MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLENCORE GRAIN INDIA PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Pharma Search House, B G Kher Marg, Worli,
Mumbai – 400018, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
25.08.2005 |
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Com. Reg. No.: |
155626 |
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Capital Investment
/ Paid-up Capital : |
Rs.125.000 Millions |
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CIN No.: [Company Identification
No.] |
U15130MH2005PTC155626 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11061B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Agro Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1045604 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
3rd Floor, Pharma Search House, B G Kher Marg, Worli,
Mumbai – 400018, |
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Tel. No.: |
91-22-66515000 |
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Fax No.: |
91-22-66515001 |
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E-Mail : |
DIRECTORS
AS ON 19.06.2010
|
Name : |
Mr. Shyam Kantibhai Doshi |
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Designation : |
Director |
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Address : |
Savani Apartment, |
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Date of Birth/Age : |
26.03.1969 |
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Date of Appointment : |
25.08.2005 |
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Name : |
Mr. Pravin R. Dongre |
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Designation : |
Managing Director |
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Address : |
204, Ocean View, Union park, Khar, Mumbai – 400052, |
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Date of Birth/Age : |
12.01.1961 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Monsteri Ernest |
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Designation : |
Director |
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Address : |
Satenlaan 79, 2582 GE, |
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Date of Birth/Age : |
18.08.1964 |
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Date of Appointment : |
14.02.2006 |
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Name : |
Mr. Ronald De Gelder |
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Designation : |
Director |
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Address : |
Peter Twentlaan 10, 2242 CS, |
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Date of Birth/Age : |
05.11.1967 |
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Date of Appointment : |
14.02.2006 |
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Name : |
Mr. Hubmann Andreas |
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Designation : |
Director |
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Address : |
Frueebergstrasse 48, 6340 |
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Date of Birth/Age : |
11.10.1966 |
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Date of Appointment : |
14.02.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.06.2010
|
Names of Shareholders |
No. of Shares |
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Renaisco BV, |
12499999 |
|
Gelecore International AG, |
1 |
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Total |
12500000 |
AS ON 30.06.2010
|
Category |
Percentage |
|
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 : |
Trader of Agro Products. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins And Sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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Holding Company : |
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Ultimate Holding Company: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 125.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,500,000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 Millions |
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Note – of the above 12,499,999 Equity shares are
held by Renaisco BV, the Holding company and 1 Equity shares is held by Glencore
International AG, the Ultimate Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
125.000 |
75.000 |
50.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
200.000 |
0.000 |
11.211 |
|
|
4] (Accumulated Losses) |
(63.599) |
(174.107) |
0.000 |
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NETWORTH |
261.401 |
(99.107) |
61.211 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
384.822 |
33.100 |
0.000 |
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TOTAL BORROWING |
384.822 |
33.100 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
646.223 |
(66.007) |
61.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.731 |
3.592 |
5.176 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
255.060 |
55.050 |
30.038 |
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DEFERREX TAX ASSETS |
4.757 |
15.036 |
2.582 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
336.567
|
130.238 |
257.905 |
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Sundry Debtors |
246.080
|
394.951 |
13.579 |
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Cash & Bank Balances |
25.323
|
6.635 |
2.438 |
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Other Current Assets |
0.026
|
0.060 |
0.044 |
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Loans & Advances |
51.461
|
40.443 |
148.796 |
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Total
Current Assets |
659.457
|
572.327 |
422.762 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
215.364
|
627.507 |
320.192 |
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Other Current Liabilities |
54.809
|
81.021 |
68.759 |
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Provisions |
11.609
|
3.484 |
10.396 |
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Total
Current Liabilities |
281.782
|
712.012 |
399.347 |
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Net Current Assets |
377.675
|
(139.685) |
23.415 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
646.223 |
(66.007) |
61.211 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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Turnover |
1752.982 |
3128.113 |
2512.491 |
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PROFIT BEFORE
TAX |
131.005 |
(195.375) |
10.966 |
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Less |
TAX |
20.498 |
380.693 |
8.414 |
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PROFIT AFTER TAX
|
110.507 |
(185.318) |
2.552 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
732.319 |
26.918 |
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Compensation Received |
NA |
17.036 |
Nil |
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Other Earnings |
NA |
42.665 |
42.627 |
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TOTAL EARNINGS |
NA |
792.020 |
69.545 |
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IMPORTS |
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Trading Goods |
NA |
1350.196 |
2022.749 |
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TOTAL IMPORTS |
NA |
1350.196 |
2022.749 |
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Earnings Per
Share (Rs.) |
-- |
(29.14) |
0.99 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
7.47
|
(6.24) |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.60
|
(33.92) |
2.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
1.97 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
(7.51) |
6.52 |
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Current Ratio (Current Asset/Current Liability) |
|
2.34
|
0.80 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Furniture
Fitting and Other Equipments
- Vehicles
- Computer
- Software
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.