MIRA
INFORM REPORT
|
Report Date : |
09.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNITED BREWERIES LIMITED |
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Registered
Office : |
UB Tower, UB City, 24, Vittal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.05.1999 |
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Com. Reg. No.: |
08-25195 |
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Capital
Investment / Paid-up Capital : |
Rs.2709.048 Millions |
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CIN No.: [Company Identification
No.] |
L36999KA1999PLC025195 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRU00927D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Beer |
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No. of Employees
: |
1661 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 46000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a U B Group
Company. It is a well established and a reputed company having fine track. Financial
position of the company appears to be sound. Directors are reported to be
experienced and respectable businessman. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Registered Office : |
UB Tower, UB City, 24, Vittal Mallya Road, Bangalore –
560001, Karnataka, India |
|
Tel. No.: |
91-80-22274884/ 5/ 6 /2222 7286/ 7/ 8/ 22279131/ 22275809/
22272806/ 22272807/ 39856000 |
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Fax No.: |
91-80-22219131/ 2227 2806/ 22229488/ 22211964 |
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E-Mail : |
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Website : |
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The UB Group : |
Level 12 – 16, UB Tower, UB City 24, Vittal Mallya Road, Bangalore, 560001, Karnataka, India. |
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Tel. No.: |
91-80-39856000 |
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Fax No.: |
91-80-39856034 |
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Corporate Office
: |
Level 3-5, UB Tower, UB City 24, Vittal Mallya Road, Bangalore – 5600001,
Karnataka, India |
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Factory : |
v 1/1,
Vittal Mallya Road, Bangalore – 560 001, Karnataka, India v
Nacharam Industrial Area, Nacharam, v P. B. No. 2, Varanad, Cherthala – 688 521, Alapuzha District, Kerala, India v Plot No. M-12, M.I.D.C., Taloja – 410 208, District Raigad, Maharashtra, India v Hetuda Industrial District, Hetuda, Nepal, India v C-60, Focal Point, Post Box No.167, Ludhiana – 141 010, Punjab, India v Bethora, Ponda, Goa – 403 401, India v Kanjikode West P. O. Palakkad – 678 623, Kerala, India v Vittal Mallya Road, Industrial Sector, Plot 18, Block ‘D’, Post Kalyani, District Nadia, West Bengal – 741 235, Karnataka, India |
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Branches : |
Located at :- · Hari Building No. 6, S. Bhagat Singh Road, Mumbai – 400023, Maharashtra, India Tel. 91-22626306/ 22660272/ 22661122/ 22661445 · Hoechst Housing, Backbay Recl., Mumbai – 400021, Maharashtra, India Tel. 91-22-22820925/ 2285 2523 Fax. 91-22-22824063/ 22831880/ 22852934 · Wallace Apartment, N. Bharuch Road, Mumbai – 400007, Maharashtra, India Tel. 91-22-2305207 |
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Regional Sales Offices: |
West : Mumbai C/o.Blitz Publication Pvt. Ltd, 3rd Floor, Canada Building, Dr. D. N.
Road, Mumbai – 400 001. Tel: 91-22-22620580 / 2/ 3. East : Kolkata Wallace House, 1st Floor 4, Bankshall Street, Kolkata 700001, west
Bengal, India Tel : 91-33-22317853/ 22317850 Fax : 91-33-22805830 South : Bangalore Level 15, Canberra, 24, Vittal Mallya Road, Bangalore 560 001,
Karnataka, India Tel : 91-80-39855231 Fax : 91-80-39855299 North : Delhi 1002, Bikaji Kama Bhavan, 10th Floor, Bikaji Kama Place, New Delhi 110
066, India Tel : 91-11- 41644873, 41644876 / 5 Fax : 91-11- 41644872 |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Dr. Vijay Mallya |
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Designation : |
Chairman |
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Name : |
Mr. Kalyan Ganguly |
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Designation : |
Managing Director |
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Qualification : |
B. A. (Hons) PGDBM (XLRI) |
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Date of Appointment : |
09th August, 2002 |
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Previous Employment |
EVP – Marketing and Sales (McDowell & Company Limited) |
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Name : |
Mr. Guido De Boer |
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Designation : |
Director |
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Profile: |
Mr. Guido de Boer
has a Masters Degree in Economics and Business from Erasmus University
Rotterdam. He has completed various Executive Development Programs at
INSEAD-Fontainebleau and IMD-Lausanne. He started his career in investment
banking, ultimately as Director at MeesPierson Corporate Finance and Capital
Markets, advising corporations on M and A and Equity Capital Markets
transactions in the Food and Beverages and Media Industries. In 2004, he
joined Heineken’s Group Business Development department where he was involved
in acquisitions, business due diligence projects, and business development
strategy. Mr. De Boer led the Heineken deal team in the public offer for
Scottish and Newcastle, in consortium with Carlsberg, for an enterprise value
in excess of EUR 15 bn. Having worked on acquisition and business due
