You are on page 1of 24

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC-CARE MSE Rating Report


Name of the Entity

Shiva Sai Dairy Products

Registration No.

28006120613 (dated December 17, 2011)

FY13 (Aud.) Turnover

Rs. 1133 lakh

SE 3B
Rating*

Moderate Performance Capability


Moderate Financial Strength

Rating Valid From

December 24, 2013

Rating Valid Up to

December 23, 2014

*The rating indicates the level of creditworthiness, which is adjudged in relation to other MSEs

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC -CARE MSE Rating INDEX
3
4
5

POSITION UNDER RATING MATRIX


KEY RATING CONSIDERATIONS
BRIEF SNAPSHOT OF ENTITY
ORGANISATION & MANAGEMENT
PROFILE OF THE PROMOTERS
MANAGEMENT & OWNERSHIP STRUCTURE
BUSINESS PROFILE
OPERATIONS OVERVIEW
CUSTOMER & SUPPLIER ANALYSIS
INDUSTRY ANALYSIS
SITE VISIT REPORT
FINANCIAL PERFORMANCE
PROFITABILITY STATEMENT
COST STRUCTURE
PROFITABILITY & RETURNS
BALANCE SHEET: ASSETS
BALANCE SHEET: LAIBILITIES
SUMMARY OF RATIOS
LIQUIDITY ANALYSIS
FINANCIAL FLEXIBILITY
DEBT PROTECTION INDICATORS
COMMON SIZE STATEMENTS
DETAILS OF BANK FACILITIES

6
7
8
9
11
12
13
14
15
16
17
18
19
20
21
22-23
24

NOTICE
NSIC CARE Rating is assigned under the scheme for Rating of Micro & Small Enterprises (MSEs), designed and
subsidised by the National Small Industries Corporation (NSIC). A copy of the rating report is also submitted to
NSIC. The rating is a one-time exercise and it will not be kept under surveillance. The validity of the rating is one
year from the date of report, subject to no significant changes / events occur during this period that can materially
impact the operational and financial parameters of the entity.
The rating and the report is based on the information and explanations provided to CARE and /or obtained by
CARE from reliable sources. CARE does not guarantee the accuracy, completeness or adequacy of any
information on which this rating and report is based. CARE is not responsible for any error / omissions for the
results/opinions obtained for the use of this report. The rating is not an audit and also not any recommendation to
enter into or not enter into any transaction with the entity. CARE reserves the right to disclose the rating along
with the rating report to Government, Regulatory Agencies, Courts of Law, etc., if required.
CARE, its directors, Rating Committee members, employees and other associated with the rating assignment do
not have any financial liability whatsoever. Any reproduction of the report or part of it would require explicit
written approval of CARE.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

