MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
A M TODD COMPANY INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
20, Raj Mahal, 5th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
10.07.1995 |
|
|
|
|
Com. Reg. No.: |
090399 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1995PTC090399 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and supplier of Menthol, Mint Oils and Flavours. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1020038 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management Not Cooperative
LOCATIONS
|
Registered
Office : |
20, RajMahal, 5th Floor, |
|
Tel. No.: |
91-22-22821225 |
|
Fax No.: |
91-22-22821788 |
|
Email: |
rghogale@amtodd.com |
DIRECTORS
|
Name : |
Mr.Rajendra Pratap Ghogale |
|
Designation : |
Managing Director |
|
Address : |
215 Shalaka M.K.Road,Mumbai - 400006, |
|
Date of
Birth/Age : |
04.07.1960 |
|
Date of
Appointment : |
16.05.2001 |
|
|
|
|
Name : |
Mr.Robert Floyd Wheeler |
|
Designation : |
Director |
|
Address : |
10237, |
|
Date of
Birth/Age : |
20.03.1969 |
|
Date of
Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr.Ross Sheldon |
|
Designation : |
Director |
|
Address : |
1711, |
|
Date of
Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr.Nitin Amritlal Panchal |
|
Designation : |
Director |
|
Address : |
1404,Green Ridge TWR II,New Link Road,Chikoowadi Borival (West),Mumbai
- 400092,Maharashtra,India |
|
Date of
Birth/Age : |
14.02.1966 |
|
Date of
Appointment : |
14.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
M/s A. M. Todd Company , |
|
4545449 |
|
Mr.Rajendra Pratap Ghogale,Mumbai |
|
1 |
|
Mr.Robert Wheeler, |
|
1 |
|
Mr.Sharon |
|
1 |
|
Mr.Ross |
|
1 |
|
M Am Todd Company LimIted |
|
1 |
|
|
|
|
|
Total |
|
4545454 |
As on 29.09.2009
|
S. No. |
Category |
Percentage |
|
1 |
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer and supplier of Menthol, Mint Oils and Flavours. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
PRODUCTION STATUS
31.03.2009
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Mint Oils and Flavors |
Kg |
Not Applicable |
1030000 |
968281 |
GENERAL INFORMATION
|
No. of Employees
: |
30 (Approximately) |
||||||
|
|
|
||||||
|
Bankers: |
Not Available |
||||||
|
|
|
||||||
|
Facilities : |
Secured Loans
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R.Batliboi and Company - Chartered Accountants |
|
Address : |
Jalan Mill Compound,95,Ganpat Rao Kadam Marg,Lower Parel,Mumbai -
400013, |
|
|
|
|
Holding
Company : |
A.M.Todd Company U.SA |
|
|
|
|
Fellow
Subsidiary Company: |
A.M.Todd Company U.K |
CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4545454 |
Equity Shares |
Rs. 10/- each |
Rs. 45.455 Millions |
NOTE
1) All the above shares are held by A.M.Todd
Company,
2) 999500 Shares were
alloted for a consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.455 |
45.455 |
45.455 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
209.555 |
75.244 |
52.386 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
255.010 |
120.699 |
97.841 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.458 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1.458 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.555 |
|
|
|
|
|
|
|
|
TOTAL |
256.468 |
120.699 |
99.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.939 |
46.188 |
41.732 |
|
|
Capital work-in-progress |
0.120 |
0.025 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.225 |
0.815 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
207.670 |
176.045 |
158.695 |
|
|
Sundry Debtors |
356.441 |
91.916 |
31.648 |
|
|
Cash & Bank Balances |
17.422 |
4.837 |
4.876 |
|
|
Other Current Assets |
0.975 |
0.000 |
0.000 |
|
|
Loans & Advances |
69.903 |
33.352 |
46.445 |
|
Total Current Assets |
652.411 |
306.150 |
241.664 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
354.079 |
195.405 |
94.101 |
|
|
Current Liabilities |
9.369 |
13.651 |
84.978 |
|
|
Provisions |
76.779 |
23.423 |
4.921 |
|
Total Current Liabilities |
440.227 |
232.479 |
184.000 |
|
|
Net Current Assets |
212.184 |
73.671 |
57.664 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.468 |
120.699 |
99.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1221.880 |
655.337 |
919.885 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
1221.880 |
655.337 |
919.885 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenditure |
991.651 |
605.613 |
NA |
|
|
|
|
|
|
|
|
|
|
TOTAL |
991.651 |
605.613 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
230.229 |
49.724 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.692 |
5.353 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
219.537 |
44.371 |
NA |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
6.853 |
8.359 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
212.684 |
36.012 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
78.373 |
13.155 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
134.311 |
22.857 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
968.862 |
464.525 |
NA |
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS |
968.862 |
464.525 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
205.595 |
127.074 |
NA |
|
|
|
Traded Goods |
0.081 |
5.064 |
NA |
|
|
|
Capital Goods |
0.264 |
2.256 |
NA |
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
205.940 |
134.394 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5 |
Nil |
Nil |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total
Income |
(%) |
10.99 |
3.49 |
NA |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
(%) |
17.41 |
5.50 |
NA |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total
Assets} |
(%) |
30.63 |
10.22 |
NA |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.83 |
0.30 |
NA |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total Liability/Networth) |
|
1.73 |
1.93 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
1.48 |
1.32 |
1.31 |
|
|
|
|
|
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITO DETAILS
(Rs
In Millions)
|
Particular |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
SUNDRY CREDITOR |
|
|
|
|
Due to the Holding Company |
260.112 |
126.227 |
21.369 |
|
Due to others |
93.968 |
69.180 |
72.732 |
FIXED ASSETS
- Buildings
- Improvement of Lease Premises
- Plant and Machinery
- Furniture and Fittings
- Office Equipments
- Computers
- Vehicles
OPERATIONS
The Sales of the Company has grown by 90%
over last’s sales of Rs.655 Million for the financial year 2007-08 Rs1222
Million for the financial year 2008-09 The Principal driver of the business has
been exports which amount for 78% of the total sales.This growth has taken
place in a year of shortages wherein raw material prices have increased by
almost 30% in the spot market.
They hope to continue with this positive
trend in the coming years.Their emphasis will now be focused on growing the
business to customers in the APAC regional markets.They expect demand to drop
not only from international bulk buyers but also foresee a drop in
Inter-Company transfers next year due to the economic slow – down and the
recessionary trends in the market place.Prices are expected to drop
considerably as a result of this trend.Corrective action to gauge demand and
increase regional sales while lowering overheads has been planned: with a view
to ensure the profitability of the operations is mentioned.
NATURE OF OPEARATIONS
A.M.Todd Company India Private Limited is
a wholly owned subsidiary of A.M.Todd Company Kalamzoo,USA.The Company is
engaged in Manufacturing and supply of Menthol,Mint Oils and Flavours to the
oral care,confectionary,chewing gum and Pharmaceutical industry
Segment Reporting
The company’s Operations Involve
Manufacturing and Supply of Menthol, Mint Oils and Flavours to the oral
Care,Confectionrry,Chewing gum and pharmaceutical industry,thus the company
operate in only one business segment,which has been identified as primary
segment and it includes sale of menthol,mint oils and flavours.
The analysis of geographical segments is
based on the areas in which the company supplies its products.The company has
identified ‘India’and ‘Outside India’ as two principal geographical areas of
Operation
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. 45.74 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 62.73 |
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 |
YES |
|
--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.