MIRA
INFORM REPORT
|
Report Date : |
9TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GENERAL MILLS INDIA
PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
GODREJ PILLSBURY LIMITED |
|
|
|
|
Registered Office : |
8th
Floor, Alpha, Main Street, Hiranandani Garden, Powai, Mumbai – 400076,
Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
30.04.2005 |
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|
|
|
Date of Incorporation : |
23.11.1995 |
|
|
|
|
Com. Reg. No.: |
11-94741 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15510MH1995PTC094741 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08349F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG1773B |
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|
|
|
Legal Form : |
Private limited liability company. |
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|
|
|
Line of Business : |
Manufacturers, Buyers, Sellers,
Importers, Exporters, Stores, Prepares, Packers, Distributors and Agents for
the sale of and dealers in foods and beverages of any and all descriptions
and bottles and containers of every descriptions and creates packing cases
and materials of all kinds. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
1250000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject
is a subsidiary of General Mills, USA. Available information indicates high
financial responsibility of the company. Trade relations are far. Payments
are usually correct and as per commitments. Profit margin is very low. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Factory : |
8th
Floor, Alpha, Main Street, Hiranandani Garden, Powai, Mumbai – 400076,
Maharashtra, India |
|
Tel. No.: |
91-22-25708941/42/43/44/45/46/47 |
|
Fax No.: |
91-22-25708948/49 |
|
|
|
DIRECTORS
|
Name : |
Ardeshir
Burjorji Godrej |
|
Designation : |
Chairman
|
|
Address : |
Godrej
house, 67 H, Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03/04/1942 |
|
Date of Casing : |
25/10/2001 |
|
Election Commissions Cards No. : |
MT/04/024/273279 |
|
Date of Appointment : |
23/11/1995 |
|
|
|
|
Name : |
Nadir
Burjorji Godrej |
|
Designation : |
Director
|
|
Address : |
40-D,
B G Kher Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
26/08/1951 |
|
Date of Casing : |
25/10/2001 |
|
Election Commissions Cards No. : |
MT/04/024/099721 |
|
Date of Appointment : |
23/11/1995 |
|
|
|
|
Name : |
Jamshyd
Navoroji Godrej |
|
Designation : |
Director
|
|
Address : |
40-D,
B G Kher Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24/01/1949 |
|
Date of Casing : |
25/02/2001 |
|
Election Commissions Cards No. : |
MT/04/024/099982 |
|
Date of Appointment : |
23/11/1995 |
|
|
|
|
Name : |
Mr. Eric Wedepohl (American) |
|
Designation : |
Director |
|
Address : |
Marquette
Palace, Marayette Avenue, Minnesota, USA 55402 |
|
Date of Birth/Age : |
06/10/1957 |
|
Date of Appointment : |
29.11.1995 |
|
|
|
|
Name : |
Mr. Lycio Corrade Rizzi (American) |
|
Designation : |
Director |
|
Address : |
2341,
Cherry Wood Road, Mimetonka, Minnesota, USA 55305 |
|
Date of Birth/Age : |
30.04.1941 |
|
Date of Casing : |
25/10/2004 |
|
Date of Appointment : |
23.11.1995 |
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|
|
|
Name
: |
Mr. Donal Anthony Mullgian (American) |
|
Designation
: |
Director |
|
Address
: |
6701,
Tanagan Lane, Eden Prairie, Minnesota, USA 55396 |
|
Date
of Birth/Age : |
02.12.1961 |
|
Date of Casing : |
25.10.2004 |
|
Date
of Appointment : |
19.11.1998 |
|
|
|
|
|
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|
Name
: |
David
James Wright |
|
Designation
: |
Director
|
|
Address
: |
90 A,