SE 3B
Moderate Performance Capability
&
Moderate Financial Strength

Performance
Capability

NSIC -CARE Rating - POSITION UNDER RATING MATRIX

Highest
High
Moderate
Weak
Poor

Financial
High
SE 1A
SE 2A
SE 3A
SE 4A
SE 5A

Strength
Moderate
SE 1B
SE 2B
SE 3B
SE 4B
SE 5B

Low
SE 1C
SE 2C
SE 3C
SE 4C
SE 5C

NSIC- CARE MSE rating symbols


SE 1A
SE 1B
SE 1C
SE 2A
SE 2B
SE 2C
SE 3A
SE 3B
SE 3C
SE 4A
SE 4B
SE 4C
SE 5A
SE 5B
SE 5C

Highest Performance capability; High Financial strength. Prospects of performance are the highest and
the entity has high capacity to meet its financial obligations.
Highest Performance capability; Moderate Financial strength. Prospects of performance are the highest.
However, the entity has moderate capacity to meet its financial obligations.
Highest Performance capability; Low Financial strength. Prospects of performance are the highest.
However, the entity has low capacity to meet its financial obligations.
High Performance capability; High Financial strength. Prospects of performance are high and the entity
has high capacity to meet its financial obligations.
High Performance capability; Moderate Financial strength. Prospects of performance are high.
However, the entity has moderate capacity to meet its financial obligations.
High Performance capability; Low Financial strength. Prospects of performance are high. However, the
entity has low capacity to meet its financial obligations.
Moderate Performance capability; High Financial strength. Prospects of performance are moderate.
However, the entity has high capacity to meet its financial obligations.
Moderate Performance capability; Moderate Financial strength. Prospects of performance are moderate
and the entity has moderate capacity to meet its financial obligations.
Moderate Performance capability; Low Financial strength. Prospects of performance are moderate.
However, the entity has low capacity to meet its financial obligations.
Weak Performance capability; High Financial strength. Prospects of performance are weak. However,
the entity has high capacity to meet its financial obligations.
Weak Performance capability; Moderate Financial strength. Prospects of performance are weak.
However, the entity has moderate capacity to meet its financial obligations.
Weak Performance capability; Low Financial strength. Prospects of performance are weak and the
entity has low capacity to meet its financial obligations.
Poor Performance capability; High Financial strength. Prospects of performance are poor. However, the
entity has high capacity to meet its financial obligations.
Poor Performance capability; Moderate Financial strength. Prospects of performance are poor.
However, the entity has moderate capacity to meet its financial obligations.
Poor Performance capability; Low Financial strength. Prospects of performance are poor and the entity
has low capacity to meet its financial obligations.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC -CARE Rating - Key Rating Considerations

Strengths
Experienced partners for more than two decades in the similar line of business
Significant achievement of total operating income during FY12
Comfortable capital structure and satisfactory debt coverage indicator
Capital infusion by partners to support business operations
Risk Factors
Constitution of the entity as a Partnership firm with inherent risk of withdrawal of capital and

limited access to funding


Working capital intensive nature of operations

Low profitability margins with margins susceptible to fluctuations in milk prices


Exposed to epidemic risk with highly fragmented and competitive nature of industry

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - Brief Snapshot of Entity
Name
Year of Establishment
Constitution
Registration Number
Registration Date
Nature of Business
Type of the Unit
Enterprise Category
Industry
Products
Controlling/Registered Office
Location of Plant
Key Promoter Name
Certifications / Awards
Major Brands
Name of the Auditor
Major Bankers
Total Number of Employees
Total Income for Latest Year

Shiva Sai Dairy Products


2010
Partnership Firm
28006120613
December 17, 2011
Processing of Milk
Small 2
General
Dairy
Milk
10-1-96/5, Beside SBI Bank, Durga Nagar, Bairamalguda, Sagar Road,
Hyderabad, Andhra Pradesh-500079
Plot No.4, Sy No. 18, Pindi Pulla Reddy Colony, Bairamalguda, LB Nagar,
Hyderabad, Andhra Pradesh-500079
Mr. M. Parvath Reddy
FSSAI (Food Safety and Standards Authority of India)
Dairy Gold
CBP & Associates, Hyderabad, Andhra Pradesh
HDFC Bank,
22
Rs.1133 Lakh in FY12

Shiva Sai Dairy Products (SSDP) was initially started as a proprietorship concern by Mr. M. Parvath
Reddy in September, 2010 and later converted into partnership firm in the year 2012. The firm is

engaged in dairy processing with a total processing capacity of 90 lakh liters of milk per annum at

its

chilling processing unit located at LB Nagar, Hyderabad. The firm procures milk from around 300 local
farmers and markets the dairy products under the brand name of Dairy Gold in and around Hyderabad.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - ORGANISTION & MANAGEMENT: PROFILE OF THE PROMOTERS
Name
Position
Qualification
Age
Work Experience
Earlier Business
Responsibilities Handled

Mr. M Parvath Reddy


Managing Partner
Graduate
42 years
20 years
Milk distribution agency in Hyderabad
Looks after overall operations of firm

Name
Position
Qualification
Age
Work Experience
Earlier Business
Responsibilities Handled

Mrs. B Praveena
Partner
Graduate
26 years
3 years
Looks after Administration activities

Comment
The average experience of the partners is 13 years. The entity is likely to be benefited due to
wide experience of the partners in the dairy industry.

