MIRA INFORM REPORT
|
Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOODS AND INNS LIMITED |
|
|
|
|
Registered
Office : |
Foods and Inns Building, Sion-Trombay Road, Punjabwadi, Deonar, Mumbai
– 400088, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.10.1967 |
|
|
|
|
Com. Reg. No.: |
11-013837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14.510 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55200MH1967PLC013837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03863G / MUMF03844B / MUMF03698C / MUMF03486A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0521C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Processing and Marketing of Fruit Pulps, Concentrates and Spray Dried Fruit and Vegetable Powders. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1160000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge external borrowings taken by the company, which acts as
threatening to the liquidity position.
However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
September 25, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
September 25, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-25564326]
LOCATIONS
|
Registered Office : |
Foods and Inns Building, Sion-Trombay Road, Punjabwadi, Deonar, Mumbai
– 400088, Maharashtra, India |
|
Tel. No.: |
91-22-25564326/ 25564327/ 25515853/ 23533104 |
|
Fax No.: |
91-22-25553612/ 23533106 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
Dulwich Mansion, 3rd Floor, 224 Tardeo Road Mumbai –
400007, Maharashtra, India |
|
Tel. No.: |
91-22-23533104/ 23533105 |
|
Fax No.: |
91-22-23533106/ 07 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Nashik, Maharashtra, India |
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|
|
|
Factory 2 : |
Chittoor, Andhra Pradesh, India |
|
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|
Factory 3 : |
Valsad, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Bhupen
C. Dalal |
|
Designation : |
Chairman (Alternate to Mr. George Gonszor) |
|
Date of Birth/Age : |
18.11.1941 |
|
Qualifications : |
B.Com , L.L.B |
|
Experience : |
Standing over 50 years’ experience as Financial Adviser. |
|
Date of Appointment : |
30.04.2008 |
|
|
|
|
Name : |
Mr. Utsav
Dhupelia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Milan Dalal |
|
Designation : |
Non-Executive, Non Independent Director |
|
|
|
|
Name : |
Mr. Raymond
Simkins |
|
Designation : |
Non-Executive, Non Independent Director |
|
Date of Birth/Age : |
03.06.1943 |
|
Qualifications : |
M.E |
|
Experience : |
Commercial, Marketing operations and International
business. |
|
Date of Appointment : |
09.08.1995 |
|
|
|
|
Name : |
Mr. Dadi
B. Engineer |
|
Designation : |
Non-Executive, Non Independent Director |
|
Date of Birth/Age : |
02.05.1933 |
|
Qualifications : |
B.A (Hons), LLB, Solicitor and Advocate (High Court ,
Mumbai) |
|
Experience : |
Standing over 50 years in Legal profession having expertise in Indirect Taxation and Corporate Laws. He is senior most partners in Crawford Bailey and Company Advocates
and Solicitors, one of the most reputed firm in India. He is also serving on
the Board of various Public and Private Limited Companies |
|
Date of Appointment : |
19.08.1992 |
|
|
|
|
Name : |
Mr. Dinkarray D. Trivedi |
|
Designation : |
Non-Executive, Non Independent Director |
|
Date of Birth/Age : |
15.03.1932 |
|
Qualifications : |
B.A, M.Com |
|
Experience : |
Management Consultant – Corporate Planning, Strategy Formulations, Financial Restructuring, Acquisitions, Disinvestments etc. Conducted training programmes in financial institutions like; GIIC, GSFC, HDFC, Industrial organizations like; NTC, MSTC and CSPC and other Corporate houses. |
|
Date of Appointment : |
26.08.1987 |
|
|
|
|
Name : |
Mr. Nirmit Ved |
|
Designation : |
Nominee Director Exim Bank |
|
Date of Appointment : |
11.02.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
520533 |
35.87 |
|
|
145742 |
10.04 |
|
|
666275 |
45.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
666275 |
45.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
150 |
0.01 |
|
|
21000 |
1.45 |
|
|
21150 |
1.46 |
|
|
|
|
|
|
184518 |
12.72 |
|
|
|
|
|
|
312114 |
21.51 |
|
|
83673 |
5.77 |
|
|
183310 |
12.63 |
|
|
4003 |
0.28 |
|
|
176520 |
12.17 |
|
|
2787 |
0.19 |
|
|
763615 |
52.63 |
|
Total Public
shareholding (B) |
784765 |
54.08 |
|
Total (A)+(B) |
1451040 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
1451040 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and Marketing of Fruit Pulps, Concentrates and Spray Dried Fruit and Vegetable Powders. |
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Products/ Services : |
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Exports : |
-- |
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|
||||||||
|
Imports : |
-- |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fruit Powder |
Kgs |
300000 |
463437 |
|
Fruit Pulp, Concentrate and Frozen Pulp |
Kgs |
55000000 |
48596037 |
|
Canned Veg, Pickles, Mango Chutney and Frozen Vegetables |
Kgs |
2500000 |
280596 |
|
Other Powder |
Kgs |
300000 |
137754 |
NOTES:
1) The
installed capacity being a technical matter and figures of production and
consumption are taken as Certified by Directors and is not verified by the
Auditors.
