MIRA INFORM REPORT

 

 

Report No. :

310608

Report Date :

03.03.2015

 

IDENTIFICATION DETAILS

 

Name :

TASTY BITE EATABLES LIMITED

 

 

Registered Office :

204, Mayfair Towers, Wakdewadi, Shivajinagar, Pune - 411005, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.09.1985

 

 

Com. Reg. No.:

11-037347

 

 

Capital Investment / Paid-up Capital :

Rs. 31.613 Millions

 

 

CIN No.:

[Company Identification No.]

L15419PN1985PLC037347

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNET03922C

 

 

PAN No.:

[Permanent Account No.]

AAACT2317A

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Sellers of Prepared Foods.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There seems some dip in the profit of the company during FY 2014 however net worth of the company is satisfactory. General financial position of the company is sound.

 

Trade relations as fair. Business is active. Payments 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.

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

ICRA

Rating

Long term rating: BBB

Rating Explanation

Moderate degree of safety it carry moderate credit risk.

Date

09.10.2013

 

 

Rating Agency Name

ICRA

Rating

Short term rating: A2

Rating Explanation

Strong degree of safety and carry low credit risk.

Date

09.10.2013

 

 

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 BY

 

Name :

Mr. Amit Kukani

Designation :

Accounts Manager

Contact No.:

91-20-30216000

Date :

28.02.2015

 

 

LOCATIONS

 

Registered Office 8/ Corporate Office:

204, Mayfair Towers, Wakdewadi, Shivajinagar, Pune 411005, Maharashtra, India

Tel. No.:

91-20-25510685

Fax No.:

91-20-50625331 / 25512695

E-Mail :

prashant@tastybite.com

minal@tastybite.com

Website :

http://www.tastybite.com

 

 

Factory 1:

At Post 490, Village- Bhandgaon, Taluka- Daund, District- Pune- 412 214, Maharashtra, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Ashok Vasudevan

Designation :

Chairman

 

 

Name :

Mr. Ravi Nigam

Designation :

Managing Director

Qualification :

Masters in Rural Managements

Previous Employment:

Chief General Manger, Ballarpur  Industries Limited

 

 

Name :

Mrs. Meera Vasudevan

Designation :

Director

 

 

Name :

Mr. K. P. Balasubramaniam

Designation :

Director

 

 

Name :

Dr. V. S. Arunachalam

Designation :

Director

 

 

Name :

Mr. Kavas Patel

Designation :

Director

 

 

Name :

Mr. Sohel Shikari

Designation :

Alternate Director and Chief Financial Officer

 

 

KEY EXECUTIVES

 

Name :

Mr. Amit Kukani

Designation :

Accounts Manager

 

 

Name :

Ms. Minal Talwar

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2014

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1904510

74.22

http://www.bseindia.com/include/images/clear.gifSub Total

1904510

74.22

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

1904510

74.22

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1500

0.06

http://www.bseindia.com/include/images/clear.gifSub Total

1500

0.06

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

56987

2.22

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

381795

14.88

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million

209030

8.15

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

12178

0.47

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

7881

0.31

http://www.bseindia.com/include/images/clear.gifClearing Members

55

0.00

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

4242

0.17

http://www.bseindia.com/include/images/clear.gifSub Total

659990

25.72

Total Public shareholding (B)

661490

25.78

Total (A)+(B)

2566000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

2566000

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

No. of Shares held

As a % of grand total (A)+(B)+(C)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

Preferred Brands Foods India Private Limited

19,04,510

74.22

74.22

 

Total

19,04,510

74.22

74.22

 

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

K Swapna

157900

6.15

6.15

 

2

Tanvi J Mehta

30960

1.21

1.21

 

 

Total

188860

7.36

7.36

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

K Swapna

157900

6.15

6.15

 

 

Total

157900

6.15

6.15

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Sellers of Prepared Foods.