Apart from the above two, the firm has three more inactive partners; Mrs. K Lalitha, Mrs.
Kotha Shamntha and Mr. PVN Ravi Varma who are the family members and relatives of the
managing partners.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - ORGANISTION & MANAGEMENT: MANAGEMENT & OWNERSHIP


STRUCTURE

Promoters stake
Promoters & Relatives (P & R)
Mr. M Parvath Reddy
Mrs. B Praveena
Other partner
Total

Share in Business (%)


20
20
60
100

Group Company Details NA

The firm does not have any group/associate concern


Employee Profile
Type of employees
Skilled Employees
Semi-Skilled Employees
Un-skilled Employees
Total

Nos.
4
3
15
22

Comment :
The level of professionalization seems to be moderate. The key decisions are family centric.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - BUSINESS PROFILE: OPERATIONS OVERVIEW


OPERATIONS OVERVIEW
Nature of Activity
Industry Segment
Products
Plant Location

Processing of Milk
Dairy
Milk
Plot No.4, Sy No. 18, Pindi Pulla Reddy Colony,
Bairamalguda, LB Nagar, Hyderabad, Andhra Pradesh-500079
4000 Sq. Feet
Leased
No

Area of the Plant


Ownership of Plant
Cluster Presence
PRODUCT & CAPACITIES
Class of Goods
Installed Capacity of Milk
Production Quantity
Capacity utilization

Units
Liters in thousand
Liters in thousand
%

BUSINESS ACTIVITY DETAILS


Electricity Consumption
Key Raw Materials
Level of Raw Material Price Fluctuation Risk
MSME Status
Quality Certifications
Level of Value Addition

FY12(A)

FY13 (Prov)
9000
3770
41.89%

9000
4140
46.00%

Approx. 750 units/month


Milk
High
Small 2
FSSAI(Food Safety and Standards Authority of India)
Moderate

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - CUSTOMER & SUPPLIER ANALYSIS
CUSTOMER PROFILE
Name of the Customer
Country
Contribution to Sales in FY12
Comments

Prasad Milk Distributor


India
12.50 %
SSDP is dealing with this customer since 3 years.

Name of the Customer


Country
Contribution to Sales in FY12
Comments

Sathish
India
9.00 %
SSDP is dealing with this customer since 3 years.

Name of the Customer


Country
Contribution to Sales in FY12
Comments

Sri Balaji Milk Popular


India
8.50 %
SSDP is dealing with this customer since 3 years.

CONTRIBUTION BY TOP THREE CUSTOMERS (% of sales)

Overall Customer Profile


Export Proportion
Foreign Exchange Fluctuation Risk
Comments

Moderate diversified
Nil
Nil
SSDP has about 50 customers in Hyderabad, and the firm
offers a credit period of around 15 days as per the business
requirements. The above top 3 customers are dealing with
SSDP from past 3 years.

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


SUPPLIER PROFILE
Supplier name
Farmers
SUPPLY SIDE ANALYSIS
Average Creditor Days
Raw Material Availability
Import as a % of RM Purchase
Comments

Country
India

Key Raw
Materials
Milk

As % of Purchases in
FY12
100

11 days
Adequate
Nil
The firm procures milk from local farmers. Credit
period availed from farmers is 10 to 15 days.

10

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - INDUSTRY ANALYSIS


Name of the Industry
Product Portfolio
Overall Industry Risk

Dairy
Milk
Moderate

INDUSTRY WRITE-UP:

