BHOG FOODS LIMITED |
|
|
|
|
Registered
Office : |
404-405, 4th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.11.1992 |
|
|
|
|
Com. Reg. No.: |
55-051124 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 262.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1992PLC051124 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS4153M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing/ Processing of Food and Related Items. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29680000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by fair
profitability and decent operational performance of the company. Trade relations are reported as fair. Business is active. Payements
are reported to be regular and as per commitments. The company can be considered good for normal business deaings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “A-” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
11.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A2+” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
09.01.2013 |
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 DECLINED BY
|
Name : |
Mr. Rajeev Lochan |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-11-47505050 |
LOCATIONS
|
Registered/
Corporate Office : |
404-405, 4th Floor, Krishna Apra Business Square, Netaji
Subhash Place, Pitampura, Delhi – 110034, India |
|
Tel. No. : |
91-11-47525252/ 47505050/ 27691124/
47525252/ 431 |
|
Fax No. : |
91-11-24720599/ 27693242 |
|
E-Mail : |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Kewal Krishan Kumar |
|
Designation : |
Managing director |
|
Address : |
15/61, Punjabi Bagh (West), New Delhi – 110026, India |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
B.A. Eco.(H) |
|
Experience : |
37 Years |
|
Date of Appointment : |
24.11.1992 |
|
PAN No.: |
AAKPK2088A |
|
DIN No. : |
00042504 |
|
|
|
|
Name : |
Mr. Siddharth Kumar |
|
Designation : |
Whole-time director |
|
Address : |
15/61, Punjabi Bagh (West), New Delhi – 110026, India |
|
Date of Birth/Age : |
30 Years |
|
Qualification : |
B.A. |
|
Experience : |
11 Years |
|
Date of Appointment : |
01.10.2012 |
|
PAN No. : |
AIKPK5868Q |
|
DIN No. : |
00042518 |
|
|
|
|
xName : |
Sunanda |
|
Designation : |
Director |
|
Address : |
15/61, Punjabi Bagh (West), New Delhi – 110026, India |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.A |
|
Experience : |
20 Years |
|
Date of Appointment : |
24.11.1992 |
|
DIN No. : |
01028518 |
|
|
|
|
Name : |
Mr. Krishan Kumar Sharma |
|
Designation : |
Director |
|
Address : |
R/o D-6/31/1, Rohini, Sector- 6, New Delhi – 110085, India |
|
Date of Appointment : |
01.01.2012 |
|
DIN No. : |
01605071 |
|
|
|
|
Name : |
Mr. Manmohan Singh Kapur |
|
Designation : |
Director |
|
Address : |
Flat No. Klasse / I/401, Eldeco-Utopia, Expressway, Noida
- 201304, Uttar Pradesh, India |
|
Date of Appointment : |
30.09.2009 |
|
DIN No. : |
00703815 |
|
|
|
|
Name : |
Mr. Gurcharan Das |
|
Designation : |
Director |
|
Address : |
124, Jor Bagh, New Delhi - 110003, India |
|
Date of Appointment : |
15.07.2009 |
|
DIN No. : |
00032103 |
|
|
|
|
Name : |
Mr. Divyarth Kumar |
|
Designation : |
Director |
|
Address : |
15/61, Punjabi Bagh (West), New Delhi – 110026, India |
|
Date of Appointment : |
28.09.2013 |
|
DIN No. : |
03493861 |
|
|
|
|
Name : |
Mr. Jatin Narendra Kakkar |
|
Designation : |
Nominee Director |
|
Address : |
6815, Orchid LN, Dallas- 75230, United States of America |
|
Date of Appointment : |
28.09.2013 |
|
DIN No. : |
06367556 |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Lochan |
|
Designation : |
Secretary |
|
Address : |
D-2, Dayanand Block, Shakarpur Extension, Delhi – 110092, India |
|
Date of Appointment : |
