MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDO NISSIN FOODS LIMITED |
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Registered Office : |
3rd Floor, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.08.1988 |
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Com. Reg. No.: |
08-9351 |
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CIN No.: [Company
Identification No.] |
U05122KA1988PLC009351 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00220D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Noodles Made Out of Maida |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3127000 |
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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 : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
3rd Floor, |
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Tel. No.: |
91-80-43554000 / 25327900 |
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Fax No.: |
91-80-25599087 |
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E-Mail : |
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Website : |
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Factory : |
Located at Jigani Industrial Area, |
DIRECTORS
As on 21.06.2010
|
Name : |
Mr. Kazuhito Kusumoto |
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Designation : |
Director |
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Address : |
1-2, Todouaramaki, UJI-SHI, Kyoto-6110013, Japan |
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Date of Birth/Age : |
16.12.1958 |
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Date of Appointment : |
19.06.2009 |
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DIN : |
02703225 |
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Name : |
Mr. Abraham John Tharakan |
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Designation : |
Director |
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Address : |
814, Shibumi, Beach Road, Fort Cochin, Fort Cochin – 682001, Kerla,
India |
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Date of Birth/Age : |
17.06.1942 |
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Date of Appointment : |
19.08.1988 |
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DIN : |
00006824 |
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Name : |
Mr. Yuji Tabeta |
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Designation : |
Managing Director |
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Address : |
Flat No. 205, MOntrea L Manor, 10/3, Shopping Street,, |
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Date of Birth/Age : |
31.07.1958 |
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Date of Appointment : |
20.03.2007 |
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DIN : |
01463045 |
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Email : |
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Name : |
Mr. Kazuma Nakano |
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Designation : |
Director |
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Address : |
Flat No.1102, 11th Floor, Heritage CHS Limited. |
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Date of Birth/Age : |
02.02.1966 |
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Date of Appointment : |
12.06.2008 |
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DIN : |
02467208 |
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Name : |
Mr. Noritaka Oku |
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Designation : |
Whole Time Director |
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Address : |
#E – 401, Mantri Elegance, N. S. Palya, B. G. Road, Bangalore –
460076, Karnataka, India |
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Date of Birth/Age : |
26.10.195 |
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Date of Appointment : |
12.06.2008 |
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DIN : |
02241106 |
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Name : |
Mr. Taiji Matsumura |
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Designation : |
Director |
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Address : |
25-7, 1-Chome Kita – MACHI Kichijoji, |
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Date of Birth/Age : |
08.10.1949 |
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Date of Appointment : |
12.06.2008 |
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DIN : |
02304168 |
KEY EXECUTIVES
|
Name : |
Mr. Alok Rudra |
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Designation : |
Company Secretary |
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Address : |
21/103, Obleshwar Nilaya, 3rd Main Jaibheema Nagar, Old Madiwala, BTM
Layout, 1st Stage, |
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Date of Birth/Age : |
12.01.1977 |
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Date of Appointment : |
09.04.2007 |
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PAN No.: |
AKUPR9419A |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.06.2010
|
Names of Shareholders |
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No. of Shares |
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Tharakan J. Abraham |
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25 |
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Tharakan Abraham Kamli |
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25 |
|
Nissin Foods ( |
|
63966700 |
|
Itochu Corporation, |
|
6309300 |
|
Accelerated Freeze Drying Company Limited, Kerala |
|
1512424 |
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Tharakan J. Ramesh |
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13 |
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Tharakan Ramesh Rani |
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13 |
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Total |
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71788500 |
As on 21.06.2010
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Category |
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Percentage
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Other) |
|
97.89 |
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Bodies Corporate |
|
2.11 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Noodles Made Out of Maida |
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Products : |
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PRODUCTION STATUS
As on 31.12.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Instant Noodles |
MT |
42854 |
42854 |
11099 |
Note:
* As certified by the management and accepted
by the auditors, this being a technical matter.