Industry Outlook
The Indian food industry has witnessed strong growth over the past few years and is the world's second
largest producer of food next to China. Food processing industry is one of the largest industries in India,
ranking fifth in terms of production, growth, consumption, and export. The food processing industries in
India attracted foreign direct investments (FDI) worth US$ 1,811.06 million during April 2000 to March
2013, according to the latest data published by Department of Industrial Policy and Promotion (DIPP).
The Government of India has allowed 100 per cent FDI under the automatic route in the food processing
sector, in agri-products, milk and milk products, and marine and meat products. In the Union Budget
2013-14, an additional provision of Rs.10,000 crore (US$ 1.67 billion) has been allocated for National
Food Security Act. Anticipating the future growth, many big international players are entering the Indian
market by partnering the domestic players. This trend will emerge more strongly by 2015, providing
opportunities to local players to widen their product portfolios. The packaged food segment is expected
to grow 9 per cent annually to become a Rs.6 lakh crore (US$ 100.19 billion) industry by 2030,
dominated by milk, sweet and savoury snacks and processed poultry, among other products.
The dairy products are exposed to environmental risk related to epidemic, since most of the procurement
of milk is from its surrounding farmers. Therefore exposed to the quality of milk and adequate supply of
milk is critical for a dairy units. Also, milk supply and its prices are exposed to several external risks
like cattle diseases, yield etc. Also local dairy distributors faces stiff competition from the established
players in the milk industry like Amul Brand, Mother Dairy, Dodla Dairy, Reliance, Vijaya
as well as individual milk vendors in the unorganized sector which leads to low profitability margins.

11

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - SITE VISIT REPORT


Location of Plant

Plot No.4, Sy No. 18, Pindi Pulla Reddy Colony, Bairamalguda,


LB Nagar, Hyderabad, Andhra Pradesh-500079

Information of Operational Facilities


Plot No.4, Sy No. 18, Pindi Pulla Reddy Colony, Bairamalguda, LB Nagar,
Sites visited
Hyderabad, Andhra Pradesh-500079
No
Presence in a cluster
4000 Sq. Feet
Area of the unit
23
No. of employees at site
Leased
Ownership of premises
Approx. 750 units/month
Electricity consumption (units)
Boundary wall, Sign board, fire extinguisher, stock yard
Other facilities
Adequacy of Facilities
Availability of land for future expansion
Site layout
Adequacy of insurance coverage
Source of power
Adequacy of power
Source of water
Type of fuel used
Presence of labour union
Industrial relations
Level of work safety
Adequacy of storage facilities
Operational status of plants

Adequate
Structured
Adequate
Andhra Pradesh State Electricity Board and Generator
Adequate
Bore well
Diesel
No
Good
Adequate
Adequate
Operational

12

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - FINANCIAL PERFORMANCE - PROFITABILITY STATEMENT

Period Ends on:


Result Type:
Auditor Qualification:
Significant Event
No. of months in current financial year
Gross Sales
Net Sales
Total Operating Income
Material Costs
Consumable Stores
Power and Fuel
Employee Costs
Other Manufacturing Expenses
Other Expenses
Selling Expenses
Cost of Sales
PBILDT
Depreciation
PBIT
Interest and Finance Charges
Operating Profit Before Tax (OPBT)
Operating Profit After Tax (OPAT)
Profit Before Tax (PBT)
Cash Adjustments
Adjusted Profit Before Tax (APBT)
Tax
ADJUSTED PROFIT AFTER TAX (APAT)
Gross Cash Accruals

13

31 Mar 2011
Actual
Not Applicable

Rs. In Lakh
31 Mar 2012
Actual
Not Applicable

5.00
340.83
340.83
340.83
301.40
9.65
6.28
11.11
2.53
6.44
0.20
337.60
3.23
0.00
3.23
0.90
2.33
1.55
2.33
0.00
2.33
0.78
1.55
1.55

12.00
1132.56
1132.56
1132.56
1025.08
0.60
14.40
43.47
14.43
13.82
0.80
1112.61
19.96
1.78
18.17
1.08
17.09
11.10
17.09
-0.78
16.31
5.72
10.59
12.38

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - FINANCIAL PERFORMANCE - COST STRUCTURE

MC = Material Costs EC = Employee Costs Dep = Depreciation P&F = Power and Fuel I&F = Interest and
Finance Charges OC = Other Cost
Comment

Being FY12, first full year of operations, SSDP has achieved a total operating income of
Rs.1132.56 lakh in FY12 as against Rs.340.83 lakh in FY11 at the back of stabilization of its
operations coupled with addition of new customers by the firm and increase in sales volume and
realization of the same.