diligence projects in countries like Russia, Colombia, Nigeria and China, he
brings the experience of a finance professional, possessing broad business
skills, and an understanding of diverse emerging markets. |
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Name : |
Mr. Duco Reinout Hooft Graafland |
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Designation : |
Director |
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Profile: |
Mr. Duco Reinout Hooft Graafland studied Business Administration at the Erasmus University in Rotterdam and finished the Post-Graduate study for Chartered Accountant. He started his career as a Management Trainee with Heineken Nederland in 1981, became brand manager for Vrumona, Heineken’s soft drink company and continued as Area Export Manager for Central and West Africa. The experience with the African market prompted his move to Kinshasha, where he worked as Financial Director for Heineken’s operations for three years from 1987-1989. Then Rene returned to the Netherlands as Marketing Director for Heineken Nederland. In 1993 he went to Indonesia as President Director of Multi Bintang. As of 1997 he continues his career at Heineken’s Corporate Office as Director Corporate Marketing to become Director of Heineken Export Group in 2001. In 2002 he was appointed Member of the Executive Board and CFO Heineken N.V. |
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Other Directorships : |
· Millennium Alcobev Private Limited |
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Name : |
Mr. Sijbe
Hiemstra |
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Designation : |
Director |
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Profile: |
Mr. Sijbe Hiemstra has Bachelor’s degree in Business Administration at the School of Higher Economic Studies, Rotterdam and has attended various International Management programmes. Mr. Hiemstra joined Heineken in 1978. The first six years he worked with Gedistilleerd en Wijngroep Nederland. He started in various commercial and logistic projects, culminating in Product, Brand and Category Manager. In 1985 he was appointed Export Manager Softdrinks with Heineken Export Department/Vrumona. In 1989 Mr. Hiemstra started his overseas career as Country Manager of Heineken Export in Seoul, South Korea. This was followed by several years as Commercial Manager with South Pacific Holdings in Papua New Guinea and as General Manager of Brasseries de Bourbon in ILLe de La Reunion. In 1995 he returned to the Netherlands to take up the position of Deputy Director Central Africa for Heineken’s Africa/Middle East Cluster. In 1998 he was appointed Regional Director SEA/Oceania with Asia Pacific Breweries Ltd in Singapore. In 2001 he became Director of Heineken Technical Services in Zoeterwoude. In October 2005 he was appointed Regional President. |
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Other Directorships: |
· Millennium Alcobev Private Limited |
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Name : |
Mr. Kiran Mazumdar Shaw |
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Designation : |
Director |
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Profile: |
Ms. Kiran Mazumdar Shaw, is a first generation entrepreneur with more than 32 years experience in the field of biotechnology. After graduating in B.Sc. (Zoology Hons.) from Bangalore University in 1973, she completed her post-graduate degree in malting and brewing from Ballarat College, Melbourne University in 1975. She has been awarded with several honorary degrees including Honorary Doctorate of Science from Ballarat University, in recognition of pre-eminent contribution to the field of Biotechnology, 2004, Doctor of Technology from the University of Abertay Dundee, 2007, Doctor of Science from the University of Glasgow, 2008 and Doctor of Science from the Heriot-Watt University, Edinburgh, 2008. She is a founder promoter and has led Biocon Limited since its inception in 1978. She is the recipient of several awards, the most noteworthy being the ’Padmabhushan’ Award (one of the highest civilian awards in India) in 2005 conferred by the President of India, the Nikkei Asia Prize, 2009 for Regional Growth, Express Pharmaceutical Leadership Summit Award 2009 for Dynamic Entrepreneur, the Economic Times ‘Businesswoman of the Year’, the ‘Veuve Clicquot Initiative for Economic Development For Asia’, Ernst and Young’s Entrepreneur of the Year Award for Life Sciences and Healthcare, ‘Technology Pioneer’ recognition by World Economic Forum and The Indian Chamber of Commerce Lifetime Achievement Award. She heads several biotechnology task forces including the Karnataka Vision Group on Biotechnology, an initiative by the Government of Karnataka and the National Taskforce on Biotechnology for the Confederation of Indian Industry (CII). She is a member of the Prime Minister’s Council on Trade and Industry and also serves as a Member, Governing Body and general Body of the Indian Pharmacopoeia Commission, an Autonomous Body of the Government of India. |
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Other Directorships : |
· Biocon Limited · Syngene International Limited · Clinigene International Limited · Biocon Biopharmaceuticals Private Limited · Biocon Research Limited · Glenloch Properties Private Limited · Narayana Institute For Advance Research Private Limited · Narayana Hrudayalaya Private Limited |
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|
Name : |
Mr. Madhav Bhatkuly |
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Designation : |
Director |
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Profile: |