 

 

Brand Names :
  • TASTY BITE
  • FROZEN FORMED PRODUCTS (‘FFP’)

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Axis Bank Limited
  • The Ratnakar Bank Limited
  • HDFC Bank Limited

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loans

 

 

from Financial Institutions

217.715

217.140

from Related Parties

21.021

73.963

Short-term borrowings

 

 

Working Capital Loans repayable on demand from banks Cash Credit

127.686

104.567

Total

366.422

395.670

Note:

 

Long-term Borrowings

 

The term loan (External Commercial Borrowing /ECB) from financial institution has been approved by the Reserve Bank of India. ECB is secured by way of charge over certain immovable properties and movable fixed assets of the Company that are acquired out of the proceeds of ECB. The ECB is also secured by all assets of Preferred Brands International Inc. ('PBI'), ASG OMNI LLC's interest in PBI, PBI's ownership interest in Preferred Brands Foods (India) Private Limited (PBFIPL), personal guarantees of the owners of ASG OMNI LLC and their ownership interest in ASG OMNI LLC. Term loan carries interest at 3 months LIBOR plus 275 bps per annum. The loan is repayable in 32 quarterly equal instalments commecing from the third year.

 

Term loans from related parties (External Commercial Borrowings / ECB) have been taken from Preferred Brands International Inc. USA, (PBI). ECBs are secured by way of first priority charge and mortgage over all present and future movable and immovable preperties, tangible and intangible properties except for current assets and fixed assets acquired out of the loans taken from banks. The Company has taken External Commercial Borrowing (ECB) of USD 1,300 thousand from PBI, for capacity expansion and modernisation of the existing manufacturing infrastructure. The Company has received the Reserve Bank of India (RBI) approval ref. FED.CO.ECBD./03.02.766/2005-06 dated November 9, 2005. The loan carried interest at LIBOR plus 3.5%. First draw down date was December 30, 2005. As per the terms of the loan agreement, the loan is repayable at any time after the third anniversary of the date of first disbursement upon written demand by the lender. In absence of a written demand, the Company has to repay the principal sum in approximately eight quarterly installments commencing with the first payment date occurring eight years after the date of drawdown. There is no written demand by the lender as at the balance sheet date. The Company has been sanctioned an additional ECB of USD 1,000 thousand by PBI in the year 2008-2009 for modernization and up-gradation of existing manufacturing facility. The Company has received the RBI approval ref. FED.CO.ECBD/13748/03.02.766/2008-09 dated November 17, 2008. The loan carried interest at LIBOR plus 2%. As per the terms of the loan agreement, the loan is repayable at any time after the third anniversary of the date of first disbursement upon the written demand by the lender. In absence of a written demand, the Company has to repay the principal sum in twenty equal installments of USD 50 thousand each on quarterly basis  ommencing from March 31, 2012. Above ECBs are not pre-payable.

 

There is no default as on March 31, 2014 and as on March 31, 2013 in repayment of principal and interest.

 

Short-term borrowings

 

(a) Cash credits have been taken from two banks. Cash credits taken from both banks are secured by first pari passu hypothecation charge on present and future current assets of the company. Cash credits are collaterally secured by hypothecation of second pari passu charge on movable fixed assets of the Company both present and future, negative lien over land and buildings of the Company and corporate guarantee of Preferred Brands International Inc., the Holding Company. Cash credit of one of the banks is also collaterally secured by recurring deposit in addition to above. Cash credits are repayable on demand and carry interest rate of base rate plus 2.5% per annum in case of one bank and base rate plus 3% per annum in case of other bank (Previous year: base rate plus 2.5% in case of one bank and base rate plus 3% in case of other bank). Cash credits also include facilities of working capital demand loan, pre and post shipment credit, letters of credit, buyer's credit as sub-limits of cash credit limit.

 

(b) There is no default as on March 31, 2014 and as on March 31, 2013 in repayment of principal and interest.

