MIRA INFORM REPORT
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Report No. : |
309251 |
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Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEGHA SPRINGS PRIVATE LIMITED |
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Registered
Office : |
Narimogaru Post And Village, Puttur Taluk, Puttur-574202, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.04.2004 |
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Com. Reg. No.: |
08-033818 |
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Capital
Investment / Paid-up Capital : |
Rs.68.045
Millions |
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|
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CIN No.: [Company Identification
No.] |
U15543KA2004PTC033818 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM07588A |
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PAN No.: [Permanent Account No.] |
AAECM1134G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Mineral Water, Soft Drink. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 227714 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial
risk profile and leverage liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 PARTED BY
|
Name : |
Mr. Nagraj Rao |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-8251-238889 |
|
Date : |
21.02.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Narimogaru Post And Village, Puttur Taluk, Puttur-574202, Karnataka,
India |
|
Tel. No.: |
91-8251-280589/280687 |
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Mobile No.: |
91-9449596871 (Mr. Nagaraj Rao) |
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Fax No.: |
91-8251-280687 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. K Sathya Shankar |
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Designation : |
Director |
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Address : |
Samrudhi, Samethadka, Darbe, Puttur-574202, Karnataka, India |
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Date of Birth/Age : |
07.07.1964 |
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Date of Appointment : |
11.11.2003 |
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DIN No.: |
00341866 |
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Other Directorship:
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Name : |
Mrs. Ranjitha Shankar |
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Designation : |
Director |
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Address : |
Samrudhi, Samethadka, Darbe, Puttur-574202, Karnataka, India |
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Date of Birth/Age : |
09.01.1970 |
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Date of Appointment : |
11.11.2003 |
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DIN No.: |
00341880 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Nagraj Rao |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Name
of Shareholders |
No.
of Shares |
%age
holding |
|
|
4555468 |
66.95 |
|
|
2099000 |
30.85 |
|
Dr. Gowri Pal |
70,000 |
1.03 |
|
Ratnakara Shenoy |
10,000 |
0.15 |
|
K V Shenoy |
5,000 |
0.07 |
|
Praveen Auto Care Private
Limited |
15,000 |
0.22 |
|
Shashidhar Kedilaya |
1 |
0.00 |
|
V R Naresh |
1 |
0.00 |
|
Shailaja K S |
1 |
0.00 |
|
Megha Fruit Processing Private
Limited |
50,000 |
0.73 |
|
Total |
6,804,471 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
0.96 |
|
Directors or relatives of Directors |
97.79 |
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Other top fifty shareholders |
1.25 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mineral Water, Soft Drink. |
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Products : |
Not Available |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ganesh Joshi And Co Chartered Accountants |
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Address : |
Anntheshwara Krupa Building, Near Taluk Office, Puttur, Karnataka,
India |
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Tel. No.: |
91-8251-231607 |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6804471 |
Equity Shares |
Rs.10/- each |
Rs.68.045
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
68.045 |
28.045 |
28.045 |
|
(b) Reserves & Surplus |
11.655 |
9.449 |
7.626 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
79.700 |
37.494 |
35.671 |
|
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|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
79.066 |
5.919 |
10.389 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
79.066 |
5.919 |
10.389 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
165.626 |
11.157 |
7.604 |
|
(b) Trade payables |
29.777 |
14.662 |
6.690 |
|
(c) Other current liabilities |
2.321 |
1.476 |
1.179 |
|
(d) Short-term provisions |
0.555 |