01.03.2008 |
|
PAN No.: |
AABPL2765N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kewal Krishan Kumar |
|
11876610 |
|
Siddarth Kumar |
|
49010 |
|
Bhawna Kumar |
|
26000 |
|
Sunanda |
|
3510 |
|
Divyarth Kumar |
|
2500 |
|
Kewal Krishan Kumar (HUF) |
|
2000 |
|
Bhawna Portfolio Private Limited, India |
|
2611385 |
|
Crest Agrofoods Limited, India |
|
225800 |
|
Dinkar Holding Private Limited |
|
12000 |
|
Divyarth Leasing and Finance Private Limited, India |
|
3620440 |
|
Goal Securities and Credits Private Limited, India |
|
2747200 |
|
Kumar Food Industries Limited, India |
|
556710 |
|
Pansy Holdings Private Limited, India |
|
12000 |
|
Shakti Bhog Snacks Limited, India |
|
41400 |
|
Sumesh Financer Private Limited, India |
|
1228740 |
|
Horse Shoe Capital, Mauritius |
|
3113208 |
|
Ashok Chabra |
|
2500 |
|
Baldev Raj |
|
100 |
|
Dharshana Devi |
|
2500 |
|
G. P. Khandelwal |
|
2500 |
|
Kiran Mehta |
|
2500 |
|
M L Julka |
|
100 |
|
Pradeep Kumar |
|
100 |
|
Rajendre Kumar |
|
100 |
|
Rajesh Kumar |
|
100 |
|
Seema Choudhary |
|
78500 |
|
Sajjan Kumar |
|
2500 |
|
Sandesh Jain and Mamta Jain |
|
2500 |
|
Satish Kumar |
|
2500 |
|
Usha Bhuraria |
|
10000 |
|
Urmila Chabra |
|
2500 |
|
Aditi Jain |
|
2500 |
|
Total |
|
26240013 |
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
11.86 |
|
Bodies corporate |
42.13 |
|
Directors or relatives of Directors |
45.58 |
|
Others |
0.43 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing/ Processing of Food and Related Items. |
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Products : |
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Brand: |
· SHAKTI BHOG DIVSS |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
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|
Bankers : |
· Corporation Bank, Corporate Banking Branch, H.T.House, 10th Floor, 18/20, K.G.Marg, Connaught Place, New Delhi - 110001, India Oriental Bank of Commerce, A-Block, Connaught Place, New
Delhi - 110001, India State Bank of Patiala, Commercial Branch, 2nd
Floor, Chandralok Building, 36, Janpath , New Delhi - 110001, India State Bank of Travancore, Commercial Branch, Travancore
House, K.G Marg, New Delhi - 110001, India State Bank of Mysore, Industrial Finance Branch, 15-17,
Shaheed Bhagat Singh Marg, Near Gole Market, New Delhi - 110001, India Bank of India State Bank of Hyderabad State Bank of Bikaner and Jaipur Standard Chartered Bank ICICI Bank Limited Bank of Baroda |
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|
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SS Kothari Mehta and Company Chartered Accountants |
|
Address : |
146 - 149, Tribhuvan Complex Ishwar Nagar, Mathura Road, New Delhi - 110065, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS6783L |
|
|
|
|
Subsidiary Company: |
· Shakti Bhog Snacks Limited CIN No.: U15410DL1998PLC092654 Shakti Bhog Foods FZE, Dubai |
|
|
|
|
Enterprises over
which key management personnel exercise significant influence: |
· Kumar Food Industries Limited CIN No.: L15310DL1991PLC043456 Dash Exports Private Limited CIN No.: U74899DL1994PTC060673 Divyashakti Hospitality Private Limited CIN No.: U85100DL2008PTC181770 Prince Food Tech Private Limited CIN No.: U15499HR1990PTC048823 Kumar Dal Mills KDM Media Private Limited CIN No.: U51909DL1999PTC097807 Pearl Agro Foods Divyarth Leasing and Finance Private Limited CIN No.: U74899DL1995PTC065799 Bhawna Portfolio Private Limited CIN No.: U74899DL1995PTC065694 Goal Securities and Credit Ltd. CIN No.: U74899DL1995PLC065515 Sumesh Financers Private Limited CIN No.: U74899DL1995PTC072410 Crest Agro Foods Limited (formally knows as Crest Biotech
