MIRA
INFORM REPORT
|
Report Date : |
13th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
AMALGAMATED
BEANS COFFEE TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
K M
Road, Chikmagalur-577101, Karnataka |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.12.1993 |
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Com. Reg. No.: |
08-15001 |
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CIN No.: [Company
Identification No.] |
U15492KA1993PTC015001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRAO11510 |
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|
Legal Form : |
A
closely held public limited liability company. |
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|
Line of Business : |
Planters,
Curers, Importers, Exporters and Traders of all kinds of Coffee plants.
Coffee seeds, powders. Drinks and running coffee cafes, parlours etc. |
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
3750000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
businessmen. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions |
LOCATIONS
|
Registered Office/ Head Office : |
K M
Road, Chikmagalur-577101, Karnataka |
|
Tel. No.: |
91-8262-235214 |
|
Fax No.: |
91-8262-235138 |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
#321, Raheja
Chamber, No. 12, Museum Road, Bangalore-561106, Karnataka |
|
Tel.
No.: |
91-80-25589581/ 0394/ 3502/ 5594648 |
|
Fax
No.: |
91-80-25598990 |
|
Area : |
1500
Sq.ft |
|
Location : |
Industrial
|
|
|
|
|
Stores
: |
Bangalore, Mysore, Chikmagular, Davangere, Shimoga,
Bhadravathi, Chandigarh, Dharwad, Doddaballpur, Gowribidanur, Hassan,
Hoskote, Hosur, Hubli, Koppa, Maddur, Mandya, Anekal, Pavagada, Iptur,
Tumkur, Thirhahalli, Bellary, Chintamani, Channapatana, Kolar and Hospet. |
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|
|
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Branches: |
Sampige Road, Malleshwaram, Bangalore – 560 003, Karnataka
Tel. 91-80-30902971 E-mail: aditya@cafecoffeeday.com Contact
- Mr. Aditya Parthasarthy (Regional Manager)
2nd Floor, 177, Lloyds Road Gopalpuram, Chennai – 600 086,
Tamilnadu Tel. 91-44-28113279 E-mail. kashi@cafecoffeeday.com Contact
- Mr. Kashirajan (City Manager)
Sector 21 A Chandigarh – 160 001 Tel – 91-712-3094056 E-mail:dheeraj@cafecoffeeday.com Contact
- Mr. Dheeraj Verma (Asst. Regional Manager)
6-3-571-1/5, 2nd Floor, Rockvista, Roackdale Compound,
Somajigudda, Hyderabad – 500 082, Andhra
Pradesh E-mail : thomson@cafecoffeeday.com Contact
- Mr. Thomson (Asst. Regional Manager)
New Alipore Police
Station Road Kolkata - 700 053, West Bengal
Tel: 91-33 - 3959 8759 E-mail:arnab@cafecoffeeday.com Contact
- Mr. Arnab Pandey (Asst Regional Manager)
Central Road, MIDC Marol, Andheri (East), Mumbai – 400
093, Maharshtra Tel : 91-22-28300861/862 E-mail : karan@cafecoffeeday.com Contact
- Mr. Karandeep Singh (Regional Manager)
Trafalgur House,
South exrtn (Part-1) New Delhi – 110 049 Tel :
91-11-51646735/36/37/38 Email : sunilnair@cafecoffeeday.com Contact
- Mr. Sunil Nair (Regional Manager)
(Above Cafe Coffee
Day), Opposite Juice Junction, Balmatta, Mangalore
– 583 002, Kerala Tel :
91-824-3346035 E-mail : soundar@cafecoffeeday.com Contact
- Mr. Soundarajan (City Manager)
Law Garden Road,
Panchvati Ahmedabad – 380
006, Gujarat Tel. 91-79-30934793 E-mail :
praveen@cafecoffeeday.com Contact
- Mr. Praveen Sinha (City Manager)
Hazrath Ganj,
Lucknow – 226 001, Uttar Pradesh Tel. 91-522-3810553
Next to Global
Trust Bank F. C. Road, Pune –
411 004, Maharashtra Tel.
91-020-31085861 E-mail : anil@cafecoffeeday.com Contact
- Mr. Anil Das (City Manager)
Civil Lines, Near
Liberty Cinema Nagpur – 440 001,
Maharashtra Tel. 91-712-3218788 E-mail : ashwani@cafecoffeeday.com Contact
- Mr. Ashwani (City Manager) |
DIRECTORS
|
Name : |
Mr. V. G. Siddartha |
|
Designation : |
Chairman &
Managing Director |
|
Date of Birth/Age : |
23.8.1959 |
|
Date of Appointment : |
06.12.1993 |
|
|
|
|
Name : |
Mrs.
Malavika Hegde |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.6.1967 |
|
Date of Appointment : |
06.12.1993 |
|
|
|
|
Name : |
Mr. N.
K. Malhotra |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.06.1947 |
|
Date of Appointment : |
06.12.1993 |
|
|
|
|
Name : |
Mr.