 

 

 

 

Banking Relations :

--

 

 

Statutory Auditors:

 

Name :

Kalyaniwalla and Mistry

Chartered Accountants

Address :

Pune, Maharashtra, India 

 

 

Cost Auditor:

 

Name :

A. J. Paranjape and Company

Cost Auditors

Address :

Pune, Maharashtra, India 

 

 

Secretarial Auditor:

 

Name :

J. N. Mavji,

Practicing Company Secretary

Address :

Pune, Maharashtra, India 

 

 

Internal Auditor:

 

Name :

Kirtane and Pandit

Chartered Accountants

Address :

Pune, Maharashtra, India 

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:
  • Preferred Brands Foods (India) Private Limited
  • Preferred Brands International, Inc. USA (Holding company of Preferred Brands Foods (India) Private Limited)

 

 

Ultimate Holding Company:
  • ASG OMNI L.L.C.

 

 

Fellow Subsidiary:
  • Preferred Brands Australia Pty. Limited
  • ASG Omni India Private Limited

 

 

Enterprises Over Which Key Management Personnel Exercise Significant Influence:
  • M/s. K. S. Shikari and Associates

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4400000

Equity Shares

Rs.10/- each

Rs. 44.000 Millions

60000

1% Non-Cumulative, Non-Convertible Redeemable Preference Shares

Rs.100/- each

Rs. 6.000 Millions

 

Total

 

Rs.50.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2566000

Equity Shares

Rs.10/- each

Rs. 25.660 Millions

59530

1% Non-Cumulative, Non-Convertible Redeemable Preference Shares

Rs.100/- each

Rs. 5.953 Millions

 

Total

 

Rs.31.613 Millions

 

Note:

 

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Equity Shares

As at 31st March, 2014

 

No. of shares

Rs. In Millions

At the beginning of the year

2,566,000

25.660

Issues during the year

--

--

Outstanding at the end of the year

2,566,000

25.660

 

1% Non-Cumulative, Non-Convertible, Redeemable Preference Shares

As at 31st March, 2014

 

No. of shares

Rs. In Millions

At the beginning of the year

59,530

5.953

Issues during the year

--

--

Outstanding at the end of the year

59,530

5.953

 

Details of shares held by Holding Company

 

Out of above 1,904,510 (Previous Year: 1,904,510) Equity shares and 59,530 (Previous Year: 59,530) 1% Non- Cumulative, Non-Convertible, Redeemable Preference Shares are held by Preferred Brands Foods (India) Private Limited, the immediate Holding Company, the subsidiary of Preferred Brands International Inc., USA, the subsidiary of ASG Omni LLC, the Ultimate Holding Company.

 

“Preferred Brands International Inc. USA, the Holding Company has pledged its 100% holding in its wholly owned subsidiary, Preferred Brands Foods (India) Private Limited, which is the immediate holding company of the Company.

 

Details of shareholders holding more than 5% shares in the Company

 

Name of the Shareholder

As at 31st March, 2014

 

% holding

No. of shares

Preferred Brands Foods (India) Private Limited

74.22

1,904,510

K. Swapna

6.15

157,900

 

Terms attached to Equity Shares

 

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the“approval of the shareholders in the ensuing Annual General Meeting.

 

(g) Rights, Preferences and Restrictions attaching to each class of shares including restrictions on the distribution of dividends and repayment of capital 1% Non-Cumulative, Non-Convertible, Redeemable Preference Shares are redeemable on or before August 31, 2018 at a premium of Rs.1,950 per share. The preference shareholder reserves the right to demand for redemption of preference shares during the period upto 31st August, 2018.

