MIRA INFORM REPORT

 

 

Report No. :

351002

Report Date :

23.11.2015

 

IDENTIFICATION DETAILS

 

Name :

MRK FOODS PRIVATE LIMITED

 

 

Registered Office :

1, Vijay House, Devi Dayal Compound, Ground Floor, Bhandup (West), Mumbai – 40078, Maharashtra

Tel. No.:

91-22-25943580

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.07.2010

 

 

Com. Reg. No.:

11-205901

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U17291MH2010PTC205901

 

 

IEC No.:

0310073243

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM38507A

 

 

PAN No.:

[Permanent Account No.]

AAGCM6925R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Supplier of Food Stuff.

 

 

No. of Employees :

90 (Approximately) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

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 was established in the year 2010 and it is a trader and supplier of food stuff.

 

For the financial year ended 2014, company has reported 60.04% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at  1.90% during the year under a review.

 

Rating takes into consideration company’s healthy operating efficiencies supported by its above average financial base, favorable gap between trade payables to its receivables along with modest net worth base and moderate debt coverage indictors.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition

 

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

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Dilip Jha

Designation :

Account Executive

Contact No.:

91-9699487222

Date :

20.11.2015

 

 

LOCATIONS

 

Registered Office/ Warehouse 1 :

1, Vijay House, Devi Dayal Compound, Ground Floor, Bhandup (West), Mumbai – 40078, Maharashtra, India

Tel. No.:

91-22-25943580/ 8434 / 2596 3898

Mobile No.:

91-9699487222 (Mr. Dilpi Jha)

Fax No.:

91-22- 2596-3620

E-Mail :

customer.care@mrkfoods.in

Website :

http://www.mrkfoods.in

Area :

1500 Sq. Ft.

Location :

Rented

Locality:

Industrial

 

 

Warehouse 2 :

Located at:

 

·         Bhiwandi

 

 

Branch Office :

House No. 726, Near MCD School Road, Near Dr. Mrutiwala, Ghitorn Village, New Delhi -110030, India 

Location :

Rented

 

 

Head Office :

2nd Floor, Vijay House, Devidayal Compound, Bhandup (West), Mumbai – 400078, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Dhiraj Ramesh Dama

Designation :

Director

Address :

A-201, Padmavati Nagar, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

25.09.1974

Date of Appointment :

23.07.2010

DIN No.:

00147956

 

 

Name :

Mr. Smita Bharat Bhanushali

Designation :

Director

Address :

Flat No.104,1st  Floor, Shree Swamikrupa Bldg No.3, Kolshet Road, Dhokali Naka, Thane (West), Thane - 400607, Maharashtra, India

Date of Birth/Age :

01.05.1970

Date of Appointment :

23.07.2010

DIN No.:

03118599

 

 

Name :

Mr. Neelam Dhiraj Dama

Designation :

Director

Address :

A/201, Padmavati Nagar, Dumping Road, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

05.09.1981

Date of Appointment :

23.07.2010

DIN No.:

03118653

 

 

KEY EXECUTIVES

 

Name :

Mr. Dilip Jha

Designation :

Account Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Dhiraj Ramesh Dama

669900

66.99

Dhiraj Ramesh Dama (HUF)

100

0.01

Smita Bharat Bhanushali

12500

1.25

Neelam Dhiraj Dama

317500

31.75

 

 

 

Total

 

1000000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Supplier of Food Stuff.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Finished Good

Countries :

·         Singapore

·         China

·         Thailand

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

B. T. Export – Thailand

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Wholesalers, Retailer and Others (Hotels)

 

Reference:

Taj Hotel – Mumbai, Maharashtra, India

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

90 (Approximately)

 

 

Bankers :

Bank Name:

Axis Bank Limited

Branch:

Zaver Road, Mulund (West), Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-22-25605071 (Ringing) 

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loan From Bajaj Finance

12.845

0.000

Loan From Sundaram Finance

0.456

0.758

Loan from HDFC

0.364

0.000

 

 

 

Total

 

13.665

0.758

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lakhani and Lakhani

Chartered Accountants

Address :