Mr. Madhav Bhatkuly has a Masters Degree in Commerce from Sydenham College, Bombay and a Masters Degree in Economics from the London School of Economics. He is a recipient of the Foreign and Commonwealth Scholarship from the British Government. Mr. Bhatkuly was a country partner of Arisaig Partners from 1999 to 2005. Prior to that, he was associated with SG Securities and ICICI Bank Limited. He partnered with Chris Hohn of The Children’s Investment Fund, (UK) TCI to set up a dedicated India Fund. He is credited to have been amongst the first institutional investors in many small companies which have gone on to become some of India’s leading names. He has been featured on several TV shows including “CNBC’s wizards of Dalal Street”, Indianomics, the Karan Thapar Show etc., and has been invited to speak at many business schools such as the Indian Institute of Management, and by many organizations such as the Confederation of India Industries (CII), Goldman Sachs etc. |
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Other Directorships : |
· Motilal Oswal Financial Services Limited · New Horizon Financial Research Private Limited · New Horizon Wealth Management Private Limited |
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|
Name : |
Mr. Chhagan Lal
Jain |
|
Designation : |
Director |
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Qualification : |
Chartered
Accountants |
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Date of Appointment : |
27th
January, 2003 |
|
Profiles:- |
He is a Company
Secretary by profession, holding more than 38 years of Corporate experience
in various organizations including ICI and Hindustan Lever Limited. He was
also a Finance Director of Hoechst India Limited and later the President of
Ceat Asset Management Limited. Apart from
Directorships he holds in esteemed public companies, he is also a trustee of
Nayana Parekh Charitable Trust and Sangeeta Jain Charitable Trust. |
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Other
Directorships : |
· Shasun Chemicals and Drugs Limited · RPG Life Sciences Limited · Herbertsons Limited · Brescon Corporate Advisors Limited · KDL Biotech Limited · Practical Financial Services Private Limited · Vulcan Financial Consultants Private Limited · Bayer CropScience India Limited · Asti C. Mehta Investment Intermediates Limited · Inertia Industries Limited |
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|
Name : |
Mr. Chugh
Yoginder Pal |
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Designation : |
Director |
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Profile: |
Mr. Chugh
Yoginder Pal is a Graduate in Engineering with First Class Distinction) from Delhi
University. He started his career at TELCO in 1958 and was trained in
Industrial Engineering after which he moved to Hindustan Lever Limited in
1960, where he held various positions starting as an Industrial Engineer and
moving up quickly in the Management hierarchy in a variety of Production,
Factory and General Management roles and was the head of Corporate Materials
Management (1975-1977). He then joined Cadbury India Limited and held various
positions as Technical Director (1977-1982), Managing Director (1983-1987),
Chairman and Managing Director (1987-1994), Executive Chairman (1994-1997);
He continues to be the Chairman (Non-Executive) at Cadbury India Limited. Mr. Pal brings
with him great expertise and understanding of the Indian business environment.
Mr. Pal is on the Board of UBL since April 29, 2005. |
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Other Directorships : |
· Cadbury India Limited · Aptech Limited · Sriram Pistons and Rings Limited · Renfro India Private Limited |
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|
Name : |
Mr. Sunil Kumar
Alagh |
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Designation : |
Director |
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Profile: |
Mr. Sunil Alagh
is Chairman of SKA Advisors, a Business Advisory / Consultancy firm with a
focus on Marketing and Brand building strategies. He is a graduate in
Economics (Hons.) with MBA from IIM Calcutta. He has worked with ITC Limited,
Jagatjit Industries Limited and Britannia Industries Limited. He was Managing
Director and CEO of Britannia Industries Limited from 1989 to 2003. During
this tenure, Britannia figured in the Forbes Magazine list of 300 Best Small
Companies in the world for 3 years. It also
ecame the Number 1 Food Brand in India. He is a member
of the Indian Advisory Board of Schindler and on the Governing Body of IIM
Bangalore & Indore, National Institute of Design, Ahmedabad and the
Indian Institute of Foreign Trade, Delhi. In addition, he is a member of the
Round Table on Higher Education of the Ministry of HRD, Government of India. He was honoured
with the ‘Gold Medal Kashlkar Memorial Award 2000’ for outstanding
contribution to the food processing industry in India. He was a finalist for
the Ernst and Young Entrepreneur of the Year Award, 2002. Mr. Alagh is on the
Board of UBL since April 29, 2005. |
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Other Directorships : |
· GATI Limited · Indofil Organic Industries Limited · Tamara Capital Advisors Private Limited · SKA Advisors Private Limited |
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|
Name : |
Mr. Stephan Gerrlich |
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Designation : |
Director |
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Profile: |
Mr. Stephan
Gerlich is a Wirtschaftassistent from Industrial Chambers of Commerce, Koeln Germany.
