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|
MIRA INFORM REPORT
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Report No. : |
492672 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VKL SEASONING PRIVATE LIMITED (w.e.f. 10.04.2013) |
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Formerly known
As : |
AFINITY TRADING PRIVATE LIMITED |
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Registered
Office : |
Plot No. R 30, TTC Industrial Area, MIDC Rabale, Navi
Mumbai, Thane – 400701, Maharashtra |
|
Tel. No.: |
91-22-40074700 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
11-173441 |
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Capital
Investment / Paid-up Capital : |
INR 1060.200 Million |
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CIN No.: [Company Identification
No.] |
U52100MH2007PTC173441 |
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IEC No.: |
Not Divulged |
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GSTIN/UIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAGCA8622D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of manufacturing and processing of seasoning, flavours, spice mixes, and food service. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 3500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007. It is engaged in manufacturing and processing of seasoning, flavours,
spice mixes, and food service. For the financial year 2017, the revenue of the company has increased
by 25.69% but has incurred operational losses. The moderate financial profile of the company is marked by low reserve
base as compared to its capital along with negligible debt level. Rating is constrained on account of continue loss incurred by the
company. Business is active. Payments seems to be slow. In view of aforesaid, the company can be considered for business
dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities= BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
12.01.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities= A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
12.01.2017 |
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 16.02.2018
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 DENIED
Management Non-Cooperative (91-22-40074700)
LOCATIONS
|
Registered Office : |
Plot No. R 30 TTC Industrial Area, MIDC Rabale, Navi
Mumbai, Thane – 400701, Maharashtra, India |
|
Tel. No.: |
91-22-40074700 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
XII/136 A, Kundannoor-Maradu Road, Maradu P.O., Kochi –
682304, Kerala, India |
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Branch Office : |
Plot No. 431, 4th Floor, N.H.8, Phase-III,
Udyog Vihar, Gurugram – 122016, Haryana, India |
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Factory 1 : |
43/771, Beach Road, P.B No. 4621, Alleppey – 688012,
Kerala, India |
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Factory 2 : |
A 401, TTC Industrial Area, Thane Belapur Road, M.I.D.C., Mahape, Navi
Mumbai – 400710, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ajay Jayasinh Mariwala |
|
Designation : |
Managing Director |
|
Address : |
Zaver Cochin, Yacht Club Enclave, 26/UA, 592-A, Konthuruthy, Thevara, Ernakulam
– 682013, Kerala, India |
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Date of Birth/Age : |
24.10.1963 |
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Qualification: |
MBA |
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PAN No. |
AABPM9729K |
|
Date of Appointment : |
17.06.2013 |
|
DIN No.: |
00193786 |
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|
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Name : |
Mr. Haresh Ram Chawla |
|
Designation : |
Nominee Director |
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Address : |
143, 14th Floor, Nibanna CHS, Nargis Dutt Road, Pali Hill, Bandra
(West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1967 |
|
Date of Appointment : |
30.09.2013 |
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DIN No.: |
00029828 |
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|
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|
Name : |
Mr. Vikram Nirula |
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Designation : |
Nominee Director |
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Address : |
1501, Raheja Princess, S K Bole Marg, Agar Bazar, Dadar (West), Mumbai
– 400028, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1972 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
01655115 |
KEY EXECUTIVES
|
Name : |
Ms. Priya Virendrakumar Lohani |
|
Designation : |
Company Secretary |
|
Address : |
166-172, Vishwanath Building, Dawa Bazaar Kalbadevi,
Marine Lines, Mumbai – 400002, Maharashtra, India |
|
Date of Appointment : |
06.11.2017 |
|
PAN No.: |
AIBPL8073B |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Shareholders (Equity Shares holders) |
No. of Shares |
|
Ajay Jayasinh Mariwala, India |
509990 |
|
IVF Trustee Company Private Limited - Sole Trustee India Value Fund IV, India |
509990 |
|
|
|
|
Total |
1019980 |
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Names of Shareholder (Preference Shares-Class-A Compulsory Convertible) |
No. of Shares |
|
IVF Trustee Company Private Limited - Sole Trustee India Value
Fund IV,
India |
50000000 |
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|
|
|
Total |
50000000 |
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Names of Shareholder (Preference Shares-Class-B Compulsory Convertible) |