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

31.613

31.613

31.613

(b) Reserves & Surplus

313.292

273.076

212.892

(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)

344.905

304.689

244.505

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

238.736

291.103

105.746

(b) Deferred tax liabilities (Net)

38.985

19.735

19.147

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

8.259

7.544

5.479

Total Non-current Liabilities (3)

285.980

318.382

130.372

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

127.686

104.567

85.462

(b) Trade payables

231.369

126.155

94.259

(c) Other current liabilities

88.748

54.597

46.106

(d) Short-term provisions

9.433

25.506

6.306

Total Current Liabilities (4)

457.236

310.825

232.133

 

 

 

 

TOTAL

1088.121

933.896

607.010

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

635.559

323.340

305.974

(ii) Intangible Assets

0.160

0.908

1.656

(iii) Capital work-in-progress

5.809

117.138

6.687

(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

12.010

52.363

4.332

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

653.538

493.749

318.649

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

139.337

97.706

67.342

(c) Trade receivables

143.550

176.885

93.017

(d) Cash and cash equivalents

44.816

93.749

61.604

(e) Short-term loans and advances

106.546

70.547

66.381

(f) Other current assets

0.334

1.260

0.017

Total Current Assets

434.583

440.147

288.361

 

 

 

 

TOTAL

1088.121

933.896

607.010

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1373.999

1056.948

781.380

 

Other Operating Income

79.860

58.277

43.026

 

Other Income

5.370

3.979

6.292

 

TOTAL (A)

1459.229

1119.204

830.698

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of raw materials including packaging materials consumed

940.819

652.984

489.132

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(18.209)

(12.506)

(2.881)

 

Employees benefits expense

169.484

133.598

104.876

 

Other expenses

247.845

213.744

182.695

 

Extraordinary Items

0.000

0.837

0.000

 

TOTAL (B)

1339.939

988.657

773.822

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

119.290

130.547

56.876

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

16.673

10.541

11.727

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

102.617

120.006

45.149

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

40.079

26.965

21.154

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

62.538

93.041

23.995

 

 

 

 

 

Less

TAX (I)

19.250

29.785

7.371

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

43.288

63.256

16.624

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

141.784

81.600

68.028

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Dividend on Preference Shares

0.060

0.060

0.060

 

Dividend on Equity shares

2.566

2.566

2.566

 

Tax on Dividend

0.446

0.446

0.426

 

Balance Carried to the B/S

182.000

141.784

81.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

805.443

669.570

549.080

 

TOTAL EARNINGS

805.443

669.570

549.080

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials and Packing Materials

180.728

106.064

80.034

 

Plant and Machinery

68.819

59.771

29.742

 

Stores and Spares

3.775

4.964

3.132

 

TOTAL IMPORTS

253.322

170.799

112.908

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

After Extraordinary items

16.84

24.62

6.45

Before Extraordinary items

16.84

24.95

6.45

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

1st Quarter

30.09.2014

2nd Quarter

31.12.2014

3rd Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

435.400

473.200

404.500

Total Expenditure

376.200

407.100

353.600

PBIDT (Excl OI)

59.300

66.200

50.800

Other Income

9.000

3.500

3.900

Operating Profit

0.200

69.700

54.700

Interest

4.900

5.400

5.400

Exceptional Items

0.000

0.000

0.000

PBDT

55.200

64.300

49.300

Depreciation

16.900

17.700

17.400

Profit Before Tax

38.300

46.600

32.000

Tax

12.700

19.000

9.100

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

25.700

27.600

22.900

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

25.700

27.600

22.900

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

3.15

5.98

2.13

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.68

12.35

7.28

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.78

11.39

4.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.18

0.31

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.06

1.30

0.78

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.95

1.42

1.24

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

31.613

31.613

31.613

Reserves & Surplus

212.892

273.076

313.292

Net worth

244.505

304.689

344.905

 

 

 

 

long-term borrowings

105.746

291.103

238.736

Short term borrowings

85.462

104.567

127.686

Total borrowings

191.208

395.670

366.422

Debt/Equity ratio

0.782

1.299

1.062

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

781.380

1056.948

1373.999

 

 

35.267

29.997

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

781.380

1056.948

1373.999

Profit

16.624

63.256

43.288

 

2.13%

5.98%

3.15%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

 

Particulars

31.03.2014

31.03.2013

31.03.2012

 

(Rs. In Million)

Current maturities of long-term debt

73.572

37.321
22.594

 

 

 

 

Total

73.572

37.321
22.594

 

 

