MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KELLOGG INDIA PRIVATE LIMITED [w.e.f.
26.03.2002] |
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Formerly Known
As : |
KELLOGG INDIA LIMITED |
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Registered Office : |
Plot No L2 and L3, MIDC, Taloja, Raigad – 410 208, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
10.10.1990 |
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Com. Reg. No.: |
11 – 058489 |
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Capital
Investment / Paid-up Capital : |
Rs.456.651 Millions |
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CIN No.: [Company
Identification No.] |
U15490MH1990PTC058489 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK04930C |
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PAN No.: [Permanent
Account No.] |
AAACK1748A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Cereal Products. |
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No. of Employees
: |
295 (In Office 45, In Factory 250) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Kellogg Company 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Omesh |
|
Designation : |
Account Department |
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Contact No. : |
91-22-30927081 / 67955984 |
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Date : |
28.12.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No L2 and L3, MIDC, Taloja, Raigad – 410 208, |
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Tel. No.: |
91-22-30927081 / 30927000/ 66484000 |
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Fax No.: |
91-22-30927001 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Sales Office : |
602-603, 6th Floor, |
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Tel No : |
91-11-26288146 |
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Fax No : |
91-11-51608079 |
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Corporate office : |
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Tel. No.: |
91-22-66484000 |
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Fax No.: |
91-22-66484008 |
DIRECTORS
AS ON (30.09.2011)
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Name : |
Mrs. Sangeeta Sandeep Pendurkar |
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Designation : |
Managing Director |
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Address : |
3901-3902, 39 Aqua Planet Godrej, 30, K. Khadye Marg, Mahalaxmi,
Mumbai – 400011, |
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Date of Birth/Age : |
24.01.1966 |
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Date of Appointment : |
03.12.2010 |
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Din : |
03321646 |
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Name : |
Mr. Sanjeev Khanna |
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Designation : |
Additional Director |
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Address : |
101-102, B-Wing, 1st Floor, |
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Date of Birth/Age : |
01.10.1960 |
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Date of Appointment : |
29.11.2010 |
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Din : |
03275808 |
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Name : |
Mr. Siddharth Ramaswamy |
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Designation : |
Additional Director |
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Address : |
31, Palm, Crest, 192/192, |
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Date of Birth/Age : |
11.06.1966 |
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Date of Appointment : |
16.08.2011 |
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Din : |
03592776 |
KEY EXECUTIVES
|
Name : |
Mr. Omesh |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON (30.09.2011)
|
Names of Shareholders |
No. of Shares |
|
Kellogg Company, |
45663360 |
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Kellogg Asia Inc. |
1728 |
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Total |
45665088 |
AS ON (30.09.2011)
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cereal Products. |
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Products : |
Family
Favorites
New
In Stores |
PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production** |
|
Breakfast Cereals |
M.T. |
18144 |
14220 |
* The Installed Capacity has been certified by
the Operations Manager and not verified by the auditors, as this is a technical
matter.
