MIRA INFORM
REPORT
|
Report
Date : |
25.06.2007
|
IDENTIFICATION DETAILS
|
Name : |
CHAROEN
POKPHAND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
47/D3, |
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|
Country
: |
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|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
|
|
|
|
|
Com.
Reg. No.: |
18- 8419 |
|
|
|
|
CIN
No.: |
U01211TN1997PTC038419 |
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|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
CHEC02267G |
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|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Manufacturer, Importer and Exporter of live poultry and
poultry feed. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum
Credit Limit : |
USD
2600000 |
|
|
|
|
Status
: |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
|
|
|
|
Litigation
: |
Clear |
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|
|
|
Comments
: |
Subject
is a part of large Thai Group. The
group has ambitious plans to invest in The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered
Office : |
47/D3, |
|
Tel.
No.: |
91-44-24470790
/ 24470897/ 24475578 |
|
Fax
No.: |
91-44-24472880 |
|
E-Mail
: |
cp_mds@satyam.net.in, cp_ho@rediffmail.com, vitoon@mycpindia.com |
|
Website: |
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Head
Office : |
Flat No. 1, Riya Apartments, 38/39, |
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|
|
|
Factory : |
130, Devanahalli Cross, |
DIRECTORS
|
Name : |
Dr. Chingchai Lohanwatnakul |
|
Designation
: |
Director |
|
Address
: |
313 C P Tower, |
|
Date
of Birth/Age : |
|
|
|
|
|
Name : |
Mr. Prasert Poongkumarn |
|
Designation
: |
Director |
|
Address
: |
313 C P Tower, |
|
Date
of Appointment : |
16.06.1997 |
|
|
|
|
Name : |
Mr. Thong Chotriat |
|
Designation
: |
Director |
|
Address
: |
313 C P Tower, |
|
Date
of Birth/Age : |
|
|
|
|
|
Name : |
Mrs. Benjaport Sunghitakul |
|
Designation
: |
Director |
|
Address
: |
313 C P Tower, |
|
Date
of Birth/Age : |
13.02.1951 |
|
Date
of Appointment : |
16.06.1997 |
|
|
|
|
Name : |
Mr. Attapol T Boonsith |
|
Designation
: |
Director |
|
Address
: |
47/D3 Gandhi Mandapam Road, Chennai – 600 085,
Tamilnadu |
|
Date
of Birth/Age : |
|
|
|
|
|
Name : |
Mr. Chain Nuphet |
|
Designation
: |
Director |
|
Address
: |
|
|
Date
of Birth/Age : |
|
|
|
|
|
Name: |
Mr. Taweesak Sereepiyakul |
|
Designation
: |
Genaral Manager, Production |
|
Tel.
No.: |
91-80-8472428 |
|
Fax
No.: |
91-80-8472662 |
|
|
|
|
Name: |
Mr. Choti Keawphet |
|
Designation
: |
Director |
|
Address
: |
47/D3, |
|
Date
of Birth : |
23.02.1954 |
|
Date
of Appointment : |
28.11.2003 |
|
|
|
|
Name: |
Mr. Vitoon Kittimongkolsuk |
|
Designation
: |
Director |
|
Address
: |
47/D3, |
|
Date
of Birth : |
03.12.1964 |
|
Date
of Appointment : |
23.02.2004 |
|
|
|
|
Name: |
Mr. Adirek Sripratak |
|
Designation
: |
Director |
|
Address
: |
47/D3, |
|
Date of
Appointment : |
23.02.2004 |
|
|
|
|
Name: |
Mr. Anek Boonnoon |
|
Designation
: |
Director |
|
Address
: |
47/D3, |
|
Date
of Appointment : |
23.02.2004 |
|
Date
of Ceasing : |
10.03.2005 |
|
|
|
|
Name: |
Mr. Pinij Kungvankij |
|
Designation
: |
Director |
|
Address
: |
47/D3, |
|
Date
of Appointment : |
10.03.2005 |
|
|
|
|
Name: |
Mr. Thirayut Phitya Isarakul |
|
Designation
: |
Director |
|
|
|
|
Name: |
Mr. Turdpun Vatanalikit |
|
Designation
: |
Director |
|
|
|
|
Name: |
Mr. Pichet Laokasem |
|
Designation
: |
Director |
|
|
|
|
Name: |
Mr. B S Bhalerao |
|
Designation
: |
Director |
|
|
|
|
Name: |
Mr. Anil Khanna |
|
Designation
: |
Director |
|
|
|
|
Name: |
Mr. Chunwong Preeda |
|
Designation
: |
Director |
|
Address
: |
313, C P Tower, |
|
Date
of Birth : |
23.01.1963 |
|
Date
of Appointment : |
03.05.2006 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Charoen Pokphand Engg Company
