MIRA INFORM REPORT
|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
INNOVATIVE FOODS LIMITED (w.e.f. 18.03.2004) |
|
|
|
|
Formerly Known
As : |
INNOVATIVE MARINE FOODS LIMITED |
|
|
|
|
Registered
Office : |
Chakolas Habitat, A Block, 1 C, Thevara Ferry Road, Ernakulam –
682013, Kerala |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.09.1989 |
|
|
|
|
Com. Reg. No.: |
09-005465 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 390.059 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909KL1989PLC005465 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNI00427A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5750N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Frozen Ready to Cook Foods. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 990000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management has reported consecutive losses for past few years which has
resulted in accumulation of losses during 2013. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. The company can be considered for business dealings with 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 – 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bipin M Charian |
|
Designation : |
Finace Department |
|
Contact No.: |
91-478-2874417 |
|
Date : |
28.03.2014 |
LOCATIONS
|
Registered Office : |
Chakolas Habitat, A Block, 1 C, Thevara Ferry Road, Ernakulam –
682013, Kerala, India |
|
Tel. No. : |
Not Available |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Ezhupuma Road, Alappuzha – 688001,
Kerala, India |
|
Tel. No. : |
91-478-2872578 |
|
Fax No.: |
91-478-2874417 |
|
E-Mail : |
DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Manoj Kumar Parameswaran |
|
Designation : |
Whole-time director |
|
Address : |
Mini Vihar, East of Hillpalace, Cochin Palace, Ernakulam – 682301, Kerala, India |
|
Date of Birth/Age : |
19.05.1973 |
|
Qualification : |
Degree |
|
Date of Appointment : |
13.04.2011 |
|
PAN No.: |
AIRPP1422E |
|
DIN No. : |
03527923 |
|
|
|
|
Name : |
Mr. Vettakkorumakankav Subramaniam Sitaram |
|
Designation : |
Whole-time director |
|
Address : |
Flat 15-A, GF-3 ATS Greens Village, 1 Taj Expressway, Sec-93-A, Noida – 201304, Uttar Pradesh, India |
|
Date of Birth/Age : |
21.05.1957 |
|
Qualification : |
Degree |
|
Date of Appointment : |
11.02.2011 |
|
PAN No. : |
AAVPS3995B |
|
DIN No. : |
01038711 |
|
|
|
|
Name : |
Mr. Sudhindar Krishan Khanna |
|
Designation : |
Director |
|
Address : |
Flat No.9, 4th Floor, Nariman Building, M K Marg, Cooperage Bandstand, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1953 |
|
Qualification : |
Degree |
|
Date of Appointment : |
13.04.2011 |
|
DIN No. : |
01529178 |
|
|
|
|
Name : |
Supratim Banerjee |
|
Designation : |
Director |
|
Address : |
Flat No. 2, Sreeji Krupa, 517 H R Mahajani Marg, Matunga, Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1976 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No. : |
02052355 |
|
|
|
|
Name : |
Mr. Ravi Jayant Sampat |
|
Designation : |
Director |
|
Address : |
301/302, Anand Villa Buddha Mandit Road, Opposite St. Xavier Playground, Parel, Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
04.01.1978 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No. : |
02587718 |
|
|
|
|
Name : |
Mr. Varun Khandelwal |
|
Designation : |
Director |
|
Address : |
E-92, Ashok Vihar, Phase-1, 3rd Floor, New Delhi – 110052, India |
|
Date of Birth/Age : |
06.06.1984 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No. : |
03367796 |
KEY EXECUTIVES
|
Name : |
Mr. Bipin M Charian |
|
Designation : |
Finace Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Avacero Equity Holdings Limited |
|
38356671 |
As on 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Mutual funds |
0.02 |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.83 |
|
Bodies corporate |
0.03 |
|
Other top fifty shareholders |
0.29 |
|
Others |
0.83 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Frozen Ready to Cook Foods. |
||||||||||
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|
|
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|
Products : |
|
||||||||||
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|
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Exports : |
|
||||||||||
|
Products : |
Finished Good |
||||||||||
|
Countries : |
· USA · Canada |
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Products : |
Raw Material |
||||||||||
|
Countries : |
· Sri Lanka · China |
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
|
Marine Products, Curries, Pickles, Vegetables and breaded items |
(kgs) |
6,000,000 |
GENERAL INFORMATION
|
Customers : |
Others |
|
|
|
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India · State Bank of India, Overseas Branch, Willingdon Island, Cochin - 682003, Kerala, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Cochin, Kerala, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AKLPG8051E |
