MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DABUR INDIA LIMITED |
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Formerly Known
As : |
DABUR (DR. S K BURMAN) PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.09.1975 |
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Com. Reg. No.: |
007908 |
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Capital
Investment / Paid-up Capital : |
Rs.1740.700 millions |
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CIN No.: [Company Identification
No.] |
L24230DL1975PLC007908 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD01285E |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of herbal healthcare and personal care, food,
pharmaceuticals, ayurvedic medicines, veterinary products and cosmetics. |
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No. of Employees
: |
5300 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 44000000 |
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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 fourth largest FMCG Company in It is a well-established and reputed company having fine track.
Financial position of the company appears to be sound. The company’s products
are well known in the market. Trade relations are reported as fair. Business
is active. Payments are reported to be regular as per commitments. The company can be considered good for normal 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-11-23253488 |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-120 – 39412525 / 3982000 (30 Lines) |
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Fax No.: |
91-120 – 4374935 / 3001000 (30 Lines) |
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E-Mail : |
DIRECTORS
As on 31.03.2011
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Name : |
Dr. Anand Burman |
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Designation : |
Chairman |
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Name : |
Mr. Amit Burman |
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Designation : |
Vice Chairman |
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Name : |
Mr. Pradip Burman |
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Designation : |
Director |
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Name : |
Mr. Mohit Burman |
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Designation : |
Director |
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Name : |
Mr. P. D. Narang |
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Designation : |
Director |
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Name : |
Mr. Sunil Duggal |
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Designation : |
Director |
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Name : |
Mr. R. C. Bhargava |
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Designation : |
Director |
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Name : |
Mr. P. N. Vijay |
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Designation : |
Director |
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Name : |
Dr. S. Narayan |
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Designation : |
Director |
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Name : |
Mr. Albert Wiseman Paterson |
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Designation : |
Director |
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Name : |
Mr. Analjit Singh |
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Designation : |
Director |
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Name : |
Dr. Ajay Dua |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. K. Jain |
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Designation : |
General
Manager (Finance) And Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholders |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
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1,956,000 |
0.11 |
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1,194,160,850 |
68.60 |
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1,196,116,850 |
68.71 |
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522,000 |
0.03 |
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|
522,000 |
0.03 |
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Total
shareholding of Promoter and Promoter Group (A) |
1,196,638,850 |
68.74 |
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(B) Public
Shareholding |
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19,234,087 |
1.10 |
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209,500 |
0.01 |
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103,303,496 |
5.93 |
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299,725,779 |
17.22 |
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422,472,862 |
24.27 |
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12,674,281 |
0.73 |
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82,529,840 |
4.74 |
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16,994,068 |
0.98 |
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9,413,897 |
0.54 |
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6,000 |
- |
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8,388,755 |
0.48 |
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831,574 |
0.05 |