No. of Shares |
|
IVF Trustee Company Private Limited - Sole Trustee India Value
Fund IV, India |
15000000 |
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|
|
|
Total |
15000000 |
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Names of Shareholder (Preference Shares-Class-C Compulsory Convertible) |
No. of Shares |
|
IVF Trustee Company Private Limited - Sole Trustee India Value
Fund IV, India |
40000000 |
|
|
|
|
Total |
40000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
50.00 |
|
Public/Other than promoters (Venture capital) |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of manufacturing and processing of seasoning, flavours, spice mixes, and food service. [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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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
HDFC
Bank Limited, S.L Plaza, 1st Floor, Palaraivattom, Cochin – 682026,
Kerala, India |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12th Floor, The Ruby, 29, Senapati Bapat Marg, Mumbai – 400028, Maharashtra, India |
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PAN
No: |
ACHFS9118A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
· Keya Foods International Private Limited (U15499KL2007PTC021109) |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
· True North Trusteeship Private Limited (U74140KA2006PTC040274) · Complete Spice Solutions India Limited U51225KL2003PLC016005) · Kancor Ingredients Limited (U51909MH1990PLC240460) · Vallabhdas Kanji Limited (U51109KL1942PLC001301) · Food Service (India) Private Limited (U15122MH2015PTC270117) · Meru Cab Company Private Limited (U63040MH2006PTC165959) · V-Link Automotive Services Private Limited (U50500MH2010PTC198987) |
CAPITAL STRUCTURE
AS ON 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
INR 10/- each |
INR 125.000 Million |
|
50000000 |
Preference Shares holders Class-A
Compulsory Convertible |
INR 10/- each |
INR 500.000 Million |
|
15000000 |
Preference Shares holders Class-B
Compulsory Convertible |
INR 10/- each |
INR 150.000 Million |
|
40000000 |
Preference Shares holders Class-C
Compulsory Convertible |
INR 10/- each |
INR 400.000 Million |
|
|
|
|
|
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|
Total |
|
INR 1175.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1019980 |
Equity Shares |
INR 10/- each |
INR 10.200 Million |
|
50000000 |
Preference Shares holders Class-A
Compulsory Convertible |
INR 10/- each |
INR 500.000 Million |
|
15000000 |
Preference Shares holders Class-B Compulsory
Convertible |
INR 10/- each |
INR 150.000 Million |
|
40000000 |
Preference Shares holders Class-C
Compulsory Convertible |
INR 10/- each |
INR 400.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 1060.200
Million |
FINANCIAL DATA
[all figures are
in 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 |
1060.200 |
1060.200 |
1060.200 |
|
(b) Reserves & Surplus |
154.601 |
307.908 |
491.664 |
|
(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) |
1214.801 |
1368.108 |
1551.864 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
265.206 |
277.936 |
289.751 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
20.812 |
12.233 |
5.807 |
|
Total Non-current
Liabilities (3) |
286.018 |
290.169 |
295.558 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
402.151 |
139.324 |
41.738 |
|
(b) Trade payables |
285.844 |
378.640 |
207.598 |
|
(c) Other
current liabilities |
120.199 |
178.161 |
69.565 |
|
(d) Short-term
provisions |
14.865 |
16.814 |
11.383 |
|
Total Current
Liabilities (4) |
823.059 |
712.939 |
330.284 |
|
|
|
|
|
|
TOTAL |
2323.878 |
2371.216 |
2177.706 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
554.007 |
423.285 |
383.240 |
|
(ii)
Intangible Assets |
829.115 |
848.860 |
843.488 |
|
(iii) Capital
work-in-progress |
68.917 |
52.147 |
1.486 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.600 |
|
(b) Non-current Investments |
280.000 |
280.000 |
280.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
21.356 |
216.207 |
160.000 |
|
(e) Other
Non-current assets |
3.492 |
32.023 |
15.538 |
|
Total Non-Current
Assets |
1756.887 |
1852.522 |
1684.352 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2.308 |
2.308 |
35.000 |
|
(b)
Inventories |
274.606 |
253.510 |
200.185 |
|
(c) Trade
receivables |
228.459 |
183.796 |
183.950 |
|
(d) Cash
and cash equivalents |
24.694 |
41.399 |
29.793 |
|
(e)
Short-term loans and advances |
32.772 |
37.529 |
37.633 |
|
(f) Other
current assets |
4.152 |
0.152 |
6.793 |
|
Total
Current Assets |
566.991 |
518.694 |
493.354 |
|
|
|
|
|
|
TOTAL |
2323.878 |
2371.216 |
2177.706 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1858.222 |
1478.310 |
1253.749 |
|
|
Other Income |
90.809 |
28.570 |
50.268 |
|
|
TOTAL |
1949.031 |
1506.880 |
1304.017 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1245.042 |
940.192 |
789.147 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.988) |
(13.679) |
(34.427) |
|
|
Employee benefit expense |
392.410 |
350.552 |
246.024 |
|
|
Other expenses |
329.703 |
293.144 |
212.730 |
|
|
TOTAL |
1946.167 |
1570.209 |
1213.474 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2.864 |
(63.329) |
90.543 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
95.982 |
68.987 |
66.155 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(93.118) |
(132.316) |
24.388 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
60.189 |
51.440 |
53.005 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(153.307) |
