MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
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) : |
31.03.2007 |
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Date of Incorporation : |
26.12.1985 |
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Com. Reg. No.: |
038459 |
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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 : |
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 3123730 |
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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 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 : |
nikhil.bhatt@parleagro.com |
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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 : |
Whole Time Director |
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Address : |
Shanti Kunj, |
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Date of Birth/Age : |
16.12.1946 |
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Date of Appointment : |
26.12.1985 |
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Email : |
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Din No: |
00078739 |
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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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Email : |
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Din No: |
00078965 |
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Name : |
Mr. Naida Prakash Chauhan |
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Designation : |
Whole Time Director |
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Address : |
Shanti 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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Email : |
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Din No: |
00850166 |
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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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Email : |
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Din No: |
00079475 |
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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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Email : |
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Din No: |
00079832 |
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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 |
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Email : |
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Din No: |
00080091 |
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Name : |
Mr. Chandraprakash Dilbahadur Sood |
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Designation : |
Director |
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Address : |
Plot No.110, Flat No.9, Uma Kunj, Behind Pratap Society, Four
Bunglows, Andheri (West), Mumbai – 400053, |
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Date of Birth/Age : |
16.07.1957 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Rajan Kanal |
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Designation : |
Director |
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Name: |
Mr. Kurup Chauhan Nadia |
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Designation : |
Whole Time Director |
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Address : |
Anand 10th Floor, Plot No.424, Chitrakar, Durgandhar Marg,
Khar (West), Mumbai – 400 052, |
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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. Nikhil Dineshchandra Bhatt |
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Address: |
C-703, Shyamkunj, Near Kamla Sports Club, Kandivali (West), Mumbai –
400 067, |
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Date of Birth/Age : |
17.01.1966 |
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Date of Appointment : |
16.09.2008 |
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 |
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Pan No: |
AABPN5192P |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2008)
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Names of Shareholders |
No. of Shares |
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Mr. Prakash Jayantilal Chauhan |
17000 |
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Mr. Schauna P. Chauhan |
1000 |
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Mrs. Alisha P. Chauhan |
1000 |
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Mr. Nadia P. Chauhan |
1000 |
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Total |
20000 |
(As on 31.03.2008)
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Category |
Percentage |
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Directors or relatives of directors |
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 : |
ITC CODE |
Product Description |
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330210 |
Flavour |
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220290 |
Agro Based Products |
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220110 |
Packaged Drinking Water |
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GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
·
State Bank of Mumbai, |
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Facilities: |
Particulars |
31.03.2007 (Rs.in Millions) |
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SECURED LOAN: From Banks a) On Cash Credit Accounts b) On Term lOan Account NOTE: Loans from banks on cash credit accounts and term loan accounts are secured against pledge of 10,500,000 units of UTI Fixed Term Income Fund-Growth Fund, 13,262,653 units of Prudential ICICI FMP 15 month Plan series, 15,000,000 of HDFC FMP 18 month series, 50,46,018 units of Prudential ICICI Fixed Maturity Plan Growth Yearly 12 and 27,161,968 units of Prudential ICICI FMP series 34-18 months plan (previous year: 10,694,073 units of Prudential ICICI Long Term Floating Rate Plan – B Growth – Dividend Option and 14,450,000 units of Prudential ICICI FMP Growth Yearly (XII) Institutional), by way of third party security. |
241.904 292.400 |
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Total |
534.304 |
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UNSECURED LOAN: a) Loan from a Director b) Loan from a Company |
60.546 248.018 |
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Total |
308.564 |
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Banking
Relations : |
Good |
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Auditors : |
S V Ghatalla and Associates |
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Chartered Accountants |
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Address : |
Medows House, 2nd Floor, |
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Pan No: |
AACFS6921Q |
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Associates/Subsidiaries : |
· Parle (Exports) Limited · Parle Beverages Limited · Parle Battling Private Limited · Parle sales services private limited · Parle Sales and Services Limited CIN NO.: U15499GJ1992PTC017153 |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity shares |
