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|
|
MIRA
INFORM REPORT
|
Report No. : |
491466 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN CONDIMENTS PRIVATE LIMITED |
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Registered
Office : |
P B No 15, Eastern Valley, Adimali, Idukki – 685561, Kerala |
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Tel. No.: |
91-484-3001100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.08.1989 |
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Com. Reg. No.: |
09-005449 |
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Capital
Investment / Paid-up Capital : |
INR 96.569 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U15499KL1989PTC005449 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACE5276F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in the manufacturing and selling of natural spice powders (viz. Turmeric, Chilli, Coriander, Pepper, etc.), blended curry powders made of spices (viz. Sambar, Rasam, Chicken Masala, Fish Masala, Biriyani Masala, Pickle Powder, etc.), pickles (viz., Mango, Ginger, Lemon, Gooseberry, etc.), coffee, rice products (viz. Puttu Podi, Idli Podi, Dosa Podi, Pathiri Podi, Appam Podi, etc.), etc. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 5492000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Eastern Condiments Private Limited was incorporated in the year 1989. For the financial year 2017, the revenue of the company has increased by 7.01% along with average profit margin of 3.98%. The strong financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has decent earning per share (EPS) of INR 35.74 against the face value (FV) of INR 10. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by unfavouarble gap between trade payables and trade receivables. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered 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 |
CRISIL |
|
Rating |
Long Term : A |
|
Rating Explanation |
Adequate degree of
safety and low credit risk. |
|
Date |
21.08.2017 |
|
Rating Agency Name |
CRISIL |
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Rating |
Short Term : A1 |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
21.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 13.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-486-4222206/ Mobile No.:
91-8589992832)
LOCATIONS
|
Registered Office : |
P B No 15, Eastern Valley, Adimali, Idukki – 685561, Kerala, India |
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Tel. No.: |
91-484-3001100 Ext: 300 1234 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1/ Warehouse1
: |
2-2-15, Mariyamman Koilpatty, Kodangipetty Bodi Main Road, Theni-625531,
Tamilnadu, India |
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Tel No.: |
91-486-4222206 |
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Factories/
Warehouses : |
Also Located at
: · Adimali (Kerala) · Guntur (Andhra Pradesh) ·
Lucknow (Uttar Pradesh) |
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Overseas Branch Office : |
Located at : Ras-Al-Khaimah in UAE |
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Overseas Markets : |
Located at : Middle East countries |
DIRECTORS
As on 31.03.2017
|
Name : |
Firoz Meeran |
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Designation : |
Managing Director |
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Address : |
Manalumparayil House, Adimali, Adimali, Idukki District-685561,
Kerala, India |
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Date of Birth/Age : |
07.11.1983 |
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Date of Appointment : |
08.04.2014 |
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DIN No. : |
00242135 |
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Other
Directorship:
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Name : |
Navas Manalumparayil Meeran |
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Designation : |
Whole-time Director |
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Address : |
Villa no 2, Prominadeg
Ardens Pavoorroad, P A Divattom, Cochin, Ernakulam – 682024, Kerala, India |
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Date of Birth/Age : |
23.07.1969 |
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Date of Appointment : |
08.04.2014 |
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DIN No. : |
00128692 |
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Other
Directorship:
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Name : |
Srambickal Mytheen Muhammed |
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Designation : |
Whole-time Director |
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Address : |
