MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PARLE AGRO PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.12.1985 |
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Com. Reg. No.: |
38459 |
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CIN No.: [Company
Identification No.] |
U15130MH1985PTC038459 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19663A |
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PAN No.: [Permanent
Account No.] |
AAACP8416G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in manufacturing of Aerated Drinks. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company having fine track
record. They were the owner of well known soft drink brand in The company can be considered good for medium to large dealings at
usual track terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
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Tel. No.: |
91 – 22 – 66935025-32 |
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Fax No.: |
91 – 22 – 66935050 |
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E-Mail : |
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Website: |
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Area : |
Large |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Prakash Jayantilal Chauhan |
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Designation : |
Chairman and Managing Director |
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Address : |
Shanty Kunj, |
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Date of Birth/Age : |
08.01.1986 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Rajan Kanal |
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Designation : |
Director |
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Name : |
Mr. Schauna Chauhan Bikramjeet Saluja |
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Designation : |
Whole Time Director |
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Address : |
702, |
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Date of Birth/Age : |
02.08.1976 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Naida Prakash Chauhan |
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Designation : |
Whole Time Director |
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Address : |
Shani Kunj, 47, |
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Date of Birth/Age : |
08.01.1986 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Ashish Kumar Promode Chatterjee |
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Designation : |
Whole Time Director |
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Address : |
22 / 18, Four Bungalows, Amarjyoti Society, Andheri (West), Mumbai 400
058, |
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Date of Birth/Age : |
12.02.1954 |
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Date of Appointment : |
06.09.2003 |
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Name : |
Mr. Hariharan Rajamani |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 1040, Guru Samridhi Heights, Sector 14, Palm Beach, Sanpada,
Navi Mumbai 410 705, Maharashtra, India |
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Date of Birth/Age : |
02.06.1960 |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Praful Pundalik Bandekar |
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Designation : |
Whole Time Director |
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Address : |
165 – E, Mumbadevi Sadan, 3rd Floor, Hindu Colony, |
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Date of Birth/Age : |
16.05.1944 |
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Date of Appointment : |
24.09.2004 |
KEY EXECUTIVES
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Name : |
Mr. Rajeevan Narayanan Nair |
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Designation : |
Secretary |
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Address : |
D 701 / 702, 7th Floor, |
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Date of Birth/Age : |
16.05.1968 |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
The company’s entire share capital is held by Chauhan family and their nominees.
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of Aerated Drinks. |
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Products : |
Ř Apply Apple N A B B Ř Frooti Mango N A B B Ř Frooti Orange N A B B |
GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
State Bank of Mumbai, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S V Ghatalla and Associates Chartered Accountants |
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Address : |
Medows House, 2nd Floor, |
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Associates/Subsidiaries : |
Ř Parle (Exports) Limited Ř Parle Beverages Limited Ř Parle Battling Private Limited Ř Parle Sales & Services Limited CIN NO.: U15499GJ1992PTC017153 |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/-
each |
Rs. 2.000
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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2.000 |
2.000 |
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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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543.884 |
405.654 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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545.884 |
407.654 |
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LOAN FUNDS |
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1] Secured Loans |
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131.027 |
80.000 |
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2] Unsecured Loans |
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407.542 |
376.799 |
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TOTAL BORROWING |
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538.569 |
456.799 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1084.453 |
864.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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574.292 |
521.047 |
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Capital work-in-progress |
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34.263 |
26.131 |
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INVESTMENT |
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0.001 |
0.001 |
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DEFERREX TAX ASSETS |
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19.507 |
10.180 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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312.182 |
203.069 |
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Sundry Debtors |
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122.265 |
110.981 |
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Cash & Bank Balances |
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27.346 |
24.119 |
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Other Current Assets |
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8.724 |
22.186 |
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Loans & Advances |
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344.025 |
249.593 |
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Total
Current Assets |
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814.542 |
609.948 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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350.005 |
300.064 |
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Provisions |
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8.147 |
2.790 |
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Total
Current Liabilities |
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358.152 |
302.854 |
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Net Current Assets |
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456.390 |
307.094 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1084.453 |
864.453 |
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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 ( Including Other Income ) |
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2451.648 |
1723.844 |
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Total Income |
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2451.648 |
1723.844 |
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Profit/(Loss) Before Tax |
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138.989 |
(0.111) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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138.989 |
(0.111) |
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Export Value |
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36.519 |
28.118 |
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Expenditures : |
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Interest |
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10.755 |
16.390 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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106.174 |
98.929 |
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Other Expenditure |
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2195.730 |
1608.636 |
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Total Expenditure |
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2312.659 |
1723.955 |
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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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5.66 |
(0.00) |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.66 |
(0.00) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.00 |
(0.00) |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
(0.000) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.64 |
1.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.27 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Corporation identity number or foreign company registrations number of the company |
U15130MH1985PTC038459 |
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Name of the company |
PARLE AGRO PRIVATE LIMITED |
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Address |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge) |
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Particular of the charge holder |
Tetra
– Pak India Private Limited, |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 13.10.2006 |
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Date of the instrument creating charge |
13.10.2006 |
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Amount Secure by the charge |
Rs. 23.891 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: 7% p. a. b) Terms of Repayment: Rs. 23.890 millions alongwith interest @ 7% p. a. for three year shall be paid in three equal installments of Rs. 9.104 millions |
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Description of the property charge whether it is a charge on |
First and exclusive charge on the equipment |
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Particulars of the Property charged |
First line – TBA / 19 filling machine 1 No. Tetra Brik Aseptic (TBA) 19 filling Machine 1) Having capacity of 7500 PPH machine No. 21204 / 00276 2) 1 NO. straw Applicator TSA21 3) Cardboard packer CP 70 4) 1 No. Conveyor 5) Pull Tab 6) TCCS 7) Start up spare parts kit Second line – TBA/19 filling machine |
INDUSTRY
The potential for growth of the industry is also reflected in the number of foreign investment proposals received for the various sub-sectors of the industry. Between July 1991 and March 1998, the government approved joint ventures with a collective project cost of Rs.186, 490 millions of which foreign investment comprises of Rs.87, 560 millions.
