MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOUTH ASIA BREWERIES PRIVATE LIMITED |
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Registered Office : |
1578 Church Road, Kasmere Road, Delhi – 11006 |
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Country : |
India |
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Date of Incorporation : |
03.05.2006 |
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CIN No.: [Company
Identification No.] |
U15111DL2006PTC148579 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS30759B |
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PAN No.: [Permanent
Account No.] |
AAJCS8454J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Breweries (Proposed)
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RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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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 : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to establish itself. No financials
are available at present. The company can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
1578 Church Road, Kasmere Road, Delhi – 11006 |
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Others Office: |
(Royal Danish Embassy) 11, Aurengzeb Road, New Delhi – 110011 |
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Tel. No.: |
91-11-42090700/23010900/23010002/23010004 |
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Fax No.: |
91-11-23792019/23792891 |
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E-Mail : |
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Website: |
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Factory: |
At Rajasthan |
DIRECTORS
Not Available
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Carlsberg will hold 45% of the shares,
Industrialization Fund for Developing Countries (‘IFU’) will hold 10%, and the
remaining 45% will be owned by a group of investors, lead by Carlsberg’s
partner in Sri Lanka, The Lion Brewery Ceylon
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Breweries (Proposed)
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PRODUCTION STATUS
450,000 Hectoliters Production may start by
April 2008
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Manoj Singh Chartered Accountant Singh & Associates |
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Address : |
No. 30, Malviya Nagar, New Delhi – 110017 |
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Tel. No.: |
91-11-26680331/26680927/26687993 |
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Fax No.: |
91-11-26682883 |
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E-Mail : |
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Collaborators : |
Carlsberg of Demark United Breweries Limited Public Company Address – 100 Ny Carlsberg Vej, DK – 1799 Copenhagen V, Denmark Tel. No. (45) 33 27 33 27 Fax. No. (45) 33 27 47 11 Employees – 20589 Sales – DKK 32.9 billion (US $4.6 billion) Stock Exchange – Copenhagen Incorporated – 1970 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Nil
LOCAL AGENCY
FURTHER INFORMATION
05-03-2007
On 05-03-2007 JAIPUR: The Rajasthan High Court has issued an interim stay on issuing of fresh licences for setting up breweries and distilleries in the State.
The Court directive follows a public interest petition from Tarun Bharat Sangh, a non-government organisation working on aspects related to water conservation, seeking ban on liquor manufacturing units coming up in the district of Alwar and Jaipur, which it said, are posing serious threat to the scarce water resources in Rajasthan.
The Bench of Chief Justice S. N. Jha and Justice Mohammad Rafiq, issuing the interim order, took into account the Tarun Bharat Sangh plea that during the pendency of the writ petition fresh licences had been issued by the State Government for establishing liquor units.
The Tarun Bharat Sangh petition, filed on July 31, 2006, though its general secretary Kanhaiyalal Gujjar, made the State Government, Excise Commissioner, Department of Environment Rajasthan, RIICO, the Central Ground Water Board and the Central Ground Water Authority, parties. The petition said a proliferation of water intensive manufacturing units, especially of non-essential items such as liquor and beer, would be an ecological disaster for the desert State.
The petitioner said that despite a Cabinet decision by the previous Government on June 6, 2000, to not to issue any more licences for liquor units in Alwar and Jaipur districts, the new Government, after revoking the order on January 16, 2004, issued licences to many more which caused serious depletion to the ground water levels in these two districts.
The petitioner also provided a list of 23 liquor companies, which were given clearances for setting up units.
While the Government pleaded that the units had been given only no objection certificates and licences would be given only at a later stage, the petitioner also brought to the notice of the court that one company, MacDowel Alcobev Ltd of the United Breweries, has completed its construction of the unit at Chaupankhi in Tijara tehsil of Alwar district.
Three others— South Asia Breweries, Dewan's Modern Breweries and Uttam Sugar Mills— were under construction, it said.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.15 |
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UK Pound |
1 |
Rs.84.38 |
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Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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18 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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