0.627 |
0.171 |
|
Total
Current Liabilities (4) |
198.279 |
27.922 |
15.644 |
|
|
|
|
|
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TOTAL |
357.045 |
71.335 |
61.704 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20.773 |
20.436 |
39.299 |
|
(ii) Intangible Assets |
17.094 |
17.094 |
0.000 |
|
(iii) Capital work-in-progress |
251.061 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.715 |
1.715 |
1.715 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
290.643 |
39.245 |
41.014 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.025 |
0.025 |
0.025 |
|
(b) Inventories |
46.674 |
21.694 |
18.001 |
|
(c) Trade receivables |
2.727 |
8.196 |
0.500 |
|
(d) Cash and cash equivalents |
2.688 |
1.717 |
1.720 |
|
(e) Short-term loans and
advances |
14.288 |
0.458 |
0.444 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
66.402 |
32.090 |
20.690 |
|
|
|
|
|
|
TOTAL |
357.045 |
71.335 |
61.704 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
SALES |
|
|
|
|
Income |
|
|
36.113 |
|
Other Income |
|
||
|
TOTAL |
88.094 |
59.418 |
36.113 |
|
|
|
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|
|
EXPENSES |
83.085 |
54.725 |
33.035 |
|
|
|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.009 |
4.694 |
3.078 |
|
|
|
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|
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DEPRECIATION/
AMORTISATION |
1.970 |
1.946 |
2.322 |
|
|
|
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|
|
PROFIT/
(LOSS) BEFORE TAX |
3.039 |
2.748 |
0.756 |
|
|
|
|
|
|
TAX
(I) |
0.833 |
0.925 |
0.231 |
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX |
2.206 |
1.823 |
0.525 |
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Balance
Carried to the B/S |
2.206 |
1.823 |
0.525 |
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.32 |
0.65 |
0.19 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
NA |
NA |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.91 |
3.95 |
1.26 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.07 |
0.02 |
|
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|
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
3.07 |
0.46 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
1.15 |
1.32 |
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 |
28.045 |
28.045 |
68.045 |
|
Reserves & Surplus |
7.626 |
9.449 |
11.655 |
|
Net
worth |
35.671 |
37.494 |
79.700 |
|
|
|
|
|
|
long-term borrowings |
10.389 |
5.919 |
79.066 |
|
Short term borrowings |
7.604 |
11.157 |
165.626 |
|
Total
borrowings |
17.993 |
17.076 |
244.692 |
|
Debt/Equity
ratio |
0.504 |
0.455 |
3.070 |
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) |
|
Total Income |
36.113 |
59.418 |
88.094 |
|
|
36.113 |
64.534 |
48.261 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
36.113 |
59.418 |
88.094 |
|
Profit |
0.525 |
1.823 |
2.206 |
|
|
1.45% |
3.07% |
2.50% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term Loan from Others |
0.000 |
0.073 |
|
Short-term
borrowings |
|
|
|
Working capital loans from bank |
1.500 |
0.0000 |
|
Deposits from shareholders |
150.072 |
1.500 |
|
Loans and advances from related parties |
3.124 |
3.159 |
|
Total |
154.696 |
4.732 |
Performance
Review:
The Operations
during the year have been satisfactory and the Company has been able to achieve
good turnover during the year. During the year the Company was ably achieved
expected and reasonable increase in the profit after taxes. This is due to the
substantial increase in the sales from operations during the year 2013-14. The
Company is looking forward to enter into the new business avenues and expand
the production as the soft drinks manufactured by the firm have good brand
image and identity in the market.
The Directors have
started and implemented the proposed manufacturing plant mainly to produce soft
drinks at Factory site of Narimogaru Village of Puttur Taluk. Till the end of
year 2013- 14 the Company mainly engaged in the production and trading of
packaged drinking water. As per the expansion plan the Unit II (Jeera plant)
Carbonated Soft Drink manufacturing plant erected during the financial year,
the project cost is Rs. 2.639 millions. With the constant effort the Company
will embark into the new avenue of manufacture and trading of soft drinks too
during the coming years. They hope that the production is expected to commence
in the subsequent year and the prospect of improvement in the operations during
the year 2014-15.
Note:
Register office address has been shifted from Ganesh Complex, Darbe,
Puttur. HK-574202, Karnataka, India to present w.e.f.01.07.2011.
FIXED ASSETS
- Building
- Motor Car
- Plant and
Machinery
- Computers
- Furniture and
Fixtures
- Land
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.62.25 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.