Capitalization of the huge potential of the Indian food sector especially that of mass-based high-volume foods will require large-scale production and backward integration, with farmers for unhindered access of raw material. Investments of the order of approximately Rs.120 billion will be required across the food chain processing, procurement, distribution and agriculture. Storage and distribution alone is likely to absorb around 85% Rs.78 billion of the total investment required.
Branding is of key importance in certain area such as aerated and alcoholic drinks, convenience foods, processed fruits, vegetable and dairy products. This is the reason why many large corporate houses are very active in these areas. Currently, because of the mainly “urban” reach and the presence of many large business houses, these areas show the highest growth rate in the food processing industry.
Website details attached:
Business
Statement:
They are in the business of refreshing
Vision:
Their vision is to be the leaders in their business. They will stand
apart from the competition by being the first in the market to innovate, to
introduce new products and create new categories.
They will be the leaders in their business by maintaining high quality,
introducing new and innovative products, reaching every part of
Subject is a company that has always believed in Innovation, Quality and
Taste. It has launched fantastic products that have been extremely successful
across the country. Their brands Frooti, Appy, N-Joi and Bailley are leaders in
their categories and are household names in
They have always been a pioneer in whatever they have done.
·Frooti - The First tetra pak in
·Appy - First Apple Nectar and First beverage in all black tetra pak.
Products
Subject brings to their consumers the magic of
Premium fresh fruit drinks conveniently packed and available all through the
year. Fruit beverages are wholesome, easy to digest, highly refreshing with natural
nutritional values as compared to synthetic and aerated drinks. Parle Agro's
fruit drinks are popular with teens and children not only in
Frooti -
N-joi -
N-Joi contains no preservatives. It is full of
nutritional goodness and delicious filler. Aimed at young working adults, N-Joi
provides consumer with quick refreshing nourishment in their hectic; fast paced
stressful life.
Parle Bailley - Popularly known as the fastest
growing packaged water brand Parle Bailley Aqua is produced at 17 manufacturing
units to provide the discerning Indian consumer fresh and pure packaged
water.
Appy - This deliciously light and refreshing
apple drink is made from orchard fresh apples. A favourite with the young
generation as a tasty healthy, nourishing drink.
Pet Division
Polyethylene Terepthalate or PET is non-toxic
food grade plastic, hygenic, lightweight and sturdy which makes it a good
packaging material. Parle Bailley is packaged in PET bottles and containers. As
part of its backward integration, Parle Agro has diversified into the
manufacture of PET preforms in association with Parle International Limited.
The Rs. 500 million preforms manufacturing
facility is located at Silvassa in the Union Territory of Dadra and Nagar
Haveli. Silvassa has a well-developed infrastructure and support network, with
excellent communication facilities, easy accessibility by road and rail, low
cost power and warehousing. The Silvassa factory is ISO 9002 certified, with a
capacity of 8, 50,000 Pet Preforms and 5, 25,000 closures per day.
At Silvassa, Husky and Krauss Maffei machinery
are used for Preforms injection moulding. These machines have high level of
automation, accuracy and are capable of handling 15 tonnes of raw material per
day to produce upto 13 different styles of preforms. The closures to match the
Preforms are manufactured using hi-tech Arburg and Demag systems.
The Silvassa factory caters to the
requirements of reputed customers such as Hindustan Lever Limited, Postman,
Pearl Polymers Limited, Atco Healthcare Limited, DS Foods Limited of Pass-Pass
fame and Customers at
Export
Export Department was established in December
2003. Export sales graph has seen a steep rise of 547% in the year 2004 over
2003.Currently they have 55% growth (Aug 05) over 2004.It is their mission to accelerate
the upward trend year after year. Earlier only Frooti Mango and preforms was
being exported, they exported Frooti Green Mango, Apple, N-Joi (Strawberry),
N-joi (Mango) and also Bailley water in 200 ML, 330 ML, 1 Liter and 2 Liters.
Achievements:
v Entered in UAE & Saudi Arabian market.
v Entered
v Entered Malaysian Market.
v US Market being catered by one Buyer- HOS
v Re-entered in
Preforms exported
to:
v
Frooti Drinks are being exported to:
v
v
v ARABIA AND
Preforms are being exported to:
v
Bailley is being exported to:
v
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 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.39.33 |
|
|
1 |
Rs.79.74 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
63 |
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. |
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 |
|