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187,568 |
0.01 |
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121,612,086 |
6.99 |
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Total Public
shareholding (B) |
544,084,948 |
31.26 |
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Total (A)+(B) |
1,740,723,798 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
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Line of Business : |
Manufacturing of herbal healthcare and personal care, food, pharmaceuticals,
ayurvedic medicines, veterinary products and cosmetics. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Hair Oils |
Kilo-ltrs |
108419 |
31075 |
|
Chyawanprash |
Tonnes |
59927 |
17804 |
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Honey |
Tonnes |
9341 |
6479 |
|
Tooth Powder and Paste |
Tonnes |
52882 |
28276 |
|
Hajmola |
Tonnes |
12239 |
5496 |
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Asava – Arishta |
Kilo-ltrs |
11403 |
8100 |
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Fruits,Nector and Drinks |
Kilo-ltrs |
35700 |
22470 |
|
Vegetable Pastes |
Mt |
4800 |
1258 |
GENERAL INFORMATION
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No. of Employees : |
5300 Approximately |
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Bankers : |
·
Punjab National Bank ·
Standard Chartered Bank ·
The Hongkong and Shanghai Banking Corporation
Limited ·
The Royal Bank of ·
Citibank NA ·
HDFC Bank Limited ·
IDBI Bank Limited |
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Facilities : |
NOTES: Maximum amount of commercial papers outstanding during the year
Rs.2000.000 millions (previous year Rs.400.000 millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s G. Basu and Company Chartered Accountants |
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Internal Auditors : |
Price Waterhouse Coopers Private Limited |
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Subsidiaries : |
·
Dabur International Limited 100% held by Dabur
India Limited ·
H and B Stores Limited 100% held by Dabur India Limited
(Domestic Wholly Owned Subsidiary) ·
Dermoviva Skin Essentials Inc 2.21% held by Dabur
India Limited (Balance stake held by Dabur International Limited) (Foreign
wholly Owned Subsidiary) ·
Asian Consumercare Private Limited, ·
Dabur Nepal Private Limited, ·
Dabur ·
Dabur ( ·
Dabur International Limited, UAE - (Foreign
Wholly Owned Subsidiary) ·
Weikfield International (UAE) LLC - (Foreign
Subsidiary) ·
African Consumercare Limited, ·
Asian Consumercare Pakistan Private Limited, ·
Naturelle LLC, UAE - (Foreign Wholly Owned
Subsidiary) ·
Dabur ·
Hobi Kozmetik - (Foreign Wholly Owned Subsidiary) ·
Zeki Plastik - (Foreign Wholly Owned Subsidiary) ·
Ra Pazarlama - (Foreign Wholly Owned Subsidiary) ·
Namaste Laboratories - (Foreign Wholly Owned
Subsidiary) ·
Hair Rejuvenation and Revitalization Nigeria
Limited - (Foreign Wholly Owned Subsidiary) ·
Healing Hair Lab International ·
Urban Lab International |
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Joint venture /Partnership : |
·
Forum 1 Aviation Limited. ·
Balsara International |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs.2000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1740723798 |
Equity Shares |
Rs.1/- each |
Rs.1740.700
millions |
NOTES :
1.
Of the above shares, 46927956 shares have been allotted
as fully paid up pursuant to scheme of amalgamation/merger without payment
being received in cash which includes issue during the year 138462 number of
shares of Re.1 each in favour of minority shareholders of erstwhile Fem care
Pharma Limited on account of consideration of their merger in previous year.
2.
During the year the authorized capital of the
company has been increased by Rs.550.000 millions.
3.
Of the above shares, issued and subscribed,
10002170 (previous year 8610721) shares have been allotted upto 31st March, 11
under Employees Stock Option Scheme.
4.
Of the above shares 1391449 (previous year
2509581), shares have been allotted during the year and 19627230 (previous year
1745965) shares are outstanding under Employees Stock Option Scheme.
5.
Of the above 1626079642 (previous year 755717743),
shares have been allotted as fully paid bonus shares without consideration
money being received in cash, which includes issue of Rs.870.362 millions
(previous year NIL) shares during the year against capitalization of free
reserve.
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 |
|
|
|
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|
1] Share Capital |
1740.700 |
869.000 |
865.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9270.900 |
6624.800 |
6516.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11011.600 |
7493.800 |
7382.000 |
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LOAN FUNDS |
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1] Secured Loans |
175.700 |
242.700 |
106.500 |
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2] Unsecured Loans |
2398.700 |
857.000 |
1307.200 |
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TOTAL BORROWING |
2574.400 |
1099.700 |
1413.700 |
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DEFERRED TAX LIABILITIES |
174.000 |
119.500 |
69.500 |
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|
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TOTAL |