2) The installed capacity of Fruits and other powder is 300000 Kgs per annum.
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Andhra Bank · State Bank of India · Bank of Maharashtra · Export-Import Bank of India · Corporation Bank · Bank of India |
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
B.S. Mehta and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N. Ritesh and Associates Cost Accountants |
|
|
|
|
Subsidiary Company
: |
· Dravya Finance Limited ·
Asim Export International Limited |
|
|
|
|
Associate Company : |
Finns Frozen Foods (India) Limited |
|
|
|
|
Entities over which
Key Managerial Personnel and Relatives of Key Managerial Personnel have
control : |
· Muller and Phipps (India) Limited · Western Press Private Limited · Trans Union Courier · Western Securities-A Division of Western Press Private Limited. ·
Tropical Securities and Investments Private
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
300000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 90.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1451040 |
Equity Shares |
Rs. 10/- each |
Rs. 14.510 Millions |
|
|
|
|
|
Reconciliation of
the number of shares outstanding and amount of share capital
|
PARTICULARS |
31.03.2014 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Equity Shares of Rs.10 par value |
|
|
|
At the beginning |
1451040 |
14.510 |
|
Changes during the year |
-- |
-- |
|
|
|
|
|
At the end |
1451040 |
14.510 |
Rights,
preferences and restrictions
- The Company has only one class of shares
referred to as Equity Shares having par value of Rs.10 each holder of
Equity Shares is entitled to one vote per share.
- The Company declares and pays dividend
in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the Shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. The Board of Directors, in
their meeting on May 17, 2014, proposed a final dividend of Rs.1.80 per
equity share of Rs.10 each. The total dividend appropriation for the year
ended March 31, 2014 amounted to Rs.3.056 Millions including corporate
dividend tax of Rs. 0.444 Million. For the year ended March 31, 2013, the
Company has paid dividend of Re. 1 per equity share of Rs.10 each.
- In the event of liquidation of the
Company, the holders of Equity Shares will be entitled to receive any of
the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number
of Equity Shares held by the shareholders.