Limited) CIN No.: U15316DL1995PLC074882 Pancy Holdings Private Limited CIN No.: U67120DL1996PTC075254 Divyarth Healthcare Private Limited Vital Holding Private Limited Elanza Investment Private Limited Dinkar Holding Private Limited Shubhangi Finvest Private Limited Vizzy Finvest Private Limited Phlox Investment Private Limited Fruto Freesh Industries Private Limited CIN No.: U15494DL2009PTC190196 Sunanda Polymers |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,240,013 |
Equity Shares |
Rs.10/- each |
Rs. 262.400 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 |
262.400 |
262.400 |
262.400 |
|
(b) Reserves & Surplus |
7157.528 |
5348.434 |
3864.302 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
1400.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7419.928 |
7010.834 |
4126.702 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3358.830 |
1469.539 |
732.074 |
|
(b) Deferred tax liabilities (Net) |
71.606 |
44.589 |
34.041 |
|
(c) Other long term liabilities |
27.293 |
25.358 |
24.411 |
|
(d) long-term provisions |
11.419 |
11.007 |
5.046 |
|
Total Non-current Liabilities (3) |
3469.148 |
1550.493 |
795.572 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
19441.972 |
13974.680 |
10797.754 |
|
(b) Trade payables |
4586.175 |
1605.439 |
630.513 |
|
(c) Other current
liabilities |
1347.608 |
1037.417 |
1047.045 |
|
(d) Short-term provisions |
982.925 |
799.698 |
537.180 |
|
Total Current Liabilities (4) |
26358.680 |
17417.234 |
13012.492 |
|
|
|
|
|
|
TOTAL |
37247.756 |
25978.561 |
17934.766 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1914.863 |
1167.003 |
1010.969 |
|
(ii) Intangible Assets |
44.442 |
55.835 |
65.290 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
1484.803 |
1091.855 |
346.517 |
|
(b) Non-current Investments |
64.530 |
76.907 |
34.570 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
773.392 |
528.517 |
160.592 |
|
(e) Other Non-current assets |
1545.470 |
474.011 |
112.464 |
|
Total Non-Current Assets |
5827.500 |
3394.128 |
1730.402 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
30020.280 |
21712.874 |
15364.627 |
|
(c) Trade receivables |
747.823 |
491.194 |
371.892 |
|
(d) Cash and cash
equivalents |
38.564 |
86.392 |
97.751 |
|
(e) Short-term loans and
advances |
457.077 |
204.260 |
273.491 |
|
(f) Other current assets |
156.512 |
89.713 |
96.603 |
|
Total Current Assets |
31420.256 |
22584.433 |
16204.364 |
|
|
|
|
|
|
TOTAL |
37247.756 |
25978.561 |
17934.766 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
52565.181 |
40683.043 |
32719.936 |
|
|
|
Other Income |
76.569 |
26.915 |
22.759 |
|
|
|
TOTAL (A) |
52641.750 |
40709.958 |
32742.695 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
36977.142 |
29009.161 |
25191.161 |
|
|
|
Purchases of stock-in-trade |
7211.895 |
5017.452 |
4113.882 |
|
|
|
Employee benefit expense |
300.679 |
239.128 |
156.517 |
|
|
|
Other expenses |
2890.535 |
1861.950 |
1348.666 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(393.625) |
59.849 |
(1059.817) |
|
|
|
TOTAL (B) |
46986.626 |
36187.540 |
29750.410 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
5655.124 |
4522.418 |
2992.285 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2583.816 |
2080.220 |
1115.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3071.308 |
2442.198 |
1876.568 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
112.741 |
69.820 |
44.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
2958.567 |
2372.378 |
1832.079 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1013.816 |
807.948 |
636.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1944.751 |
1564.430 |
1195.696 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Exports of Goods (FOB Value) |
1482.696 |
702.605 |
543.100 |
|
|
TOTAL EARNINGS |
