MIRA INFORM REPORT
|
Report No. : |
302467 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DUNAR FOODS LIMITED (w.e.f. 09.12.2010) |
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Formerly Known
As : |
DUNAR FOODS PRIVATE LIMITED (w.e.f. 18.11.2010) DULI CHAND NARENDER KUMAR EXPORTS PRIVATE LIMITED |
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Registered
Office : |
“Meadows”, 811, Sahar Plaza, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.09.1997 |
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Com. Reg. No.: |
11-208346 |
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Capital
Investment / Paid-up Capital : |
Rs.186.939
Millions |
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CIN No.: [Company Identification
No.] |
U01111MH1997PLC208346 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCD2928F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in the business of milling, processing and marketing of branded and non-branded basmati rice in the domestic and overseas market. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The management has failed to file its financial with government
department for the year 2014. As per available financial of 2013, the rating takes into
consideration significant deterioration in Dunar’s management risk profile
and moderate operational risk profile of the company. The reflects also takes into consideration deterioration in Dunar’s
business risk profile on account of attachment of the Dunar Brand [Owned by
Dunar’s Group company PD Agro Processors Private Limited (PDAPL)] by the
economic offences wing (EOW) and this is because of PDAPL’s involvement in a
scam on the national spot exchange limited (NSEL) Business is active. Payment are reported to be slow. The company can be considered for business dealing with great 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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = B- |
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Rating Explanation |
Risk prone credit quality and very high credit risk |
|
Date |
April 3, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
April 3, 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 (DENIED) BY
|
Name : |
Mr. Sandeep Singla |
|
Designation : |
Manager |
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Contact No.: |
91-9996625772 |
|
Date : |
19.01.2015 |
LOCATIONS
|
Registered Office : |
“Meadows”, 811, Sahar Plaza, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-40152772 |
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Fax No.: |
91-22-40152768 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office/ Factory : |
Near CWC, Village Bazida Road, Karnal - 132001, Haryana, India |
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Tel. No.: |
91-184-2220701/ 02/ 3055772 |
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Mobile : |
91-9996625772 (Mr. Sandeep Singla) |
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Fax No.: |
91-184-2220703/ 3056722 |
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Corporate office : |
912-914, 9th floor, DLF Tower- A, DDA District Center
Jasola, New Delhi-110044, India |
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Tel. No.: |
91-11-33156772 |
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Fax No.: |
91-11-33156773 |
DIRECTORS
As on 30.12.2013
|
Name : |
Mr. Surender Gupta |
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Designation : |
Managing Director |
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Address : |
2247, Sector 7, Karnal – 132001, Haryana, India |
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Date of Birth/Age : |
17.11.1971 |
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Date of Appointment : |
23.07.2010 |
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DIN No.: |
00248622 |
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Other
Directorship :
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Name : |
Mrs. Kanta Gupta |
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Designation : |
Director |
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Address : |
2247, Sector 7, Karnal – 132001, Haryana, India |
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Date of Birth/Age : |
08.04.1969 |
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Date of Appointment : |
27.01.2011 |
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DIN No.: |
00248714 |
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Other
Directorship :
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KEY EXECUTIVES
|
Name : |
Charul Kapoor |
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Designation : |
Secretary |
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Date of Appointment : |
01.02.2010 |
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PAN No.: |
AWCKP2900P |
MAJOR SHAREHOLDERS
As on 30.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