Raw material cost increased in FY12 over FY11 on back increase in the scale of operations.
Interest cost increased in FY12 over FY11 with addition of working capital borrowings during
FY12.

Depreciation increased in FY12 over FY11 with the purchase of new assets like machinery,
furniture, computer etc. (which is a substitute to the leased machinery and furniture).

14

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - FINANCIAL PERFORMANCE - PROFITABILITY & RETURNS

Comment

PBILD and PAT margins improved in FY12 over FY11 along with increased scale of operations.
But however, PAT margins remained on lower side at below unity due to stiff competition from
established players in the milk industry as well as from individual milk vendors in the
unorganized sector.

An efficient working capital cycle leading to low capital employed and low profit margins
resulted in moderate return on capital employed (RoCE) to 37.98 percent during FY12.

15

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - FINANCIAL PERFORMANCE - BALANCE SHEET:ASSETS

Period Ends on:


Result Type:
SUMMARY: ASSETS
Gross Block
Accumulated Depreciation
Net Block
Capital Work in Progress
NET FIXED ASSETS
Finished Goods
Stores and Spares
TOTAL INVENTORIES
Receivables : Less than 6 months
TOTAL RECEIVABLES
Loans; Advances; current assets related to operations
Cash and Bank Balances
TOTAL OTHER ASSETS
TOTAL CURRENT ASSETS related to operations
TOTAL ASSETS

31 Mar 2011
Actual

Rs. In Lakh
31 Mar 2012
Actual

9.78
0.00
9.78
0.00
9.78
5.49
0.60
6.10
14.25
14.25
12.50
2.88
15.38
35.73
45.51

17.85
-1.78
16.06
41.04
57.10
8.72
0.00
8.72
50.94
50.94
17.44
5.25
22.69
82.35
139.45

Gross Block increased as on March 31, 2012 over March 31, 2011 on account of addition of
machinery, computer, furniture etc which was funded through internal accruals and infusion of
capital. Capital working in progress as on March 31, 2012 includes purchase of machinery and
its eructation works (During FY11, the firm has operated its business through a rent premises and
leased machinery and furniture. However, during FY12 the firm has purchased new machinery
and furniture in substitute for leased one).

The project was started in December, 2011 and it was completed in July 2012 with a total project
cost of Rs.150 lakhs which was funded through term loan of Rs.75 lakh taken in the month of
June, 2012 and remaining by infusion of capital by the partners and internal accruals.

16

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating FINANCIAL PERFORMANCE BALANCE SHEET: LIABILITIES

Period Ends on:


Result Type:
SUMARY: LIABILITIES
Partners Capital
TANGIBLE NET WORTH
Working capital Bank Borrowings
TOTAL SHORT TERM DEBT
Creditors for goods
TOTAL OTHER LIABILITIES
Other Provisions ; regular
Total Provisions
Total Current Liabilities and Provisions ; related to
operations
TOTAL OUTSIDE LIABILITIES
TOTAL LIABILITIES

31 Mar 2011
Actual

Rs. In Lakh
31 Mar 2012
Actual

22.22
22.22
0.00
0.00
21.74
21.74
1.55
1.55
23.29

68.67
68.67
4.80
4.80
49.23
49.23
16.75
16.75
65.98

0.00
45.51

4.80
139.45

The tangible net worth of the firm increased from Rs.22.22 lakh as on March 31, 2011 to Rs.68.67
lakh as on March 31, 2012 on account of infusion of capital by partners to the tune of Rs.35.86
lakh coupled with accretion of profits to networth.