Details of shares held by shareholders holding more than 5% of the
aggregate equity shares in the Company
|
PARTICULARS |
31.03.2014 |
|
|
|
No. of Shares |
% Held |
|
Mr. Ray Simkins |
175,820 |
12.12 |
|
Mrs. Pallavi Dhupelia |
162,905 |
11.23 |
|
Mr. Utsav Dhupelia |
133,010 |
9.17 |
|
Western Press Private Limited |
114,357 |
7.88 |
|
Mrs. Rekha Dalal |
72,950 |
5.03 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
14.510 |
14.510 |
14.510 |
|
(b) Reserves & Surplus |
391.483 |
343.913 |
321.327 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
405.993 |
358.423 |
335.837 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
171.577 |
131.030 |
193.955 |
|
(b) Deferred tax liabilities (Net) |
53.627 |
48.417 |
47.869 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
8.052 |
7.161 |
9.527 |
|
Total
Non-current Liabilities (3) |
233.256 |
186.608 |
251.351 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1669.297 |
1602.885 |
1271.698 |
|
(b)
Trade payables |
261.226 |
158.408 |
179.178 |
|
(c)
Other current liabilities |
416.733 |
327.740 |
339.084 |
|
(d)
Short-term provisions |
18.721 |
5.867 |
2.599 |
|
Total
Current Liabilities (4) |
2365.977 |
2094.900 |
1792.559 |
|
|
|
|
|
|
TOTAL |
3005.226 |
2639.931 |
2379.747 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
917.573 |
831.616 |
828.155 |
|
(ii)
Intangible Assets |
0.013 |
0.018 |
0.025 |
|
(iii)
Capital work-in-progress |
137.860 |
120.139 |
83.511 |
|
(iv) Intangible assets under development |
0.000 |
1.999 |
1.999 |
|
(b) Non-current
Investments |
20.389 |
20.389 |
20.389 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
102.633 |
92.682 |
112.910 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1178.468 |
1066.843 |
1046.989 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.775 |
1.000 |
1.000 |
|
(b)
Inventories |
954.529 |
819.004 |
653.897 |
|
(c)
Trade receivables |
476.575 |
344.609 |
409.662 |
|
(d)
Cash and cash equivalents |
75.951 |
99.921 |
61.363 |
|
(e)
Short-term loans and advances |
267.088 |
246.411 |
140.671 |
|
(f)
Other current assets |
51.840 |
62.143 |
66.165 |
|
Total
Current Assets |
1826.758 |
1573.088 |
1332.758 |
|
|
|
|
|
|
TOTAL |
3005.226 |
2639.931 |
2379.747 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3049.204 |
2576.454 |
3946.309 |
|
|
|
Other Income |
60.364 |
31.099 |
85.380 |
|
|
|
TOTAL (A) |
3109.568 |
2607.553 |
4031.689 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1787.632 |
1514.042 |
1386.456 |
|
|
|
Purchases of Stock-in-Trade |
159.699 |
197.819 |
185.188 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(65.313) |
(133.158) |
1262.671 |
|
|
|
Employees benefits expense |
120.300 |
120.489 |
133.588 |
|
|
|
Other expenses |
806.581 |
658.608 |
802.640 |
|
|
|
TOTAL (B) |
2808.899 |
2357.800 |
3770.543 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
300.669 |
249.753 |
261.146 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
193.696 |
177.192 |
285.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
106.973 |
72.561 |
(24.511) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.347 |
47.293 |
58.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
57.626 |
25.268 |
(83.238) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.110 |
0.094 |
(20.139) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
51.516 |
25.174 |
(63.099) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2054.694 |
1831.459 |
2450.650 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Packing Materials |
158.773 |
39.415 |
100.930 |
|
|
|
Raw Materials |
0.000 |
0.159 |
1.360 |
|
|
|
Plant and Machinery |
30.492 |
1.830 |
25.909 |
|
|
TOTAL IMPORTS |
189.265 |
41.404 |
128.199 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
35.50 |
17.35 |
(44.32) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
917.400 |
|
Total Expenditure |
805.000 |
|
PBIDT (Excl OI) |
112.300 |
|
Other Income |
17.900 |
|
Operating Profit |
130.200 |
|
Interest |
57.200 |
|
Exceptional Items |
0.000 |
|
PBDT |
73.000 |
|
Depreciation |
29.200 |
|
Profit Before Tax |
43.800 |
|
Tax |
12.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
31.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
31.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.69 |
0.98 |
-1.60 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.86 |
9.69 |
6.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.02 |