B-2, 3rd Floor, Ashar IT Park, Ambika Nagar,, Wagle Estate, Thane – 400604, Maharashtra, India

Tel. No.:

91-22-67833333

Income-tax PAN of auditor or auditor's firm :

AABFL3818Q

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Entity in key management personnel/relatives of key management personal have significant influence :

Jayshree Shipping Agency 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,250,000

Equity Shares

Rs. 10/- each

Rs. 12.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs. 100/- each

Rs. 10.000 Million

 

 

 

 

 

 

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

10.000

10.000

10.000

(b) Reserves & Surplus

13.321

5.313

1.613

(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)

23.321

15.313

11.613

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

27.724

22.508

0.000

(b) Deferred tax liabilities (Net)

0.121

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)

27.845

22.508

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.363

(b) Trade payables

55.806

57.417

10.835

(c) Other current liabilities

12.568

11.496

0.400

(d) Short-term provisions

11.404

5.937

3.645

Total Current Liabilities (4)

79.778

74.850

15.243

 

 

 

 

TOTAL

130.944

112.671

26.856

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5.908

7.576

6.833

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(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

0.357

-0.127

(d)  Long-term Loan and Advances

2.611

2.824

2.428

(e) Other Non-current assets

0.033

0.004

0.008

Total Non-Current Assets

8.552

10.761

9.142

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.900

0.000

0.000

(b) Inventories

33.133

25.920

7.437

(c) Trade receivables

56.128

59.028

4.219

(d) Cash and cash equivalents

8.056

11.862

2.590

(e) Short-term loans and advances

24.001

5.096

3.464

(f) Other current assets

0.174

0.004

0.004

Total Current Assets

122.392

101.910

17.714

 

 

 

 

TOTAL

130.944

112.671

26.856

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                     (A)

421.382

262.657

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

405.141

256.184

NA

 

 

 

 

 

 

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

16.241

6.473

(Including Financial and Depreciation Expenses)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

3.328

0.232

 

 

 

 

 

 

 

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

12.913

6.241

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.567

0.584

 

 

 

 

 

 

 

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

12.346

5.657

NA

 

 

 

 

 

Less

TAX                                                                  (H)

4.338

1.957

NA

 

 

 

 

 

 

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

8.008

3.700

1.743

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

C.I.F. Basis

53.170

60.216

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

8.01

3.70

1.74

 

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1000.000

 

 

 

 

 

Expected Sales (2015-2016): Rs. 1000.000 Million

 

The above information has been parted by Mr. Dilip Jha (Account Executive)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.43

5.04

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.53

0.37

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.19

1.47

0.03

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.53

1.36

1.16

 

 

 

 

 

 

 

 

 

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

10.000

10.000

10.000

Reserves & Surplus

1.613

5.313

13.321

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

11.613

15.313

23.321

 

 

 

 

Long-term borrowings

0.000

22.508

27.724

Short term borrowings

0.363

0.000

0.000

Total borrowings

0.363

22.508

27.724

Debt/Equity ratio

0.031

1.470

1.189

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

262.657

421.382

 

 

60.431

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

262.657

421.382

Profit

3.700

8.008

 

1.41%

1.90%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10554194

19/01/2015

50,000,000.00

AXIS BANK LIMITED

CORPROATE BANKING BRANCH, AXIS HOUSE,GR FLOOR, BOMBAY DYEING MILL COMPOUND, P.B. MARG,WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

C46208039

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans & Advances from Related parties

14.059

21.750

 

 

 

Total

 

14.059

21.750


FIXED ASSETS:

 

·         Computer

·         Printer and Accessories

·         Camera - Video Sony

·         Delivery Van

·         Furniture and Fixtures

·         Music System

·         DVD Player

·         Fire Extinguisher

·         Electrical Fittings

·         Flooring and Tiling Accessories

·         Scanner Barcode Symbol

·         Scanner Cash Still

·         LCD TV

·         Office Equipment’s

·         Vehicles

·         Aluminium Ladder

·         UPS APC 600VA

·         Godrej Safe

 

 

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.66.09

UK Pound

1

Rs.101.04

Euro

1

Rs.70.86

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--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

 

43

 

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.