MIRA
INFORM REPORT
|
Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TETRA PAK INDIA LIMITED |
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Registered Office : |
Mayfair Towers, Mumbai Pune Road, Shivajinagar, Pune – 411003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
23.07.1993 |
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Com. Reg. No.: |
25-12926 |
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CIN No.: [Company
Identification No.] |
U99999DL1987PTC 029948 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET03816B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing, Dealing, Importing, Exporting of packing and wrapping machines, paper rollers, sterilizers and machines for printing of containers and packaging material receptacles, containers, hollow wares, bottles, laminated paper, plastic, etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject company is passing through difficult times. Its networth has been eroded. However, as the parent company agreed to provide financial assistance to the company, it has still not been declared as a sick unit. Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe and secured trade terms and conditions only, preferably after obtaining its parent company’s guarantee. |
LOCATIONS
|
Registered Office : |
Mayfair Towers, Mumbai pune Road, Shivajinagar, Pune – 411003, Maharashtra |
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Tel. No.: |
91-20-25510800 |
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Fax No.: |
91-20-25510816 |
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Area : |
800 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
At & Post Takwe (BK), Taluka Maval, District Pune - 412 106, Maharashtra, India |
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Tel. No.: |
91-2114-244127 |
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Fax No.: |
91-2114-244123 / 244125 |
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Area : |
Owned |
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Location : |
10665 sq. fts. |
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Factory 2 : |
Near Railway Station, Itola, Vadodara |
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Area : |
Owned |
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Location : |
53547 sq. fts. |
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Regional Office : |
Mayfair Towers [Ground Floor], Wakdewadi, Shivajinagar – 411005, Pune |
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Tel. No.: |
91-20-25510800 |
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Fax No.: |
91-20-25510820 |
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Branch Office : |
Global Business Park, Tower C, 5th Floor, Mehroli-Gurgaon
Road, Haryana, India |
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Tel. No.: |
91-124-5124600 |
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Fax No.: |
91-124-5064308 |
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Branch Office : |
967, 12th Main, Hal 2nd Stage, Indiranagar – 560008,
Bangalore |
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Tel. No.: |
91-80-25270681 |
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Fax No.: |
91-80-25271005 |
DIRECTORS
|
Name : |
Mr. Henrik Hauggaard |
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Designation : |
Managing Director |
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Address : |
Bungalow No. 72, Koregaon Park |
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Date of Birth/Age : |
01.11.2002 |
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Name : |
Mr. Wirsen Chrisler Bo Erik |
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Designation : |
Director |
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Address : |
Chem in du Bochar, Switzerland |
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Date of Birth/Age : |
02.10.1944 |
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Date of Appointment : |
17.09.1997 |
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Name : |
Mr. Didier Maillard |
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Designation : |
Director |
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Date of Birth/Age : |
19.09.1963 |
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Date of Appointment : |
10.01.2001 |
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Name : |
Mr. Rusty Kekuewa |
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Designation : |
Director |
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Address : |
Oval House, Renuka Farm, Vasantkunj, New Delhi |
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Date of Birth/Age : |
30.04.1954 |
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Date of Appointment : |
27.08.2004 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Baldurion BV |
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96,919,995 |
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Tetra Laval Holding and Finance |
|
500,000 |
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TOTAL |
|
97,419,995 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Dealing, Importing, Exporting of packing and wrapping machines, paper rollers, sterilizers and machines for printing of containers and packaging material receptacles, containers, hollow wares, bottles, laminated paper, plastic, etc |
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Product : |
Ř Packaging Machines Ř Aseptic Packaging with Aluminium Foil Ř Straws |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Packaging Material |
Packs |
33500000 |
2216161 |
|
Processing Machinery |
Nos. |
NA |
219 |
GENERAL
INFORMATION
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No. of Employees : |
105 |
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Bankers : |
Ř ANZ Grindlays Bank plc., New Delhi Ř Bank of Maharashtra, Pune, Maharashtra |
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Facilities : |
Term Loan from Scheduled Bank : Rs. 445.000 millions C/C from Scheduled Bank : Rs. 142.812 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
6th Floor, Express Towers, Nariman Point, Mumbai – 400021 |
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Tel. No.: |
91-22-22876485 |
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Fax No.: |
91-22-22876401 |
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Parent Company : |