He is Country Group Speaker for the Bayer Group in India and Vice Chairman
and Managing Director of Bayer CropScience Limited and Chairman and Managing
Director of Bayer MaterialScience Private Limited. Based at the headquarters
in Mumbai, Mr. Gerlich has been responsible for the Bayer Group business
activities in India since July 2003. Mr. Gerlich started his career with
Bayer in 1978 and shortly afterwards moved to a subsidiary in France. After 3 years in
France, he joined the Bayer operations in Mexico. In 1991, Mr. Gerlich
returned to the Bayer Headquarters in Leverkusen, Germany as Regional
Marketing Manager for Engineering Plastics Division and later designated as
Global Marketing Manager in 1992. In 1994, Mr. Gerlich took over as Director
Sales and Marketing and Key Account Manager in Bayer France and in 1995 he
was made President / CEO of the Bayer / Hoechst Joint Venture, Dystar, in
Mexico. In 2000, he became Vice President in charge of sale in USA and Canada
for Dystar, based in North Carolina. |
|
Other Directorships : |
· Bayer CropScience Limited · Bayer MaterialScience Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. Guido De Boer |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. A. K. Ravi Nedungadi |
|
Designation : |
President and Chief Financial Officer, UB Group |
|
|
A trained
Chartered Accountant, Mr. Nedungadi set early academic records by qualifying in
the final of the Chartered Accountancy Exam at age 20. Early position at
Macneill and Magor Limited a diversified conglomerate and Pentagon Fasteners
Limited Delhi set the stage for an outstanding track record with current
employer. He joined the UB
Group in 1990 as the Corporate Treasurer. Within two years, he was
transferred to London as Group Finance Director of the Group’s international
business managing the businesses of UB International, which included the
paint giant Berger Jenson and Nicholson, spanning 27 countries. He was
instrumental in listing the Berger group companies on London and Singapore
bourses. Since his
appointment as the President and Group CFO in 1998, the youngest to have been
elevated to such a position in the Group, he led his way to sharpening the
focus of the Group, which had a conglomerate approach, on areas of core
competence and global reach. This saw the group focus on three verticals –
Brewing, Distilling and Aviation, each area presenting clear leadership
within India and global significance too. He was also responsible for opening
up the beverage alcohol sector to Global Best Practices and Transparency,
enabling the entry of institutional investors and rerating of the industry
itself. Under his
leadership the market capitalization of the 3 principal Group Companies has
crossed US$ 7 billion, which bears testimony to the successful accomplishment
of business restructuring, consolidation and enhanced shareholder value. As
the principle leadership resource of UB Group, Mr. Nedungadi was key to
concluding the acquisition of Shaw Wallace and Company India, Bouvet Ladubay,
France, Whyte and Mackay, Scotland, Air Deccan in India etc., each of which
has contributed to the value creation for all stake holders. Mr. Nedungadi is
the recipient of many awards of excellence including the Udyog Ratan Award;
CNBC TV 18’s – CFO of the year – M&A (2006), the CNBC Award for India’s
best CFO in the FMCG and Retail Sector (2007), the IMA Award for CFO of the
year (2007), etc. Memberships in esteemed organizations like Who’s Who of
Professionals only reinforce the above testimonials. Further, he is on the
Board of Directors of several companies, both in India and overseas. His interest in
social work and the arts engage his free time. He is an active Rotarian and
is a Trustee of India Foundation for Arts, a leading Grant making Art
Philanthropy. Mr. Nedungadi
joined the Board on August 9, 2002. |
|
Other Dir5ectorship : |
· Aventis Pharma Limited · Bayer CropScience Limited · Kingfisher Airlines Limited · Idea Streamz Consultants Private Limited · Pie Education Limited · Millenea Vision Advertising (Private) Limited · Millennium Alcobev Private Limited · Shaw Wallace Breweries Limited |
|
|
|
|
Name : |
Mr. Shekar Ramamurthy |
|
Designation : |
Deputy President |
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|
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|
Name : |
Mr. Cedric Peter Vaz |
|
Designation : |
Executive Vice President Manufacturing |
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|
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|
Name : |
Mr. Mr. Joseph Noronha |
|
Designation : |
Executive Vice President – HR |
|
|
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|
Name : |
Mr. Kiran Kumar |
|
Designation : |
Senior Vice President – Sales |
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|
Name : |
Mr. Samar Singh Shekhawat |
|
Designation : |
Senior Vice President – Marketing |
|
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|
Name : |
Mr. Perry Goes |
|
Designation : |
Senior Vice Present – MIS, Strategic Planning and Business Analysis |
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|
Name : |
Mr. Govind Iyengar |
|
Designation : |
Divisional Vice Present – Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21,353,620 |
8.39 |
|
|
77,130,610 |
30.30 |
|
|
98,484,230 |
38.69 |
|
|
|
|
|
|
|
|
|
|
89,994,960 |
35.36 |
|
|
89,994,960 |
35.36 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
188,479,190 |
74.05 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
497,463 |
0.20 |
|
|
28,380 |
0.01 |
|
|
660 |
- |
|
|
1,702,757 |
0.67 |
|
|
44,553,747 |
17.50 |
|
|
46,783,007 |
18.38 |
|
|
|
|
|
|
|
|
|
|
5,705,845 |
2.24 |
|
|
|
|
|
|
|
|
|
|
12,233,359 |
4.81 |
|
|
397,053 |
0.16 |
|
|
|
|
|
|
946,484 |
0.37 |
|
|
248,761 |
0.10 |
|
|
639,815 |
0.25 |
|
|
57,908 |
0.02 |
|
|
19,282,741 |
7.58 |
|
|
|
|
|
Total Public
shareholding (B) |
66,065,748 |
25.95 |
|
|
|
|
|
Total (A)+(B) |
254,544,938 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
254,544,938 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Beer |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity* |
Actual
Production |
|
|
|
|
|
|
|
Beer |
Hecto Litres |
8,585,000 |
7,030,000 |
4,340,391 |
|
|
|
|
|
|
*NOTE:
Licensing of products
of the Company under the Industries (Development and Regulation) Act, 1951 is
discontinued and consequently the reported capacities are as per permissions
obtained from the respective regulatory authorities on a yearly basis. As
regards installed capacity, the same has been certified by the Management and