1.01 |
-3.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.07 |
-0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.53 |
4.84 |
4.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.75 |
0.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
14.510 |
14.510 |
14.510 |
|
Reserves & Surplus |
321.327 |
343.913 |
391.483 |
|
Net
worth |
335.837 |
358.423 |
405.993 |
|
|
|
|
|
|
Long-term borrowings |
193.955 |
131.030 |
171.577 |
|
Short term borrowings |
1271.698 |
1602.885 |
1669.297 |
|
Total
borrowings |
1465.653 |
1733.915 |
1840.874 |
|
Debt/Equity ratio |
4.364 |
4.838 |
4.534 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3946.309 |
2576.454 |
3049.204 |
|
|
|
(34.712) |
18.349 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3946.309 |
2576.454 |
3049.204 |
|
Profit/ (Loss) |
(63.099) |
25.174 |
51.516 |
|
|
(1.60%) |
0.98% |
1.69% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10518708 |
04/08/2014 |
150,000,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET, NANAVATI MAHALAYA, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C19687698 |
|
2 |
10501588 |
31/05/2014 |
22,500,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE BRANCH, BOI BUILDING, 70/80 M G ROAD FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
C05952767 |
|
3 |
10501311 |
29/04/2014 |
50,000,000.00 |
ANDHRA BANK |
18, HOME MODI STREET,
NANAVATHI MAHALAYA FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05870910 |
|
4 |
10470770 |
20/12/2013 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI, MAHARASHTRA - 400001, INDIA |
B93738508 |
|
5 |
10468477 |
06/12/2013 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
GROUND FLOOR,
A-WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B92838101 |
|
6 |
10454364 |
27/08/2013 |
50,000,000.00 |
ANDHRA BANK |
18 HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI, MAHARASHTRA - 400001, INDIA |
B87251179 |
|
7 |
10439772 |
10/07/2013 |
36,400,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
B80755093 |
|
8 |
10434164 |
20/05/2013 |
50,000,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI, MAHARASHTRA - 400001, INDIA |
B78431319 |
|
9 |
10420874 |
23/03/2013 |
40,000,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
B73489254 |
|
10 |
10402430 |
18/01/2013 |
51,600,000.00 |
BANK OF
MAHARASHTRA |
MITTAL COURT,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
B67896712 |
|
11 |
10400051 |
07/12/2012 |
15,000,000.00 |
MITTAL COURT,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
B66913716 |
|
|
12 |
10397411 |
03/12/2012 |
50,000,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET, NANAVATHI MAHALAYA, MUMBAI, MAHARASHTRA - 400001, INDIA |
B66036435 |
|
13 |
10382774 |
10/10/2012 |
85,000,000.00 |
KOTAK MAHINDRA
BANK LTD. |
15 - 16, UGF, AMBADEEP
BUILDING, 14 K G MARG, NEW DELHI, DELHI - 110001, INDIA |
B60561388 |
|
14 |
10369874 |
04/07/2012 |
830,500,000.00 |
ANDHRA BANK |
FORT BRANCH, 18
HOMI MODI STREET, NANAVATHI MAHALAYA, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B45433091 |
|
15 |
10362974 |
06/06/2012 |
10,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, GR. FLR., NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B42604504 |
|
16 |
10360245 |
09/05/2012 |
50,000,000.00 |
ANDHRA BANK |
18, HOMI MODI STREET,
NANAVATI MAHALAYA, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B41463969 |
|
17 |
10343983 |
06/09/2013 * |
350,000,000.00 |
DEUTSCHE BANK
A.G |
KOTHARI
BUILDING, 114 M G ROAD, NUNGAMBAKKAM, CHENNAI, TAMILNADU - 600034, INDIA |
B85163079 |
|
18 |
10300643 |
01/08/2011 |
30,000,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE, 70/80, M.G. ROAD, BANK OF |
B18209585 |
|
19 |
10301789 |
06/07/2011 |
90,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATHI MAHALAYA, 18 HOMI STREET, |
B18666420 |
|
20 |
10293017 |
13/06/2011 |
50,000,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI, TAMIL NADU - 600010, INDIA |
B15292501 |
|
21 |
10275363 |
02/02/2011 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B09009168 |
|
22 |
10269916 |
18/01/2011 |
17,500,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE BRANCH, 70/80, M.G. ROAD, B |
B05164975 |
|
23 |
10311708 |
15/12/2010 |
43,100,000.00 |
BANK OF
MAHARASHTRA |
MITTAL COURT A WING,
GR. FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400012, INDIA |
B17744996 |
|
24 |
