MIRA
INFORM REPORT
|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE AGROVET LIMITED [w.e.f.19.11.2008] |
|
|
|
|
Formerly Known
As : |
PANTALOON FOOD PRODUCT ( |
|
|
|
|
Registered
Office : |
Knowledge House,
Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogshwari (East), Mumbai – 400060,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.04.2005 |
|
|
|
|
Com. Reg. No.: |
11-152599 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 365.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15100MH2005PLC152599 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP20555D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP5377P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Wholesale Trade business in Agro Product like
Oil, Fruits, Vegetable, Spices etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “FUTURE RETAIL LIMITED”. It is an
established company having satisfactory track record. The company incurred huge accumulated losses which appear to be
decreasing during financial year 2013. Further, rating takes into consideration financial as well as
managerial support that company receives from its parent company and
established track record of business operation. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong holding support, the company can be considered for
business dealings 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to influence
each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes that many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = A- (SO) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April 15, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 (SO) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
April 15, 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.: 91-22-30841300]
LOCATIONS
|
Registered Office : |
Knowledge House,
Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogshwari (East), Mumbai – 400060,
Maharashtra, India |
|
Tel. No.: |
91-22-66442200/ 30841300 |
|
Mobile No.: |
91-9821951410 (Mr. Dinesh Chandak) |
|
Fax No.: |
91-22-66442222 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Operating Office : |
701/702, Banking Complex - II, Plot No. 9/10, Sector 19A, Vashi, Navi
Mumbai – 400705, Maharashtra, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Narendra Baheti |
|
Designation : |
Managing director |
|
Address : |
A-702, Govind Complex,
Sector 14, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1967 |
|
Qualification : |
B.Com |
|
Experience : |
21 Years |
|
Date of Appointment : |
13.04.2005 |
|
PAN No.: |
ACGPB4873Q |
|
DIN No.: |
00057255 |
|
|
|
|
Name : |
Mr. Damodar Shyamsunder Mall |
|
Designation : |
Director |
|
Address : |
2A, Regency Park, Edenwoods, Thane –
400601, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1963 |
|
Qualification : |
BE-IIT, DBM-IIM |
|
Date of Appointment : |
13.04.2005 |
|
DIN No.: |
00043330 |
|
|
|
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
A-407/408,
A-Wing, Oberoi Splendor, Jogeshwari Vikhroli Link Road, Andheri (East),
Mumbai - 400060, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Qualification : |
CA, CS, B.Com |
|
Date of Appointment : |
10.02.2006 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Mr. Sadashiv Vasudeo Nayak |
|
Designation : |
Director |
|
Address : |
No. 402, Tirupati Apartments, 18lh
Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1970 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
19.09.2007 |
|
DIN No.: |
01751221 |
|
|
|
|
Name : |
Mr. Rajendra Rameshwar Lal Baheti |
|
Designation : |
Director |
|
Address : |
D-644, 1st
Floor, Opposite D - Block Market, Saraswati Vihar, Pitampura, Delhi- 110034,
India |
|
Date of Birth/Age : |
02.07.1966 |
|
Qualification : |
Graduate and CA Inter |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
ACGPB4833L |
|
DIN No.: |
01720389 |
|
|
|
|
Name : |
Mr. Govind Prasad Baheti |
|
Designation : |
Director |
|
Address : |
Tower, B-404-4, Mantri Sarovar HSR Layout,
Opposite Agra Lake, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
08.04.1972 |
|
Qualification : |
B.Com, CFA |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
ADTPB8573H |
|
DIN No.: |
03054966 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Future Retail Limited |
|
35099995 |
|
Future Retail Limited
jointly with Chandra Prakash Toshniwal |
|
1 |
|
Future Retail Limited
jointly with Rajesh Kalyani |
|
1 |
|
Future Retail Limited
jointly with Sanjay Rathi |
|
1 |
|
Future Retail Limited
jointly with Deepak Tanna |
|
1 |
|
Future Retail Limited
jointly with Vimal Dhruve |
|
1 |
|
Narendra Baheti |
|
600000 |
|
Rajendra Baheti |
|
600000 |
|
Govind Baheti |
|
100000 |
|
Manoj Baheti |
|
100000 |
|
|
|
|
|
Total |
|
36500000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
96.16 |
|
Directors
or relatives of directors |
3.84 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Wholesale Trade business in Agro Product like Oil,
Fruits, Vegetable, Spices etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
· IDBI Bank Limited IDBI Tower, 12th Floor, World Trade Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India · HDFC Bank Limited Sandoz House, Dr. A.B. Road, Worli, Mumbai - 400018, Maharashtra, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Corporation Bank Fort, Mumbai - 400001, Maharashtra, India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
B/46, Pravasi Industrial Estate, V.N. Road, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3313D |
|
|
|
|
Holding company : |
Future Retail
Limited [L52399MH1987PLC044954] |
|
|
|
|
Fellow Subsidiary company : |
· Future Value Retail Limited [U52100MH2007PLC171524] FSC Brand Distribution Services Limited
[U51109MH2008PLC189032] |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Premium Harvest Limited [U15130MH2004PLC149218] Rajendra and Company |
|
|
|
|
Enterprise over
which Key management
Personnel can exercise control/ significant influence : |
Future Agrovet
Employees Stock Option Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 365.000
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 |
365.000 |
365.000 |
365.000 |
|
(b) Reserves & Surplus |
(5.691) |
(7.848) |