1482.696 |
702.605 |
543.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
211.256 |
1420.662 |
127.446 |
|
|
TOTAL IMPORTS |
211.256 |
1420.662 |
127.446 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
69.00 |
57.00 |
45.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.69 |
3.84 |
3.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63 |
5.83 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.29 |
9.56 |
10.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.34 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.07 |
2.20 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.30 |
1.25 |
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 |
262.400 |
262.400 |
262.400 |
|
Reserves & Surplus |
3864.302 |
5348.434 |
7157.528 |
|
Net
worth |
4126.702 |
5610.834 |
7419.928 |
|
|
|
|
|
|
long-term borrowings |
732.074 |
1469.539 |
3358.830 |
|
Short term borrowings |
10797.754 |
13974.680 |
19441.972 |
|
Total
borrowings |
11529.828 |
15444.219 |
22800.802 |
|
Debt/Equity
ratio |
2.794 |
2.753 |
3.073 |
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 |
32719.936 |
40683.043 |
52565.181 |
|
|
|
24.337 |
29.207 |
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 |
32719.936 |
40683.043 |
52565.181 |
|
Profit |
1195.696 |
1564.430 |
1944.751 |
|
|
3.65% |
3.85% |
3.70% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10463727 |
06/12/2013 |
200,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH, H.T.HOUSE, 10TH FLOOR, |
B90918855 |
|
2 |
10449699 |
20/09/2013 |
1,660,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, 15/17, SHAHEED BHAGATH SINGH MARG, NEAR GOLE MARKET, NEW DELHI - 110001, INDIA |
B85163087 |
|
3 |
10450890 |
03/09/2013 |
150,000,000.00 |
KARNATAKA BANK LIMITED |
CORPORATE FINANCE BRANCH, K- BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B85677110 |
|
4 |
10448758 |
26/08/2013 |
300,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA |
B84865831 |
|
5 |
10429153 |
22/05/2013 |
1,500,000,000.00 |
BANK OF BARODA |
CFS BRANCH, BANK OF BARODA BUILDING, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B76329572 |
|
6 |
10429734 |
20/05/2013 |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA |
B76582360 |
|
7 |
10429518 |
16/04/2013 |
2,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA |
B76449776 |
|
8 |
10414670 |
21/03/2013 |
1,700,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH, H.T.HOUSE, 10TH FLOOR, 18/20, K.G.MARG, CONNAUGHT PLACE, NEW DELHI |
B71764799 |
|
9 |
10421368 |
20/03/2013 |
200,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
OUTSIDE KATRA NEEL, CHANDNI CHOWK, DELHI - 110006, INDIA |
B73648891 |
|
10 |
10414159 |
08/03/2013 |
2,600,000,000.00 |
STATE BANK OF HYDERABAD |
SCOPE COMPLEX
BRANCH, CORE-6, SCOPE COMPLEX, LOD |
B71551816 |
|
11 |
10409884 |
15/02/2013 |
800,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH,, TRAVANCORE HOUSE, K.G MARG, NEW DELHI - 110001, INDIA |
B69992295 |
|
12 |
10410185 |
04/02/2013 |
7,000,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1, TOLSTO |
B70220249 |
|
13 |
10384234 |
15/10/2012 |
500,000,000.00 |
IDBI BANK LIMITED |
VIDEOCON TOWER, 1ST
FLOOR, E-1, JHANDEWALAN EXTEN |
B61236014 |
|
14 |
10381084 |
19/11/2012 * |
350,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
A - SET HOUSE, 3RD
FLOOR, 7/56, DESH BANDHU GUPTA |
B62477518 |
|
15 |
10362889 |
09/05/2012 |
600,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
OUTSIDE KATRA NEEL, CHANDNI CHOWK, DELHI - 110006, INDIA |
B42568030 |
|
16 |
10350678 |
18/04/2012 |
300,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
G-40, CONNAUGHT PLACE, DELHI - 110001, INDIA |
B37861168 |
|
17 |
10342111 |
23/02/2012 |
300,000,000.00 |
LAKSHMI VILAS BANK |