Limited |
1352800 |
|
Charoen
Pokphand Industry Company Limited |
11793058 |
|
Charoen
Pokhand Group Company Limited |
5511261 |
|
C P Intertrade
Company Limited |
1351244 |
|
SWT
Limited |
9660371 |
As on 31.03.2006
Foreign holdings : 100%
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturer, Importer and Exporter of live poultry and
poultry feed. |
||||||
|
|
|
||||||
|
Products
: |
|
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Chicken
feed in Metric Tonnes |
72000000 |
2001-44304700 2002-46650925 |
|
Live Poultry
in Nos |
NA |
2001-
6747791 2002-4724660 |
GENERAL
INFORMATION
|
No. of
Employees : |
150 |
|
|
|
|
Bankers
: |
Bank of HDFC Bank Limited, Mariam Centre, 751-B, Anna Salai,
Chennai-600002 Krung Thai Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Kurien
and Company, Chartered
Accountants |
|
Address
: |
1C, |
|
Tel
No.: |
91-44-28554447/
28554019 |
|
Fax: |
91-44-28553521 |
|
E-Mail: |
|
|
|
|
|
Associates/Subsidiaries
: |
·
Charoen Pokphand Engineering Company Limited ·
Charoen Pokphand Industry Company Limited ·
Charoen Pokphand Group Company Limited ·
C P Intertrade Company Limited ·
Aquaculture Promotion Company Limited |
|
Address: |
47/ |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
63000000 |
Equity Share |
Rs. 10/- each |
Rs. 630.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
62068734 |
Equity Share |
Rs. 10/- each |
Rs. 620.687 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
620.687 |
296.687 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
44.168 |
0.000 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
(128.190) |
|
NETWORTH
|
|
664.855 |
168.497 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
500.000 |
350.463 |
|
|
2]
Unsecured Loans |
|
0.000 |
0.000 |
|
TOTAL
BORROWING
|
|
500.000 |
350.463 |
|
|
DEFERRED
TAX LIABILITIES |
|
14.025 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
1178.880 |
518.960 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
408.553 |
66.591 |
|
Capital work-in-progress
|
|
243.151 |
243.430 |
|
|
|
|
|
|
|
INVESTMENT
|
|
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
526.077 |
167.226 |
|
|
Sundry Debtors
|
|
98.910 |
13.491 |
|
|
Cash & Bank Balances
|
|
94.702 |
76.739 |
|
|
Other Current Assets
|
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
62.160 |
53.056 |
Total Current Assets
|
|
781.849 |
310.512 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
248.788 |
99.304 |
|
|
Provisions
|
|
6.403 |
3.306 |
Total Current Liabilities
|
|
255.191 |
102.610 |
|
Net
Current Assets
|
|
526.658 |
207.902 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.518 |
1.037 |
|
|
|
|
|
|
|
TOTAL
|
|
1178.880 |
518.960 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
1652.074 |
740.386 |
|
Other Income |
|
2.600 |
1.576 |
|
Total Income |
|
1654.674 |
741.962 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
192.569 |
76.095 |
|
Provision for Taxation |
|
20.211 |
3.817 |
|
Profit/(Loss) After Tax |
|
172.358 |
72.278 |
|
|
|
|
|
|
Total Expenditure |
|
1483.557 |
682.433 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
10.42 |
9.74 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
11.66 |
10.28 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
13.43 |
12.26 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
2.89 |
4.52 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
1.13 |
2.69 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
3.06 |
3.03 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
CHAROEN POKPHAND INDIA PRIVATE LIMITED |
|
Presented By |
Mr. Kwanchai Chaiprem, AVP Finance |
|
1) Date
and description of instrument creating the change |
15.03.2005 Letter of hypothecation of goods |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
CC : Rs.100.000 millions STL : Rs.150.000 millions Total : Rs.250.000 millions |