(39.554) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
10.000 |
|
Total
Shareholders’ Funds (1) + (2) |
359.309 |
357.152 |
335.446 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8.463 |
11.137 |
3.220 |
|
(b) Deferred tax liabilities (Net) |
3.697 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
8.990 |
6.601 |
2.587 |
|
Total Non-current
Liabilities (3) |
21.150 |
17.738 |
5.807 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
907.070 |
1011.462 |
562.822 |
|
(b)
Trade payables |
361.190 |
439.359 |
338.605 |
|
(c)
Other current liabilities |
63.620 |
68.623 |
39.222 |
|
(d) Short-term
provisions |
1.616 |
8.857 |
0.427 |
|
Total Current
Liabilities (4) |
1333.496 |
1528.301 |
941.076 |
|
|
|
|
|
|
TOTAL |
1713.955 |
1903.191 |
1282.329 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
209.039 |
134.411 |
88.925 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
19.216 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.090 |
0.272 |
0.089 |
|
(c) Deferred tax assets (net) |
0.000 |
3.098 |
17.696 |
|
(d) Long-term Loan and Advances |
56.743 |
44.547 |
22.765 |
|
(e) Other
Non-current assets |
1.662 |
1.978 |
0.000 |
|
Total Non-Current
Assets |
267.534 |
203.522 |
129.475 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.014 |
0.013 |
0.000 |
|
(b)
Inventories |
583.217 |
782.021 |
737.729 |
|
(c)
Trade receivables |
637.584 |
622.979 |
319.480 |
|
(d) Cash
and cash equivalents |
15.411 |
6.037 |
69.701 |
|
(e)
Short-term loans and advances |
206.848 |
287.278 |
25.944 |
|
(f)
Other current assets |
3.347 |
1.341 |
0.000 |
|
Total
Current Assets |
1446.421 |
1699.669 |
1152.854 |
|
|
|
|
|
|
TOTAL |
1713.955 |
1903.191 |
1282.329 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10146.698 |
10458.439 |
7782.971 |
|
|
|
Other Income |
87.190 |
104.981 |
43.666 |
|
|
|
TOTAL (A) |
10233.888 |
10563.420 |
7826.637 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
9416.029 |
10029.307 |
7449.278 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
198.804 |
(44.292) |
(56.449) |
|
|
|
Employees benefits expense |
206.781 |
192.000 |
172.180 |
|
|
|
Other expenses |
259.793 |
235.090 |
181.965 |
|
|
|
TOTAL (B) |
10081.407 |
10412.105 |
7746.974 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
152.481 |
151.315 |
79.663 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.144 |
91.461 |
41.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.337 |
59.854 |
38.290 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.411 |
13.550 |
9.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.926 |
46.304 |
28.809 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.769 |
14.598 |
7.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.157 |
31.706 |
20.955 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
129.168 |
46.066 |
37.657 |
|
|
|
Capital Goods |
0.000 |
6.268 |
0.000 |
|
|
TOTAL IMPORTS |
129.168 |
52.334 |
37.657 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.06 |
0.87 |
0.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.02 |
0.30 |
0.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.10 |
0.44 |
0.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58 |
2.46 |
2.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.55 |
2.86 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.11 |
1.23 |
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 |
365.000 |
365.000 |
365.000 |
|
Reserves & Surplus |
(39.554) |
(7.848) |
(5.691) |
|
Net
worth |
325.446 |
357.152 |
359.309 |
|
|
|
|
|
|
Long-term borrowings |
3.220 |
11.137 |
8.463 |
|
Short term borrowings |
562.822 |
1011.462 |
907.070 |
|
Total
borrowings |
566.042 |
1022.599 |
915.533 |
|
Debt/Equity ratio |
1.739 |
2.863 |
2.548 |
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 |
7782.971 |
10458.439 |
10146.698 |
|
|
|
34.376 |
(2.981) |
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 |
7782.971 |
10458.439 |
10146.698 |
|
Profit |
20.955 |
31.706 |
2.157 |
|
|
0.27% |
0.30% |
0.02% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
5.344 |
5.229 |
1.435 |
|
|
|
|
|
|
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 |
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 |
10443365 |
28/06/2013 |
590,000,000.00 |
CORPORATION BANK |
FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B82265760 |
|
2 |
10407765 |
09/01/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, 12TH FLOOR, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69522654 |
|
3 |
10389400 |
02/11/2012 |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B63120992 |
|
4 |
10299348 |
09/01/2013 * |
750,000,000.00 |
IDBI BANK LIMITED |
1ST FLOOR, VIDEOCON TOWER, E-1, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA |
B66022922 |
|
5 |
10212522 |
27/03/2010 |
870,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A83280446 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
200.000 |
|
|
|
|
|
Total |
0.000 |
200.000 |
FINANCIALS
During the year, the Company’s operational revenues were
marginally declined by 2.98% compared to the previous fiscal due to economic
slowdown and lower sales realization. Net profits also lowered down due to higher
finance cost and changes in inventory of stock-in-trade. The entire net profits
were carried to the general reserves.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Bank Guarantees |
5.081 |
5.781 |
|
(b) Other matters (An Appeal has been filed by the Company before Honble
Sessions Court, Mumbai against Order of Confiscation dated November 1, 2012,
confiscating 115.82 quintals of Rice and 332.65 quintals of oil valued at
3.101 Millions passed by Controller of Rationing. As per the legal advice
obtained by the company the appeal will be in favour of the company.) |
3.101 |
0.000 |
|
(c) Estimated amounts of contracts remaining to be
executed on capital account and not provided for (net of advances) |
1.362 |
3.132 |
|
|
|
|
|
Total |
9.544 |
8.913 |
FIXED ASSETS:
· Land
Buildings
Factory
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
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. 60.47 |
|
|
1 |
Rs. 100.43 |
|
Euro |
1 |
Rs. 79.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.