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
N. M. Raiji and Company Chartered Accounts |
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Address : |
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Tel No.: |
91-22-22870068/ 22873463/ 22837482 |
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Fax No.: |
91-22-22828646/ 22650578 |
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PAN No: |
AAAFN4217G |
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Email : |
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Holding Company : |
Ř
Nissin Foods (Asia) Pte, Limited, |
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Ultimate Holding Company: |
Ř
Nissin Foods Holdings Company Limited, |
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Subsidiary Company: |
Ř
Nissin Foods India Limited
CIN : U52209KA2009FLC049182 Ř
Nissin Foods Products Company Limited |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
71,788,500 |
Equity Shares |
Rs.10/- each |
Rs. 717.885
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
717.885 |
174.375 |
697.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
63.904 |
0.000 |
2.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(8.451) |
(526.782) |
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|
NETWORTH |
781.789 |
165.924 |
172.718 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.499 |
163.167 |
117.567 |
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TOTAL BORROWING |
2.499 |
163.167 |
117.567 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
784.288 |
329.091 |
290.285 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
256.950 |
141.732 |
147.857 |
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Capital work-in-progress |
19.219 |
33.384 |
7.902 |
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INVESTMENT |
0.500 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
37.929 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
72.232
|
71.882
|
55.713
|
|
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Sundry Debtors |
101.026
|
51.876
|
59.867
|
|
|
Cash & Bank Balances |
396.418
|
144.083
|
120.004
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
32.899
|
23.928
|
18.565
|
|
Total
Current Assets |
602.575
|
291.769
|
254.149
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
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Sundry Creditors |
75.395
|
106.603
|
64.259
|
|
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Current Liabilities |
53.306
|
28.371
|
51.428
|
|
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Provisions |
4.184
|
2.820
|
3.936
|
|
Total
Current Liabilities |
132.885
|
137.794
|
119.623
|
|
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Net Current Assets |
469.690
|
153.975
|
134.526
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
|
|
TOTAL |
748.288 |
329.091 |
290.285 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
978.643 |
939.584 |
584.424 |
|
|
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Other Income |
36.113 |
18.268 |
20.590 |
|
|
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TOTAL (A) |
1014.756 |
957.852 |
605.014 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
422.314 |
343.842 |
302.882 |
|
|
|
Cost of Goods Sold |
179.201 |
222.096 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
202.644 |
212.544 |
117.086 |
|
|
|
Selling and Distribution Expenses |
164.006 |
138.413 |
129.574 |
|
|
|
Increase/ Decrease in Stock |
(10.155) |
26.315 |
[24.699] |
|
|
|
TOTAL (B) |
958.010 |
943.210 |
524.843 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.746 |
14.642 |
80.171 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.124 |
1.966 |
1.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.622 |
12.676 |
78.958 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.180 |
18.563 |
15.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
34.442 |
(5.887) |
62.960 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(37.913) |
0.907 |
0.512 |
|
|
|
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
72.355 |
(6.794) |
62.448 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8.451) |
(526.782) |
(589.230) |
|
|
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|
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|
|
|
|
Add |
Transfer from Capital Reserve |
0.000 |
2.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Transfer from Capital Reduction Account |
0.000 |
523.125 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
63.904 |
(8.451) |
(526.782) |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.608 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.608 |
0.000 |
0.000 |
|
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|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Spares Parts |
3.434 |
1.444 |
0.115 |
|
|
|
Capital Goods |
30.561 |
0.000 |
6.157 |
|
|
TOTAL IMPORTS |
33.995 |
1.444 |
6.272 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
1.008 |
(0.390) |
3.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
7.13
|
[0.71]
|
10.32
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.52
|
[0.63]
|
10.77
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.01
|
[1.36]
|
15.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.03]
|
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
1.81
|
1.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.53
|
2.12
|
2.12
|
LOCAL AGENCY FURTHER INFORMATION
Results of
Operations:
During the year, the net sales amounted to Rs. 978.640 Millions and have
shown an increasing trend as compared with the previous year’s net sales of Rs.
939.580 Millions. The company has net profit of Rs. 72.360 Millions. Company
has earned foreign exchange gain of Rs. 11.360 Millions during the year.
The company has spent Rs. 2.050 Millions on ‘Market Research and
Development Expenses’ and Rs. 95.280 Millions on ‘Advertisement and Sales
Promotion’ during the year.
The directors are formulating strategies and taking aggressive steps
like introduction of new flavors, looking for new business partners for
innovative business strategies, and above all exploring all possible business
synergies in terms of market cost, technological and management.
Recent prediction that India economy is expected to grow at 8.25% in the
financial year 2010-11 and keeping in view India’s faster industrial growth and
improved business confidence, the company is expected to have very sound and
sustainable development along with access to new areas such as health food and
health food supplements, which is gaining vast popularity amongst the health
conscious.
Manufacture of
Foodles
The company has entered into a Manufacturing and Supply Agreement with
Glaxosmithkline Consumer Healthcare Limited (GSKCH) having registered office at
Nabha,
Outlook:
Government of
Finance And
Accounts:
The company has regular paid the principal and interest to the term
lenders, both secured and unsacred. There have been no defaults towards them.
The system of internal control, established in the company, provides
reasonable assurance of safeguarding of assets, maintenance of proper
accounting records and its accuracy and risk management.
Contingent
Liability :
|
Particulars |
31.12.2009 Rs.in
Million |
|
Guarantees Given by bankers To statutory Authorities To Customers |
21.476 10.000 |
|
Central Excise Matters |
19.175 |
|
Consumer Forum Matters |
0.212 |
|
Sales tax Matters |
0.000 |
|
Total |
50.863 |
Fixed Assets:
- Land Freehold
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Equipment
- Vehicles
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 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.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.