MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLOETER INDIA RETORT POUNCHES PRIVATE LIMITED |
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Registered Office : |
202, Mohan Place, LSC Saraswati Vihar, C Block, Delhi – 110034 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.2005 |
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Com. Reg. No.: |
55 - 140903 |
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CIN No.: [Company
Identification No.] |
U00313DL2005PTC140903 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02984C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Retort Pounches. |
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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an ultimate subsidiary of Floeter, Germany. Available information indicates high financial responsibility of the
company. Initially the company has incurred substantial losses. However, it’s
payments are correct and as per commitments. The company can be considered normal for business dealings with slight
caution in view of accumulated losses. |
INFORMATION
DECLIENED BY
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Name : |
Mr. Vishnu Varshney |
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Designation : |
Manager |
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Date : |
31.07.2008 |
LOCATIONS
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Registered Office : |
202, Mohan Place, LSC Saraswati Vihar, C Block, Delhi – 110034 |
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E-Mail : |
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Factory : |
Plot No. 277, Sector 6, IMT Manesar, Gurgaon – 122 050, Haryana, India |
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Tel. No.: |
91-124-4367531/ 4367532 |
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Fax No.: |
91-124-4367533 |
DIRECTORS
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Name : |
Mr. Jonathan Charles Dill |
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Designation : |
Director |
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Address : |
3701, Center AV, Cincinnati – 45227, USA |
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Date of Birth/Age : |
18.06.1965 |
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Date of Appointment : |
30.04.2008 |
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Name : |
Mr. John Baumann Quentin |
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Designation : |
Director |
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Address : |
8075, Muchmore Point Lane, Cincinnati, Ohio – 42543, USA |
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Date of Birth/Age : |
31.03.1957 |
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Date of Appointment : |
30.04.2008 |
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Name : |
Mr. Marc Stephen Rapp |
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Designation : |
Director |
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Address : |
Hinterer Bergweg 1, Leonberg – 71229, Germany |
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Date of Birth/Age : |
19.04.1965 |
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Date of Appointment : |
19.09.2005 |
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Name : |
Mr. Rick Earley |
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Designation : |
Director |
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Address : |
5, Ardnalee, Tralee, Co Kerry, Ireland |
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Date of Birth/Age : |
18.05.1963 |
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Date of Appointment : |
19.09.2005 |
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Name : |
Mr. D S Rathore |
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Designation : |
Director |
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Date of Appointment : |
20.09.2005 |
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Name : |
Mr. Lakshman Kanunga |
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Designation : |
Director |
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Date of Appointment : |
01.04.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 08.08.2005
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Names of
Shareholders |
No. of Shares |
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Umera Holdings, Ireland |
9999 |
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Ampac Holdings, USA |
1 |
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Total |
10000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Foreign holdings (Foreign institutional investors, Foreign companies, Foreign
financial institutions, Non resident Indians or Overseas corporate bodies or
Others |
100.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 27.08.2007
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Name of
Allottees |
No. of Shares |
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Floeter Ireland Limited |
1815000 |
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Total |
1815000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Retort Pounches. |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Sanjeev Neeru and Associates Chartered Accountants |
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Address : |
202, Mohan Place, LSC C Block, Saraswati Vihar, Delhi – 110 034, India |
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Holding Company : |
v Floeter Ireland
Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1825000 |
Equity shares |
Rs. 10/-
each |
Rs. 18.250 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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18.150 |
0.600 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(19.173) |
0.000 |
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NETWORTH |
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(0.923) |
0.700 |
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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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46.923 |
4.100 |
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TOTAL BORROWING |
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46.923 |
4.100 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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46.000 |
4.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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54.907 |
0.025 |
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Capital work-in-progress |
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0.000 |
1.171 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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1.719 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.538 |
0.000 |
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Sundry Debtors |
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4.867 |
0.000 |
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Cash & Bank Balances |
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5.569 |
3.647 |
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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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7.770 |
0.103 |
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Total
