MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
WRIGLEY INDIA
PRIVATE LIMITED |
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Registered Office : |
206, II Floor,
Okhla Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1995 |
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Com. Reg. No.: |
55-19415 |
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CIN No.: [Company
Identification No.] |
U99999KA1995PTC019415/U15434DL2005PTC132563 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELW01628E |
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PAN No.: [Permanent
Account No.] |
AAACW1789P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing and
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 3209560 |
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Status : |
Moderate |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
The company is a wholly
owned subsidiary of Wm Wrigley Jr Co., Financial
position is moderate. Payments are usually correct and as per commitments. Since, the
subject is a wholly owned subsidiary of Wm Wrigley Jr Co., |
LOCATIONS
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Registered Office : |
206, II Floor,
Okhla Industrial Estate Phase – 3, |
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Tel. No.: |
91-80-28468523 /
26933509 |
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Fax No.: |
91-80-28468261 /
26933508 |
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E – Mail : |
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Website : |
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Factory 1 : |
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Tel. No.: |
91-80-8468523, 8468274-78 |
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Fax No.: |
91-80-8468621 |
DIRECTORS
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Name : |
Mr. Kiril Kovatchki |
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Designation : |
Managing Director |
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Address : |
#412, Embassy Woods, 6-A, |
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Date of Appointment : |
14.07.2000 |
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Name : |
Mr. Bijesh Takker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, |
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Date of Appointment : |
29.09.2000 |
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Name : |
Mr. Reuben Gamaran |
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Designation : |
Director |
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Address : |
411, |
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Date of Appointment : |
30.09.2000 |
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Name : |
Mr. Howard Malovany |
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Designation : |
Director |
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Address : |
1771, W. Priceton Court, |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Mark Monoroc |
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Designation : |
Director |
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Address : |
252, W. Street, |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Allyson Bouldon |
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Designation : |
Director |
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Address : |
401, |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Arun Hegde |
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Designation : |
Director |
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Name : |
Mr. Govinda Rao Ranganath |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Suresh Vaishraj |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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WM Wrigley Junior Company |
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12856164 |
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Wrigley Enterprises Limited |
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1 |
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Wrigley International Holding Company |
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1 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing and
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GENERAL INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v
Citibank
NA v
American Express Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi
& Company Chartered
Accountants |
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Address : |
B – 26, Qutab
Institutional Area, |
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Holding Comapny : |
Wm Wrigley Jr Co. 410, |
CAPITAL STRUCTURE
Authorised Capital :
Not Available
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12856166 |
Equity Shares |
Rs.10/- each |
Rs.1285.616 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1285.617 |
998.468 |
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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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(483.227) |
(807.361) |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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802.390 |
191.107 |
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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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16.459 |
36.056 |
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TOTAL BORROWING |
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16.459 |
36.056 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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818.849 |
227.163 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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470.396 |
151.168 |
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Capital work-in-progress |
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66.854 |
57.495 |
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INVESTMENT |
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0.100 |
0.121 |
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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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165.447 |
36.867 |
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Sundry Debtors |
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41.752 |
20.553 |
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Cash & Bank Balances |
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196.760 |
6.100 |
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Other Current Assets |
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1.528 |
0.191 |
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Loans & Advances |
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171.644 |
13.082 |
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Total
Current Assets |
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577.131 |
76.793 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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240.476 |
56.749 |
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Provisions |
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55.156 |
1.665 |
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Total
Current Liabilities |
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295.632 |
58.414 |
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Net Current Assets |
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281.499 |
18.379 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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818.849 |
227.163 |
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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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1756.887 |
154.603 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1756.887 |
154.603 |
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Profit/(Loss) Before Tax |
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49.822 |
(51.186) |
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Provision for Taxation |
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15.866 |
0.000 |
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Profit/(Loss) After Tax |
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33.956 |
(51.186) |
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Expenditures : |
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Total Expenditure |
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1707.065 |
205.789 |
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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1.93 |
(33.10) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.83 |
(33.10) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.75 |
(22.45) |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
(0.26) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
It is a 100%
subsidiary of
The company is in trade terms with :
v
FZCO,
v
Notes:
The subject has shifted their Registered
office from
Amalgamation of Joyco India Private Limited
(The Transferor Company) with Wrigley India Private Limited: Joyco India
Private Limited Limited (The Transferor Company), a wholly owned subsidiary of
Wm. Wrigley Jr. Company,
Pursuant to the scheme of amalgamation of
erstwhile Joyco India Private Limited with the subject company as approved by
the Hon’ble High Court of Delhi vide its order dated 08.09.2006 which became
effective on 13.10.2006, on filing of the court order with the registry and all
the assets, liabilities and reserves of the transferor company have been
transferred to and vested in the subject company with retrospective effect from
the appointed date 01.04.2005
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.55 |
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1 |
Rs.80.44 |
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Euro |
1 |
Rs.55.49 |
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. |
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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