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

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

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

FINANCIAL PERFORMANCE AND OPERATIONS

 

Tasty Bite registered a healthy 30.4% Year-On-Year (YOY) growth with revenues of Rs 1459.200 Million registered in the year 2013-14. Both business verticals - Consumer Business and Food Service Business grew at a robust rate. Consumer Business (CB) comprises of sales of Tasty Bite branded products as well as Private Label brands. Currently, Tasty Bite's Consumer Business (CB) is entirely from exports to the US, Canada, Australia, New Zealand and the UK. CB revenues grew 20.3% for the year, to Rs. 863.300 Million against Rs. 718.100 Million last year.

 

Tasty Bite Food Service (TFS) business comprises sales of products to leading Quick Service Restaurants (QSR's) as well as to the HORECA (Hotels, Restaurants and Catering) sector. While efforts are underway to build an exports initiative for TFS, their current revenues of TFS come entirely from the domestic market. The Company registered an impressive growth of 50.6% to record revenues of Rs. 510.600 Million against Rs. 338.900 Million last year. This was achieved by strengthening the product portfolio with existing cutomers, as well as acquisition of new customers. Tasty Bite is now established as the 'supplier of choice' to leaders in the Indian Food Service Industry. Despite good revenue growth, a higher material consumption on account of heavy commodity inflation and changed business mix (domestic : export ratio) in the current year resulted in PAT for the year being at Rs. 43.200 Million - 2.9% against 5.7% during the previous year.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS:

 

Tasty Bite is a high growth natural and ethnic foods business, engaged in the marketing and distribution of convenient and specialty Indian and Asian prepared entrées, noodles and rice in North America, India, Australia, New Zealand, and the UK. Tasty Bite is attractively positioned at the intersection of the three fastest growing mega-trends in the foods industry: natural, convenient and ethnic. It is the largest brand of Indian shelf stable prepared foods in North America (65% share in natural channel and 28% in conventional grocery) and ranks amongst the top 3 brands among all Indian and Asian brands combined.

 

The Company manufactures its products and markets it through its parent, Preferred Brands International (PBI) based in the US. PBI has a wide distribution channel that covers the majority of supermarket chains in North America and other international markets. Products are either sold directly by PBI to retail chains or through a distributor that services several retailers and independent grocery stores. During the year, the consumer business delivered strong growth of 20% led by increased distribution in the US in several mainstream accounts and expansion in new markets such as New Zealand and U.K. New offerings such as the Organic Rices and Asian Noodles have led to new distribution and placement of the products in different aisles of retailers.

 

Margins in the business were impacted by high inflation in agri-commodities in major raw materials such as onions, tomatoes and dairy products that saw unprecedented price increases in 2013-14. The Tasty Bite Food Service (TFS) business is built around providing creative and unique food solutions for leaders in the food service industry in India - in the area of Formed Frozen Products (FFP) and Culinary Sauces. The Company manufactures specialty products for international and domestic Quick Service Restaurants (QSRs) as well as companies that focus on HORECA (hotels, restaurants and catering) sector.

 

Business with leading QSRs continued to show healthy growth during the year helping the overall TFS business growing at over 50% over the previous year. The Company also commissioned state-of-the-art large capacities for the manufacture of its FFP and sauce products that enables us to continue with the current growth trend for the next couple of years. The industry continues to remain bullish for growth even though same store revenues at QSRs have seen some slowdown in the last fiscal. They expect to see continued expansion of existing players taking place with new store openings in new geographies. Given the rising disposable incomes and lack of available choices to dine out in second and third tier cities, these would drive the penetration of QSR brands in all markets. They expect new international as well as local chains to enter the Indian market which is yet in a nascent stage and has the potential for aggressive growth.

 

A key factor driving growth is the launch of innovative and distinct products that meet consumer expectations. QSRs need to offer 'new' products at a good value given the price sensitive nature of the consumer base. Vegetarian offerings - very different from their international portfolio are being developed for the first time for this important emerging industry by Tasty Bite, giving the Company an edge over competition.