17

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - FINANCIAL PERFORMANCE - SUMMARY OF RATIOS
Period Ends on:
Result Type:
KEY FINANCIAL RATIOS
Growth Ratios
Growth in Net sales
Growth in Total Operating Income
Growth in PBILDT
Growth in APAT
Profitability Ratios
Gross Margin
PBILDT Margin
PBIT Margin
OPBT Margin
OPAT Margin
APAT Margin
Operating ROCE
ROCE (Total)
RONW
Average Cost of Borrowings
Turnover Ratios
Operating Capital Turnover Ratio
Fixed Assets Turnover Ratio
Working Capital Turnover Ratio
Average Finished Goods Inventory Period
Average Inventory Period (days)
Average Collection Period (days)
Average Creditors Period (days)
Working Capital Cycle (days)
Solvency Ratios
Debt Equity Ratio
Overall Gearing Ratio (Excluding Acceptances / Creditors on LC)
Adjusted Debt Equity Ratio
Adjusted Overall Gearing
Term Debt (including CPLTD) / Gross Cash Accruals
Total Debt / Gross Cash Accruals
Interest Coverage (PBILDT / Interest)
PBIT / Interest
Adjusted Interest Coverage
Current Ratio
Quick Ratio

18

31 Mar 2011
Actual

31 Mar 2012
Actual

232.30
232.30
518.69
585.00

11.57
0.95
0.95
0.68
0.45
0.45
14.51
14.51
6.96
0.00

9.49
1.76
1.60
1.51
0.98
0.94
37.98
37.98
23.31
44.88

15
35
27
6
6
15
23
-2

24
33
79
2
2
10
11
1

0.00
0.00
0.00
0.00
0.00
0.00
3.60
3.60
3.60
1.53
1.27

0.00
0.07
0.00
0.07
0.00
0.39
18.54
16.88
18.54
1.16
1.04

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - FINANCIAL PERFORMANCE - LIQUIDITY ANALYSIS

Liquidity Ratio
Particulars
Working Capital Turnover Ratio
Average Finished Goods Inventory Period
Average Inventory Period (days)
Average Collection Period (days)
Average Creditors Period (days)
Working Capital Cycle (days)

31 Mar 2011
27
6
6
15
23
-2

31 Mar 2012
79
2
2
10
11
1

Comment

Collection period of the firm improved from 15 days as on March 31, 2011 to 10 days as on March
31, 2012 mainly due to timely collection and realization of debtors. However the firm offers 15 days
of credit period to its customers.

Creditors period improved during FY12 against FY11 mainly due to timely payment to creditors.
However the firm availed credit period of 1to 2 week depending of farmer.

19

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - FINANCIAL PERFORMANCE - FINANCIAL FLEXIBILITY

Capital Structure Ratio


Particulars
Debt Equity Ratio
Overall Gearing Ratio (Including Acceptances / Creditors on LC)
Overall Gearing Ratio (Excluding Acceptances / Creditors on LC)
Adjusted Debt Equity Ratio
Adjusted Overall Gearing
Average Cost of Borrowings
Total Outside Liabilities to Networth

31 Mar 2011
0.00
0.00
0.00
0.00
0.00
0.00
0.98

31 Mar 2012
0.00
0.07
0.07
0.00
0.07
44.88
0.79

Comment

Debt equity ratio remained at nil on account of absence of long term debt from both banks and financial
institutions. Overall gearing ratio deteriorated to 0.07 times as on March 31, 2012 against March 31,
2011 mainly due to addition of new working capital borrowings to support its increasing scale of
operations. But however, overall gearing ratio stood comfortable at below unity.

20

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products

NSIC CARE Rating - FINANCIAL PERFORMANCE - DEBT PROTECTION INDICATORS

Comment

Interest coverage ratio stood comfortable and increased in FY12 to 18.54 times over 3.60 times
during FY11 mainly due to increase in PBILDT on back of increased scale of operations.
Total debt to GCA stood comfortable at 0.38 times during FY12 on the back of low debt vis-vis high cash accruals.