relied upon by the Auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
1661 (Approximately) |
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Bankers : |
· Bank of Baroda |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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Subsidiaries : |
· Associated Breweries and Distilleries Limited (ABDL) · Maltex Malsters Limited (MML) |
|
|
|
|
Associates : |
·
United East Bengal Football Team Private
Limited (UEBFTPL) |
|
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Joint Venture : |
·
Millennium Alcobev Private Limited (MAPL) |
|
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|
Subsidiary of the Joint Ventures : |
· Empee Breweries Limited (EBL) · United Millennium Breweries Limited (UMBL) · Millennium Beer Industries Limited (MBIL) |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
|
25000000 |
Preference Shares |
Rs.100/- each |
Rs.2500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240048255 |
Equity Shares |
Rs.1/- each |
Rs.240.048
Millions |
|
17283000 |
3% Cumulative
Redeemable Preference Shares [The above shares are redeemable at par at
the earliest on March 31, 2011 and are extendable upto March 31, 2015 based
on mutual agreement between the Company and Scottish and Newcastle India
Limited (the preference shareholder)] |
Rs.100/-
each |
Rs.1728.300
Millions |
|
7407000 |
3% Cumulative Redeemable Preference Shares [The above shares are redeemable at par at the earliest on March 31, 2015] |
Rs.100/-
each |
Rs.740.700
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2709.048 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2709.048 |
2709.048 |
2685.043 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8888.712 |
8106.431 |
3427.554 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11597.760 |
10815.479 |
6112.597 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4960.341 |
4410.559 |
4538.387 |
|
|
2] Unsecured Loans |
1753.006 |
1753.006 |
809.985 |
|
|
TOTAL BORROWING |
6713.347 |
6163.565 |
5348.372 |
|
|
DEFERRED TAX LIABILITIES |
216.306 |
173.122 |
90.302 |
|
|
|
|
|
|
|
|
TOTAL |
18527.413 |
17152.166 |
11551.271 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7807.876 |
6977.630 |
5601.891 |
|
|
Capital work-in-progress |
575.331 |
865.308 |
1576.089 |
|
|
|
|
|
|
|
|
INVESTMENT |
1530.699 |
1940.957 |
1040.709 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1960.165
|
1630.376 |
1169.167 |
|
|
Sundry Debtors |
6162.470
|
4699.634 |
3221.537 |
|
|
Cash & Bank Balances |
833.169
|
417.733 |
175.912 |
|
|
Other Current Assets |
354.491
|
140.769 |
2.282 |
|
|
Loans & Advances |
2769.404
|
2728.788 |
1179.419 |
|
Total
Current Assets |
12079.699
|
9617.300 |
5748.317 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1803.354
|
1208.637 |
1205.662 |
|
|
Other Current Liabilities |
1408.816
|
857.097 |
1085.930 |
|
|
Provisions |
254.022
|
183.295 |
124.143 |
|
Total
Current Liabilities |
3466.192
|
2249.029 |
2415.735 |
|
|
Net Current Assets |
8613.507
|
7368.271 |
3332.582 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18527.413 |
17152.166 |
11551.271 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19974.494 |
16982.709 |
13690.611 |
|
|
|
Other Income |
776.834 |
492.991 |
257.948 |
|
|
|
TOTAL (A) |
20751.328 |
17475.700 |
13948.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
12171.636 |
10472.894 |
8611.492 |
|
|
|
Other Expenditure |
5630.706 |
4327.570 |
3364.369 |
|
|
|
TOTAL (B) |
17802.342 |
14800.464 |
11975.861 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2948.986 |
2675.236 |
1972.698 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
555.006 |
896.377 |
428.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2393.980 |
1778.859 |
1544.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
882.692 |
762.150 |
612.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1511.288 |
1016.709 |
932.140 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
541.579 |
391.769 |
307.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
969.709 |
624.940 |
624.725 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
65.000 |
0.000 |
|
|
|
Dividend |
187.428 |
170.912 |
86.658 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
682.281 |
389.028 |
538.067 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9.422 |
10.043 |
5.526 |
|
|
TOTAL EARNINGS |
9.422 |
10.043 |
5.526 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
366.030 |
208.882 |
127.378 |
|
|
|
Stores & Spares |
20.834 |
656.877 |
523.554 |
|
|
|
Capital Goods |
31.294 |
97.196 |
71.614 |
|
|
TOTAL IMPORTS |
418.158 |
962.955 |
722.546 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.68 |
2.29 |
2.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
7th
Quarter |
|
Net Sales |
7756.300 |
5669.100 |
6096.200 |
8395.900 |
9437.900 |
7331.900 |
|
Total Expenditure |
6387.700 |
5161.400 |
5436.800 |
7354.500 |
8093.600 |
6778.300 |
|
PBIDT (Excl OI) |
1368.600 |
507.700 |
659.400 |
1041.400 |
1344.300 |
553.600 |
|
Other Income |
182.300 |
170.200 |
169.200 |
208.9000 |
189.500 |
175.400 |
|
Operating Profit |
1550.900 |
677.900 |
828.600 |
1250.300 |
1533.800 |
729.000 |
|
Interest |
135.500 |
129.800 |
136.200 |
232.600 |
242.700 |
190.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1415.400 |
548.100 |
692.400 |
1017.700 |
1291.100 |
538.400 |
|
Depreciation |
235.100 |
242.400 |
240.300 |
325.200 |
226.400 |
244.800 |
|
Profit Before Tax |
1180.300 |
305.700 |
452.100 |
692.500 |
1064.700 |
293.600 |
|
Tax |
419.000 |
86.600 |
153.900 |
291.600 |
354.300 |
98.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
761.300 |
219.100 |
298.200 |
400.900 |
710.400 |
195.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
761.300 |
219.100 |
298.200 |
400.900 |
710.400 |
195.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.67
|
3.58 |
4.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.57
|
5.99 |
6.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.60
|
6.13 |
11.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.78 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
4.28 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
CAPITAL
The Authorized
Share Capital of the Company remained unchanged at Rs.2,800 million, comprising
Equity Share Capital of Rs.300 million and Preference Share Capital of Rs.2,500
million. The Issued, Subscribed and Paid-up Share Capital as on March 31, 2010
stood at Rs.2,709 million, comprising of Equity Share Capital of Re.1 each
aggregating to Rs.240 million and Cumulative Redeemable Preference Shares of
Rs.100 each aggregating to Rs.2,469 million.