** Includes goods produced for sampling.
GENERAL INFORMATION
|
No. of Employees : |
295 (In Office 45, In Factory 250) Approximately |
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Bankers : |
· HSBC Bank, Mumbai Main Branch ·
Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock Lewis and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Pan No.: |
AABFL5878L |
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Holding Company : |
Kellogg Company, |
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Related Parties
: |
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CAPITAL STRUCTURE
AS
ON (31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
350,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.3500.000 Millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,665,088 |
Equity Shares |
Rs. 10/- each |
Rs.456.651 Millions |
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|
Note: Of the above 45663360 Equity shares of Rs.10 each, fully paid up, are
held by Kellogg company, USA, the Holding Company and 1728 Equity shares of
Rs.10 each, fully paid up, are held by Kellogg Asia Inc, USA.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
456.651 |
456.651 |
456.651 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
270.543 |
179.522 |
55.393 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
727.194 |
636.173 |
512.044 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
727.194 |
636.173 |
512.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
536.800 |
330.662 |
248.592 |
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Capital work-in-progress |
127.527 |
199.011 |
79.672 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
160.539
|
168.016
|
87.451
|
|
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Sundry Debtors |
95.450
|
65.273
|
60.683
|
|
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Cash & Bank Balances |
194.054
|
102.168
|
279.762
|
|
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Other Current Assets |
0.819
|
0.266
|
1.370
|
|
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Loans & Advances |
260.493
|
194.497
|
148.154
|
|
Total
Current Assets |
711.355
|
530.220
|
577.420
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
522.116 |
371.938 |
311.252
|
|
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Other Current Liabilities |
118.330
|
51.615
|
58.327
|
|
|
Provisions |
8.042
|
0.167
|
24.061
|
|
Total
Current Liabilities |
648.488
|
423.720
|
393.640
|
|
|
Net Current Assets |
62.867
|
106.500
|
183.780
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
727.194 |
636.173 |
512.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SALES |
|
|
|
|
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|
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|
3010.500 |
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Other Income |
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TOTAL |
3010.500 |
2368.600 |
1800.700 |
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EXPENSES |
2895.400 |
2220.000 |
1650.200 |
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PROFIT BEFORE
TAX |
115.000 |
148.600 |
150.500 |
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Less |
TAX |
24.000 |
24.500 |
25.600 |
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PROFIT AFTER TAX
|
91.000 |
124.100 |
124.900 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
179.500 |
55.400 |
[57.400] |
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APPROPRIATIONS |
|
|
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Proposed Final dividend |
- |
- |
10.300 |
|
|
|
Provision fro tax on final dividend |
- |
- |
1.700 |
|
|
BALANCE CARRIED
TO THE B/S |
270.500 |
179.500 |
55.400 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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Export Earnings on FOB Basis |
53.700 |
38.564 |
26.932 |
|
|
TOTAL EARNINGS |
53.700 |
38.564 |
26.932 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
- |
56.352 |
30.922 |
|
|
|
Stores & Spares |
- |
8.596 |
2.381 |
|
|
|
Capital Goods |
- |
104.321 |
28.031 |
|
|
TOTAL IMPORTS |
NA |
169.269 |
61.334 |
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
1.99 |
2.72 |
2.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.02
|
5.24
|
6.94
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.21
|
17.26
|
18.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.23
|
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.67
|
0.77
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.25
|
1.47
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 Rs.
In Millions |
31.03.2010 Rs.
In Millions |
31.03.2009 Rs.
In Million |
|
Sundry Creditors
|
|
|
|
|
Dues to Micro enterprises and Small Enterprises |
6.040 |
10.202 |
2.754 |
|
Due to Others |
516.076 |
361.736 |
308.498 |
|
Total |
522.116 |
371.938 |
311.252 |
OPERATIONS:
The company recorded the sales volume of 10683 M.T. in the current year.
The volume and value achievements were due to a contribution of the strategic brand
focus, ability to launch differentiated new products and effective advertising.
This was supported by a sales effort that significantly increased the
visibility and availability of Kellogg products in the country.
CONTINGENT
LIABILITIES: [As on 31.03.2010]
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Excise matters disputed by the company |
91.727 |
|
Services tax matters disputed by the company |
11.253 |
|
Sales tax matters disputed by the company |
1.392 |
|
Income Tax Demand (AY 2002-03) |
8.950 |
Excludes certain excise duty demand orders aggregating Rs. 3.828
millions which have been remanded back by the customs excise and service tax
appellate tribunal (CESTST) to lower authorities, for fresh adjudication.
It is not possible to quantity the demand likely to arise on account of
the fresh proceedings until these assessments are completed. The timing and the
amount of cash flows, if any that may arise from the above matters will be
determined only on settlement of the cases.
FIXED ASSETS:-
·
Plant and Machinery
·
Building
·
·
Vehicles – Owned
-- Leased
·
Computers – Hardware
--
Software
·
Residential Fittings
·
Furniture and Fixtures
·
Office Equipment
·
Temporary Structure
·
Leasehold Improvements
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.53.35 |
|
|
1 |
Rs.82.50 |
|
Euro |
1 |
Rs.68.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.