MIRA
INFORM REPORT
|
Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ITC FILTRONA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Survey No. 29 and 30, Doddajala, Post Yarthiganahalli, Via
Bettahalsasur, Bangalore 562157, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
04.05.1993 |
|
|
|
|
Com. Reg. No.: |
14278 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U16003KA1993PLC014278 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing, Importing, Exporting and Trading of all kind of
cigarettes, other tobacco smokes and any kind of accessories in connection
therewith. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 980000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company and a part of ITC
Group. Trade relations are fair.
General Financial position is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office/Factory : |
Survey No. 29 and 30, Doddajala, Post Yarthiganahalli, Via
Bettahalsasur, Bangalore 562157, Karnataka, India |
|
Tel. No.: |
91-80-7680438 / 7680497 / 7682418 |
|
Fax No.: |
91-80-7682420 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
C/o. ITC Limited, Pulikesi Nagar, Bangalore – 560 005, Karnataka,
India |
|
Tel. No.: |
91-80-25463340 / 4863 / 83 |
|
Fax No.: |
91-80-25460641 / 0516 |
|
|
|
|
Branches : |
All ITC Offices in India and Abroad |
DIRECTORS
|
Name : |
Mr. Abhimanyu Kumar Poddar |
|
Designation : |
Director |
|
Address : |
No. 343, the Embassy Ali Sagar Road, Bangalore 560052, Karnataka,
India |
|
|
|
|
Name : |
Mr. Purushottam Gururaj |
|
Designation : |
Director |
|
Address : |
No. 171, Panchamrutham, 3rd Cross, R. K. Gardens, Bangalore
560054, Karnataka, India |
|
|
|
|
Name : |
Mr. Ganesh Devarajan |
|
Designation : |
Director |
|
Address : |
37, Woodlands Syndicate, 8/7, Alipore Raod, Kolkata 700027, West
Bengal, India |
|
Date of Birth/Age : |
28.03.1950 |
|
Date of Appointment : |
30.09.2004 |
|
|
|
|
Name : |
Mr. Thondikulam Vaidyanathan Ramaswamy |
|
Designation : |
Director |
|
Address : |
5, Woodlands Syndicate, 8/7, Alipore Raod, Kolkata 700027, West
Bengal, India |
|
Date of Birth/Age : |
06.06.1951 |
|
Date of Appointment : |
18.12.2001 |
|
|
|
|
Name : |
Mr. Sreekumar Puthen Thermedam |
|
Designation : |
Director |
|
Address : |
2, Tadmere, Two Mile Ash Milton Keynes MK88Dg |
|
Date of Birth/Age : |
28.11.1955 |
|
Date of Appointment : |
12.09.2002 |
|
|
|
|
Name : |
Mr. Michael Alan Heath |
|
Designation : |
Director |
|
Address : |
61, Gentle Drive, Singapore 309264 |
|
Date of Birth/Age : |
13.10.1966 |
|
Date of Appointment : |
28.09.2005 |
|
|
|
|
Name : |
Mr. Daniel Frederick Ibbetson |
|
Designation : |
Director |
|
Address : |
Heathfields, Twemlows Walk Higher Heath, SY132JE |
|
Date of Birth/Age : |
08.05.1970 |
|
Date of Appointment : |
22.12.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Break-up [As on 31.12.2006] |
|
Percentage of
Holding |
|
Foreign Holdings |
|
50.00 |
|
Bodies Corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing, Exporting and Trading of all kind of
cigarettes, other tobacco smokes and any kind of accessories in connection
therewith. |
||||
|
|
|
||||
|
Products : |
|
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
25 |
|
|
|
|
Bankers : |
Ø Hongkong &
Shanghai Banking Corporation Limited Manipal Centre, Dickenson Road, Bangalore
– 560 001, Karnataka, India Tel no. 91-80-2558 5444 Fax No. 91-80-2558 4411 |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A. F. Ferguson and Company Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore 560025,
Karnataka, India |
|
|
|
|
Parent Company : |
Ø All India Tobacco
Company Limited, 37, Chowringee Lane, Kolkata - 71, West
Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
Ø ITC Group Ø Filtrona
International, U.K. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 45.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
201.731 |
172.431 |
164.270 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
246.731 |
217.431 |
209.270 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
10.206 |
10.721 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.937 |
228.152 |
209.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
121.653 |
89.707 |
87.735 |
|
|
Capital work-in-progress |
1.024 |
0.362 |
3.826 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
173.681
|
164.154 |
137.253 |
|
|
Sundry Debtors |
30.627
|
26.276 |
29.132 |
|
|
Cash & Bank Balances |
135.364
|
129.153 |
118.751 |
|
|
Other Current Assets |
2.306
|
2.140 |
2.371 |
|
|
Loans & Advances |
29.250
|
23.942 |
26.091 |
|
Total
Current Assets |
371.228
|
345.665 |
313.598 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
193.069
|
164.681 |
143.595 |
|
|
Provisions |
43.899
|
42.901 |
52.294 |
|
Total
Current Liabilities |
236.968
|
207.582 |
195.889 |
|
|
Net Current Assets |
134.260
|
138.083 |
117.709 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.937 |
228.152 |
209.270 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
821.714 |
722.614 |
692.409 |
|
|
Other Income |
8.700 |
5.610 |
3.942 |
|
|
Total Income |
830.414 |
728.224 |
696.351 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
108.955 |
73.940 |
72.830 |
|
|
Provision for Taxation |
-- |
-- |
24.308 |
|
|
Profit/(Loss) After Tax |
108.955 |
73.940 |
48.522 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
625.906 |
580.753 |
549.790 |
|
|
Consumption of stores and spares parts |
11.915 |
7.035 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
2.714 |
[4.035] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
19.015 |
17.422 |
11.478 |
|
|
Payment to Auditors |
0.905 |
0.710 |
0.919 |
|
|
Interest |
3.701 |
1.773 |
0.939 |
|
|
Insurance Expenses |
1.416 |
1.230 |
1.050 |
|
|
Power & Fuel |
7.469 |
7.657 |
7.113 |
|
|
Depreciation & Amortization |
15.335 |
16.347 |
0.000 |
|
|
Other Expenditure |
33.083 |
25.392 |
52.232 |
|
Total Expenditure |
721.459 |
654.284 |
623.521 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total
Income |
(%) |
13.12
|
10.15 |
6.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.25
|
10.23 |
10.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.10
|
16.98 |
18.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.34 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.95 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.66 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
The company's fixed assets of important value include land, building
& civil works, plant & machinery, furniture & fixtures and motor
vehicles.
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. 39.97 |
|
UK Pound |
1 |
Rs. 79.78 |
|
Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|