13760.000 |
8713.000 |
8865.200 |
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
4975.600 |
4509.500 |
3083.200 |
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Capital work-in-progress |
119.200 |
233.100 |
517.100 |
|
|
|
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INVESTMENT |
5192.300 |
3485.100 |
4369.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4605.800
|
2984.400 |
2617.200 |
|
|
Sundry Debtors |
2024.600
|
1304.800 |
1123.600 |
|
|
Cash & Bank Balances |
1924.100
|
1639.100 |
1436.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4405.300
|
3251.200 |
2272.800 |
|
Total
Current Assets |
12959.800
|
9179.500 |
7450.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1935.100
|
988.700 |
1077.600 |
|
|
Other Current Liabilities |
3027.700
|
3331.900 |
2234.500 |
|
|
Provisions |
5353.600
|
4401.000 |
3328.900 |
|
Total
Current Liabilities |
10316.400
|
8721.600 |
6641.000 |
|
|
Net Current Assets |
2643.400
|
457.900 |
809.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
829.500 |
27.400 |
86.400 |
|
|
|
|
|
|
|
|
TOTAL |
13760.000 |
8713.000 |
8865.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
32643.700 |
28559.600 |
23961.600 |
|
|
|
Other Income |
494.600 |
416.400 |
430.600 |
|
|
|
TOTAL (A) |
33138.300 |
28976.000 |
24392.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
16506.500 |
13739.300 |
12224.300 |
|
|
|
Manufacturing Expenses |
889.100 |
761.800 |
707.600 |
|
|
|
Payments to and provisions for Employees |
2308.400 |
2123.400 |
1673.200 |
|
|
|
Selling and Administrative Expenses |
6799.100 |
6570.600 |
5090.100 |
|
|
|
Miscellaneous Expenditure Written off |
166.000 |
56.600 |
39.400 |
|
|
|
TOTAL (B) |
26669.100 |
23251.700 |
19734.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6469.200 |
5724.300 |
4657.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.300 |
134.900 |
133.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6339.900 |
5589.400 |
4524.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
377.300 |
319.100 |
274.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5962.600 |
5270.300 |
4250.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1248.500 |
938.900 |
521.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4714.100 |
4331.400 |
3728.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5269.100 |
4289.400 |
3232.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
870.400 |
649.800 |
648.800 |
|
|
|
Proposed Final Dividend |
1131.500 |
1086.200 |
865.100 |
|
|
|
Final Dividend (for earlier year) |
1.500 |
0.000 |
0.000 |
|
|
|
Corporate Tax on Interim Dividend |
144.600 |
110.400 |
110.300 |
|
|
|
Corporate Tax on Proposed Dividend |
183.600 |
184.600 |
147.000 |
|
|
|
Excess Corporate Tax on dividend of
earlier year provided written back |
(4.000) |
0.000 |
0.000 |
|
|
|
Transfer to Capital Reserve |
13.400 |
20.700 |
0.100 |
|
|
|
Transfer to General Reserve |
500.000 |
1300.000 |
900.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7142.200 |
5269.100 |
4289.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales at FOB |
1316.900 |
1237.300 |
1098.700 |
|
|
|
Interest Income |
24.700 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1341.600 |
1237.300 |
1098.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
134.000 |
188.200 |
160.300 |
|
|
|
Stores & Spares |
2.800 |
1.800 |
4.700 |
|
|
|
Capital Goods |
63.100 |
41.300 |
63.500 |
|
|
TOTAL IMPORTS |
199.900 |
231.300 |
228.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
2.71 2.69 |
2.50 2.49 |
4.31 4.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.23
|
14.95 |
15.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.27
|
18.45 |
17.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.24
|
38.50 |
40.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.70 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.31 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.05 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
At Subject, they
recognize operations as an important source of competitive advantage. A strong
back-end support in Procurement, Manufacturing, Research and Development and Human
Resource Management has been key to subject’s sturdy performance through the
2010-11 fiscal. A large number of initiatives was rolled out by the Company to
improve productivity through effective application of technology and
advancement in manufacturing processes, besides adoption of lower cost energy
options.
FINANCIAL REVIEW (ON A CONSOLIDATED BASIS)
During 2010-11
fiscal, the Consolidated sales of the Company increased by 20.3%, primarily
driven by volume growth of 12.7% and acquisitions contributing to 5.1% of
growth. While sales growth remained strong the Company faced headwinds with
respect to inflation and cost pressures. The Company dealt with these
challenges and was able to maintain its margins in a highly inflationary
environment through calibrated price increases and efficient management of
costs.
EBITDA margin of
the Company was stable at 19.9% vis-ŕ-vis 19.8% in FY2009-10. The increase in
rate of
Minimum Alternate
Tax (MAT) led to the effective tax rate increasing from 16.7% to 19.6%.
The Profit After
Tax of the Company increased by 13.4% during 2010-11 with the Profit After Tax
(PAT) margin going down slightly mainly on account of increased taxation.