|
|
|
|
Holding Company: |
Avacero Equity Holdings Limited, Mauritius |
|
|
|
|
Associate: |
Ikya Human Capital Solutions Limited CIN No.: U74140KA2007PLC043909 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39,005,865 |
Equity Shares |
Rs.10/- each |
Rs. 390.059 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
390.059 |
390.059 |
|
(b) Reserves & Surplus |
|
(141.276) |
(114.226) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
248.783 |
275.833 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.815 |
1.585 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
8.833 |
7.182 |
|
Total Non-current Liabilities
(3) |
|
10.648 |
8.767 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
25.723 |
24.409 |
|
(c) Other
current liabilities |
|
51.420 |
61.441 |
|
(d) Short-term provisions |
|
1.454 |
1.626 |
|
Total Current
Liabilities (4) |
|
78.597 |
87.476 |
|
|
|
|
|
|
TOTAL |
|
338.028 |
372.076 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
83.214 |
83.659 |
|
(ii)
Intangible Assets |
|
10.877 |
14.564 |
|
(iii)
Capital work-in-progress |
|
1.643 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.400 |
1.400 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11.641 |
4.858 |
|
(e) Other
Non-current assets |
|
0.660 |
5.529 |
|
Total Non-Current
Assets |
|
109.435 |
110.010 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
2.750 |
0.000 |
|
(b)
Inventories |
|
58.959 |
66.485 |
|
(c) Trade
receivables |
|
67.855 |
61.656 |
|
(d) Cash
and cash equivalents |
|
92.059 |
128.397 |
|
(e)
Short-term loans and advances |
|
5.904 |
4.551 |
|
(f) Other
current assets |
|
1.066 |
0.977 |
|
Total
Current Assets |
|
228.593 |
262.066 |
|
|
|
|
|
|
TOTAL |
|
338.028 |
372.076 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
390.059 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
81.025 |
|
|
4] (Accumulated Losses) |
|
|
(190.343) |
|
|
NETWORTH |
|
|
280.741 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
280.741 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
91.128 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
62.258 |
|
|
Sundry Debtors |
|
|
46.111 |
|
|
Cash & Bank Balances |
|
|
146.725 |
|
|
Other Current Assets |
|
|
1.031 |
|
|
Loans & Advances |
|
|
7.165 |
|
Total
Current Assets |
|
|
263.290 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
65.643 |
|
|
Other Current Liabilities |
|
|
7.858 |
|
|
Provisions |
|
|
3.176 |
|
Total
Current Liabilities |
|
|
76.677 |
|
|
Net Current Assets |
|
|
186.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
280.741 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
561.102 |
546.406 |
390.454 |
|
|
|
Other Income |
12.085 |
26.477 |
1.892 |
|
|
|
TOTAL (A) |
573.187 |
572.883 |
392.346 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
278.906 |
253.620 |
180.432 |
|
|
|
Purchases of Stock-in-Trade |
35.843 |
52.018 |
18.611 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1.580 |
(4.341) |
23.608 |
|
|
|
Employees benefits expense |
65.127 |
56.238 |
33.084 |
|
|
|
Other expenses |
206.757 |
205.948 |
157.340 |
|
|
|
TOTAL (B) |
588.213 |
563.483 |
413.075 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(15.026) |
9.400 |
(20.729) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
1.391 |
17.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(15.026) |
8.009 |
(37.822) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.024 |
12.917 |
12.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(27.050) |
(4.908) |
(50.604) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(27.050) |
(4.908) |
(50.604) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
29.360 |
37.776 |
24.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
63.442 |
34.295 |
|
|
|
Components and spare parts |
|
2.003 |
1.191 |
|
|
TOTAL IMPORTS |
81.375 |
65.445 |
35.486 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.69) |
(0.13) |
(2.98) |
|
Expected Sales (2013-2014): Rs. 650.000 Millions
The above information has been parted by Mr. Bipin M Charian (Finace
Department).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.72) |
(0.86) |
(12.90) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.82) |
(0.90) |
(12.96) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.07) |
(1.32) |
(14.28) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
(0.02) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91 |
3.00 |
3.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
390.059 |
390.059 |
|
Reserves & Surplus |
(114.226) |
(141.276) |
|
Net
worth |
275.833 |
248.783 |
|
|
|
|
|
long-term borrowings |
1.585 |
1.815 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
1.585 |
1.815 |
|
Debt/Equity
ratio |
0.006 |
0.007 |