FLAT NO.G-8-9-10, TOLSTOY
HOUSE, 15-17 TOLSTOY MA |
B35001742 |
|
18 |
10324140 |
17/03/2012 * |
500,000,000.00 |
IDBI BANK LIMITED |
VIDEOCON TOWER, 1ST
FLOOR, E-1, JHANDEWALAN EXTEN |
B36997401 |
|
19 |
10307314 |
15/09/2011 * |
900,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B21057336 |
|
20 |
10304178 |
07/09/2012 * |
400,000,000.00 |
THE RATNAKAR BANK LIMITED |
"MAHAVEER" , SHRI SHAHU MARKET YARD, SHAHUPURI, KOLHAPUR - 416005, MAHARASHTRA, INDIA |
B58870528 |
|
21 |
10262470 |
27/03/2012 * |
315,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B38010336 |
|
22 |
10263798 |
28/12/2010 |
450,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B04171005 |
|
23 |
10214079 |
05/08/2013 * |
14,800,000,000.00 |
STATE BANK OF INDIA - LEAD BANK |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1, TOLSTO |
B85891703 |
|
24 |
10207842 |
05/09/2011 * |
680,000,000.00 |
STATE BANK OF HYDERABAD |
SCOPE COMPLEX BRANCH, NEW DELHI - 110003, INDIA |
B20769139 |
|
25 |
10191617 |
12/12/2012 * |
1,200,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B63939557 |
|
26 |
90043153 |
19/04/2002 * |
120,000,000.00 |
CITIBANK N A |
JEEVAN VIHAR; 3, SANSAD MARG, NEW DELHI, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debentures others |
2000.000 |
0.000 |
|
Rupee term loans from banks |
0.000 |
3.902 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate deposits |
0.000 |
4.834 |
|
Loans and advances from directors |
0.533 |
11.932 |
|
Other loans and advances, others |
721.224 |
954.117 |
|
Total |
2721.757 |
974.785 |
OVERVIEW
Subject is engaged in the manufacturing/processing of Food and related items. The company was incorporated on 24th November 1992. The company is selling its Wheat Flour and allied products, Rice and other products under the brand name of Shakti Bhog while the Biscuits are sold under the brand name DIVSS. The business of the company is spread across India and abroad.
BUSINESS OPERATIONS
During the FY 2012-13, the Company has registered a phenomenal growth of 29.21% in the turnover by registering net sales of Rs. 52565.200 Millions as compared to Rs. 40683.000 Millions during the previous FY 2011-12. The growth is attributed to overall increase in the demand of all the products like wheat flour, rice, biscuits, besan etc. of the company.
The company's brand Shakti Bhog is undoubtedly a market leader in the wheat flour (Atta) segment. The Wheat Flour and allied products sale has been increased to Rs. 27034.400 Millions during year from Rs. 23984.900 Millions achieving a growth of around 13%. The company is giving special focus on rice sale and looking forward to capture a significant share in this segment too. As a result, the Rice sale under brand Shakti Bhogi has also increased to Rs. 19938.200 Millions during the FY 2012-13 from Rs. 13373.000 Millions during the FY 2011-12 registering a steep growth of 49%.The company has launched a vigorous advertisement campaign through print and electronic media for Rice, Biscuits and Cookies and other products. These products have also been well received by the market. Accordingly, the sale of biscuits and cookies has increased to Rs. 720.000 Millions during the FY 2012-13 as compared to Rs. 437.400 Millions registering a growth of 64.61%. Other products like Besan, Tea, Daliya etc. are also well received in the market and their sales has also increased substantially.
The company has now decided to go global and has started extensive marketing its products overseas especially in middle-east and European market. During the FY 2012-13, the export sales has increased to Rs. 1482.700 Millions as compared to Rs. 702.600 Millions during the FY 2011-12 registering more than twofold jump.
