MIRA
INFORM REPORT
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Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARLE BISCUITS PRIVATE LIMITED |
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Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.09.1974 |
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Com. Reg. No.: |
17797 |
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CIN No.: [Company
Identification No.] |
U15412MH1974PLC017797 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16474D |
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PAN No.: [Permanent
Account No.] |
AAACP0485D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and trading of biscuits and allied products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 26203616 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company having excellent track.
Available information indicates high financial responsibility of the company.
Financial position is excellent. Trade relations are fair. Payments are
correct and as per commitments. The Company is doing exceedingly well. It can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. The Company’s brand value is huge in India. |
LOCATIONS
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Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra,
India. |
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Tel. No.: |
91-22-24933630 |
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Fax No.: |
91-22-24933630 |
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E-Mail : |
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Plants : |
SP-2/4, RIICO Industrial Area, Delhi Jaipur Road, District Alwar, Neemrana, Rajasthan, India |
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Tel No : |
91-1494-246312 |
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Fax No. : |
91-1494-246180 |
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Plants : |
36, 8 KM Delhi Rohtak Road, Village Sankhol, Near Bahadurgarh, District Rohtak – 124 507, Haryana, India |
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Tel No : |
91-1276-23415458 |
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Fax No. : |
91-1276-2341406 |
DIRECTORS
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Name : |
Mr. Subhash Govind Nerurkar |
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Designation : |
Director |
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Address : |
6, Parinata CHS Limited, Sant Janabai Marg, Vile Parle (East), Mumbai
– 400057, Maharashtra, India. |
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Date of Birth/Age : |
20.10.1946 |
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Date of Appointment : |
28.02.1994 |
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Name : |
Mr. Raj Kumar Satyanarayan Nevatia |
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Designation : |
Director |
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Address : |
1, Jogesh CHS Limited, 14, Natwar Nagar road, Jogeshwari (East), Mumbai
– 400060, Maharashtra, India. |
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Date of Birth/Age : |
02.01.1951 |
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Date of Appointment : |
07.01.1998 |
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Name : |
Mr. Zile Singh |
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Designation : |
Director |
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Address : |
House No. 761, Ward No. 8, Dayanand Nagar, VPO, Kanonda Tehsil, Bahadur
Garh, Rohtak – 124507, Jhajjar, Haryana, India. |
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Date of Birth/Age : |
13.10.1941 |
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Date of Appointment : |
31.08.1995 |
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Name : |
Mr. Sher Singh Shiv Rain |
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Designation : |
Manager |
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Address : |
1406, Sector – 6, Bahadur Garh, Rohtak – 124507, Jhajjar, Haryana,
India. |
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Date of Birth/Age : |
04.04.1952 |
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Date of Appointment : |
07.06.1995 |
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Name : |
Mr. Atul Kantilal Shah |
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Designation : |
Director |
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Address : |
707, Rahul Classics, Near Municipal Garden, Sai Baba Nagar, Borivali
(East), Mumbai – 400 092, Maharashtra, India |
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Date of Appointment : |
16.11.2005 |
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Name : |
Mr. Brijesh Kumar Tripathi |
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Designation : |
Director |
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Address : |
House No. 721, Near Old Deewani Civil Lines, Etowah – 206001, Uttar
Pradesh, India |
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Date of Appointment : |
16.11.2005 |
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Name : |
Mr. Satya Narain Varma |
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Designation : |
Director |
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Address : |
Houser No. 1563, Sector – 6, Bahadurgarh – 124 507, Distt. Jhajjar,
Haryana, India. |
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Date of Appointment : |
16.11.2005 |
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Name : |
Mr. Sanjay Goel |
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Designation : |
Director |
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Address : |
23-A, Supriya Apartment, A-4, Pachim Vihar, New Delhi – 110063, India |
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Date of Birth : |
10.10.1971 |
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Date of Appointment : |
01.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
No. of Shares |
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Parle Products Private Limited |
49499 |
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Mr. Chokkanathapuram Subramanian Natesan |
1 |
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Total |
49500 |
Equity Share break-up (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate (not mentioned above) |
99.99 |
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2. |
Directors or relatives of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and trading of biscuits and allied products. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