Srambickal House, Eastern Valley, Machiplavu, Idukki – 685561, Kerala,
India |
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Date of Birth/Age : |
09.12.1955 |
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Date of Appointment : |
30.09.2005 |
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DIN No. : |
00254406 |
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Other
Directorship:
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Name : |
Manalumparayil Ebrahim Mohamed |
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Designation : |
Director |
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Address : |
No.9, Spring Tide Villas, Tagore Lane, Elamakara, Ernakulam Cochin 682026, Kerala, India |
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Date of Birth/Age : |
21.09.1942 |
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Date of Appointment : |
01.10.2004 |
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DIN No.: |
00129005 |
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Other
Directorship:
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Name : |
Malcolm Stuart Swift |
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Designation : |
Casual Vacancy Director |
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Address : |
Heronslea House, Church Road Cookham, Maidenhead, SL6 9PR Berkshire Na
Gb |
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Date of Birth/Age : |
23.03.1960 |
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Date of Appointment : |
06.01.2016 |
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DIN No.: |
07449874 |
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Name : |
Daniel Zoltan Moorfield |
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Designation : |
Casual Vacancy Director |
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Address : |
No :2 Saunders Road Singapore 228256 |
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Date of Birth/Age : |
26.09.1971 |
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Date of Appointment : |
13.05.2016 |
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DIN No.: |
07466509 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2017
|
Names of Shareholders |
|
No. of Shares |
|
Srambickal Moideen Muhammed |
|
65440 |
|
Navas Manalumparayil Meeran |
|
3201180 |
|
Nabeesa Meeran |
|
56770 |
|
Firoz Meeran |
|
3201180 |
|
Niza Zakkeer |
|
294133 |
|
Soya Sajith |
|
294133 |
|
M.E.Mohamed |
|
17235 |
|
Abacid M Aliyar |
|
16035 |
|
McCormick Ingredients South East Asia Pte. Limited, Singapore |
|
2510794 |
|
Total |
|
9656900 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
74.00 |
|
Promoters (Body corporate) |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the manufacturing and selling of natural spice powders (viz. Turmeric, Chilli, Coriander, Pepper, etc.), blended curry powders made of spices (viz. Sambar, Rasam, Chicken Masala, Fish Masala, Biriyani Masala, Pickle Powder, etc.), pickles (viz., Mango, Ginger, Lemon, Gooseberry, etc.), coffee, rice products (viz. Puttu Podi, Idli Podi, Dosa Podi, Pathiri Podi, Appam Podi, etc.), etc. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Wilmont Park Business Centre, Ist Floor , Warriam Road, Kochi- 682016, Kerala, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies : |
· BAMS Condiments Impex Private Limited CIN No.: U51225KL2007PTC021282 · Eastern Food Speciality Formulations Private Limited CIN No.: U15490KA2008PTC048380 |
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Associate Company : |
· Eastern Condiments Middle East FZC, UAE |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· McCormick Ingredients South East Asia Pte. Limited · Adimali Agro Industries · Eastern Agencies · Eastern Mattresses Private Limited · Eastern Retreads Private Limited · Eastern Treads Limited · Nanma Properties Private Limited · Eastern Clothing · Vazhakkulam Rubbers · Eastea Chai Private Limited · Eastern Aqua Mineral · Diet Fibre 365 Food Products Private Limited · M.E.Meeran Management Private Limited · M.E.Meeran Innovation Centre · M.E.Meeran Foundation for Entrepreneurial Development Trust |
CAPITAL STRUCTURE
As on 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
4400000 |
Preference Shares |
INR 100/- each |
INR 440.000 Million |
|
|
Total |
|
INR 590.000 Million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9656900 |
Equity Shares |
INR 10/- each |
INR 96.569 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
96.569 |
96.569 |
96.569 |
|
(b) Reserves and Surplus |
1825.661 |
1480.479 |
1837.956 |
|
(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) |
1922.230 |
1577.048 |
1934.525 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