Santosh Senapati |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.04.1964 |
|
|
|
|
Name : |
Ads
Tse Koon Hong |
|
Designation : |
Director |
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Date of Birth/Age : |
09.09.1966 |
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|
|
KEY EXECUTIVES
|
Name
: |
Mrs. Sadananda Poojary |
|
Designation
: |
Company Secretary |
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|
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
Type |
No. of Shares |
|
|
|
|
|
Mr. V.
G. Siddartha |
Equity |
21467176 |
|
Coffee
Day Consolidations P Ltd |
Equity |
18832819 |
|
Sivan
Securities |
Equity |
15500000 |
|
ABC
Employees Welfare Trust |
Equity |
6200000 |
|
Others |
Equity |
5 |
|
Albermarie
Ltd. (AIG) III
Floor, Les Cascades, Edith Carvell |
Preference |
41333333 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Planters,
Curers, Importers, Exporters and Traders of all kinds of Coffee plants,
coffee seeds, powders, drinks and running coffee cafes, parlours etc. |
|
|
|
|
Products : |
A
coffee seed, powders, drinks. |
|
|
|
|
Exports to : |
Fully
processed coffee beans and seeds to
Germany, Italy, U.S.A., Canada, U.K. , Switzerland and Belgium |
|
|
|
|
Imports from : |
Coffee
curing machines and spares from
Germany and U.S.A. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
terms. |
|
|
|
|
Purchasing : |
Cash
or Credit terms. |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Coffee |
MT |
|
12131 |
19149 |
|
|
|
|
|
|
GENERAL
INFORMATION
|
Suppliers : |
Ø
Indian
Coffee Board, Bangalore, Karnataka, India. Ø
Niranthara
Engineering Private Limited, Bangalore, Karnataka, India Ø
Industrial
Refrigeration Corporation, Bangalore, Karnataka, India |
|
|
|
|
Customers : |
Ø
Louis
Dreyfus Trading Limited, U.K. Ø
Bernhardt
Rothfos GmbH, Hamburg, Germany Ø
Interkon
SPA., Napoli, Italy Ø
Legeco
SPA., Italy Ø
Coco-Cola
Trading Company, U.S.A. Ø
Ondaatje
Corporation, Canada Ø
Volcafe,
Switzerland |
|
|
|
|
No. of Employees : |
10 |
|
|
|
|
Bankers : |
Oriental
Bank of Commerce, Kasturba Road, Bangalore
|
|
|
|
|
Credit Limit : |
Rs.
550.000 millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Sundaresh
and Company Chartered
Accountant |
|
Address: |
31/31,
9th Main, III Block, Jayanagar, Bangalore - 560001 |
|
Tel. No.: |
91-80-26630644 |
|
|
|
|
Associates/Subsidiaries : |
Ø
Sivan
Securities Limited, Bangalore, Karnataka, India Ø
Ganga
Coffee Curing Works, Hassan, Karnataka, India Ø
Coffee
Day Outlets Ø
Amalgamated
HoldingsEnterprises Limited Ø
Coffee
Lal Private Limited |
|
|
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity
Shares |
Rs. 1 each |
Rs. 75.000 millions |
|
41,333,453 |
Preference
Shares |
Rs. 13.93 each |
Rs. 575.775 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62000000 |
Equity
Shares |
Rs. 1 each |
Rs. 62.000 millions |
|
|
|
|
|
|
41333453 |
Preference
Shares |
Rs. 13.93 each |
Rs. 575.775 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
637.770 |
637.770 |
541.811 |
|
|
3] Reserves & Surplus |
339.710 |
312.930 |
299.593 |
|
|
NETWORTH |
977.480 |
950.700 |
841.404 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1196.720 |
979.740 |
912.070 |
|
|
2] Unsecured Loans |
187.100 |
147.770 |
179.834 |
|
|
TOTAL BORROWING |
1383.820 |
1127.510 |
1091.904 |
|
|
DEFERRED TAX LIABILITIES |
25.980 |
23.730 |
18.013 |
|
|
|
|
|
|
|
|
TOTAL |
2387.280 |
2101.940 |
1951.321 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
870.200 |
609.050 |
417.243 |
|
|
Capital work-in-progress |
171.250 |
150.680 |
122.253 |
|
|
|
|
|
|
|
|
INVESTMENT |
198.890 |
211.920 |
210.261 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
503.970
|
287.660 |
118.844 |
|
|
Sundry Debtors |
441.080
|
354.920 |
446.718 |
|
|
Cash & Bank Balances |
64.890
|
160.560 |
221.236 |
|
|
Loans & Advances |
695.700
|
680.950 |
705.295 |
|
Total Current Assets |
1705.640
|
1484.090 |
1492.093 |
|
|
|
|
|
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
568.760
|
372.020 |
244.512 |
|
|
Provisions |
|
|
72.392 |
|
|
Total Current Liabilities |
568.760
|
372.020 |
316.904 |
|
|
Net Current Assets |
1136.880
|
1112.070 |
1175.189 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
10.060 |
18.220 |
26.375 |
|
|
|
|
|
|
|
|
TOTAL |
2387.280 |
2101.940 |
1439.997 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