AMALGAMATION OF
FEM CARE PHARMA LTD WITH THE COMPANY
During the year,
amalgamation of Fem Care Pharma Limited (FEM) with the Company was completed on
18th June, 2010 (being effective date) upon filing of the Order of Hon’ble
MANAGEMENT
DISCUSSION AND ANALYSIS
Nevertheless,
economic growth in the industrialized nations was below average compared with
the performance seen after previous economic slumps, with only Asia,
particularly
The Indian economy
continues to be on a strong growth trajectory with CSO (Central Statistics
Office) estimating a growth of 8.6% in real GDP for the 2010-11 fiscal as
compared to a 8.0% growth for 2009-10 fiscal. The agriculture, forestry and
fishing sector witnessed a surge in fiscal 2010-11, with CSO estimating growth
of 5.4% as compared to 0.4% for fiscal 2009-10. The manufacturing sector
continued to post good growth with CSO estimates at 8.8% for both fiscal
2009-10 and 2010-11. The services sector was the out performer with CSO
estimating growth at 9.6% for fiscal 2010-11 although this was slightly less
than 10.1% for fiscal 2009-10.
Per capita income
in real terms (at 2004-05 prices) during fiscal 2010-11 witnessed an uptick,
growing by 6.7% in fiscal 2010-11 as compared to 6.1% in fiscal 2009-10.
Indian economy is
vitally linked with the monsoon because of its large agricultural sector and
huge requirement of water resources. A large part of the country gets more than
75% of the annual rainfall during the four months, June to September (Monsoon season).
The production of food-grains has a high correlation with the amount and
distribution of
monsoon rainfall over the country. Further, the generation of hydro-electric
power from monsoon rain water is a clean energy source. The 2010-11 fiscal
witnessed more than its fair share of rainfall, which was at 102% of the long
term average for the season as compared to deficient monsoons last year. This
augured well for foodgrains’ production, which increased by 8.2% to 235.9
million tonnes in 2010-11 from Although GDP growth remained strong, high levels
of inflation throughout the year played spoilsport, oscillating within a band
of 11% to 8%. This led to several rounds of interest rate hikes by the RBI
(Reserve Bank of
All round high
inflation in commodities and manufactured products led to significant increase
in input costs across the sectors. In addition, crude prices moved up, which
also had an impact on transportation costs, hydro carbon linked inputs and
packaging costs. Overall, FY 2010-11 was a very challenging year in terms of input
cost inflation and managing material costs.
FMCG SECTOR IN
Steady growth in the Indian economy is being driven by strong domestic
consumption, economic reforms, private
entrepreneurship and global linkages.
Domestic consumption is on the rise due to increasing disposable
incomes, growing employment opportunities and favourable demographics, such as
young population (median age of 26 years), growing middle class and changes in
consumption and life style. As per a recent study conducted by Booz and
Company, FMCG sector is
expected to grow in the range of 12% to 17% upto 2020 and would touch a
market size between of 4,000 to 6,200 billion i.e. US$ 90 billion to US$ 138
billion. Current market size is estimated at 1,463 billion i.e. US$33 billion
The billion plus
Indian population, with 50% of population below 25 years and 65% below 35 years
of age, offers substantial opportunity going ahead. Robust economic growth
would translate into higher per capita incomes, which are expected to increase
by around 3 times to $3,231 by 2020 from $1,017 in 2009. In addition, evolution
in consumption patterns in rural
The following
factors are driving consumption in both rural and urban markets:
·
Upgradation of consumption from unorganized to organized and
from unbranded to branded products
·
Increasing per capita consumption, which is
relatively very low as compared to some of the other emerging markets
·
Improving penetration of consumer products,
resulting in increased usage across population strata
·
Change in consumption habits with consumers moving
up the ladder and demanding products suiting their needs and evolving lifestyle
The urban theme would
be played by rising share of nuclear households, increasing proportion of women
in working population, growing size of the Indian middle class and changes in
lifestyle and consumption patterns.
In fact, the
growth of the Indian middle class and economic growth are inter dependant as
shown in this circle : rising incomes leading to higher consumption levels,
which in turn drive robust economic growth, translating into more employment
opportunities and subsequently higher wages.
The modern trade
channel is another factor contributing to growth of the FMCG industry as it is
driving consumption by providing convenience, visibility, better shopping
experience and variety. This is also an important channel for marketers to have
direct consumer interaction and interface. Modern trade is growing at a fast
clip and is expected to increase its share of revenues as it expands.