(183.756) |
(28.617) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(153.307) |
(183.756) |
(28.617) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(150.30) |
(180.16) |
(28.06) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
86.087 |
69.599 |
51.527 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(355.707) |
(5.377) |
12.389 |
|
Net cash flows from (used in) operating activities |
(294.676) |
29.900 |
12.313 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
44.87 |
45.38 |
53.55 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.13 |
8.04 |
6.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
83.80 |
147.00 |
96.02 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.01 |
(0.25) |
0.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.00 |
(0.05) |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.51 |
0.45 |
0.31 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.62 |
0.36 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.68 |
0.52 |
0.21 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.20 |
0.97 |
0.79 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.03 |
(0.92) |
1.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(8.25) |
(12.43) |
(2.28) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(6.60) |
(7.75) |
(1.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(12.62) |
(13.43) |
(1.84) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.69 |
0.73 |
1.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.36 |
0.37 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.58 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.71 |
0.46 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.69 |
0.73 |
1.49 |
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 |
1060.200 |
1060.200 |
1060.200 |
|
Reserves & Surplus |
491.664 |
307.908 |
154.601 |
|
Net
worth |
1551.864 |
1368.108 |
1214.801 |
|
|
|
|
|
|
Long-term borrowings |
289.751 |
277.936 |
265.206 |
|
Short term borrowings |
41.738 |
139.324 |
402.151 |
|
Current maturities of
long-term debts |
51.527 |
69.599 |
86.087 |
|
Total
borrowings |
383.016 |
486.859 |
753.444 |
|
Debt/Equity
ratio |
0.247 |
0.356 |
0.620 |
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 |
1253.749 |
1478.310 |
1858.222 |
|
|
|
17.911 |
25.699 |
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 |
1253.749 |
1478.310 |
1858.222 |
|
Profit/ (Loss) |
(28.617) |
(183.756) |
(153.307) |
|
|
(2.28
%) |
(12.43
%) |
(8.25
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1060.200 |
1060.200 |
|
(b) Reserves and Surplus |
|
20.010 |
207.683 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1080.210 |
1267.883 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
265.206 |
277.936 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
20.812 |
12.233 |
|
Total Non-current
Liabilities (3) |
|
286.018 |
290.169 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
402.151 |
139.324 |
|
(b) Trade
payables |
|
285.844 |
378.640 |
|
(c) Other
current liabilities |
|
120.199 |
178.161 |
|
(d) Short-term
provisions |
|
14.865 |
16.814 |
|
Total Current
Liabilities (4) |
|
823.059 |
712.939 |
|
|
|
|
|
|
TOTAL |
|
2189.287 |
2270.991 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
554.007 |
423.285 |
|
(ii)
Intangible Assets |
|
829.115 |
848.860 |
|
(iii) Tangible assets
capital work-in-progress |
|
68.917 |
52.147 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
145.409 |
179.775 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
21.356 |
216.207 |
|
(e) Other
Non-current assets |
|
3.492 |
32.023 |
|
Total Non-Current
Assets |
|
1622.296 |
1752.297 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
2.308 |
2.308 |
|
(b)
Inventories |
|
274.606 |
253.510 |
|
(c) Trade
receivables |
|
228.459 |
183.796 |
|
(d) Cash and
bank balances |
|
24.694 |
41.399 |
|
(e)
Short-term loans and advances |
|
32.772 |
37.529 |
|
(f) Other
current assets |
|
4.152 |
0.152 |
|
Total
Current Assets |
|
566.991 |
518.694 |
|
|
|
|
|
|
TOTAL |
|
2189.287 |
2270.991 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
1858.223 |
1478.310 |
|
|
Other Income |
|
90.809 |
28.570 |
|
|
TOTAL |
|
1949.032 |
1506.880 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1245.042 |
940.192 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(20.987) |
(13.679) |
|
|
Employee benefit expense |
|
392.410 |
350.552 |
|
|
Other expenses |
|
329.703 |
293.144 |
|
|
TOTAL |
|
1946.168 |
1570.209 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2.864 |
(63.329) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
95.982 |
68.987 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(93.118) |
(132.316) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
60.189 |
51.440 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(153.307) |
(183.756) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(153.307) |
(183.756) |
|
|
|
|
|
|
|
Add
/ Less |
SHARE
OF PROFIT (LOSS) OF ASSOCIATES |
|
(34.366) |
(48.099) |
|
|
|
|
|
|
|
|
TOTAL
PROFIT (LOSS) FOR PERIOD |
|
(187.673) |
(231.855) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(184.00) |
(227.31) |
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 |
Yes |
|
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 |
No |
|
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 |
NOTE: Registered office of the company has been
shifted from A 401, TTC Industrial Area, Thane Belapur Road, M.I.D.C.,
Mahape, Navi Mumbai – 400710, Maharashtra, India to
the present address.
