MIRA
INFORM REPORT
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Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
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Name : |
FIELDFRESH FOODS PRIVATE LIMITED (w.e.f 20.05.2009) |
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Formerly Known
As : |
BHARTI DEL MONTE INDIA PRIVATE LIMITED |
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Registered
Office : |
C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon-122015,
Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
06.09.2004 |
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Com. Reg. No.: |
05-041215 |
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Capital
Investment / Paid-up Capital : |
Rs.2955.000
Millions |
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CIN No.: [Company Identification
No.] |
U15133HR2004PTC041215 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Baby corn, snow
peas, fine beans, fresh preserved vegetables, fruit, beans, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5500000 |
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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 a joint venture between Bharti Ventures Limited and DMPL
India Limited. It is an established company having moderate track. There appears huge
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.
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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
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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 : |
C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon-122015, |
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Tel. No.: |
91-124-4109400/4276187 |
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Fax No.: |
91-124-4109390 |
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E-Mail : |
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Website: |
DIRECTORS
As on 16.08.2010
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Name : |
Mr. Rakesh Bharti Mittal |
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Designation : |
Director |
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Address : |
E-26, Vasanat Marg, Vasant Vihar, New Delhi-110057, |
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Date of Birth/Age : |
18.09.1955 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Joselito Dee Campos |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.01.1951 |
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Date of Appointment : |
05.10.2007 |
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Name : |
Mr. Rolando C Gapud |
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Designation : |
Director |
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Address : |
Flat C, 4/F, |
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Date of Birth/Age : |
24.01.1942 |
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Date of Appointment : |
05.10.2007 |
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Name : |
Luis F Alejandro |
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Designation : |
Director |
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Address : |
414, |
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Date of Birth/Age : |
09.11.1953 |
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Date of Appointment : |
25.11.2008 |
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Name : |
Mr. Devendra Khanna |
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Designation : |
Director |
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Address : |
C-2/27, 1st Floor, Safdarjung Develo, Pment Area, New
Delhi-110016, |
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Date of Birth/Age : |
14.07.1960 |
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Date of Appointment : |
25.11.2008 |
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Name : |
Mr. Inderjit Walia |
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Designation : |
Director |
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Address : |
C-1, Greater Kailash, Enclave 1, New Delhi-110048, |
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Date of Birth/Age : |
17.05.1958 |
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Date of Appointment : |
21.08.2009 |
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Date of Ceasing: |
19.11.2009 |
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Name : |
Mr. Sanjay Nandrajog |
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Designation : |
Director |
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Address : |
Ground Floor, TG-1, |
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Date of Birth/Age : |
12.09.1962 |
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Date of Appointment : |
19.11.2009 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Nandrajog |
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Designation : |
Manager |
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Address : |
Ground Floor, TG-1, |
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Date of Birth/Age : |
12.09.1962 |
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Date of Appointment : |
19.02.2008 |
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Name : |
Mr. Sridhar Natarajan |
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Designation : |
Secretary |
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Address : |
202, Guru Gram, Haryana GP Co-Operative Housing Society, Plot No. 28,
Sector 56, Gurgaon-122003, |
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Date of Birth/Age : |
09.02.1969 |
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Date of Appointment : |
19.02.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
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Names of Shareholders |
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No. of Shares |
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Bharti Ventures Limited, |
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152750000 |
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DMPL India Limited, |
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152750000 |
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Total |
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305500000 |
List of Allottee:
As on 20.01.2011
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Particular |
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No. of Shares |
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Bharti Ventures Limited, |
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5000000 |
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DMPL India Limited, |
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5000000 |
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Total |
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10000000 |
As on 16.08.2010
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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] |