Current Assets |
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31.744 |
3.750 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.346 |
0.132 |
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Provisions |
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0.190 |
0.030 |
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Total
Current Liabilities |
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42.536 |
0.162 |
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Net Current Assets |
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(10.792) |
3.588 |
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MISCELLANEOUS EXPENSES |
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0.166 |
0.016 |
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TOTAL |
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46.000 |
4.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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32.822 |
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Total Income |
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32.822 |
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Profit/(Loss) Before Tax |
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(20.732) |
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Provision for Taxation |
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1.559 |
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Profit/(Loss) After Tax |
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(19.173) |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.064 |
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Total Earnings |
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1.064 |
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Imports : |
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Raw Materials |
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12.665 |
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Components |
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14.665 |
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Total Imports |
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27.330 |
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Expenditures : |
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Financial Charges |
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1.524 |
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Depreciation & Amortization |
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3.929 |
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Other Expenditure |
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48.101 |
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Total Expenditure |
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53.554 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(58.41) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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(63.16) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(63.16) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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(22.46) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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(34.39)
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0.23 |
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Current Ratio (Current Asset/Current Liability) |
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0.75 |
23.15 |
LOCAL AGENCY
FURTHER INFORMATION
Press Release
Floeter to Showcase latest Retort Pounches :
Subject is a subsidiary of German company Floeter, the world leader in stand-up retort pouches will target the South-East Asian and South Asia markets with its latest range of retort pouches while participating in Pro-Pack Asia event. Floeter India was established just a year ago and within a short frame of time it has been able to grab some good orders from India as well as from other countries. Worldwide Floeter is a leader in retort stand-up-pouches (SUPs) used for human as well as pet food. A retortable pouch basically replaces a tin can, being able to withstand the mechanical and physical stress involved when the contents are retorted, meaning cooked at 121oC for up to 45 minutes.
Gabreial Meile will be representing the company at the event. He
informed Food and Beverage News: "They are constantly upgrading and
launching new pouches with new shapes, designs offering more convenience to the
customer. They will be showcasing some of the latest designs at the event. They
expect to get some new orders from South East Asian market."
Floeter had recently developed a unique pouch in the shape of gravy
pourer, which eliminates the use of gloves while handling the pouch after
heating it in microwave.
The company has already received enquiries from frontline RTE processors
in India as well as from international markets. Lakshman Kanuga, director, Floeter
India informed that the company has sent testing samples to some leading RTE
food companies like MTR, Tasty Bites, ITC, Capital Foods etc. Apart from this
the company has also developed special oil pouches for a leading edible oil
brand in India. Kanuga informed that the company is currently concentrating on
exports and has already dispatched specially designed retort pouches to
multinationals like Nestle, Unilever and retail chains like Wal-Mart in
European and US markets.
Floeter supplies both the microwaveable and non-microwaveable variety of
pouches.
The company findsattributes great future for the retort pouches in the
country with the definite shift in the mindset of consumers and due to other
factors like growing economy, urban lifestyle, increasing number of working
women and growing number of nuclear families. The flexible packaging forms like
stand-up pouches, retort pouches, spouted pouches are replacing the rigid
packaging in case of various commodities, as it can offer better performance,
aesthetic shelf appeal at a lower cost, informed Kanuga. The company is all set
to explore the ample opportunities lying in the Indian food market.
Germany
Floeter GmbH, a leading pet food packaging company of Germany, will set
up a manufacturing unit in West Bengal. Known for its flexible food grade
packaging technology, Floeter is currently setting up its first Rs 11 crore
manufacturing unit in Vashi near Mumbai. Floeter would operate in India through
a wholly owned subsidiary, Floeter India Retort Pouches Private Limited.
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 :
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.49 |
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UK Pound |
1 |
Rs. 84.21 |
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Euro |
1 |
Rs. 66.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
-- |
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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 |
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 |
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37 |
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
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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, they have no basis upon which to
recommend credit dealings |
No Rating |
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