MIRA
INFORM REPORT
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Report Date : |
31.03.07 |
IDENTIFICATION
DETAILS
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Name : |
PEPSICO INDIA HOLDINGS PRIVATE LIMITED |
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Registered Office : |
B-3, DLF Corporate
Park, ‘S’ Block Qutab Enclave, Phase III, Gurgaon-122 002, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
16.10.1997 |
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Com. Reg. No.: |
05-33754 |
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CIN No.: [Company
Identification No.] |
U15549HR1997PTC033754 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP10965D |
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PAN No.: [Permanent
Account No.] |
AAACP1272G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of package bottles, snack foods, fruit
products, mineral water, potato product, milk malted foods, beverage and
aerated water. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company and a part of Pepsico Group. Available information indicates high financial responsibility of the company. The company is experiencing difficult times presently, due to pesticides found by Government laboratories in soft drinks. The company’s sale has been affected seriously. Payments are reported as correct and as per commitments No subsequent financials could be available from any sources. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-3, DLF Corporate
Plaza, ‘S’ Block, Phase III, Qutab Enclave, Gurgaon-122 002, Haryana, India |
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Tel. No.: |
91-124-2355880 / 2355863
/ 2355871 |
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Fax No.: |
91-124-2355853 /
2355861 / 2355862 |
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Corporate Office : |
13th Floor, Mohan Dev Building, 13 Tolstoy
Marg, New Delhi – 110001 |
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Tel. No.: |
91-11-51522541 |
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Fax No.: |
91-11-23323021 |
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Location : |
Commercial |
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Factory 1 : |
36, DLF Corporate Park, S Block, Qutab Enclave, Phase III,
Gurgaon, Haryana |
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Tel. No.: |
91-124-2335880 / 6355880 / 863 |
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Fax No.: |
91-124-6355862 |
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Factory 2 : |
Sangrur, Punjab, India |
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Branches : |
Located at : Chandigarh, Phillaur, Sangrur, Gurgaon and New Delhi. |
DIRECTORS
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Name : |
Mr. Rajeev Bakshi |
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Designation : |
Director |
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Address : |
03.05.1957 |
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Date of Appointment : |
03.09.2001 |
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Name : |
Mr. Pradeep Sardana |
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Designation : |
Director |
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Address : |
30.06.1949 |
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Date of Appointment : |
15.09.2001 |
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Name : |
Mr. Vinod Rao |
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Designation : |
Director |
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Address : |
02.06.1962 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Ajit Yadav |
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Designation : |
Director & Secretary |
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Address : |
05.07.1952 |
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Date of Appointment : |
01.04.2001 |
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KEY EXECUTIVES
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Name : |
Mr. D. Sarma Veeeraghanta |
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Designation : |
Vice President- Exports |
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Address : |
3B, DLF Corporate Park, S Block, Qutab Enclave, Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-2355880 |
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Fax No.: |
91-124-2355861 |
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Mobile No.: |
91-9810409658 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Panimex Inc., Mauritius |
1,453,104,724 |
99.78 |
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Beaman Bottling Company |
3,149,000 |
0.22 |
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TOTAL |
1,456,253,724 |
100.00 |
Ultimate Holding Company : Pepsi Co. Inc. (Trademark owner)
Holding Company : Panimex Inc., Mauritius
BUSINESS DETAILS
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Line of Business : |
Manufacturing of package bottles, snack foods, fruit
products, mineral water, potato product, milk malted foods, beverage and aerated
water. |
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Brand Names : |
Pepsi /Mirinda/7UP. |
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Exports : |
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Countries : |
USA |
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Imports : |
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Countries : |
USA |
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Terms : |
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Purchasing : |
L/C, Cash or Credit [30 days] |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Aerated & Non- aerated beverages |
Cases |
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* 64726000 |
76809000 |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
1000 |
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Bankers : |
v Bank of America, 16, Barakhamba Road, New Delhi – 110001, India v Deutsche
Bank, Tolstoy Marg, Tolstoy House, New Delhi – 110001, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat S Raut & Company Chartered Accountants |
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Address : |
48 DLF Corporate Park, DLF City, Phase – III, Gurgaon –
122002 |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Associates/Subsidiaries : |