International Finance Corporation, Washington |
|
3221111 |
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IL and FS Trust Company Limited, India |
|
2493393 |
|
Surender Gupta |
|
1112170 |
|
Pista Devi |
|
126100 |
|
Kanta Gupta |
|
268714 |
|
Dulisons Cereals |
|
1239875 |
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N S Investments and Associates Thruits Partners – Surender gupta and
Kanta Gupta |
|
3535000 |
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P. D. Rice Exports (Private) Limited, India |
|
1257500 |
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P. D. Agro Processors (Private) Limited, India |
|
1542500 |
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Saksham Overseas (Private) Limited, India |
|
785000 |
|
D. N. Food Grains Exports Private Limited, India |
|
675000 |
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Meenal Integrated Marketing Private Limited, India |
|
942500 |
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Jahan Retails and Marketing (Private) Limited, India |
|
725000 |
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Dunar Foods and Beverages (Private) Limited, India |
|
385000 |
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Aggarsain Agro Farms (Private) Limited, India |
|
385000 |
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Total |
|
18693863 |
Equity Share Break up (Percentage of Total Equity)
As on
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
17.23 |
|
Bodies corporate |
49.16 |
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Directors or relatives of Directors |
8.06 |
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Other top fifty shareholders |
25.55 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of milling, processing and marketing of branded and non-branded basmati rice in the domestic and overseas market. |
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Products : |
· Sella Basmati Rice · 1121 Basmati Rice |
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Exports : |
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Products : |
Rice |
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Countries : |
· Germany · US · UK |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s, Others
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Karnal Branch, Haryana, India
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Facilities : |
Charge on
current and future assets of the company also equitable mortgage on the
company’s land and Building. |
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Auditors : |
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|
Name : |
Sudhir Sunil and Company Chartered Accountants |
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Address : |
S-5 3rd Floor, Greater Kailash - I, New Delhi – 110048, India |
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PAN No.: |
ABRFS0924M |
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Associate : |
Al Yas Gate General Trading Company LLC., Dubai |
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Subsidiary : |
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Entities in which
Directors of the Company are able to exercise control or have significant
influence: |
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CAPITAL STRUCTURE
As on 30.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18693863 |
Equity Shares |
Rs.10/- each |
Rs.186.939 Millions |
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|
|
|
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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 |
186.939 |
186.939 |
129.654 |
|
(b) Reserves & Surplus |
3542.988 |
3150.082 |
1637.801 |
|
(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) |
3729.927 |
3337.021 |
1767.455 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
92.334 |
245.317 |
392.298 |
|
(b) Deferred tax liabilities (Net) |
91.763 |
98.544 |
76.997 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.418 |
1.771 |
0.999 |
|
Total Non-current
Liabilities (3) |
186.515 |
345.632 |
470.294 |
|
|
|
|
|
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(4) Current
Liabilities |
|
|
|
|
(a)
Short term borrowings |
6428.993 |
5601.356 |
4547.923 |
|
(b)
Trade payables |
122.193 |
573.067 |
3049.153 |
|
(c)
Other current liabilities |
323.940 |
257.459 |
269.774 |
|
(d) Short-term
provisions |
12.509 |
142.266 |
55.692 |
|
Total
Current Liabilities (4) |
6887.635 |
6574.148 |
7922.542 |
|
|
|
|
|
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TOTAL |
10804.077 |
10256.801 |
10160.291 |
|
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|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1166.177 |
1205.568 |
1279.507 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
12.202 |
0.000 |
8.537 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6.215 |
3.071 |
3.071 |
|
(c) Deferred tax
assets (net) |
74.481 |
12.587 |
14.157 |
|