Rs. 100/-
each |
Rs. 2.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
622.746 |
543.884 |
405.654 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
624.746 |
545.884 |
407.654 |
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LOAN FUNDS |
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1] Secured Loans |
534.305 |
131.027 |
80.000 |
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2] Unsecured Loans |
308.565 |
407.542 |
376.799 |
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TOTAL BORROWING |
842.870 |
538.569 |
456.799 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1467.616 |
1084.453 |
864.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
777.857 |
574.292 |
521.047 |
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Capital work-in-progress |
73.333 |
34.263 |
26.131 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
14.488 |
19.507 |
10.180 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
483.104
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312.182 |
203.069 |
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Sundry Debtors |
207.057
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122.265 |
110.981 |
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Cash & Bank Balances |
29.537
|
27.346 |
24.119 |
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Other Current Assets |
1.135
|
8.724 |
22.186 |
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Loans & Advances |
598.736
|
344.025 |
249.593 |
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Total
Current Assets |
1319.569
|
814.542 |
609.948 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
710.185
|
350.005 |
300.064 |
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Provisions |
7.447
|
8.147 |
2.790 |
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Total
Current Liabilities |
717.632
|
358.152 |
302.854 |
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Net Current Assets |
601.937
|
456.390 |
307.094 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1467.616 |
1084.453 |
864.453 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3629.286 |
2503.072 |
1723.844 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
3629.286 |
2503.072 |
1723.844 |
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Profit/(Loss) Before Tax |
101.723 |
138.989 |
(0.111) |
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Provision for Taxation |
(11.050) |
(11.600) |
(0.100) |
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Profit/(Loss) After Tax |
79.154 |
132.517 |
(0.211) |
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Export Value |
NA |
NA |
28.118 |
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Total Expenditure |
3527.563 |
2364.083 |
1723.733 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.18
|
5.29 |
(0.01) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
5.55 |
(0.01) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
10.01 |
(0.02) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.25 |
(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
|
1.64 |
1.86 |
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Current Ratio (Current Asset/Current Liability) |
|
1.84
|
2.27 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During the year review, the company’s total income is Rs.3629.286 Millions
as compared to rs.2503.072 Millions for the previous year. The working has
resulted in a Profit of Rs.273.703 Millions before Depreciation and Interest as
compared to Rs.255.918 Millions for the previous year. After providing
Depreciation of Rs.131.816 Millions (previous year rs.106.174 Millions ) and
Interest Rs.40.164 Millions (previous year Rs.10.755 Millions), there is a
profit (before Taxation) of Rs.101.723 Miliions as compared to 138.989 Millions
for the previous year. After reducing the Provision for Taxation and Fringe
Benefit Tax of Rs.22.569 millions (previous year Rs.6.472 Millions), the Profit
after Taxation is Rs.79.154 Millions as compared to previous year of Rs.132.517
Millions. The aggregate amount of Rs.215.171 millions (being the current year
Profit, of Rs.79.154 Millions, the negative balance of prior adjustments of
Rs.4.867 Millions and previous years brought forward balance of Rs.140.884
Millions, is carried to the Balance Sheet.
As a part of Ongoing Expansion Programme, all the Manfacturing
Facilities of the Company situated at Patalganga, Chennai (Sriperumbudar),
Their company has activated new Business Model for Franchise Business of
Bailley Packaged Drinking Water. This will lead to increase the presence of
Bailley Brand in the market and this model is expected to generate more revenue
for the company.
During the current , their company has launched various new
confectionary products under the brands ‘Buttercup’ and ‘Mintrox’ in two flavours Peppermint and
Cinnamon.
The enhancement of existing production capacity of the Ready-to-serve
Veverages and PET perform Plants, introduction of new business model for
Baillley Franchise Business coupled with launching of new confectionary
products, their Directors hopes to achieve better results during the year
2007-08.
FIXED ASSETS:
v
Land (freehold)
v
Land (Leasehold)
v
Buildings
v
Plant and Machinery
v
Electrical Installations
v
Research and Development assets
v
Office Equipments
v
Factory / Lab Equipments
v
Computers
v
Tools, Dies and Moulds
v
Vehicles
v
Furniture and Fixtures
v
Air Conditioners
v
Water Coolers
v
Visi Coolers
v
Pet Jars / Crates / Cans / Matkas
v
Plastic Pallets
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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 |
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Particular of the charge holder |
Yes
Bank Limited, 9th Floor, Nehru Centre, Discovery of L65190MH2003PLC143249 |
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Nature or description of the instrument creating charge |
Deed of hypothecation |
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Date of the instrument creating charge |
04.03.2008 |
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Amount Secure by the charge |
Rs.200.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Working Capital Demand Loan (WCDL): To be decided at the time of disbursement. Cash Credit (CC): Interest at 3.5% per annum (“Margin”) below YES Bank’s Prime Lending Rate (“PLR”) prevailing from time to time, plus applicable tax or other statutaory levy, if any PLR as on date is 15.50% per annum and the Applicable Rate as on date is 12% per annum payable monthly. Terms of Repayment: At the end of the ternor Margin : NA Extent and operation of the charge: First pari passu charge on the whole of the Current Assets of the Borrower’s stocks of raw material, semi-finished and finished goods, stores and spares including relating to plant and machinery (consumable stores and spares), Bills receivables and book debts and all other receivables and moveables, both present and future. |
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.
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.48.49 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|