On the rural side,
there has been visible evolution in rural consumption patterns, with increasing
demand for quality and branded goods, though pricing and affordability
continues to remain an important parameter. Increasing consumption is being
witnessed in categories such as soaps, shampoos, oral care and laundry. Greater
media penetration in rural areas is also acting as a key influencer on
lifestyle and consumption patterns.
The very
attractiveness of the Indian FMCG market is leading to aggressive competition
among the key players. Fiscal 2010-11 saw a wave of disruptive competition
happening in a few categories of the sector, with significant increase in
advertising and promotional spends and attempts to win over consumers by
offering greater value for every rupee spent.
For the 2010-11
fiscal, Indian FMCG sector continued on a strong growth trajectory, with the
Non-Food and OTC segment of the industry growing by 15% (AC Nielsen MAT Mar
2011), driven by opening up of rural markets,
increased income
in rural areas, growing urbanization, along with evolving consumer lifestyles
and buying behaviour.
An increasingly
tougher input costs environment led to price increases across categories by
various FMCG players. Last year, a benign input cost environment had resulted
in expansion in gross margins, which in turn led to various players increasing
their advertisement and promotional spends. During fiscal 2010-11, the input
costs spiraled while the advertisement and promotional spends did not witness
any significant decline due to heightened competitive activity, and this put
pressure on margins. At Subject, they managed inflation in the commodity basket
by effecting calibrated price increases, strategic stocking and prudent buying.
On account of these, they managed to protect the margins and reported strong
growth of 21% in the operating profits.
PERFORMANCE OVERVIEW
Subject completed another year of strong growth, both in revenue and
profits. The highlights of the Company’s performance in fiscal 2010-11 on a
consolidated basis are:
·
Consolidated Sales increased to 41099.000 millions
in fiscal 2010-11 from 34158.000 millions in fiscal 2009-10 registering a
growth of 20.3%
·
Earnings before interest, taxes, depreciation and amortization
(EBITDA) increased to 8198.000 millions in 2010-11, from 6773.000 millions in
fiscal 2009-10, registering growth of 21.0%
·
Consolidated profits after tax (PAT) went up to
5686.000 millions in fiscal 2010-11 from 5013.000 millions, going up by 13.4%
Earnings per share (EPS) went up to 3.25 in fiscal 2010-11 from 2.89 in fiscal
2009-10
The Company has
maintained a strong and consistent growth trajectory in consolidated sales
during the last 10 years, with growth accelerating in the last 5 years to CAGR
of 18.5%. The Company’s sales crossed the 40000.000 millions mark during fiscal
2010-11.
Sales growth
during 2010-11 continued to be significantly volume-driven, with volumes
accounting for more than three fourths of the total revenue growth. The challenging
input cost environment led to calibrated price increases across categories.
On the operational
front, the Company managed to maintain EBITDA margins which were stable at
19.9% in 2010-11 as compared to 19.8% of sales in 2009-10. Aggressive marketing
initiatives led to gain in market share in
categories like
Chyawanprash, Glucose, Toothpastes and Toothpowders.
CONTINGENT LIABILITIES:
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax , Income Tax, Excise etc.),
pending in appeal/court for which no reliable estimate can be made of the
amount of the obligation or which are remotely poised for crystallization are
not provided for in accounts but disclosed in notes to accounts.
However, present
obligation as a result of past event with possibility of outflow of resources,
when reliably estimable, is recognized in accounts.
FIXED ASSETS
Tangibles
·
·
Buildings, Roads and Culverts
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Intangibles
·
Computer Software
·
Trade Marks and Patent
WEB DETAILS
Profile
Subject is an Indian consumer goods company with interests in Hair Care, Oral Care, Health Care,
Skin Care, Home Care and Foods. From its humble beginnings in the bylanes of Calcutta way
back in 1884 as an Ayurvedic medicines company, Subject has come a long way today to become a leading consumer
products manufacturer in India. For the
past 125 years, they have been dedicated to providing nature-based solutions
for a healthy and holistic lifestyle.
Through the comprehensive range of products, they touch the lives of all
consumers, in all age groups, across all social boundaries. And this legacy has
helped them develop a bond of trust with the consumers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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.