Glyndon Road, Camberwell, Victoria, 3124, Australia |
|
Date
of Birth/Age : |
15.01.1960 |
|
Date of Casing : |
13.06.2002 |
|
Date
of Appointment : |
08.12.2002 |
|
|
|
|
Name
: |
Kalpana
Vithaldas Merchant |
|
Designation
: |
Director
|
|
Address
: |
Kanga
and Company, Ready Money Mansion, 43, Veer Nariman Road, Mumbai – 400023,
Maharashtra, India |
|
Date
of Birth/Age : |
29/12/1955 |
|
Date of Casing : |
02/12/2002 |
|
Date
of Appointment : |
01/12/1998 |
|
|
|
|
Name
: |
Yanmay
Kumar Ganguly |
|
Designation
: |
Director
|
|
Address
: |
62,
Iona, 35, Azadroad, Santacruz (W), Mumbai – 400049, Maharashtra, India |
|
Date
of Birth/Age : |
05/12/1963 |
|
Date of Casing : |
27/09/2002 |
|
Date
of Appointment : |
25/10/2001 |
|
|
|
|
Name
: |
Mr. Neil Johnson (American) |
|
Designation
: |
Director |
|
Address
: |
13930,
92nd Place, Maple Grove, Minnesota 55369, USA |
|
Date
of Birth/Age : |
01.09.1963 |
|
Date
of Appointment : |
14.10.2002 |
|
|
|
|
Name
: |
Sandeep Umesh Arora |
|
Designation
: |
Manager |
|
Address
: |
SPC
– 2/1, Godrej Hill Side Colony, Projeshanagar, LBS Marg, Vikhroli (W), Mumbai
– 400079, Maharashtra |
|
Date
of Birth/Age : |
18/05/1965 |
|
Date of Casing : |
25/01/2002 |
|
Date
of Appointment : |
01/12/1998 |
|
|
|
|
Name
: |
Sudha Mani Balaji |
|
Designation
: |
Company Secretary |
|
Address
: |
SPC
– 6/12, Godrej Hill Side Colony, Projeshanagar, LBS Marg, Vikhroli (W),
Mumbai – 400079, Maharashtra |
|
Date
of Birth/Age : |
12/04/1970 |
|
Date of Casing : |
15/04/2001 |
|
Date
of Appointment : |
17/09/1996 |
|
|
|
|
Name
: |
Vijaya Parameswaran |
|
Designation
: |
Company Secretary |
|
Address
: |
A-301,
Maruti Apartment, J N Road, Mulund – W, Mumbai – 400080 |
|
Date
of Birth/Age : |
01/09/1963 |
|
Date
of Appointment : |
15/02/2002 |
|
|
|
|
Name
: |
Mr. Ahindo Mukherji |
|
Designation
: |
Director |
|
Address
: |
24,
Son Marg, 67, Nepeansea Road, Mumbai – 400 006, Maharashtra |
|
Date
of Birth/Age : |
04.02.1959 |
|
Date
of Appointment : |
05.12.2002 |
|
|
|
|
Name
: |
William Halverstadt |
|
Designation
: |
Director |
|
Address
: |
708,
North Tyrol, Minneapollis, Minnesota, USA |
|
Date
of Birth/Age : |
23/11/1960 |
|
Date
of Appointment : |
15/09/2004 |
|
|
|
|
Name
: |
Chase Lieser |
|
Designation
: |
Director |
|
Address
: |
15520,
51st Avenue North, Plymoute, MN 55446 |
|
Date
of Birth/Age : |
27/04/1949 |
|
Date
of Appointment : |
25/10/2004 |
|
|
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
General Mills International Business
Inc (USA) |
|
1 |
|
General Mills Mauritius Inc |
|
49019699 |
|
Total
|
|
49019700 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Buyers, Sellers,
Importers, Exporters, Stores, Prepares, Packers, Distributors and Agents for
the sale of and dealers in foods and beverages of any and all descriptions
and bottles and containers of every descriptions and creates packing cases
and materials of all kinds. |
||||||||
|
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|
||||||||
|
Products : |
|
PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Cake Mix |
Cases |
532976 |
|
Canned Corn |
Cases |
28429 |
|
Atta |
MT |
62776 |
|
Battery & Foods Services |
MT |
458 |
|
PCCM |
MT |
|
|
Semiya |
MT |
2409 |
|
Instant Nasuta |
Kgs. |
8686 |
|
Pizza |
Kits |
98845 |
|
Subway Breads |
Kgs.
|
111666 |
|
Custard Powder |
Cases
|
7015 |
|
Variety Snack Mix |
MT |
398 |
|
Pizza Bases |
Shells
|
70848 |
|
Frozen Foods |
Cases |
61585 |
GENERAL
INFORMATION
|
No. of Employees : |
300 |
||||
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|
||||
|
Bankers : |
·
Citibank N. A. S.