As a result of the
acquisition of Sctottish and Newcastle by Heineken, the effective ownership of
37.49% of Equity holding in your Company now effectively vests in Heineken. The
Company has entered into a new Shareholders’ Agreement inter alia with
Heineken. A comprehensive business partnership with Heineken has been agreed,
thereby formalizing their entry into the Company as an equal promoter. The
Parties have agreed upon key commercial terms for the production of ‘Heineken’
in India, which will accelerate the growth of the premium beer segment
throughout India. At the same time, the Company will work with Heineken to
expand the international presence of the ‘Kingfisher’ brand through Heineken’s
global footprint.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
The per capita
consumption of beer in India continues to be very low compared to other
countries. There has been a steady growth in the Indian Beer Industry of about
15% per year in the last five years, with Industry volumes crossing 200 million
cases in financial year 2009-2010 from about 100 million cases in financial
year 2003-2004. Considering the Indian demographics, with around 70% of the
population below the age of 30 years, growing income and increasing
international influence, the industry is expected to maintain if not exceed,
its growth at present rate. While the Industry grew by 10% in volume terms
during the last financial year your Company’s volumes grew by 20%.
The Indian market infrastructure is a barrier to higher growth. In India, alcohol is available in around 65,000 outlets including shops, bars and restaurants which translates to roughly one outlet for every 18,000 residents, whereas the global average for the same is one outlet per 250 residents and the corresponding figure for China is one outlet for every 300 residents. For instance, in urban conglomeration like Greater Mumbai, there are around 2,500 outlets while in Shanghai, which has similar population base, the number of outlets selling alcohol is 18,000. An encouraging development is that in some cities, like Mumbai, the government has started to issue licenses for outlets to sell beer and wine only, delinking it from the sale of spirits. This development should facilitate future growth.
Taxation is another major factor which adversely affects the Indian brewing industry. In India, all alcoholic beverages are taxed uniformly, irrespective of their alcohol content. Consequently, same rate of taxation is applied for spirits, lager beer, strong beer and other alcoholic beverages, resulting in higher price for beer relative to high alcohol beverages. Across the globe, levies on beer are typically at half the rate applicable to spirits, providing an incentive for consumers towards lower alcohol beverages.
Due to the prevalent excise taxation structure, the majority of Indians who consume alcohol prefer to purchase spirits over beer as it contains higher alcohol at a similar price. Therefore in India, unlike most other countries, consumption of spirits is higher than beer. Some States have recently started to delink beer taxation from spirits, thereby promoting a logical growth in the future.
Taxation and Regulation of alcohol being a State subject under the Constitution of India, each State has separate set of regulations, restrictions and taxation structure for alcoholic beverages. Some States also impose high export duties and restrictions on the export of beer outside the State. Even the sales and distribution structure varies from State to State as some markets are open while in most States primary sale is canalized through State controlled corporations.
Over the last 5 years, a plethora of foreign brands have entered the country as 100% Foreign Direct Investment is permitted thereby increasing the choice of brands and competition. All major global brewers are now present in India. Despite this, the Company has been able to extend its market leadership position.
OPERATIONS
Volumes during 2009-2010 were buoyant in the Northern and Western markets, but sales in key Southern States were adversely affected. A change in taxation structure in Karnataka and the voluntary withdrawal of the Company’s brands in the first quarter of the year 2009-2010 from Andhra Pradesh, on account of a stand off on pricing between beer producers and the State Government, impacted sales in these key markets.
The Company has successfully commissioned its largest Greenfield brewery with a capacity of 6 Lac HL per annum in the State of Andhra Pradesh which became operational in January 2010. The Greenfield brewery has been built to international specifications and has adopted several international standards like HAZOP for safe operation, and HACCP, the worldwide standard for food certification. The brewery has been built with a commitment to the environment and your Company has taken various steps to reduce the overall carbon footprint. The latest equipment has been installed with a vision of productivity and environmental conscience. In keeping with its new mantra, ‘Conserve, Connect and Conquer’, the Company’s unique environmental initiative on inclusive water management, the plant design aims not just to deliver water consumption levels exceeding world class standards, but also to maintain the water table levels and the greenery around the brewery. In view of production at enhanced capacity at the new greenfield brewery and to achieve economies in scale of operation, the management has discontinued its operations at its Hyderabad brewery.
The Company received the prestigious Water Digest Award for the year 2009-2010 in the categories of Best Water Conserver – Waste Water Management Company, and Corporate Social Responsibility for water practices supported by UNESCO, PHDCCI and various Government of India agencies. The brewing unit of the Company at Palakkad has been awarded the State First Prize for ‘Pollution Control and Environmental Protection’ among medium scale industries in Kerala for 2008. This is the third consecutive year that the unit has received this coveted award. It earlier won the second prize in the same category in the year 2006 and the first prize in 2007.
Acquisition of land at Nanjangud, Karnataka through KIADB has been completed and the company will commence setting up of a new brewery in this profitable State.
The Company has shifted from furnace oil fired boilers to solid fuel boilers in most of its breweries, savings in the cost of fuel. To contain the increase in bottle cost, the Company has introduced dedicated design registered bottles in select markets. They expect the benefits of this initiative materialising from the financial year 2010-2011.
Heineken owns breweries in Andhra Pradesh and Maharashtra. The Company has now the benefit of utilization of capacity available at these two breweries.
INTERNAL CONTROL SYSTEM
The Company has established a robust system of internal controls to ensure
that assets are safeguarded and transactions are appropriately authorized,
recorded and reported. Internal Audit evaluates the functioning and quality of
internal controls and provides assurance of its adequacy and effectiveness
through periodic reporting. The Company’s internal control systems are adequate
and are routinely tested and certified by statutory and internal auditors. The
process adopted provides reasonable assurance regarding the effectiveness and
efficiency of operations, reliability of financial reporting and compliance
with applicable laws and regulations.
In order to
continuously upgrade the internal control system, to be in line with
International best practices and to ensure proper corporate governance, the
Company has implemented risk assessment, control self assessment and legal
compliance management systems. These have been updated during the year.
The internal
control system evaluates adequacy of segregation of duties and reliability of
management information systems, including controls in the area of authorization
procedures and steps for safeguarding assets. Planned periodic reviews are
carried out for identification of control deficiencies and opportunities for
bridging gaps with best practices along with formalization of action plans to
minimize risks.
The Company believes
that the overall internal control system is dynamic, and reflects the current
requirements at all times, hence ensuring that appropriate procedures and
controls, in operating and monitoring practices are in place.
Internal Audit
reports to the Audit Committee and recommends control measures from time to
time.
SUBSIDIARY COMPANIES
Associated
Breweries and Distilleries Limited remains a wholly owned Subsidiary of the
Company while the Company holds 51% of equity in Maltex Masters Limited.
The Company has
received approval from the Central Government exempting your Company from
attaching the Accounts etc., of its subsidiaries viz. Associated Breweries and
Distilleries Limited and Maltex Malsters Limited with the balance sheet of your
Company. In terms of the approval so granted by the Central Government, the
Accounts, etc., of the above subsidiaries are not required to be attached with
the balance sheet of the holding company. However, these Accounts will be
provided on request to any member requiring to have a copy, on receipt of such
request by the Company Secretary at the Registered Office of the Company.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Sales Tax/other taxes demands under appeal* |
14.672 |
14.672 |
|
Employees State Insurance Demand* |
0.265 |
0.265 |
|
Demand towards Water charges under appeal* |
0.000 |
133.019 |
|
Excise Duty/Customs Duty demands under appeal* |
36.709 |
36.709 |
|
Income Tax demands under appeal* |
188.844 |
82.262 |
|
Service Tax demands under appeal* |
229.114 |
377.708 |
|
Claims against the Company not acknowledged as debt* |
30.568 |
27.377 |
|
Letter of Credit outstanding |
78.926 |
33.230 |
|
Guarantees given by the company: |
|
|
|
– on behalf of Subsidiaries of Joint Venture to third parties Millennium Beer Industries Limited |
800.000 |
800.000 |
|
United Millennium Breweries Limited |
600.000 |
600.000 |
|
Empee Breweries Limited |
730.000 |
730.000 |
|
– to third parties |
19.060 |
28.348 |
|
Letter of undertaking to distributors towards countervailing duty for
imports from Nepal |
38.500 |
38.500 |
NOTE:
*In the opinion of
the management, the above demands / claims are not sustainable in law and
accordingly no provision has been made in the accounts.