21

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - COMMON SIZE STATEMENT - P & L ACCOUNT

Period Ends on:


Result Type:
Gross Sales
Net Sales
Total Operating Income
Material Costs
Consumable Stores
Power and Fuel
Employee Costs
Other Manufacturing Expenses
Other Expenses
Selling Expenses
Cost of Sales
PBILDT
Depreciation
PBIT
Interest and Finance Charges
Operating Profit Before Tax (OPBT)
Operating Profit After Tax (OPAT)
Profit Before Tax (PBT)
Adjusted Profit Before Tax (APBT)
Tax
ADJUSTED PAT

31 Mar 2011
Actual
100.00
100.00
100.00
88.43
2.83
1.84
3.26
0.74
1.89
0.06
99.05
0.95
0.00
0.95
0.26
0.68
0.45
0.68
0.68
0.23
0.45

22

% to total sales
31 Mar 2012
Actual
100.00
100.00
100.00
90.51
0.05
1.27
3.84
1.27
1.22
0.07
98.24
1.76
0.16
1.60
0.10
1.51
0.98
1.51
1.44
0.51
0.94

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - COMMON SIZE STATEMENT - ASSETS
% to total assets
Period Ends on:
Result Type:
SUMMARY: ASSETS
Gross Block
Accumulated Depreciation
Net Block
Capital Work in Progress
NET FIXED ASSETS
Finished Goods
Stores and Spares
TOTAL INVENTORIES
Receivables : Less than 6 months
TOTAL RECEIVABLES
Loans & Advances to Subsidiaries
Loans; Advances; current assets related to operations
Cash and Bank Balances
TOTAL OTHER ASSETS
TOTAL CURRENT ASSETS related to operations
TOTAL ASSETS

31 Mar 2011
Actual

31 Mar 2012
Actual

21.49
0.00
21.49
0.00
21.49
12.07
1.32
13.40
31.31
31.31
31.31
27.47
6.34
33.80
78.51
100.00

12.80
-1.28
11.52
29.43
40.95
6.25
0.00
6.25
36.53
36.53
36.53
12.51
3.77
16.27
59.05
100.00

NSIC CARE Rating - COMMON SIZE STATEMENT LIABILITIES


% to total liabilities
Period Ends on:
Result Type:
SUMARY: LIABILITIES
Partners Capital
TANGIBLE NET WORTH
Working capital Bank Borrowings
Other Short Term Loans & Advances
TOTAL SHORT TERM DEBT
Creditors for goods
TOTAL OTHER LIABILITIES
Other Provisions ; regular
Total Provisions
Total Current Liabilities and Provisions ; related to
operations
TOTAL OUTSIDE LIABILITIES
TOTAL LIABILITIES

23

31 Mar 2011
Actual

31 Mar 2012
Actual

48.83
48.83
0.00
0.00
0.00
47.77
47.77
3.40
3.40
51.17

49.24
49.24
3.44
0.00
3.44
35.31
35.31
12.01
12.01
47.32

0.00
100.00

3.44
100.00

NSIC-CARE MSE Rating Report: Shiva Sai Dairy Products


NSIC CARE Rating - DETAILS OF BANK FACILITIES
Details of Bank Facilities
Name of Bank / FI
HDFC Bank
HDFC Bank
*Term loan sanctioned and disbursed on July, 2013

Nature of Facility
Over Draft
Term Loan*

Amount (Rs. Lakh)


25
69

Remarks:
The account is regular with HDFC Bank, the banker has expressed satisfaction over the conduct
of the account and there has been no instance of delays / defaults in the account.

As per the banker, the average fund based working capital limits were stood at 100 percent
during the past 12 months period ended November, 2013.

Disclaimer
CAREs MSE rating is an independent opinion on performance capability and financial strength. The rating is a one-time
exercise and it will not be kept under surveillance. The validity of the rating is one year from the date of provisional
communication of rating, subject to no significant changes / events occur during this period that can materially impact the
operational and financial parameters of the entity. The rating is not an audit and also not a recommendation for entering into
any transaction with the entity. CARE has based its ratings on information obtained from sources believed by it to be
accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is
not responsible for any errors or omissions or for the results obtained from the use of such information.

24