10228035 |
10/06/2010 |
60,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
A87388732 |
|
25 |
10200544 |
04/01/2010 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH, 18,
HOMI MODI STREET, NANVATHI MAHALAYA, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
A78755618 |
|
26 |
10200546 |
04/01/2010 |
50,000,000.00 |
ANDHRA BANK |
FORT BRANCH, 18,
HOMI MODI STREET, NANVATHI MAHALAYA, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
A78757267 |
|
27 |
10171729 |
31/07/2009 |
23,500,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE |
A67193797 |
|
28 |
10163837 |
18/06/2009 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A64511074 |
|
29 |
10139081 |
14/01/2009 |
30,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A55299192 |
|
30 |
10137560 |
23/12/2008 |
37,000,000.00 |
CORPORATION BANK |
101, ARMENIAN
STREET, GEORGE TOWN, CHENNAI, TAMIL |
A54382650 |
|
31 |
10131315 |
11/11/2008 |
18,300,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUM |
A51569291 |
|
32 |
10121485 |
05/09/2008 |
50,000,000.00 |
ANDHRA BANK |
FORT
BRANCH,NANAVATI MAHALAYA, 18,HOMI MODI STREET,FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
A45660016 |
|
33 |
10120633 |
04/09/2008 |
50,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
A45172988 |
|
34 |
10120635 |
04/09/2008 |
150,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
A45173507 |
|
35 |
10114411 |
17/07/2008 |
30,000,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA,, 18, HOMI MODI STREET, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
A42262352 |
|
36 |
10110674 |
25/06/2008 |
60,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
A40289704 |
|
37 |
10114414 |
25/06/2009 * |
465,000,000.00 |
ANDHRA BANK |
FORT
BRANCH,NANAVATI MAHALAYA, 18 HOMI MODI STREE |
A65482853 |
|
38 |
10106078 |
22/04/2008 |
20,000,000.00 |
BANK OF
MAHARASHTRA |
OVERSEAS BRANCH,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A39514443 |
|
39 |
10100650 |
21/04/2008 * |
139,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE
PARADE., MUMBAI, MAHARASHTRA - 400005, INDIA |
A38385084 |
|
40 |
10112464 |
22/09/2009 * |
60,000,000.00 |
CORPORATION BANK |
GEORGE TOWN
BRANCH, 101, ARMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
A71704159 |
|
41 |
10088297 |
05/02/2008 |
20,000,000.00 |
ANDHRA BANK |
FORT
BRANCH,NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
A32727083 |
|
42 |
10054104 |
29/05/2007 |
20,000,000.00 |
ANDHRA BANK |
FORT BRANCH,NANAVATI
MAHALAYA, 18,HOMI MODI STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A16190746 |
|
43 |
90241114 |
01/07/2005 * |
150,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE WORLD
TRADE CENTRE CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
44 |
90240241 |
13/09/2012 * |
1,630,800,000.00 |
ANDHRA BANK |
FORT BRANCH,
NANAVATI MAHALAYA, 18 HOMI MODI STREET, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B58993403 |
|
45 |
90238289 |
04/06/2005 * |
124,000,000.00 |
ANDHRA BANK |
FORT BR.,
MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits Fixed Deposits [Including Rs.13.731 Millions (Previous Year Rs.14.116
Millions) from a related party] |
52.563 |
16.294 |
|
From Director |
32.666 |
27.105 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposit - Inter Corporate |
2.500 |
0.000 |
|
|
|
|
|
Total |
87.729 |
43.399 |
OPERATIONS
During the financial year ended on March 31, 2014, the turnover of the
Company is Rs.3049.200 Millions as compared to Rs.2576.500 Millions for the year
ended on March 31, 2013. The Company made a profit before tax of Rs.57.600
Millions during the year ended March 31, 2014 against the profit before tax of
Rs.25.300 Millions during the year ended on March 31, 2013.The Company’s
exports during the year was Rs.2171.400 Millions (Rs.1914.800 Millions) and
domestic sale was Rs.758.100 Millions (Rs.558.600 Millions). This translates
into a ratio of 74.12% to 25.88 % (77.42% to 22.58%) between exports and
domestic sales.
FUTURE PROSPECTS
The Company has upgraded its existing fruit concentration line to
produce Tomato Paste as per International standard. The first season business
response has been encouraging hence the company is considering setting up
second plant in the western region.
Also Company is at a final stage of negotiating project cost for food
service and institutional pack for Tomato paste for fast food chain.