FIXED ASSETS:
v
Goodwill
v
Licenses
v
Land – Freehold
v
Land – Leasehold
v
Buildings
v
Leasehold Improvements
v
Plant and Machinery
v
Office Equipments
v
Furniture and Fittings
v
Laboratory Equipments
v
Vehicles
Subject is engaged in manufacture, purchase and sale of beer, including
licensing of brands. The Company operates in India. The Company has
manufacturing networks at Andhra Pradesh, Mallepally; Maharashtra, Taloja; Goa,
Ponda; Punjab, Ludhiana; Kerala, Cherthala and Palakkad; West Bengal, Kalyani;
Karnataka, Mangalore and Nelmangala, and Rajasthan, Chopanki. In addition, the
Company also has manufacturing facilities through associate companies/contract
breweries at Dharuhera, Aurangabad, Kuthambakkam, Alwar, Lucknow, Ghaziabad,
Daman, Thiruvallur, Bhopal, Indore, Srikakulam and Medak. Its wholly owned
subsidiaries are Associated Breweries and Distilleries Limited and Maltex
Malsters Limited. For the fiscal year ended 31 March 2010, United Breweries
Limited's revenues increased 19% to RS23.59B. Net income applicable to Common
totaled RS809.7M, up from RS369.1M. Revenues reflect increased income from
sales and services. Net income reflects lower interest and finance charges and
higher gross operating margins. Subject is engaged in manufacture, purchase and
sale of beer, including licensing of brands
NEWS:
'FAMOUS INN HAS
BEEN THE SUBJECT OF MANY STORIES OVER THE YEARS'
Bristol Evening Post (UK)
05 December 2011
THE Blue Bowl Inn at Hanham (BT October 18) was once part of the estate belonging to Samuel Whittuck of Hanham Hall. In 1875 the estate was sold at auction with the inn and its two adjoining cottages (lot No.24) going under the hammer to Bristol United Breweries.
The Blue Bowl itself, which, as you can see, was situated at the far end of the row was exceedingly small - just one up, one down.
Over the years many people (including local historians) have written many stories, mostly myth, about the inn.
My grandfather, George Elliott, took the licence of the Blue Bowl from the brewery in 1919, plus the goodwill, fixtures and fittings.
When he retired in 1945 the licence passed to my father, George, who held it until 1977.
As I lived at the Blue Bowl myself from 1938 until 1970, I have some knowledge of its true history.
You can see from the picture that any stories about Monmouth and rebel army staying there in 1685 is pure rubbish
FOSTER'S
SHAREHOLDERS APPROVE SABMILLER TAKEOVER
Agence France-Presse
30 November 2011
SYDNEY, Dec 1, 2011
(AFP) –
Shareholders of Australian brewing giant Foster's on Thursday overwhelmingly approved a multi-billion-dollar takeover offer by British-based SABMiller.
At a meeting, 99.1 percent of shareholder votes cast were in favour of Foster's being handed over to foreign ownership for the first time in its 150-year history.
Treasurer Wayne Swan last week approved the deal as in the national interest.
"This is a historic day for this great Australian brewing company," said Foster's chairman David Crawford.
"While the ownership of Foster's will soon change, the beer and the brands will still be produced in Australia and be developed and brewed by Australians."
Swan's approval came on the condition that management of operations for the company -- which owns the nation's largest brewer, Carlton and United Breweries -- remain in Australia.
SABMiller also promised not to relocate any of Foster's existing brewing facilities offshore to produce beer for Australian domestic consumption and to continue to invest in its Australian brand portfolio.
The takeover now only requires approval from the Supreme Court of Victoria state, which will consider the transaction on Friday. If approved, Foster's shares will cease trading on the Australian market.
Shareholders will then receive Aus$5.40 per share, valuing the company at Aus$10.48 billion.
FIXES BOOK CLOSURE
FOR DIVIDEND AND AGM
Accord Fintech (India)
28 November 2011
India, Nov. 28 -- United Breweries Ltd has informed BSE that the Register of Members and Share Transfer Books of the Company will remain closed from December 20, 2011 to December 21, 2011 (both days inclusive) for the purpose of Payment of Dividend and 12th Annual General Meeting (AGM) of the Company to be held on December 21, 2011.
ASIA TO TASTE
QUEENSLAND BARLEY WITH $80 MILLION MALTING FACILITY
Australian Government
24 November 2011
BRISBANE, Queensland, Nov. 24 -- The Hon. Andrew Fraser, Deputy Premier, Treasurer and Minister for State Development and Trade, has issued the following media statement:
Asia will soon get a taste of Queensland barley with a new $80 million malting facility at Pinkenba to create new export opportunities and new jobs.
Deputy Premier and Minister for Trade Andrew Fraser said the Barrett Burston Malting facility was now converting barley into brewing malt for Australian and international breweries.
"This investment from Victorian-based Barrett Burston reinforces what we all know - Queensland is the number one business investment destination in the nation," Mr. Fraser said.
"The Queensland Government, through its Trade and Investment Queensland arm, worked hard to lure Barrett Burston - one of Australia's largest malt producers and a pioneer of Australian malting - to Queensland.
"This new facility is a vote of confidence in Queensland's economy, first-class growth outlook and business-friendly environment.
"As the state's first new malting facility in more than 40 years, the facility will significantly increase demand for Australian barley, creating both direct and indirect jobs.
"It will put Queensland on the map when it comes to Australian barley production, supplying 100,000 tonnes of malt to Carlton and United Breweries' Yatala brewery and the growing Asian market.
"Investments from companies of this calibre are critical to our economy because they create jobs and stimulate economic activity.
"The Bligh Labor Government will continue to work hard to attract world-class investment to Queensland."
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.51.77 |
|
|
1 |
Rs.81.32 |
|
Euro |
1 |
Rs.69.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.