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 |
390.454 |
546.406 |
561.102 |
|
|
|
39.941 |
2.690 |
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 |
390.454 |
546.406 |
561.102 |
|
Profit |
(50.604) |
(4.908) |
(27.050) |
|
|
(12.96%) |
(0.90%) |
(4.82%) |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
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 |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposit from Others |
1.815 |
1.585 |
|
Total |
1.815 |
1.585 |
OPERATIONS AND FUTURE
OUTLOOK
During the year, the company performed under adverse conditions. The economy continued to slow down, modern retail trade expanded at a much slower pace and competitive pressures increased significantly. Inflationary pressures created by an adverse monsoon and the devaluation of the rupee continued to be very strong. All these adverse circumstances affected the performance of the company, both on turnover and on profits. The company has used this period to increase its competitiveness. It has strengthened its sales team by inducting seasoned professionals at all levels in the company. It has widened the availability of Sumeru products by appointing distributors in several new markets. The packaging of Sumeru products has been changed to make the brand look contemporary, increase shelf stand out and increase taste appeal of their products. The new packaging has been launched in the market from April 2013. Innovative new products like Masala French Fries have been introduced with good consumer response. New customers for their Food Service business have been signed up. New vendors have been located for key products to reduce costs and improve reliability of supplies. Capital expenditure has been undertaken to improve operational efficiencies and improve quality and safety. The company's management is confident that all these steps will bear fruit in the coming years.
CHANGE OF ADDRESS
The registered office of the company has been shifted from Amalgam Housebristow Road, Willingdon Island, Ernakulam – 682003, Kerala, India to the present w.e.f. 17.05.2010.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
INNOVATIVE FOODS
LIMITED |
|
Name of the
company |
U51909KL1989PLC005465 |
|
Address of the
registered office or of the principal place of business in |
Chakolas Habitat, A Block, 1 C, Thevara Ferry Road, Ernakulam –
682013, Kerala, India E-mail: cosecy@sumeru.net |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
equitable mortgage by deposit of title deeds Letter of
Hypothecation of Stocks, bookdebts and machinery (both the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
30.12.2013 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC- 13.25% p.a WDCL - 12.50% p.a Subject to
revision from time to time Terms of Repayment CC - Running
account repayable on demand WCDL - Upto 180
days EPC - Upto Tenor
180 days LC - Tenor upto
180 days Margin CC - 25% on
stocks & book debts for less than 90 days EPC/PCFC - 10% LC - Nil Extent and Operation of the charge The principal
amount, interest, penal interest, charges & other amounts are secured by
exclusive charge on the stock, book debts and machinery(both present and
future) and Immovable property of the company located at Ezhupunna Village
within the Juristriction of Kuthiathode as mentioned in column 15 of this
form. Others CC - Rs.100.000
Millions (sublimit Export Packing, LC/Buyers Credit - Rs.30.000 Millions) |
|
Short particulars
of the property charged |
(a)First charge by
way of Equitable mortgage of land together with building and other structures
(existing to be constructed) situated at All those piece and parcel of land
having to the extent of 35.27 ares made up of
3.45 ares in sy No.287/24, 4.29 ares in sy No.287/20, 8.90 ares in sy
No.287/21-3, 11.33 ares in survey No.287/20-1, 0.41 ares in syno.287/18-B
& 0.81 ares in sy.no 287/22 of Ezhupunna village, within the
juristriction of kuthiathode sub register office along with factory and
office buildings all other improvements all rights and interest thereon All those Piece
and parcel of land having a total extent of 68.80 ares made up of 4.05 ares
in Sy No.287/29, 21.45 Ares in sy No.288/1-1. 27.11 ares in sy No.288/1-2 and
16.19 ares in sy No.288/1-3 of Ezhapunna village within the jurisdiction of
kuthiathode sub register office, along with the factory and office buildings,
all rights and interest thereon AND (b)Exclusive
charge on stocks, receivables and movable fixed assets including plant and
machinery both present and future stored/installed at company premises said
above or at any other place |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipment’s
· Other Equipment’s
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 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.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.