Fellow Subsidiaries: v Pepsi Foods Private Limited v Pepsico World Trading Company Inc. v Pepsi Cola International Cork Subsidiaries: v Aradhana Beverages and Food Company Private Limited v Aradhana Carbonated Beverages Private Limited v Aradhana Drinks and Beverages Private Limited v Frito Lay India v Tropicana Beverages Company v Pangarh Marketing Private Limited v Ahmedabad Advertising and Marketing Consultants Private Limited v Aradhana Snack Foods Company v Aradhana Soft Drinks Company Associates: v Pearl Drink Private Limited v Steel City Drinks Beverages Limited v Dhillon Kool Drinks and Beverages Limited (part of the year) v Devyani Beverages Limited v Krishna Mohan Beverages and Construction Private Limited v Charminar Bottling Company Private Limited v Varun Beverages Limited v Tripty Drinks Private Limited v SMV Beverages Private Limited v Chattisgarh Beverages Private Limited Others: v Pepsico India Holdings Employees Provident Fund Trust v
Pepsico India Holdings Employees Superannution Fund
Trust |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,500,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 25000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1126253724 |
Equity Shares |
Rs.10/- each |
Rs. 11262.537 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11262.537 |
11262.537 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.701 |
6..095 |
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4] (Accumulated Losses) |
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(4837.583) |
(4190.617) |
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NETWORTH |
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6430.655 |
7078.015 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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9510.541 |
8889.379 |
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TOTAL BORROWING |
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9510.541 |
8889.379 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15941.196 |
15967.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9316.540 |
9887.991 |
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Capital work-in-progress |
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373.316 |
339.988 |
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INVESTMENT |
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2349.731 |
2314.855 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1952.968 |
2191.626 |
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Sundry Debtors |
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1448.733 |
911.851 |
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Cash & Bank Balances |
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417.520 |
569.810 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4554.520 |
4210.443 |
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Total
Current Assets |
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8373.741 |
7883.730 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3955.276 |
4292.116 |
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Provisions |
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516.856 |
167.054 |
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Total
Current Liabilities |
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4472.132 |
4459.170 |
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Net Current Assets |
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3901.609 |
3424.560 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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15941.196 |
15967.394 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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18567.064 |
14891.121 |
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Total Income |
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18567.064 |
14891.121 |
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Profit/(Loss) After Tax |
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(604.147) |
(875.177) |
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Earnings in Foreign Currency : |
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Total Earnings |
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2091.925 |
894.935 |
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Expenditures : |
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Interest |
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420.383 |
422.699 |
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Depreciation & Amortization |
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2110.059 |
2017.482 |
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Other Expenditure |
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16640.769 |
13326.117 |
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Total Expenditure |
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19171.211 |
15766.298 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(3.25) |
(5.87) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.69 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.87 |
1.76 |
LOCAL AGENCY FURTHER
INFORMATION
History:
The company was incorporated on 16.10.1997 at Gurgaon in Haryana having Company Registration Number 33754.
The company became a deemed public company in terms of section 43 (A) with effect from 1st April 1997. Company shifted its registered office from Delhi to Gurgaon (Haryana) and got new Registration Number from Roc Delhi and Haryana Vide (05-33754) dated 20/10/1997. The Company once again was converted into a private limited company from a deemed limited company w.e.f. 22nd January 2001.
Business:
Subject acts as manufacturers and dealers in all kinds of food and food products and beverages. It also acts as holding company for various pepsico companies in India.
The company is from Pepsi Cola Group.
The company is under collaboration with Pepsico Capital Corporation, The Netherlands.
Aradhana Beverages Manufacturing Company has been amalgamated with the company w.e.f. 14th January 2003.
It is in trade terms with:
Ø Agra Beverages Corporation Limited, India
Ø Pearl Drinks Private Limited, India
Ø Steel City Drinks Beverages Limited, India
Ø Dhillon Kool Drinks and Beverages Limited, India
Ø Devyani Beverages Limited, India
Ø Varun Beverages Limited, India
Ø Pearl Beverages Limited, India
The company operates from caption leased office premises of medium size situated in commercial area.
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 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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52 |
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 |
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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 |
|
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 |
|
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 |
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