(d) Long-term Loan and Advances |
0.000 |
1.303 |
1.003 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1259.075 |
1222.529 |
1306.275 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
7991.785 |
7540.551 |
7672.307 |
|
(c)
Trade receivables |
1381.075 |
1433.644 |
1073.194 |
|
(d)
Cash and cash equivalents |
39.567 |
15.878 |
53.271 |
|
(e)
Short-term loans and advances |
131.843 |
43.388 |
54.134 |
|
(f)
Other current assets |
0.732 |
0.811 |
1.110 |
|
Total Current
Assets |
9545.002 |
9034.272 |
8854.016 |
|
|
|
|
|
|
TOTAL |
10804.077 |
10256.801 |
10160.291 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10292.492 |
9728.725 |
7726.664 |
|
|
|
Other Income |
14.603 |
1.474 |
18.558 |
|
|
|
TOTAL |
10307.095 |
9730.199 |
7745.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9200.195 |
6605.806 |
7404.428 |
|
|
|
Exceptional Items |
11.008 |
0.318 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1816.845) |
265.260 |
(1732.587) |
|
|
|
Employees benefits expense |
85.482 |
62.350 |
50.771 |
|
|
|
Other expenses |
1379.812 |
1020.722 |
616.159 |
|
|
|
TOTAL |
8859.652 |
7954.456 |
6338.771 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1447.443 |
1775.743 |
1406.451 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
729.276 |
920.994 |
648.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
718.167 |
854.749 |
758.042 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.006 |
122.189 |
106.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
591.161 |
732.560 |
651.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
196.756 |
286.039 |
175.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
394.405 |
446.521 |
475.732 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Value of goods (FOB) |
4426.587 |
4885.664 |
4007.176 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
21.10 |
31.50 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.83 |
4.59 |
6.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.06 |
18.25 |
18.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.52 |
7.15 |
6.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.22 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.75 |
1.75 |
2.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.37 |
1.12 |
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 |
129.654 |
186.939 |
186.939 |
|
Reserves & Surplus |
1637.801 |
3150.082 |
3542.988 |
|
Net
worth |
1767.455 |
3337.021 |
3729.927 |
|
|
|
|
|
|
long-term borrowings |
392.298 |
245.317 |
92.334 |
|
Short term borrowings |
4547.923 |
5601.356 |
6428.993 |
|
Total
borrowings |
4940.221 |
5846.673 |
6521.327 |
|
Debt/Equity
ratio |
2.795 |
1.752 |
1.748 |
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 |
7726.664 |
9728.725 |
10292.492 |
|
|
|
25.911 |
5.795 |
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 |
7726.664 |
9728.725 |
10292.492 |
|
Profit |
475.732 |
446.521 |
394.405 |
|
|
6.16% |
4.59% |
3.83% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
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 |
NOTE:
The Registered Office of the company has been shifted
from E-254, Greater Kailash – II, New Delhi – 110048, India, to the present
address w.e.f. 23.08.2010.
|
LITIGATION DETAILS |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Lodging No. : |
NMSL/1634/2014 |
Failing Date:- |
18/07/2014 |
Reg No.:- |
NMS/988/2014 |
RGE Date :- |
01/08/2014 |
|||
|
MAIN MATTER |
||||||||||
|
Lodging No. : |
NMSL/807/2014 |
Reg No.:- |
NMS/1275/2014 |
|||||||
|
Petitioner:- |
NATIONAL SPOT EXCHANGE LIMITED |
Respondent:- |
P.D. AGRO PROCESSORS PRIVATE LIMITED |
|||||||
|
|
|
Resp. Adv.: |
SSP LEGAL (APPLICANT/DEF.NO.20) (I2296) |
|||||||
|
District:- |
MUMBAI |
|||||||||
|
Bench:- |
SINGAL |
Category:- |
NOTICE OF MOTION |
|||||||
|
Status:- |
Pre-Admission |
Stage:- |
||||||||
|
Last Date:- |
12/01/2015 |
|||||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE K.R. SRIRAM |
|||||||||
|
|
|
|||||||||
|
Act. : |
Code of civil Procedure 1908 |
|
||||||||
FINANCIAL REVIEW
During the year, the Company’s turnover and other income increased by 5.92% over the previous year. We have managed to increase our top line but due to increase in Employee Benefit Cost bottom line is slightly reduced.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10446026 |
13/08/2013 |
7,900,400,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, AMBEDKAR
CHOWK, KARNAL, Haryana - 132001, INDIA |
B83560631 |
|
2 |
10410092 |
11/03/2013 |
786,700,000.00 |
Bank of Baroda |
Opp Bus Stand, Old G T Road, Karnal,
Haryana - 132001, INDIA |
B70190780 |
|
3 |
10407398 |
02/01/2013 |
500,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar Chowk,
Karnal, Haryana - 132001, INDIA |
B69281160 |
|
4 |
10407400 |
02/01/2013 |
500,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar
Chowk, Karnal, Haryana - 132001, INDIA |
B69280279 |
|
5 |
10407399 |
02/01/2013 |
3,110,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar
Chowk, Karnal, Haryana - 132001, INDIA |
B69279222 |
|
6 |
10293610 |
10/02/2012 * |
100,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar
Chowk, Karnal, Haryana - 132001, INDIA |
B34821090 |
|
7 |
10293606 |
02/01/2013 * |
128,100,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar
Chowk, Karnal, Haryana - 132001, INDIA |
B69287324 |
|
8 |
10252007 |
16/01/2013 * |
2,265,600,000.00 |
State Bank of Patiala |
MID Corporate Branch, Panipat, Haryana -
132103, INDIA |
B70195102 |
|
9 |
10229765 |
28/05/2010 |
80,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, G.T.ROAD, PANIPAT,
Haryana |
A89583728 |
|
10 |
10219920 |
10/02/2012 * |
120,000,000.00 |
State Bank of India |
Specialised Commercial Branch, Ambedkar
Chowk, Karnal, Haryana - 132001, INDIA |
B34822312 |
*
Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
NEWS
IL&FS Trust moves Company Law Board against Dunar Foods
Mumbai: IL&FS Trust Company Limited, a trustee of private equity (PE) firm TVS Capital Funds Ltd, has moved the Company Law Board (CLB) in Mumbai against Dunar Foods, alleging mismanagement of funds, misconduct towards the PE firm or any of its members, and oppression. The case will come up for hearing on 19 November. Owners of the eponymous rice brand “Dunar”, the company is promoted by PD Agroprocessors Pvt. Ltd—one of the 24 defaulters of scam-hit National Spot Exchange Ltd (NSEL) that collectively owe Rs.5,574.35 crore to the commodity spot exchange. It was only in February that the economic offences wing (EOW) of the Mumbai police had attached the brand Dunar, which it valued at Rs.1,000 crore, in connection with the NSEL fraud. TVS Capital Funds and International Finance Corp. (IFC), an arm of World Bank, had jointly invested $30 million in Dunar Foods to aid the firm’s expansion plans in early 2012. Calls made to TVS Capital Funds and an email sent to the firm’s chief financial officer remained unanswered. An IFC spokesperson said the organization takes such allegations seriously and is monitoring the situation. A majority of PE funds in India are set up as trusts and therefore require a trustee. A trustee is the legal owner of the fund and ensures that the PE firm is complying with all regulations besides helping in distribution of returns to the investors of the fund. In case a dispute arises between the PE firm and a portfolio company, a trustee can help the firm take legal action in its capacity as the legal owner of the fund. A PE firm set up as trust cannot independently move the court. Karnal, Haryana-based Dunar Foods claims to be one of the largest processor and exporter of Indian basmati rice since 1956, according to its website. It launched the Dunar rice brand in 2008 in the domestic market and in 2011 in the international markets. Earlier this year, Surender Gupta, chairman and managing director of Dunar Foods, was arrested for his alleged involvement in the fraud at NSEL. PD Agroprocessors, the third biggest defaulter, owes Rs.674.09 crore to NSEL. The EOW has alleged that Dunar Foods raised about Rs.50 crore by way of trades on NSEL through PD Agroprocessors. PD Agroprocessors is also being investigated by the Enforcement Directorate (ED), which has alleged that it siphoned off more than Rs.30 crore to a real estate firm floated by one of its former director. ED has attached assets worth Rs.50 crore of the company. Gupta, who is currently out on bail, said, “I am aware of the case filed by our private equity partners, but I can’t talk about the issue without consulting my lawyer.” Following the NSEL fraud and allegations of siphoning of funds by PD Agroprocessors, the country’s largest lender State Bank of India (SBI) appointed accounting firm Chokshi and Chokshi to conduct a forensic audit of Dunar Foods. SBI has an exposure of about Rs.360 crore in Dunar Foods. The forensic audit will ascertain if the money loaned to Dunar Foods has been diverted to other related parties. The settlement crisis at NSEL came to light on 31 July when the exchange abruptly suspended trading in all but its e-series contracts. These, too, were suspended a week later. The closure of trading may have been prompted by an instruction from the ministry of consumer affairs to the exchange asking it not to offer futures contracts. A spot exchange isn’t supposed to do so, but NSEL was doing that. NSEL tried to implement the change, but because its appeal was to investors and members who were not interested in spot trades, it eventually had to suspend all trading. It later emerged that all trading on NSEL happened in paired contracts, with investors, through brokers, buying a spot contract and selling a futures one for the same commodity. On 14 August, NSEL proposed a payout plan, but it has been unable to stick to the schedule and has not made a single successful payout ever since.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
26 |
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.