The company's rice sale is increasing in leaps and bounds in middle-east countries. To market food products under Shakti Bhog Brandï and co-ordinate the sale in middle-east and European countries through distributors, the company has started its own office in Dubai by establishing a 100% subsidiary company there. The company is also focusing to export its other products like Wheat flour, Biscuits, Besan etc.
The company has launched two new products i.e. Brown Marie and Choco Bite.
To achieve the sales and meet the increasing demand of the products, the company has increased its manufacturing capacities of all products either its own or tie up with the third parties. During the FY13, the company successfully increased the capacity of its rice plant at village Samana Bahu, Karnal, Haryana to 30TPD from 18 TPD. The company has also installed a state of art, imported sortex plant thereby almost doubling the existing capacity at its existing rice unit at Siraspur, Delhi.
The company's profitability(PBT) during the FY 2012-13 has also improved substantially by registering growth of 24.71% over the previous year. The PBT has increased to Rs. 2958.600 Millions in the FY 2012-13 from Rs. 2372.400 Millions in the previous year. The company was able to achieve improvement in profitability as the food sector is flourishing despite the tough economic scenario and market conditions.
To achieve the growth in the revenues as well as profits, the management took various steps like increase in the production capacity, modernization of the existing machineries and procurement of better quality raw material resulting in the better yield and quality products.
FUTURE PROSPECTS
The Brand Shakti Bhog has adequately penetrated in the market and is poised for exponential growth. The brand has become a market leader in its segment.
The Company, encouraged by the success of its biscuit plant in Haridwar, Uttaranchal under the brand DIVSS, has added one more production line for manufacturing of the biscuits during the year. The work for Breakfast Cereal plant at Haridwar is going on in full swing and shall be operational during the coming year at Haridwar.
The Company is further increasing its capacity of Rice Plant at Samanabahu, Karnal, Haryana from 30TPH to 54TPH which shall be fully operational during the FY 2013-14. With the increase in the capacity of its Rice plant, the company will be in position to have substantial toe hold in the rice export market.
The company is giving special attention to the international market for export of its products.
To meet and capture the market in Central, West and South India, the company is setting up its own unit at Indore, M.P. for manufacturing of Wheat flour, Daliya, Suji Besan and Biscuits in the phased manner over couple of years. For this purpose, the company has made agreement to sell to acquire 45 acres of industrial land. Further the State Government of M.P. is extending various incentives like VAT exemptions, Capital subsidy, other state levies etc.
The Company is in the process of acquisition of an Agro Food SEZ at Village Bhagan and Kurar Ibrahimpur (District Sonipat), Haryana. This venture will be set up under the aegis of Ansal Colours Engineering SEZ Limited (ACEZL) which will be a 100% subsidiary of the Company. The company will be the co-developer to undertake the SEZ development. The company has also acquired 20 acres of land on lease from ACEZL in consideration of the development cost of SEZ to be incurred. The company will setup the Biscuit and Rice grading plant from where they are planning to export its products.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Corporate guarantee/undertakings issued on behalf of third parties |
0.000 |
0.000 |
|
(b) Claims against the Company not acknowledged as debt: |
|
|
|
-Kola Shipping Ltd. Case (Claim of demurrage and loss or (US $ 4,55,000) (US $ 4,55,000) Profit by a shipping company for unexecuted export consignment) |
24.747 |
23.276 |
|
- Others |
0.000 |
2.000 |
|
(c) Income Tax matters in respect of which appeals are pending. |
13.525 |
13.525 |
|
(d) Guarantees issued by the company's Bankers on behalf of the company |
182.712 |
226.000 |
|
(e) Bonds executed for machinery imports under EPCG Scheme |
304.300 |
232.000 |
|
(f) Letter of Credits issued by company's bankers |
0.000 |
594.247 |
FIXED ASSETS
v
Tangible
assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Other
Equipments
v
Intangible assets
Brands
and Trade Marks
Computer
Software
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 governmen 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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
52 |
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.