Ř Baldurion B.V., Netherlands. |
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Associates/Subsidiaries : |
Ř Tetra Pak Converting India Limited Ř Tetra Pak Flexible Packaging India Limited Ř Alfa Laval India Limited Ř Alfa Laval Agri India Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
270,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
251,920,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2519.200 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
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|
SHAREHOLDERS
FUNDS |
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|
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1] Share Capital |
2519.200 |
2519.200 |
2519.200 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
800.000 |
0.000 |
0.000 |
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4] (Accumulated
Losses) |
(3111.485) |
(3002.689) |
(2784.681) |
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NETWORTH
|
207.715 |
(483.489) |
(265.481) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
927.646 |
1436.093 |
1615.196 |
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TOTAL BORROWING
|
927.464 |
1436.093 |
1615.196 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
1135.179 |
952.604 |
1349.715 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
797.562 |
707.829 |
1028.628 |
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Capital work-in-progress
|
132.879 |
102.076 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.004 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
498.410
|
361.840 |
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Sundry Debtors
|
299.889
|
323.873 |
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Cash & Bank Balances
|
5.367
|
9.522 |
814.252 |
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Other Current Assets
|
5.614
|
4.233 |
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Loans & Advances
|
144.018
|
99.518 |
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Total Current Assets
|
953.298
|
798.986 |
814.252 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
724.259
|
611.690 |
496.095 |
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Provisions
|
24.301
|
44.597 |
0.000 |
Total Current Liabilities
|
748.560
|
656.287 |
496.095 |
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Net Current Assets
|
204.738
|
142.699 |
318.157 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
2.926 |
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TOTAL
|
1135.179 |
952.604 |
1349.715 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
|
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Sales Turnover |
|
2998.709 |
2920.042 |
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Other Income |
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Total Income |
|
2998.709 |
2920.042 |
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Profit/(Loss) Before Tax |
|
(108.746) |
(217.843) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(108.746) |
(217.843) |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
|
138.338 |
151.401 |
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Other Earnings |
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Total Earnings |
|
138.338 |
151.401 |
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Imports : |
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Raw Materials |
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Stores & Spares |
|
1345.992 |
1110.945 |
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Capital Goods |
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Others |
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Total Imports |
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1345.992 |
1110.945 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
|
2880.053 |
2872.074 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
|
2880.053 |
2872.074 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
PAT / Total Income |
(%) |
(3.62) |
(7.46) |
NA
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Net Profit Margin (PBT/Sales) |
(%) |
(3.62) |
(7.46) |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.21) |
(14.45) |
NA
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Return on Investment (ROI) (PBT/Networth) |
|
(0.52) |
(0.42) |
NA
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Debt Equity Ratio (Total Liability/Networth) |
|
8.06 |
[4.32] |
[7.95]
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Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.22 |
1.64
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LOCAL AGENCY
FURTHER INFORMATION
Tetra Pak of Sweden has sought permission from the Government for buying out 80% equity belonging to National Dairy Development Board (NDDB) in it’s Joint Venture for manufacturing packaging products in the country. The Company is awaiting government approval for the transaction as the senior management of Tetra Pak India Limited informs. The management stated that it only made sense for NDDB to focus on the core dairy business while Tetra Pak concentrates on the packaging of products. If NDDB would approach another packaging companies for marketing their products, Tetra Pak is also talking with other milk co-operatives. Tetra Pak has already started collaborating with Vijaya Milk for packaging their products.
Through Alfa Laval, a Tetra Pak packaging unit has been set up at a cost of Rs. 560 millions. The company is aiming to sell 1.5 billion packages. The company also plans to launch new technology packages, promising higher shelf life to perishables like milk, fruit juices, fruit pulp and other edibles.
The net worth of the company has been fully eroded as on 31.12.2004. Based on a legal opinion obtained by the company, the provisions of Section 2(46AA) of the Companies Act, 1956, (relating to Sick Industrial Companies) do not apply to the company. Accordingly, the financial statements have been prepared on the going concern assumption. Moreover, the company has received a letter dated January 24, 2005 from Baldurion BV, “the parent company”, confirming to continue to provide and maintain financial assistance to the company for a period of 18 months commencing from June 19, 2004.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
13 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|