1843.760 |
1578.440 |
1311.505 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
54.180 |
30.300 |
30.942 |
|
Provision
for Taxation |
22.260 |
10.420 |
24.569 |
|
Profit/(Loss)
After Tax |
31.920 |
19.880 |
6.373 |
|
|
|
|
|
|
Export
Value |
805.800
|
749.800 |
882.129 |
|
|
|
|
|
|
Import
Value |
14.840 |
20.420 |
9.711 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
1.73
|
1.26 |
0.49 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
2.94
|
1.92 |
2.36 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.10
|
1.45 |
1.62 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.00
|
1.56 |
1.67 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
3.00
|
3.99 |
4.71 |
LOCAL AGENCY
FURTHER INFORMATION
History:
The
company was incorporated as private
limited company and became 43A company w e f 12.8.2002
Again it
has been converted as public limited company w e f 23.9.2003
The
company is running cafes in the name and style of Café Coffee Day, in many
place in Bangalore
Trade
reference:
¶
Louis
Dreyfrus Trading Ltd
¶
Bornhardt
Rothfos GmbH, Hamberg
¶
Intercom
Spa, Nopoli, Italy
¶
Kaffa,
Einkanfskantor, W Jerz
¶
Tchibo
Warayawa, SPZO
¶
The
Coco Cola Trading Company, USA
¶
Adgenda
Service App 74, Russia
¶
Atlantic
(USA) Inc., USA
¶
Cogeco
SPA, Spain
¶
Tata
Hitachi Sales (Japan) Limited , Japan
Fixed
Assets :
Ø
Land
Ø
Building
Ø
Plant
and Machinery
Ø
Furniture
and Fixture
Ø
Coffee
Machines
Ø
Kitchen
Equipments
Ø
Vehicles
The company comprises of the following Sub Brands :-
- Coffee Day - Fresh & Ground
- Café Coffee Day
- Coffee Day – Vending
- Coffee Day – Xpress
- Coffee Day – Exports
- Coffee Day – Perfect
It’s products range include :-
- Hot Coffee
- International
Coffee
- Coffee and
Ons
- Cold Coffee
- Hot
Chocolate
- Tea
- Powder
Coffee
- Cool Drinks
- Cremosas
- Melting
Moments
- Ice Creams
- Cool
Refreshers
- Sundaes
- Quik Bites
As per
website
AMALGAMATED Bean
Coffee Trading Company Ltd (ABCTCL) is in the process of buying back
the 30 per cent strategic stake that the private equity player American
International Group (AIG) had picked up in the coffee major in 2002, Mr
V.G. Siddhartha, Chairman, ABCTCL, said.
While
stating that ABCTCL had already begun the buy back process, Mr
Siddhartha told Business Linethat the company had decided to go ahead
with the buy back plan, given that ABCTCL saw huge potential in
the coffee business. AIG had invested close to $15 million in ABCTCL.
According
to Mr Siddhartha, funds for expansion of ABCTCL's liquid coffee chain,
Café Coffee Day, would be managed through internal accruals.
He
indicated that funds would not be a problem, given that ABCTCL has 10 coffee
estates across 5,000 acres of coffee plantation, in addition to sales in
excess of 2,000 tonnes per annum.
According
to Mr Siddhartha, ABCTCL has planned an investment of close to $20 million over
the next three years, and with annual growth of about 25 per cent.
Café
Coffee Day currently has 136 outlets in
33 cities, and ABCTCL has targeted 200 cafes by June 2004.
The
company's smaller format cafes - by the name of Coffee
Day Xpress - would be increased from 59 currently to 100 by March 2004, Mr
Siddhartha said.
Also
on the expansion agenda is Café Coffee
Day's plan to foray into overseas markets such as China, West Asia and the Asia
Pacific region, over the first quarter of the fiscal 2004-05.
The
chain plans to set up about 50 outlets in 10 locations overseas. The expansion
would be done through a new subsidiary company, Mr Siddhartha said.
In
the packaged coffee segment, ABCTCL
made a recent foray with its Fresh n Ground brand, beginning with Bangalore. Mr
Siddhartha said that the company's recent distribution tie-up with
GlaxoSmithkline would boost its distribution for packaged coffee.
Meanwhile,
Mr Siddhartha indicated that ABCTCL was open to the idea of entering into a
strategic alliance with the Starbucks coffee
chain, which is expected to stage an entry into India shortly.
He, however, did not divulge details of the nature of the deal ABCTCL could consider entering into with Starbucks.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.04 |
|
UK
Pound |
1 |
Rs.84.73 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NOS |
|
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 |
|
54 |
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 |