 

While food service business typically has lower margins compared with the consumer business, the new assets

are expected to result in improved margins through better productivity and reduction in wastages. 'Supply Chain' remained a key focus area to improve cost and quality of ingredients being used for manufacturing. Several advance purchase decisions were necessary to mitigate serious inflationary pressures through the year. Similar analysis and action will need to be taken in FY 15 too. On the shipment front, they are measuring customer fulfillment rates and are seeing steady improvements in OTIF

(On-Time In-Full) rates.

 

The Company continues to invest in R and D which remains a key competitive advantage. Tasty Bite Research Centre (TBRC) is a center of excellence in prepared foods R and D, focusing on product, process and ingredient innovation. The company can seek pride in the fact of TBRC having received accreditation from the Department of Scientific and Industrial Research (DSIR) as an independent R and D center. Several new products have been launched into market during the fiscal and have contributed to approximately 30% of revenue. An important part of TBRC's work is to focus on continuous improvement in existing products to increase their 'Wow' quotient. Sustainability has been a very important aspect of Tasty Bite. In its own farm, the Company implemented an innovative technology in rain water harvesting to improve the ground water levels. In the very first year of implementation significant improvements have been observed in water table levels. The Company continues to use 'recycled' agri-waste briquettes as fuel for the generation of steam from its boilers. Currently over 80% of the energy used in manufacturing their products comes from renewable sources.

 

OUTLOOK

 

Going forward, growth in revenue will continue to be driven by increasing width of distribution in key markets as well as increasing velocity in existing distribution. Width of distribution will be through new product categories and SKUs in existing stores and acquired distribution in new supermarkets while velocity pertains to increasing the frequency of product usage. Tasty Bite's products occupy a dominant share of the Indian category and there is always a threat from new entrants in the market that can potentially reduce the market share of the company's products. In the Indian market, their company will continue to add on its existing base of customers and products focused on the food service industry. The company will continue to focus on forging strong customer partnerships with leading players in the QSR industry and other Food companies in India in the HORECA sector to grow the market.

 

GENERAL INFORMATION

 

Subject is in the business of manufacturing and selling ‘Prepared Foods’. It includes a range of Ready-to-Serve (‘RTS’) ethnic food products under the brand name ‘Tasty Bite’ and Frozen Formed Products (‘FFP’). The Company has manufacturing facility near Pune in India. The Company is a public limited company and is listed on the Bombay Stock Exchange Limited, Delhi Stock Exchange and Calcutta Stock

Exchange.

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10494918

24/03/2014

20,000,000.00

AXIS BANK LIMITED

214-215 CITY MALL, 2ND FLOOR, PLOT NI 1, GANESHKH
IND ROAD,, PUNE, MAHARASHTRA - 411007, INDIA

C04221776

2

10406414

05/06/2014 *

100,000,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 41600
1, INDIA

C08987877

3

10375921

18/09/2012

217,040,000.00

WORLDBUSINESS CAPITAL INC.

ONE STATE STREET, SUITE 2350,, HARTFORD CT, - 06
103, UNITED STATES OF AMERICA

B57879355

4

10280862

11/03/2011

47,026,379.00

PREFERRED BRANDS INTERNATIONAL INC. USA

9, WEST BROAD STREET, 5TH FLOOR, CONNECTICUT, ST
AMFORD, - 06902, UNITED STATES OF AMERICA

B09613696

5

10129997

15/11/2012 *

130,000,000.00

AXIS BANK LTD.

214/215, CITY MALL, 2ND FLOOR,, GANESHKHIND (PUNE
UNIVERSITY) ROAD, PUNE, MAHARASHTRA - 411007, INDIA

B62166053

6

80063492

20/10/2011 *

58,838,000.00

PREFRRED BRANDS INTERNATIONAL INC. USA

9, WEST BROAD STREET, 5TH FLOOR, CONNECTICUT, STA
MFORD, - 06902, UNITED STATES OF AMERICA

B25225541

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

 

 

 

Sales Tax demands disputed by the Company and under appeal

0.930

0.930

Service tax demand disputed by the Company and under appeal

2.716

2.716

Income tax liability towards additions / disallowances under dispute

44.025

40.177

 

 

 

Note:

 

The amounts included above, represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible liabilities are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately.