The new spray drying plant will also being planned for commissioning in
September, 2014.
Further the Company has successfully negotiated contract manufacturing
of value added fruit compounds and blend with the equipment supplied by leading
EU Company for exclusive production for their requirement to be sold in
domestic and neighboring countries.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
BUSINESS OVERVIEW:
The Company, a public limited company established in 1971 is a
multi-locational Trading House. The Company is primarily engaged in the
business of processing and marketing fruit pulps, concentrates and spray dried
fruit and vegetable powders both into domestic and international markets. The
Company exports its products to various geographies such as Europe, Middle
East, USA and Japan catering to companies in the foods, beverage and dairy
industry. The Company through its various divisions viz. (i) Aseptic,
(ii) Canning and (iii) Spray Dried products makes a diverse portfolio of
processed food products.
The Company presently operates from seven (7) processing units
strategically located near the fruit and vegetable growing areas at Chittoor
(Andhra Pradesh), Valsad (Gujarat), Nasik (Maharashtra) and Mumbai. The
Company’s units at Chittoor and Nasik are FSSC 22000-2010 accredited by DNV
Business Assurance for food safety management of the Company. --- Valsad unit
of the Company is ISO 22000 certified. In addition to the above, the Company’s
units are SGF accredited in recognition of the quality practices adopted by the
Company over the years. These certifications enable the Company to sell its
products in the regulated markets like Europe, USA and Japan.
The Company derives significant portion of its income from sale of range of mango products both in domestic as well as international markets. The domestic business of the Company is driven by its own sales and marketing network. The Company participates in leading international trade fairs and exhibitions such as Anuga (Germany), Sial (France), Gulf Food (Dubai) enabling the Company to procure customer orders.
STRATEGIES OF THE COMPANY
The business strategy of the Company focuses on the following elements:
a)
Operational efficiency by utilizing existing
infrastructure.
b)
Enhancing quality standards.
c)
Adapting new technologies to meet customer
requirements.
d)
Creating, establishing and enhancing presence in
newer markets.
e)
New Product Development.
PROCESSING OPERATIONS
PROCESSING UNITS
The Company presently operates from seven (7) processing units
strategically located near the fruit and vegetable growing areas at Chittoor
(Andhra Pradesh), Valsad (Gujarat), Nasik (Maharashtra) and Mumbai.
Company is in final stages of installing two new lines i.e. spray drying
& flavor compound / blending in the western region.
This will add capacities and also give opportunity in the new value
added products.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Claims against the Company not acknowledged
as debt |
|
|
|
Provision has not been made for Interest for delayed payment of due
to a director notified under the Trial of Offences (Relating to Transactions
in Securities) Act, 1992, as no demand has yet been raised. |
0.714 |
0.714 |
|
|
|
|
|
b. Guarantees |
|
|
|
Corporate Guarantees given to a Bank against the Credit facilities
extended to an associate company |
117.000 |
117.000 |
|
|
|
|
|
c. Others |
|
|
|
i. Income-tax matters under appeal |
|
|
|
- Assessment Year 2007-2008 |
0.518 |
0.518 |
|
- Assessment Year 2009-2010 |
0.225 |
0.225 |
|
- Assessment Year 2010-2011 [Amount deposited Rs. 8.203 Millions (Previous Year Rs.
8.203 Millions)] |
22.868 |
22.868 |
|
- Assessment Year 2011-2012 [Amount deposited Rs. 5.197 Millions (Previous Year Rs.
5.197 Millions)] |
0.730 |
0.730 |
|
|
|
|
|
ii. Service Tax matters under appeal (Accounting Years 2004-05 to
2007-08) |
0.397 |
0.397 |
|
|
|
|
|
iii. Sales Tax matter under appeal (Accounting Year 2012-2013) paid
there against Rs.6.041 Millions (Previous Year Rs.
Nil) |
0.000 |
21.462 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
Intangible Assets
·
Patents and Trademarks
·
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, India Prisons Service,
Interpol, etc.
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. 61.48 |
|
UK Pound |
1 |
Rs. 97.92 |
|
Euro |
1 |
Rs. 76.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.