255.461 |
439.884 |
1.822 |
|
(b) Deferred tax liabilities (Net) |
107.313 |
127.339 |
127.280 |
|
(c) Other long-term
liabilities |
74.674 |
44.549 |
30.004 |
|
(d) long-term
provisions |
0.033 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
437.481 |
611.772 |
159.106 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1166.434 |
1791.050 |
1419.100 |
|
(b) Trade
payables |
645.693 |
360.269 |
202.839 |
|
(c) Other
current liabilities |
248.308 |
230.080 |
39.692 |
|
(d) Short-term
provisions |
5.241 |
3.672 |
1.738 |
|
Total Current
Liabilities (4) |
2065.676 |
2385.071 |
1663.369 |
|
|
|
|
|
|
TOTAL |
4425.387 |
4573.891 |
3757.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1480.926 |
1521.791 |
1436.566 |
|
(ii)
Intangible Assets |
24.451 |
23.938 |
23.249 |
|
(iii) Tangible assets
capital work-in-progress |
154.037 |
107.210 |
65.786 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.052 |
31.052 |
31.052 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
302.366 |
257.066 |
182.609 |
|
(e) Other
Non-current assets |
0.000 |
1.900 |
6.020 |
|
Total Non-Current
Assets |
1992.832 |
1942.957 |
1745.282 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.570 |
0.487 |
0.422 |
|
(b)
Inventories |
1366.785 |
1704.583 |
1453.847 |
|
(c) Trade
receivables |
647.057 |
588.673 |
436.535 |
|
(d) Cash and
bank balances |
45.458 |
31.193 |
62.501 |
|
(e)
Short-term loans and advances |
255.582 |
184.777 |
26.887 |
|
(f) Other
current assets |
117.103 |
121.221 |
31.526 |
|
Total
Current Assets |
2432.555 |
2630.934 |
2011.718 |
|
|
|
|
|
|
TOTAL |
4425.387 |
4573.891 |
3757.000 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
8655.727 |
8088.413 |
6616.313 |
|
|
Other Income |
26.108 |
37.575 |
43.662 |
|
|
TOTAL |
8681.835 |
8125.988 |
6659.975 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5522.545 |
5801.086 |
4557.723 |
|
|
Purchases of
Stock-in-Trade |
398.148 |
297.539 |
295.831 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
68.996 |
(114.925) |
(87.559) |
|
|
Employee benefit expense |
793.973 |
711.200 |
420.547 |
|
|
CSR expenditure |
1.697 |
3.301 |
3.704 |
|
|
Other expenses |
1222.928 |
1468.233 |
972.914 |
|
|
Exceptional items before tax |
0.000 |
0.000 |
(359.424) |
|
|
TOTAL |
8008.287 |
8166.434 |
5803.736 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
673.548 |
(40.446) |
856.239 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
175.421 |
175.076 |
95.573 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
498.127 |
(215.522) |
760.666 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
159.232 |
141.896 |
151.435 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
338.895 |
(357.418) |
609.231 |
|
|
|
|
|
|
|
Less |
TAX |
(6.287) |
0.059 |
210.607 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
345.182 |
(357.477) |
398.624 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2058.476 |
1805.201 |
1626.497 |
|
|
TOTAL EARNINGS |
2058.476 |
1805.201 |
1626.497 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
72.371 |
42.609 |
66.093 |
|
|
Capital Goods |
0.000 |
2.562 |
3.406 |
|
|
TOTAL IMPORTS |
72.371 |
45.171 |
69.499 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
35.74 |
(37.02) |
41.28 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
194.153 |
163.645 |
1.469 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1172.851 |
(499.698) |
38.546 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
27.29 |
26.56 |
24.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
13.38 |
13.74 |
15.16 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
39.81 |
21.56 |
15.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.49 |
(0.02) |
0.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.41 |
(0.02) |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.57 |
0.65 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.84 |
1.52 |
0.74 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.07 |
1.51 |
0.86 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.86 |
1.05 |
0.79 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.84 |
(0.23) |
8.96 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.99 |
(4.42) |
6.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.80 |
(7.82) |
10.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.96 |
(22.67) |
20.61 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.18 |
1.10 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.52 |
0.39 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.43 |
0.34 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
16.73 |
24.80 |
14.73 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.18 |
1.10 |
1.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
96.569 |
96.569 |
96.569 |
|
Reserves & Surplus |
