MIRA INFORM REPORT
|
Report No. : |
299800 |
|
Report Date : |
19.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
K R BAKES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
170, 2nd Floor, K R Plaza, Gopalswamy Kovil Street, Ganapathy,
Coimbatore – 641006, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
04.04.2000 |
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|
|
|
Com. Reg. No.: |
18-009294 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15412TZ2000PTC009294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03901C |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCK1728L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bakery Products.
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 430000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealing. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long Term Rating) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
February 11, 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 PARTED BY
|
Name : |
Mr. A. Prince |
|
Designation : |
Director |
|
Contact No.: |
91-9442611969 |
|
Date : |
05.03.2014 |
LOCATIONS
|
Registered Office : |
170, 2nd Floor, K R Plaza, Gopalswamy Kovil Street, Ganapathy,
Coimbatore – 641006, Tamilnadu, India |
|
Tel. No.: |
91-422-2539969 |
|
Mobile No.: |
91-9442611969 (Mr. A. Prince) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Cochin, Kerala, India |
DIRECTORS
As on: 29.09.2014
|
Name : |
Mr. A. Balan |
|
Designation : |
Director |
|
Address : |
8/1A, KRG Nagar, Ganapathy, Coimbatore – 641006, Tamilnadu, India |
|
Date of Birth/Age : |
03.08.1955 |
|
Date of Appointment : |
04.04.2000 |
|
DIN No.: |
00112330 |
|
|
|
|
Name : |
Mr. Ayanikkal Sujith |
|
Designation : |
Director |
|
Address : |
8/1A, KRG Nagar, Ganapathy, Coimbatore – 641006, Tamilnadu, India |
|
Date of Birth/Age : |
05.01.1979 |
|
Date of Appointment : |
04.04.2000 |
|
DIN No.: |
00112571 |
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|
|
|
Name : |
Mr. Ayanikal Ramachandran |
|
Designation : |
Director |
|
Address : |
8/1A, KRG Nagar, Ganapathy, Coimbatore – 641006, Tamilnadu, India |
|
Date of Birth/Age : |
25.03.1983 |
|
Date of Appointment : |
04.04.2000 |
|
DIN No.: |
05140445 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
A. Balan |
|
7300 |
|
P. Lakshmi |
|
5500 |
|
A. Sujith |
|
4200 |
|
A Prince |
|
3000 |
|
|
|
|
|
Total |
|
20000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2014
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bakery Products.
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Products : |
Bakery Products |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash and credit |
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Purchasing : |
Cash and credit |
GENERAL INFORMATION
|
Suppliers : |
Bannari Amman Flours – Coimbatore |
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Customers : |
End User |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
M P Gopalakrishnan Chartered Accountants |
|
Address : |
540, N S R Road, 540, N S R Road, Coimbatore – 641043, Tamilnadu, India |
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PAN No.: |
AEGPG2264Q |
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|
|
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Membership : |
-- |
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Sister Concern : |
AKR Foods Private Limited |
CAPITAL STRUCTURE
As on: 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
|
|
|
|
|
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 |
2.000 |
2.000 |
2.000 |
|
(b) Reserves & Surplus |
131.074 |
108.254 |
89.812 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
16.231 |
19.731 |
8.521 |
|
Total
Shareholders’ Funds (1) + (2) |
149.305 |
129.985 |
100.333 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16.519 |
3.093 |
3.869 |
|
(b) Deferred tax liabilities (Net) |
2.217 |
1.786 |
2.092 |
|
(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) |
18.736 |
4.879 |
5.961 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
4.500 |
0.000 |
|
(b) Trade
payables |
0.852 |
0.441 |
1.289 |
|
(c) Other current
liabilities |
10.556 |
11.645 |
14.866 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
4.010 |
|
Total Current
Liabilities (4) |
11.408 |
16.586 |
20.165 |
|
|
|
|
|
|
TOTAL |
179.449 |
151.450 |
126.459 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
129.348 |
85.969 |
79.948 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2.041 |
19.257 |
11.358 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.795 |
32.284 |
23.219 |
|
(e) Other Non-current
assets |
0.199 |
0.255 |
0.000 |
|
Total Non-Current
Assets |
169.383 |
137.765 |
114.525 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3.006 |
1.657 |
0.629 |
|
(c) Trade
receivables |
1.217 |
1.457 |
1.512 |
|
(d) Cash
and cash equivalents |
2.750 |
7.078 |
1.443 |
|
(e)
Short-term loans and advances |
3.093 |
3.477 |
8.350 |
|
(f) Other
current assets |
0.000 |
0.016 |
0.000 |
|
Total
Current Assets |
10.066 |
13.685 |
11.934 |
|
|
|
|
|
|
TOTAL |
179.449 |
151.450 |
126.459 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Sales of Bakery Products |
262.184 |
230.911 |
222.878 |
|
|
Wind Energy Receipts |
1.105 |
1.330 |
1.114 |
|
|
Rent Receipts |
10.690 |
0.000 |
0.381 |
|
|
Other Income |
3.169 |
4.068 |
2.009 |
|
|
TOTAL |
277.148 |
236.309 |
226.382 |
|
|
|
|
|
|
|
Less |
EXPENSES |
245.462 |
209.115 |
196.948 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
31.686 |
27.194 |
29.434 |
|
|
|
|
|
|
|
Less |
TAX |
8.866 |
8.751 |
10.211 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
22.820 |
18.443 |
19.223 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
108.254 |
89.811 |
70.588 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
131.074 |
108.254 |
89.811 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1141.00 |
922.15 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
8.70 |
7.99 |
8.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.86 |
20.57 |
25.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.21 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11 |
0.06 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.83 |
0.59 |
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 |
2.000 |
2.000 |
2.000 |
|
Reserves & Surplus |
89.812 |
108.254 |
131.074 |
|
Share Application money pending
allotment |
8.521 |
19.731 |
16.231 |
|
Net
worth |
100.333 |
129.985 |
149.305 |
|
|
|
|
|
|
long-term borrowings |
3.869 |
3.093 |
16.519 |
|
Short term borrowings |
0.000 |
4.500 |
0.000 |
|
Total
borrowings |
3.869 |
7.593 |
16.519 |
|
Debt/Equity
ratio |
0.039 |
0.058 |
0.111 |
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 |
222.878 |
230.911 |
262.184 |
|
|
|
3.604 |
13.543 |
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
|
222.878 |
230.911 |
262.184 |
|
Profit |
19.223 |
18.443 |
22.820 |
|
|
8.62% |
7.99% |
8.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
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 8/1A, KRG Nagar, 2 Street, Ganapathy – 641045, Tamilnadu, India to the present address w.e.f. 02.08.2013
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Electrical Incubation
·
Furniture and Fixtures
·
Office Equipments
·
Vehicle
·
Display Unit
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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.