Above 5,000 |
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Bankers : |
v Indian Overseas Bank v Corporation Bank v The United Western Bank Limited v The Bharat Co-operative Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S A Buhariwalla and Associates, Chartered Accountants |
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Address : |
103, Satyam, 42, Chimbai Road, Mumbai – 400 050, Maharashtra, India |
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Name : |
C C Chokshi and Company, Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India |
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Parent (Holding)
Company : |
v Parle Products
Private Limited |
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Subsidiaries : |
v Arctic Biscuits
Private Limited v Pardee Foods Nigeria Limited v Parlite Foods
SARL |
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Associates : |
v Vile Packaging Private Limited v Apex Packaging Private Limited v Fitrite Packers v Caxton Chemical Industries v Flash Laboratories Private Limited v Triad Foods Private Limited v Aquathane Chemicals Private Limited v Caxton Chemical Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
49,500 |
Equity Shares |
Rs. 100/- Each |
Rs. 4.950
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.950 |
4.950 |
4.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6545.954 |
5713.160 |
4844.653 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6550.904 |
5718.110 |
4849.603 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6550.904 |
5718.110 |
4849.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1488.670 |
1431.514 |
471.899 |
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Capital work-in-progress |
687.386 |
85.906 |
474.111 |
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INVESTMENT |
2749.078 |
3107.545 |
3354.019 |
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DEFERREX TAX ASSETS |
5.603 |
9.538 |
20.173 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1011.523
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608.393 |
252.498 |
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Sundry Debtors |
45.501
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32.475 |
82.190 |
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Cash & Bank Balances |
532.107
|
256.907 |
209.161 |
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Other Current Assets |
39.185
|
54.414 |
56.667 |
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Loans & Advances |
735.429
|
678.401 |
281.337 |
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Total
Current Assets |
2363.745
|
1630.590 |
881.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
735.003
|
535.542 |
336.315 |
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Provisions |
8.575
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11.441 |
16.137 |
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Total
Current Liabilities |
743.578
|
546.983 |
352.452 |
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Net Current Assets |
1620.167
|
1083.607 |
529.401 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6550.904 |
5718.110 |
4849.603 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
13202.624 |
9355.325 |
6967.465 |
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Other Income |
372.812 |
370.422 |
326.985 |
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Total Income |
13575.436 |
9725.747 |
7294.450 |
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Profit/(Loss) Before Tax |
1114.830 |
1153.142 |
1253.611 |
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Provision for Taxation |
282.035 |
284.635 |
389.159 |
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Profit/(Loss) After Tax |
832.795 |
868.507 |
864.452 |
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Expenditures : |
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Raw Material Consumed |
8319.109 |
5717.091 |
3805.807 |
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Purchases made for re-sale |
264.535 |
2.712 |
0.011 |
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Consumption of stores and spares parts |
48.909 |
27.446 |
17.661 |
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Increase/(Decrease) in Finished Goods |
(353.795) |
(265.902) |
23.473 |
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Salaries, Wages, Bonus, etc. |
139.494 |
121.757 |
68.693 |
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Managerial Remuneration |
1.350 |
1.217 |
1.170 |
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Payment to Auditors |
0.955 |
1.430 |
1.834 |
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Interest |
6.700 |
1.650 |
2.926 |
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Insurance Expenses |
8.123 |
5.721 |
3.555 |
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Power & Fuel |
243.227 |
183.974 |
102.534 |
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Depreciation & Amortization |
245.740 |
158.152 |
85.660 |
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Other Expenditure |
3536.259 |
2617.357 |
1927.515 |
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Total Expenditure |
12460.606 |
8572.605 |
6040.839 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.13
|
8.93 |
11.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.44
|
12.33 |
17.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.21
|
11.86 |
17.18 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.20 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.11
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0.09 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
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3.18
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2.98 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered office of the company has been
shifted from V S Khandekar Marg, Vile Parle (East), Mumbai – 400057,
Maharashtra, India to North Level Crossing, Vile Parle (East), Mumbai – 400057,
Maharashtra, India with effect from 08.09.2007.
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 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 :
The 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.
The 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. 40.04 |
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UK Pound |
1 |
Rs. 79.11 |
|
Euro |
1 |
Rs. 63.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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 |
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