1837.956 |
1480.479 |
1825.661 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1934.525 |
1577.048 |
1922.230 |
|
|
|
|
|
|
long-term borrowings |
1.822 |
439.884 |
255.461 |
|
Short term borrowings |
1419.100 |
1791.050 |
1166.434 |
|
Current maturities of
long-term debts |
1.469 |
163.645 |
194.153 |
|
Total
borrowings |
1422.391 |
2394.579 |
1616.048 |
|
Debt/Equity
ratio |
0.735 |
1.518 |
0.841 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
6616.313 |
8088.413 |
8655.727 |
|
|
|
22.250 |
7.014 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
6616.313 |
8088.413 |
8655.727 |
|
Profit/ (Loss) |
398.624 |
(357.477) |
345.182 |
|
|
6.02% |
(4.42%) |
3.99% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
96.569 |
96.569 |
|
(b) Reserves and Surplus |
|
1904.883 |
1546.837 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
2001.452 |
1643.406 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
255.461 |
439.884 |
|
(b) Deferred tax liabilities (Net) |
|
107.888 |
128.459 |
|
(c) Other long-term
liabilities |
|
77.195 |
46.779 |
|
(d) long-term
provisions |
|
0.033 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
440.577 |
615.122 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1166.476 |
1791.092 |
|
(b) Trade
payables |
|
640.750 |
355.113 |
|
(c) Other
current liabilities |
|
248.831 |
232.998 |
|
(d) Short-term
provisions |
|
5.241 |
3.672 |
|
Total Current
Liabilities (4) |
|
2061.298 |
2382.875 |
|
|
|
|
|
|
TOTAL |
|
4503.327 |
4641.403 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1483.081 |
1522.835 |
|
(ii)
Intangible Assets |
|
26.131 |
27.858 |
|
(iii) Tangible assets
capital work-in-progress |
|
154.037 |
107.208 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
78.501 |
69.990 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
301.263 |
257.156 |
|
(e) Other Non-current
assets |
|
0.000 |
1.900 |
|
Total Non-Current
Assets |
|
2043.013 |
1986.947 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.570 |
0.487 |
|
(b)
Inventories |
|
1380.747 |
1710.931 |
|
(c) Trade
receivables |
|
649.570 |
593.689 |
|
(d) Cash and
bank balances |
|
55.838 |
42.374 |
|
(e)
Short-term loans and advances |
|
256.486 |
185.754 |
|
(f) Other
current assets |
|
117.103 |
121.221 |
|
Total
Current Assets |
|
2460.314 |
2654.456 |
|
|
|
|
|
|
TOTAL |
|
4503.327 |
4641.403 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
|
8724.648 |
8153.407 |
|
|
Other Income |
|
26.137 |
38.570 |
|
|
TOTAL |
|
8750.785 |
8191.977 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
5526.438 |
5785.836 |
|
|
Purchases of
Stock-in-Trade |
|
448.356 |
360.604 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
64.485 |
(114.490) |
|
|
Employee benefit expense |
|
795.574 |
712.134 |
|
|
CSR expenditure |
|
1.697 |
2.093 |
|
|
Other expenses |
|
1233.335 |
1479.007 |
|
|
TOTAL |
|
8069.885 |
8225.184 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
680.900 |
(33.207) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
175.421 |
175.076 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
505.479 |
(208.283) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
161.605 |
144.175 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
343.874 |
(352.458) |
|
|
|
|
|
|
|
Less |
TAX |
|
(5.711) |
(0.383) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
349.585 |
(352.075) |
|
|
|
|
|
|
|
Add |
Minority
interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Add |
Share
of profit (loss) of associates |
|
8.461 |
4.851 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR PERIOD |
|
358.046 |
(347.224) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
37.08 |
(35.67) |
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 |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
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) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
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 |
No |
|
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 |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is primarily engaged in the manufacturing and selling of natural spice powders (viz. Turmeric, Chilli, Coriander, Pepper, etc.), blended curry powders made of spices (viz. Sambar, Rasam, Chicken Masala, Fish Masala, Biriyani Masala, Pickle Powder, etc.), pickles (viz., Mango, Ginger, Lemon, Gooseberry, etc.), coffee, rice products (viz. Puttu Podi, Idli Podi, Dosa Podi, Pathiri Podi, Appam Podi, etc.), etc. The Company has factories and warehouses at Adimali in Kerala, Theni in Tamil Nadu, Guntur in Andhra Pradesh, Lucknow in Uttar Pradesh and branch office in Ras-Al-Khaimah in UAE and an extensive distribution network in India, Middle East countries and other overseas markets.