CORPORATE INFORMATION
The Company, was incorporated as a private limited company on 24th August, 2007 under the provisions of the Companies Act, 1956. The Company commenced commercial operations from 1stApril, 2013. The principal activity of the Company is mainly blending and selling of seasoning and flavours in the domestic as well as in the export market. The Company's manufacturing facilities are located at Alleppy and Mumbai. The Company also has a 100% export oriented unit at its manufacturing facility at Alleppy.
During the year ended 31st March, 2013, the Company, through business transfer arrangement, purchased the seasonings and flavours division of Vallabhdas Kanji Limited on 30th March, 2013.
RESULTS OF OPERATIONS
During the year the Company reported total income from operations of INR1858.200 million on standalone as well as on consolidated basis as compared to INR 1478.300 million during the last year. This income is despite of the sale of Food Service business in the month of August 2016
Seasoning Factory at Alleppey
The one of the oldest spice and seasonings manufacturing facility of the Company in the state of Kerala produces major portion of Company's output. Output of spices, seasonings and spice blends produced from the factory is showing a continuous increase in its output.
The volumes and the value of the products generated from the Alleppey factory have once again reached its highest production till date.
The renovation work at the factory which was underway during last year has been completed this year. The renovation work has helped the Company to improve the productivity, storage capability and efficiency of operations and delivery.
Flavour Factory at Mahape, Navi Mumbai
shifted to MIDC Rabale, Navi Mumbai
Mahape factory which was exclusively involved in manufacturing of flavours and fragrances has been shifted to a larger facility located at MIDC Rabale, which falls under Navi Mumbai Municipal Corporation, as the present facility has peaked its output. The Board is of the view that the flavour business shall have additional capacity to meet next 5 years business growth.
100% EOU at Kuthiathode, Alleppey
Company has built up a green field 100% Export Oriented Unit (EOU) at the leasehold land at Kuthiathode, and the same has commenced operation during financial year 2016-17. Investments made in all the manufacturing units shall be operational and generate income for the Company. The additional capacity build-up is done foreseeing the domestic and international business opportunity, growth of Food industry and new government policies in food sector. The Company has also obtained the Food Safety license from the Food Safety and Standards Authority of India for the 100% EOU.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
107.000 |
0.000 |
|
|
|
|
|
Total |
107.000 |
0.000 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G69780914 |
100023736 |
KOTAK MAHINDRA BANK LIMITED |
06/04/2016 |
04/08/2017 |
- |
348000000.0 |
GROUND FLOOR, CHERUKURA TOWERS RAILWAY STATION ROAD, COLLECTORATE P.OKOTTAYAM KL686002IN |
|
2 |
G19910066 |
100025216 |
HDFC BANK LIMITED |
14/03/2016 |
30/09/2016 |
- |
330000000.0 |
S.L PLAZA,1ST FLOOR, PALARAI VATTOMCOCHIN KL682026IN |
|
3 |
C42281212 |
10546708 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
06/01/2015 |
- |
- |
150000000.0 |
GROUND FLOOR, VIDEOCON TOWER, E-1,RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHIDL110055IN |
|
4 |
G06969505 |
10422125 |
UNION BANK OF INDIA |
30/03/2013 |
27/11/2014 |
30/06/2016 |
500000000.0 |
OVERSEAS BRANCHMG ROADERNAKULAMKL682035IN |
|
5 |
G06969612 |
10422481 |
AXIS BANK LIMITED |
30/03/2013 |
- |
20/06/2016 |
188700000.0 |
41/419, GROUND FLOOR, CHICAGO PLAZA ERNAKULAM KOCHI KL682035IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.16 |
|
|
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
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.