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER ENDED AND NINE MONTHS ENDED 31, DECEMBER, 2014

 

(Rs. In Million)

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Year to date

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

 

 

 

 

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

281.879

445.142

1235.411

b) Other operating income

22.565

28.077

77.676

Total income from Operations(net)

404.445

473.219

1313.087

2.Expenditure

 

 

 

a) Cost of material consumed

252.141

286.284

814.579

b) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(5.757)

2.686

(13.963)

c) Employees benefit expenses

42.611

44.099

130.907

d) Depreciation and amortization expenses

17.363

17.694

51.950

e) Other expenditure

64.645

73.992

205.316

Total expenses

371.003

424.755

1188.789

3. Profit from operations before other income and financial costs

33.442

48.464

124.298

4. Other income

3.856

3.506

8.241

5. Profit from ordinary activities before finance costs

37.298

51.970

132.539

6. Finance costs

6.355

5.397

15.682

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

31.943

46.573

116.857

8. Exceptional item

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

31.943

46.573

116.857

10.Tax expenses

 

 

 

Current Tax MAT Credit Entitlement

6.841

16.490

36.852

Deferred Tax

2.208

2.479

3.839

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

22.894

27.604

76.166

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

22.894

27.604

76.166

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

25.660

25.660

25.660

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

16.i) Earnings per share-Basic & Diluted (in Rupees)

(*not annualised)

8.92

10.76

29.68

 

 

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Year to date

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

661490

661490

661490

- Number of shares

25.78

25.78

25.78

- Percentage of shareholding

 

 

 

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

1904510

1904510

1904510

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100

100

100

Percentage of shares (as a % of total share capital of the company)

74.22

74.22

74.22

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

NIL

NIL

NIL

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NIL

NIL

NIL

Percentage of shares (as a % of total share capital of the company)

NIL

NIL

NIL

 

 

 

 

B. Investor Complaints

 

 

 

Pending at the beginning of the quarter

NIL

 

 

Receiving during the quarter

5

 

 

Disposed of during the quarter

5

 

 

Remaining unreserved at the end of the quarter

NIL

 

 

 

NOTE:

 

Above unaudited Financial Results were reviewed by the Audit Committee and are approved by the Board of Directors of the Company at its meeting held on 11.02.2015 and are subjected to review by statutory auditors.

Previous periods figures have been regrouped wherever considered necessary.


Consequent to exercise of the option available under Para 46A of the companies (Accounting Standards) (Second Amendment) Rules, 2011 in respect of accounting for fluctuations in foreign exchange relating to "long term foreign currency monitory items", the Company has adjusted Rs.5.833 Million for the quarter to the cost of its fixed assets and capital work in progress has provided depreciation there on over the balance useful life of the respective assets.


Consequent to Schedule II to the Companies Act, 201 becoming applicable with effect from April 01, 2014, depreciation for the quarter ended September, 2014 has been provided on the basis of the useful lives as prescribed in Schedule II. Depreciation for the quarter is higher by Rs. 4.261 Million due to change in useful life of assets where as 9 months period depreciation is higher by Rs. 12.541 Million An amount of Rs. 2.220 Million (net of deferred tax) has been recongised in opening balance of retained earnings for the assets where remaining useful life as per Schedule II was Nil.


The Company operates in a single business segment i.e. Prepared Foods

 

FIXED ASSETS

 

Tangible Assets

 

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Office Equipment
  • Computers
  • Furniture and Fixtures
  • Vehicles
  • Electrical Installations

 

Intangible Assets

 

  • Computer Softwares

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.82

UK Pound

1

Rs.95.27

Euro

1

Rs.69.14

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.