BUSINESS OPERATIONS
Commodity price continued to be at the price levels of previous year. Company has made price corrections to cover the increased raw material prices, especially the prices of chilli, turmeric, coriander and black pepper in domestic market. Company continued to invest in marketing activities during last year. Even through there is an overall reduction in volume of 4.3%, the improvement in product prices has resulted in an increase in topline of 6.8%.
Geographically, domestic sales registered a decrease of 8.0% (PY increase of 17.5 %) in volumes but there was a value increase of 4.6% (PY 25.0%). Kerala contribute 51.8% (PY 48.9%) of the total company sales value, with Rest of India Operations accounting for 24.1% (PY 28.5%) ; on export front, the growth in volume was 12.6% (PY 8.8%), along with a value growth of 14.0% (PY 22.6%).
Price increase in domestic market and increase in export sales has contributed towards the improvement in gross margins compared to last year.
Gross Margins (GM) increased to 21.2% compared to 15.0% in the last year.
The improvement in gross margin contributed the improvement in the operating margins and at -6.0% of sales compared to 2.3% of last year.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term borrowings |
|
|
|
Loans repayable on demand from banks |
186.265 |
645.641 |
|
Total |
186.265 |
645.641 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G18635185 |
100057009 |
HDFC BANK LIMITED |
31/08/2016 |
- |
200000000.0 |
SL PLAZA, PALARIVATTOM COCHIN KERALA 682025 INDIA |
|
2 |
G10065449 |
100046226 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
02/07/2016 |
- |
200000000.0 |
NO. 30 RAJAJI SALAI CHENNAI TAMILNADU 600001 INDIA |
|
3 |
G47123989 |
100047616 |
THE FEDERAL BANK LIMITED |
15/03/2016 |
07/12/2016 |
300000000.0 |
ERNAKULAM NORTH BRANCH BANERJI ROAD ERNAKULAM KERALA INDIA |
|
4 |
G29117819 |
100045740 |
DBS BANK LIMITED |
24/02/2016 |
16/08/2016 |
300000000.0 |
806 ANNA SALAI CHENNAI TAMILNADU 600002 INDIA |
|
5 |
C62323076 |
10524749 |
DBS BANK LIMITED |
07/08/2014 |
20/07/2015 |
250000000.0 |
806 ANNA SALAI CHENNAI TAMILNADU 600002 INDIA |
|
6 |
B37083177 |
10347965 |
CITI BANK N.A. |
29/03/2012 |
- |
80000000.0 |
DOOR NO.38/1581, PHOTO FAST HOUSE, M. G. ROAD, PADMA JUNCTION, COCHIN KERALA 682035 INDIA |
|
7 |
G51316545 |
10343515 |
THE FEDERAL BANK LIMITED |
10/02/2012 |
29/06/2017 |
500000000.0 |
ERNAKULAM NORTH BRANCH BANERJI ROAD ERNAKULAM KERALA INDIA |
|
8 |
G51316826 |
10343520 |
THE FEDERAL BANK LIMITED |
10/02/2012 |
29/06/2017 |
30000000.0 |
ERNAKULAM NORTH BRANCH BANERJI ROAD ERNAKULAM KERALA INDIA |
|
9 |
C26831370 |
10310783 |
CITI BANK N.A. |
22/09/2011 |
10/10/2014 |
450000000.0 |
PHOTOFAST HOUSE, DOOR NO.38/1581, M.G. ROAD, PADMA JUNCTION, COCHIN KERALA 682035 INDIA |
|
10 |
C00456905 |
90023121 |
STATE BANK OF INDIA |
02/02/2005 |
22/02/2014 |
356000000.0 |
COMMERCIAL BRANCH, 1ST FLOOR, VANKARATH TOWERS BYE PASS JUNCTION, PADIVATTOM COCHIN KERALA 682024 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against company not acknowledged as debt |
588.993 |
131.903 |
|
Guarantees |
0.000 |
14.975 |
|
Total |
588.993 |
146.878 |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicle
- Office equipment
- Computer equipments
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.37 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·