MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARLE AGRO PRIVATE LIMITED |
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Formerly Known As : |
PARLE AGRO LIMITED |
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Registered Office : |
Western Express Highway, Andheri (East), Mumbai 400 099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.12.1985 |
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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 2498984 |
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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 India and sold to MNC,
years back. Their means are large. Payments are correct and as per
commitments. 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 : |
Western Express Highway, Andheri (East), Mumbai – 400099,
Maharashtra, India |
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Tel. No.: |
91-22- 66935025-32 |
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Fax No.: |
91-22-66935050 |
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E-Mail : |
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Website: |
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Area : |
Large |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Prakash Jayantilal Chauhan |
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Designation : |
Whole Time Director |
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Address : |
Shanty Kunj, 47 Tejpal Road, Vile Parle (East), Mumbai 400 057,
Maharashtra, India |
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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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Name : |
Mr. Schauna Chauhan Bikramjeet Saluja |
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Designation : |
Whole Time Director |
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Address : |
702, Bhagtani Heights, Off Yari Road, Versova, Mumbai 400 061,
Maharashtra, India |
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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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Name : |
Mr. Naida Prakash Chauhan |
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Designation : |
Whole Time Director |
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Address : |
Shani Kunj, 47, Tejpal Road, Vile Parle (East), Mumbai 400 057, Maharashtra,
India |
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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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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, Maharashtra, India |
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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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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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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, Dr.
Ambedkar Road, Dadar, Mumbai 400 014, Maharashtra, India |
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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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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, Maharashtra, India |
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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 |
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, Satellite Park, Caves Road,
Jogeshwari (East), Mumbai 400 060, Maharashtra, India |
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Date of Birth/Age : |
16.05.1968 |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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Mr. Prakash Jayantilal Chauhan |
10 |
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Mr. Kashinath Vishram Naik |
10 |
(As on 31.03.2007)
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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 : |
· Apply Apple N A B B · Frooti Mango N A B B · Frooti Orange N A B B |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
· State Bank of India Mumbai, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S V Ghatalla and Associates Chartered Accountants |
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Address : |
Medows House, 2nd Floor, Nagindas Master Road, Fort, Mumbai
- 400023, Maharashtra, India |
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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:
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs. 100/- each |
Rs. 2.500 millions |
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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 |
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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 |
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
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350.005 |
300.064 |
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Provisions |
7.447
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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 |
31.03.2007 |
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 |
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 |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
101.723 |
138.989 |
(0.111) |
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Export Value |
NA |
NA |
28.118 |
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Expenditures : |
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Interest |
40.164 |
10.755 |
16.390 |
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Depreciation & Amortization |
131.816 |
106.174 |
98.929 |
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Other Expenditure |
3355.583 |
2195.730 |
1608.636 |
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Total Expenditure |
3527.563 |
2312.659 |
1723.955 |
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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 |
(%) |
2.80
|
5.55 |
(0.00) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
5.55 |
(0.00) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
10.01 |
(0.00) |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.25 |
(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
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1.64 |
1.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.84
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2.27 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporation identity number or foreign company registrations number of the company |
U15130MH1985PTC038459 |
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Name of the company |
PARLE AGRO PRIVATE LIMITED |
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Address |
Western Express
Highway, Andheri (East), Mumbai – 400 099, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge) |
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Particular of the charge holder |
Tetra – Pak India Private Limited Mayfair Towers, Ground Floor, Wakdewadi, Shivajinagar, Pune - 411 005, Maharashtra, India U21014PN1987PTC012926 |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 13.10.2006 |
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Date of the instrument creating charge |
13.10.2006 |
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Amount Secure by the charge |
Rs.23.891 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 7% per annum Terms of Repayment: Rs. 23.890 millions alongwith interest @ 7% p. a. for three year shall be paid in three equal installments of Rs. 9.104 millions Margin : Nil Extent and operation of the charge: First and exclusive charge on the equipment |
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Short Particulars of the Property charged (including location of the property) |
First line – TBA / 19 filling machine 1 No. Tetra Brik Aseptic (TBA) 19 filling Machine 1) Having capacity of 7500 PPH machine No. 21204 / 00276 2) 1 NO. straw Applicator TSA21 3) Cardboard packer CP 70 4) 1 No. Conveyor 5) Pull Tab 6) TCCS 7) Start up spare parts kit Second line – TBA/19 filling machine |
INDUSTRY
India’s food processing industry, with a turnover of about Rs.850 billions, is the key sector in the economy and should play a critical role in increasing agricultural productivity, providing employment and improving exports. The industry, comprising fruits and vegetables, milk, fish and meat products, consumer foods and cereal based foods, has grown significantly over the last few years. India ranks amongst the top countries in terms of raw material availability for the food processing industry. It is the second largest producer of fruits and vegetables, that largest producer of spices, groundnut and rapeseed, the largest producer of milk and the fourth largest producer of wheat. It has a large livestock population and, with a long coastline of 7,500 Kms. is the seventh largest producer of fish in the world. Despite this, India processes only 7% of its produce of fruits and vegetables and lags behind countries like Brazil, Philippines, Thailand and Malaysia in this regard.
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, 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 :
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
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 |
|