MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SARA LEE HOUSEHOLD AND BODYCARE INDIA PRIVATE LIMITED (w.e.f. 18.10.2002) |
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Formerly Known As : |
SARA LEE TTK PRIVATE LIMITED (w.e.f. 26.04.2002) |
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Formerly Known As : |
SARA LEE TTK LIMITED (w.e.f. 10.05.1999) |
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Formerly Known As : |
KIWI TTK LIMITED (w.e.f. 12.02.1993) |
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Formerly Known As : |
NEW WAY CHEMICALS AND POLISHES LIMITED (w.e.f. 01.03.1990) |
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Formerly Known As : |
NEW WAY CHEMICALS AND POLISHES PRIVATE LIMITED (w.e.f. 23.03.1977) |
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Registered Office : |
91, Santhome High Road, R. K. Puram, Chennai - 600 028,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
23.03.1977 |
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Com. Reg. No.: |
181783 |
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CIN No.: [Company
Identification No.] |
U18101MH1977PTC181783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES20281C |
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PAN No.: [Permanent
Account No.] |
AAACK2416M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers, Exporters, Importers and domestic distributors Polishes, Creams, Hair cream and Scouring powder. |
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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Maximum Credit Limit : |
USD 320000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
The company is now a Joint Venture of Sara Lee and TTK Group. The company has substantial accumulated losses. Financial position of the company is moderate. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Pirojsha Nagar Eastern, Express Highway Y, Vikhroli, Mumbai – 400079, Maharashtra, India |
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Email : |
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Head Office : |
91, Santhome High Road, R. K. Puram, Chennai – 600 028, Tamilnadu, India |
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Tel. No.: |
91-44-24615768 |
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Fax No.: |
91-44-24942381 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
554 & 555, Annasalai, Capitale, 6th Floor, Teynampet,
Chennai – 600018, Tamilnadu, India |
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Tel No.: |
91-44-55542000 |
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Factory : |
No. 45, Industrial Estate, Maraimalai Nagar, Chennai |
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Tel. No.: |
91-44-47405500 |
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Fax No.: |
91-44-27451030 |
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E-Mail : |
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Factory: |
E5 & E7, Maramalainagar Industrial Estate, Kancheepuram District – 603 209, Tamilnadu, India |
DIRECTORS
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Name : |
Mr. V H A M Janssen |
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Designation : |
Director |
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Address : |
Zandherglaan, 19-48/8 GH Breda, The Netherlands |
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Date of Birth/Age : |
14.08.1953 |
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Name : |
Mr. A J M Biljen |
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Designation : |
Director |
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Address : |
3 Park Fileds, KT 22 OPW, UK |
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Date of Birth/Age : |
07.07.1948 |
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Name : |
Mr. Amitava Chatterjee |
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Designation : |
Director |
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Address : |
Singapore |
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Date of Birth/Age : |
26.03.1959 |
KEY EXECUTIVES
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Name: |
Mr. V. S. Pradeep Kumar |
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Designation: |
Company Secretary |
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Address : |
74A, R K Shanmugam Salai, K K Nagar, Chennai – 600 078, India |
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Date of Birth: |
12.05.1958 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters, Importers and domestic distributors
Polishes, Creams, Hair cream and Scouring powder. |
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Products : |
Ø Shoe Polishes Ø Metal Polishes Ø Wood Polishes Ø Car/ Furniture Polishes Ø Leather Polishes Ø Leather Cleaners Ø Glass and Porcelain Cleaners Ø Enamel Cleaners
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Exports : |
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Countries : |
US, Europe, Australia, Asia, New Zealand |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Paste shoe polish |
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490 |
306 |
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Canvas Cleaner |
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258 |
226 |
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Liquid Shoe polish |
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368 |
277 |
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Toilet cleaner |
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540 |
896 |
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Dranex cleaner |
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425 |
326 |
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Personnel care product |
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475 |
793 |
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Floor Polishes |
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150 |
184 |
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Shoe Shine Sponge (units) |
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1415339 |
1972265 |
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Kiwi Shoe Brush (units) |
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387866 |
912700 |
GENERAL
INFORMATION
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No. of Employees : |
310 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R S Chander and Associates Chartered Accountants |
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Address : |
87, Santhome High Road, Chennai - 600 028, Tamilnadu |
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Parent Company : |
Godrej Sara Lee
Limited CIN No.: U24211MH1987PLC043137 Registration No.: 43137 Date of Incorporation : 10.04.1987 Registered Office : Pirojsha Nagar Eastern, Express Highway Y,
Vikhroli, Mumbai – 400079, Maharashtra, India Email: naryan@godrejsaralee.com
Authorised Capital : Rs. 220.000 Millions Paid up Capital : Rs. 102.150 Millions |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,00,000 |
Equity Shares |
Rs. 500 /- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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168,010 |
Equity Shares |
Rs. 500 /- each |
Rs. 84.005 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
84.005 |
84.005 |
84.005 |
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2] Reserves &
Surplus |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated
Losses) |
(4.486) |
(12.154) |
(34.406) |
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NETWORTH
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79.519 |
71.851 |
49.599 |
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LOAN FUNDS |
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1] Secured Loans |
104.370 |
95.626 |
101.148 |
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TOTAL BORROWING
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104.370 |
95.626 |
101.148 |
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DEFERRED TAX
LIABILITIES |
1.443 |
1.230 |
0.000 |
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TOTAL
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185.332 |
168.707 |
150.747 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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36.399 |
25.226 |
24.686 |
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Capital work-in-progress
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0.000 |
2.444 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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146.095
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94.178 |
62.865 |
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Sundry Debtors
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88.754
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92.975 |
89.436 |
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Cash & Bank Balances
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0.703
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1.223 |
4.718 |
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Loans & Advances
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35.393
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23.982 |
22.609 |
Total Current Assets
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270.945
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212.358 |
182.026 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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122.012
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71.321 |
55.965 |
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Provisions
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0.000 |
Total Current Liabilities
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122.012
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71.321 |
55.965 |
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Net Current Assets
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148.933
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141.037 |
126.061 |
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TOTAL
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185.332 |
168.707 |
150.747 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other
income]
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555.988 |
541.303 |
469.560 |
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Profit/(Loss) Before Tax |
13.767 |
25.491 |
(4.367) |
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Provision for Taxation |
6.100 |
3.239 |
0.000 |
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Profit/(Loss) After Tax |
7.667 |
22.252 |
(4.367) |
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Earnings in Foreign Currency : |
63.120 |
66.405 |
97.085 |
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Imports Value |
200.408 |
15.057 |
13.188 |
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Total Expenditure |
542.220 |
515.811 |
458.394 |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
1.38
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4.11 |
(0.93) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.47
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4.71 |
(0.93) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.48
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10.62 |
(2.11) |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.35 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.86
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3.34 |
(6.01) |
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Current Ratio (Current Asset/Current Liability) |
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2.22
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2.97 |
0.28 |
LOCAL AGENCY
FURTHER INFORMATION
Note :
Talked to Mr. Murgavel [A/c’s Department] in Chennai who said that w.e.f.
July / August 2007, Sara Lee Household and Body Care Private Limited has been
converted as a subsidiary of Godrej Sara Lee Limited. He said the new managing
director was Mr. Ravi Venkateshan but he was not aware about the other latest
details. He, therefore, asked to talk to Mr. Hitesh Vora [Finance Department]
Mumbai office. Mr. Hitesh said even he was not aware about the latest details
and so gave the number of Mr. Sanjay Virkar [67976735], who was not ready to
listen to anything. He just kept on saying, take numbers and address from where
you received the enquiry and send us a letter, then we shall look into the
matter. He was not even ready to part with his email id. But we have sent a
mail on [ sanjayvirkar@saralee.com
].
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.16 |
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UK Pound |
1 |
Rs.82.28 |
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Euro |
1 |
Rs.65.54 |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
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