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Hypothecation by way of exclusive first charge onall the
stock in trade both present and future consisting of raw materials, finished
goods, goods in process of manufacturing and other merchandise whatsoever
being movable properties now or at any time hereafter belonging to us or at
out disposal and now or at any time and from time to time hereafter stored or
to be stored or brought into or upon or in course of transit to our factory
or premises or at any other place whatsoever and wheresoever in our
possession or occupation or at any other premises or place. |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
Nature of Facility : Cash credit / WCDL : Rs.100.000
millions Short Term Loan : Rs.150.000
millions Rate of interest for CC/WCDL :
Rs.6.50% p.a. interest payable at monthly rest. Margin of security : 25% on stock |
|
5) Name
and Address and description of the person entitled to the charge. |
HDFC Bank Limited Mariam Centre, 751-B, Anna Salai, Chennai-600002 |
|
6)
Date and brief description of
instrument modifying the charge |
Letter of hypothecation of stocks and book debts dated
27.01.2006 |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
The charge is now enhanced to Rs.400.000 millions for the
below facilities : Cash credit / WCDL/Short Term Loan : Rs.250.000 millions Non funded facilities : Rs.150.000 millions Secured by hypothecation by way of exclusive first charge
on all the stock in trade both present and future consisting of raw
materials, finished goods, goods in process of manufacturing and other
merchandise whatsoever being movable properties now or at any time hereafter
belonging to us or at our disposal and now or at any time and from time to
time hereafter stored or to be stored or brought into or upon or in course of
transit to our factory or premises or at any other place whatsoever and
wheresoever in our possession or occupation or at any other premises or
place. And All the book debts, outstanding monies receivable, claims
and bills which are now due and owing or which may at any time hereafter
during the continuance of this security becomes due and owing to the borrower
in the course or its business by any person, firm, company or body corporate
or by the Government Department or office or any Municipal or local or public
or semi Government Body or authority or any body corporate of undertaking or
project whatever n the public sector. |
HISTORY:
Company has
shifted its office from “3051,
Tel. No.
91-80-5275642
Fax No.
91-80-5275644
BUSINESS:
Subject
imports raw materials for their poultry farm and machinery for their farm.
Generic Names
of Principal Products/ Services are-
Products Item
Code No
·
Live
Poultry 01059200
·
Poultry
Feed 23099000
Since its foundation, less than 80 years ago, the Charoen
Pokphand Group has demonstrated the acumen and entrepreneurial spirit that characterizes
all of the world’s great business and industrial empires. Seizing opportunities where they found them,
developing the necessary management andtechnological skills, and always
planning for a better future. CP has
“growth with
C P Group selected two areas namely, Aquaculture and poultry industry for making
its investment in
The group has promoted two companies namely, C P Aquaculture
(
104, G N T Road, Nallur & Vijaynallur Village Sholavaram
Post, Red Hills, Chennai – 600 067, Tamilnadu
Tel. No. 91-44-26419467 / 68 / 69
Fax No. 91-44-26419466
Email – 1) webmaster @mycpindia.com
3) support @mycpindia.com
The group of
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.40.71 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.54.63 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
3 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
|
29 |
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
|
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 |