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50.00 |
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Bodies
corporate |
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50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Baby corn, snow
peas, fine beans, fresh preserved vegetables, fruit, beans, etc. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of |
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Facilities : |
Note:
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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 : |
7th Floor, Building 10, Tower B, |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 16.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
305500000 |
Equity Shares |
Rs.10/- each |
Rs.3055.000
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
295500000 |
Equity Shares |
Rs.10/- each |
Rs.2955.000
Millions |
Note:
Of the above:
- 147750000 (Previous year 72750000) equity shares are held by Bharti
Ventures Limited
- 147750000 (Previous year 72750000) equity shares are held by DMPL
India Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2955.000 |
1455.000 |
1030.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1572.961) |
(1106.910) |
(780.542) |
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NETWORTH |
1382.039 |
348.090 |
249.458 |
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LOAN FUNDS |
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1] Secured Loans |
51.875 |
136.042 |
229.366 |
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2] Unsecured Loans |
0.000 |
117.198 |
27.619 |
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TOTAL BORROWING |
51.875 |
253.240 |
256.985 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1433.914 |
601.330 |
506.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
584.973 |
525.868 |
422.738 |
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Capital work-in-progress |
366.186 |
45.711 |
19.657 |
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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 |
164.384
|
36.376 |
157.780 |
|
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Sundry Debtors |
222.335
|
59.893 |
48.586 |
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Cash & Bank Balances |
402.660
|
4.841 |
5.820 |
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Other Current Assets |
31.920
|
18.969 |
0.026 |
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Loans & Advances |
55.850
|
17.197 |
28.417 |
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Total
Current Assets |
877.149
|
137.276 |
240.629 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
369.471
|
95.252 |
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Other Current Liabilities |
16.069
|
6.100 |
173.140 |
|
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Provisions |
8.854
|
6.173 |
3.441 |
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Total
Current Liabilities |
394.394
|
107.525 |
176.581 |
|
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Net Current Assets |
482.755
|
29.751 |
64.048 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1433.914 |
601.330 |
506.443 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
|
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Income |
822.797 |
436.555 |
249.417 |
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|
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Other Income |
48.461 |
33.109 |
13.367 |
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|
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TOTAL (A) |
871.258 |
469.664 |
262.784 |
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|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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Purchase and Other Direct Costs |
646.631 |
394.370 |
226.701 |
|
|
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Personnel Expenses |
204.798 |
142.621 |
112.360 |
|
|
|
Administration and Other Expenses |
295.998 |
119.622 |
108.553 |
|
|
|
Selling and Distribution Expenses |
129.628 |
76.223 |
66.566 |
|
|
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TOTAL (B) |
1277.055 |
732.836 |
514.180 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(405.797) |
(263.172) |
(251.396) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
11.829 |
19.344 |
13.142 |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(417.626) |
(282.516) |
(264.538) |
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|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.425 |
40.894 |
23.756 |
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|
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|
LOSS BEFORE TAX
(E-F) (G) |
(466.051) |
(323.410) |
(288.294) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
2.959 |
3.028 |
|
|
|
|
|
|
|
|
|
|
LOSS AFTER TAX
(G-H) (I) |
(466.051) |
(326.369) |
(291.322) |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1106.911) |
(780.542) |
(489.220) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1572.962) |
(1106.911) |
(780.542) |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
127.854 |
209.648 |
155.990 |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Packing Materials |
0.762 |
3.633 |
10.444 |
|
|
|
Finished Goods |
231.550 |
33.756 |
0.000 |
|
|
|
Capital Goods |
6.928 |
1.954 |
45.392 |
|
|
TOTAL IMPORTS |
239.240 |
39.343 |
55.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.39) |
(2.66) |
(3.61) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(53.49)
|
(69.49) |
(110.86) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(56.64)
|
(74.08) |
(115.59) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.87)
|
(48.77) |
(43.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34)
|
(0.93) |
(1.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
1.04 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.28 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The Company was
incorporated on 6 September, 2004 in the name of Fieldfresh Foods Private Limited.
The name of the Company was changed to Bharti Del Monte India Private Limited
on 23 May, 2008. The name of the Company was subsequently changed to FieldFresh
Foods Private Limited with effect from 20 May, 2009 and a fresh Certificate of
Incorporation consequent upon change of name was issued by the Registrar of
Companies, NCR of Delhi and Haryana.
OPERATIONAL REVIEW
During the year 2009-10 the company showed a growth of 88%
as compared to the previous year, led largely by the processed foods segment,
being its first full year of operations. As a part of the Fresh business
strategy in terms of the product portfolio, target markets, geographies and
thrust areas, the company focused itself on three key products vz Apples,
Banana and Corn. The Fresh exports business created a niche in the European
market by contributing to 10% of the
In this financial year, the company consolidated its position in the Fresh business with 24 % of the total revenue coming from exports, 37% revenue coming from fresh domestic and the balance 39% coming from processed foods.