S. Rao Road, Pael, Mumbai, Maharashtra ·
Standard Chartered Bank M. G. Road, Fort, Mumbai, Maharashtra |
||||
|
|
|
||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Bharat S. Raut & Company Chartered Accountants KPMG House, Kamal Mills Compounds,
448, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013, Maharashtra |
|
Tel. No.: |
91-22-24913030 / 24913131 / 24988368 |
|
Fax No.: |
91-22-24913132 |
|
|
|
|
Associates/Subsidiaries : |
General Mills Inc. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
180500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1805.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
49019700 |
Equity
Shares |
Rs. 10/- each |
Rs. 490.197 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.04.2005 |
30.04.2004 |
30.04.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
490.197 |
1803.940 |
1253.940 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
47.305 |
288.563 |
288.562 |
|
|
4] (Accumulated Losses) |
(165.690) |
(1955.000) |
(1414.396) |
|
|
NETWORTH |
371.812 |
137.503 |
128.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
55.274 |
|
|
2] Unsecured Loans |
216.825 |
187.500 |
357.500 |
|
|
TOTAL BORROWING |
216.825 |
187.500 |
412.774 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
588.637 |
325.003 |
540.880 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
145.122 |
147.680 |
439.150 |
|
|
Capital work-in-progress |
11.337 |
5.053 |
2.221 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
206.756
|
163.501 |
115.927 |
|
|
Sundry Debtors |
83.392
|
67.533 |
22.404 |
|
|
Cash & Bank Balances |
291.999
|
73.982 |
40.131 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
107.994
|
84.666 |
72.501 |
|
Total Current Assets |
690.141
|
389.682 |
250.963 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
246.017
|
206.292 |
151.454 |
|
|
Provisions |
11.946
|
11.120 |
0.000 |
|
Total Current Liabilities |
257.963
|
217.412 |
151.454 |
|
|
Net Current Assets |
432.178
|
172.270 |
99.509 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
588.637 |
325.003 |
540.880 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
30.04.2005 |
30.04.2004 |
30.04.2003 |
|
Sales Turnover [including other income] |
1168.759 |
900.007 |
751.217 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
(165.690) |
(403.554) |
(331.666) |
|
Provision
for Taxation |
-- |
-- |
-- |
|
Profit/(Loss)
After Tax |
(165.690) |
(403.554) |
(331.666) |
|
|
|
|
|
|
Export
Value |
238.530 |
165.530 |
49.228 |
|
|
|
|
|
|
Import
Value |
63.914 |
50.656 |
12.461 |
|
|
|
|
|
|
Total
Expenditure |
1334.450 |
1136.034 |
1152.142 |
KEY
RATIOS
|
PARTICULARS |
|
30.04.2005 |
30.04.2004 |
30.04.2003 |
|
PAT / Total Income |
(%) |
(14.18)
|
(44.84) |
(44.15) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
(14.18)
|
(44.84) |
(44.15) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
(19.84)
|
(75.10) |
(48.06) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
(0.45)
|
(2.93) |
(2.59) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.28
|
2.94 |
4.40 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.67
|
1.79 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 23rd
November, 1995 at Mumbai in Maharashtra under the name and style of Godrej
Pillsbury Limited having Company Registration Number 94741.
The name of the company has been
changed to the present w.e.f. 27.12.2001.
The company’s fixed assets of
important value include leasehold land, plant & machinery, building,
furniture & fixtures, vehicles, computers and office equipment.
General
Mills India Private Limited (Formerly known as Godrej Pillsbury Limited) was
incorporated as a private limited company on 23.11.1995 and is a 100 %
subsidiary of General Mills Inc. and its afficiates.
The
company operates exclusively in the consumer food industry with two primary
operating segments organised by products categories. The primary operating
segments are Retail and Bakery and Food Services. Retail segment consists of
Atta, Semiya, Pizza, over cake Mix, Canned corn etc. B&FS segment consists
of products marketed to bakeries and other commercial/ non-commercial food
service sectors. The company process Atta and Semiya under manufacturing
agreement with third parties and manufactures B&FS products at its Nashik
Plant. During the year company received the contract for manufacturing and
serviced betty crockers to European Market.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 45.91 |
|
UK
Pound |
1 |
Rs. 84.72 |
|
Euro |
1 |
Rs. 57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |