MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARATI DEL MONTE INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
FIELD FRESH FOODS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
D-195, Okhla Industrial Area, Phase-I, New Delhi-110020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
06.09.2004 |
|
|
|
|
Com. Reg. No.: |
55-128848 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15133DL2004PTC128848 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing Distribution and Sale of Processed Fruits and Vegetables
Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Sunil Mittal Chaired Bharti Group who made revolution
in Indian Telecom Sector. Trade relations are fair. Payments are correct and
as per commitments. Due to heavy establishment expenses, initially, the company has show
losses. The company can be considered for normal business dealings at usual trade
terms and conditions with slight caution since it is backed by respectful and
respectable business house. |
LOCATIONS
|
Registered Office : |
D-195, Okhla Industrial Area, Phase-I, New Delhi-110020, India |
|
Tel. No.: |
91-11-40573046 |
|
Fax No.: |
91-11-41709630 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. 47, Udyog Vihar, Phae- IV, Gurgaon-122015, Haryana, India |
|
Tel. No.: |
91-124-4666235 |
|
Fax No.: |
91-124-4666138 |
DIRECTORS
|
Name : |
Mr. Sunil Bharti Mittal |
|
Designation : |
Chairman |
|
Address : |
19, Amrita Shergil Marg, New Delhi-110003, India |
|
Date of Birth/Age : |
23.10.1957 |
|
Date of Appointment : |
06.09.2004 |
|
|
|
|
Name : |
Mr. Rakesh Bhgarti Mittal |
|
Designation : |
Director |
|
Address : |
E-26, Vasant Marg, Visant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
18.09.1955 |
|
Date of Appointment : |
06.09.2004 |
|
|
|
|
Name : |
Mr. De Evelyn Rothschild |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.08.1931 |
|
Date of Appointment : |
25.11.2004 |
|
|
|
|
Name : |
Mr. Lynn Fiorester De Rotschland |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.07.1954 |
|
Date of Appointment : |
25.11.2004 |
|
|
|
|
Name : |
Mr. Rajiv Luthra |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.08.1957 |
|
Date of Appointment : |
25.11.2004 |
|
|
|
|
Name : |
Mr. Prakash Nene |
|
Designation : |
Alternate Director to Mr.Sunil Mittal |
|
Date of Birth/Age : |
30.07.1954 |
|
Date of Appointment : |
01.03.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Ranbindra Kumar Purohit |
|
Designation : |
Company Secretary |
|
Address : |
J-1/ 123A, Mahavir Kunj, Khiriki Extension, Malviya Nagar,
Delhi-110017, India |
|
Date of Birth/Age : |
20.05.1974 |
|
Date of Appointment : |
15.07.2006 |
|
|
|
|
Name : |
Mr. Jitender Singh |
|
Designation : |
Secretary |
|
Address : |
20/OB, Rail Vihar, Gurgaon-122001, Haryana, Punjab, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Bharti Enterprises (India) Limited |
|
41500000 |
|
Elrothschild Limited (Formerly Elro Holding India Limited) |
|
41500000 |
|
Total |
|
83000000 |
As on 22.04.2008
|
List of Allottees |
|
No. of Shares Allotted |
|
Bharti Ventures Limited |
|
51500000 |
|
DMPL India Limited |
|
51500000 |
|
Total |
|
103000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investior(s), Foregin
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
|
50.00 |
|
Bodies corporate (not mentioned above) |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Distribution and Sale of Processed Fruits and Vegetables
Products |
GENERAL
INFORMATION
|
Bankers : |
·
ICICI Bank Limited, Lank Mark, Race Course Circle, Vadodara-390007, Gujarat,
India ·
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Building 8, 7th and 8th Floor, Tower B, DLF
Cyber City, Gurgaon 122002, Idnia |
|
|
|
|
Joint Venture Partner : |
·
Bharti Enterprises Holding Private Limited (Formerly Bharti
Enterprises Private Limited) ·
EL Rothschild Limited, Mauritius ( Formerly ELRo Holdings India
Limited, Mauritius) |
|
|
|
|
Company having significant Influence : |
·
Bharti Airtel Limited (Formerly Bharti Tele- Venture Limited) ·
Bharti Comtel Limited ·
Bharti Teletech Limited ·
Amaya Foods Private Limited |
|
|
|
|
Group Companies: |
·
Bharti Retail Private Limited ·
Bharti AXA General Insurance Company ·
Bharti AXA Life Insurance Company ·
Bharti AXA Investment Managers Private Limited ·
Bharti Resources ·
Jersey Airtel Limited ·
Bharti Foundation ·
Bharti Venture Limited |
CAPITAL STRUCTURE
As on 13.08.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
103000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1030.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1030.000 |
650.000 |
350.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[780.542] |
[489.220] |
[153.938] |
|
|
NETWORTH |
249.458 |
160.780 |
196.062 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
229.366 |
200.000 |
102.622 |
|
|
2] Unsecured Loans |
27.619 |
39.701 |
0.000 |
|
|
TOTAL BORROWING |
256.985 |
239.701 |
102.622 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
506.443 |
400.481 |
298.684 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
422.737 |
130.631 |
14.530 |
|
|
Capital work-in-progress |
19.657 |
119.756 |
70.079 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
95.163 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
157.780
|
68.381 |
21.730 |
|
|
Sundry Debtors |
48.586
|
20.226 |
8.038 |
|
|
Cash & Bank Balances |
5.820
|
5.597 |
135.001 |
|
|
Other Current Assets |
0.026
|
0.025 |
0.952 |
|
|
Loans & Advances |
28.417
|
26.055 |
71.804 |
|
Total
Current Assets |
240.629
|
120.284 |
237.525 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
173.139
|
61.372 |
21.387 |
|
|
Provisions |
3.441
|
3.981 |
2.063 |
|
Total
Current Liabilities |
176.580
|
65.353 |
23.451 |
|
|
Net Current Assets |
64.049
|
54.931 |
214.075 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
506.443 |
400.481 |
298.684 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
138.212 |
29.090 |
|
|
Other Income |
|
10.625 |
5.155 |
|
|
Total Income |
|
148.837 |
34.245 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[333.381] |
[118.144] |
|
|
Provision for Taxation |
|
1.901 |
1.253 |
|
|
Profit/(Loss) After Tax |
|
[335.282] |
[119.397] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
88.8045 |
31.698 |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Forex Outgo |
|
51.922 |
39.052 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
|
222.069 |
49.830 |
|
|
Selling and Distribution Expenses |
|
30.389 |
6.402 |
|
|
Purchases and other Direct Cost |
|
130.473 |
37.731 |
|
|
Personnel Expenses |
|
78.523 |
52.872 |
|
|
Financial Charges |
|
6.916 |
0.854 |
|
|
Depreciation & Amortization |
|
13.848 |
4.700 |
|
Total Expenditure |
|
482.218 |
152.389 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
NA
|
[225.27] |
[348.66] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
[241.21] |
[406.13] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
[132.87] |
[46.87] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
[2.07] |
[0.60] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.74
|
1.89 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.84 |
10.13 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Subject company was originally incorporated on September 6, 2004 as “Field
Fresh Foods Private Limited” and changed to its present name i.e. “Bharti Del
Monte India Private Limited” w.e.f May 23, 2008 as per registry reocords vide
SRN No. A37776572 dated May 23, 2008.
The Registered office of the company has been shifted from H-5/12,
Mehrauli Road, New Delhi-11003, India to present address w.e.f 28.05.2007
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10001648 |
|
Corporate identity
number of the company |
U15133DL2004PTC128848 |
|
Name of the
company |
FIELD FRESH FOODS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
D-195, Okhla Industrial Area, Phase-I, New Delhi-110020, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
Relating to Hypothecation of Machinery Dated 22.01.2008 |
|
Date of
instrument Creating the charge |
22.01.2008 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9% Per Annum Any default by
the Borrower in payment for dues or of any terms and conditions would entail
an additional interest charge of 2 % on amount of loan outstanding, or as
stipulated by the bank from time to time. Terms of
Repayment Unless demanded
earlier, Loan to be repaid within a period of 48 months in 12 quarterly
installments of Rs. 4.147 Millions Margin 50% or as
stipulated by the bank from time to time. Extent and
Operation of the charge Hypothecation by
way of Exclusive first charge on all movable Fixed assets of the company both
present and future |
|
Short particulars
of the property charged |
Hypothecation by way
of Exclusive first charge on all moveable Fixed assets of the company both
present and future. |
|
Particulars of
the present modification |
By this
modification, additional charge is created for the additional term additional
term loan sanctioned to the company of Rs. 50 Mio. Total Charge on movable
assets foe company will be for Rs. 200 mio |
AS PER WEBSITE
About Company:
Bharti Del Monte India Private Limited
Bharti Del Monte India Private Limited is a venture between Bharti Enterprises
and Del Monte Foods India Private Limited, to offer fresh and processed fruits
and vegetables in the domestic as well as international markets including
Europe, USA and Middle East.
About Group
Compnay
Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti
Retail is setting up a chain of multiple consumer friendly format stores in
India which will be 100 percent owned and operated by Bharti. Bharti Retail
will provide consumers with products of affordable prices, great quality and
wider choice. The company has launched neighbourhood format stores called
"Easy Day". The stores are a one stop shop to cater to every family’s
day-to-day needs.
Bharti AXA General
Insurance Company
Bharti AXA General Insurance is a joint venture between Bharti
Enterprises and AXA, world leader in financial protection and wealth
management. The company was incorporated in July 2007 and will bring to
the Indian market a full suite of general insurance solutions to meet the needs
of businesses and individuals alike.
Bharti AXA Life
Insurance Company
Bharti AXA Life Insurance Company Limited is a joint venture between
Bharti Enterprises and AXA, world leader in financial protection and wealth management.
The joint venture company has a 74% stake from Bharti and 26% stake of AXA Asia
Pacific Holdings Limited (APH).
Bharti AXA
Investment Managers Private Limited
Bharti AXA Investment Managers Private Limited, an asset management
company in India, is a joint venture between Bharti Enterprises, AXA Investment
Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH).
Bharti Resources
Bharti Resources, a wholly owned subsidiary of Bharti Enterprises, is a
premier end-to-end learning and development solutions organisation that
specialises in the customer experience arena. It provides learning solutions
that impact business performance through enhanced employee productivity,
customer profitability and effective talent transformation.
Jersey Airtel Limited
Jersey Airtel, a subsidiary of Bharti, offers world-class mobile
services in Jersey (Channel Islands) over its full 2G, 3G and HSDPA enhanced
network. The Company brings market-leading products and services to its customers
under Airtel-Vodafone brand.
Bharti Foundation
Bharti Foundation was set up in 2000, with the vision, “To help
underprivileged children and young people of the country realize their
potential”. It aims to create and support programs that bring about sustainable
changes through education and the use of technology and information.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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
|
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 |
|