FUTURE OUTLOOK
With the business being focused on the three lines of
businesses viz: Fresh Domestic,
Fresh Exports and Processed Foods, the aim, going forward, is to create a
unique organization that serves both consumer and customer needs as we build
the "FieldFresh" and "Del Monte" brands in the respective
markets.
The Fresh Exports business will continue to focus on the
export of fresh baby corn and fresh sweet corn, backed by 3 years of R and D
and learning's in Punjab and
The Fresh domestic business based on the evaluation of the
fruit and vegetable consumption
basket, has identified two key products to focus on i.e. Apple and Banana,
based on the market size, channel relevance, opportunity to differentiate
through product branding ("FieldFresh") and impact of technology (R
and D). The business model operates on creating end to end competence in the
value chain for these two key products.
The Indian consumer market in processed foods is on a growth
phase and has huge untapped potential. Consumption of processed/ packaged foods
is expected to grow at a rapid pace, driven primarily by higher disposal
income, changing consumer behavior, emergence of organized food retail etc. Our
mission is to be one of the top 3 players in the juice drinks and culinary
segments and to support this objective, the company's state of the art
FIXED ASSETS:
- Land
- Building
- Leasehold
Improvements
- Plant and
Machinery
- Computer
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Computer
Software
AS PER WEBSITE
DETAILS:
MANAGEMENT TEAM:
Mr. Rakesh
Bharti Mittal, Chairman
Mr. Rakesh Bharti Mittal is the Chairman of Bharti Enterprises. An
electronics engineer, he has rich experience in managing evolving business operations
and environments for over 29 years. He is the Vice Chairman and Managing
Director of Bharti Tele-Tech and is the Director in other group companies of
Bharti, engaged in telecom services and solutions, BPO, etc.
Mr. Rolando C.
Gapud, Director
Mr. Rolando C. Gapud holds a Masters of Science in Industrial
Management from the Massachusetts Institute of Technology. He has over thirty
years experience in banking, finance and general management. Having worked as
CEO of several Philippine companies, notably Security Bank and Trust Company,
Oriental Petroleum and Minerals Corp. and Greenfield Development Corp. He was
also the COO of the joint venture operations of Bankers Trust and American
Express in the
Mr. Joselito D.
Mr. Joselito D. Campos, Jr. holds an MBA from the
Mr. Luis F.
Alejandro, Director
He has over 20 years of experience in consumer product operations and
management. He started his career with Procter and Gamble, where he spent 15
years in Brand Management before joining Kraft Foods Philippines Inc. as
President and General Manager. Later, he joined Southeast Asia Foods Inc and
Heinz UFC Philippines Inc. two leading consumer packaged condiment companies of
the NutriAsia Group, as President and Chief Operating Officer.
He is an Economics graduate from the Ateneo De Manila University and an
MBA from the Asian Institute of Management.
Mr. Devendra
Khanna, Director
As Corporate Director – Finance (Telecom and Retail), of Bharti Group, Deven is mainly
responsible for corporate planning and business reviews, financial reporting,
internal assurance and tax governance for all the businesses of the Bharti
group. Deven joined Bharti Airtel in 2004 as the Group Financial Controller and
spearheaded financial reporting, business planning and analysis, revenue
assurance, taxation, risk controls and compliances and strategic financial
projects. Deven has nearly 23 years of experience of which, 17 years was with
the Triveni Group. He spearheaded group's public offerings, M and A and
corporate restructuring initiatives. Deven is a Commerce graduate from Shri Ram
College of Commerce,
Mr. Sanjay Nandrajog, Director
Sanjay Nandrajog joined FieldFresh Foods Private Limited as the CEO in
November 2007. He has been associated with the Bharti group since January 2003,
where he has held several leadership positions in the Airtel Mobility business
across both North and South business hubs. His last assignment was as an
Executive Director – International Operations and Managed services, responsible
for the
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.