MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
NOTE :
The Registered office address of the company has been shifted from 8th
Floor,
IDENTIFICATION
DETAILS
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Name : |
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Formerly Known As : |
GODREJ PILLSBURY LIMITED |
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Registered Office : |
902, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
23.11.1995 |
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Com. Reg. No.: |
11-94741 |
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CIN No.: [Company
Identification No.] |
U15510MH1995PTC094741 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08349F |
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PAN No.: [Permanent
Account No.] |
AAACG1773B |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturers, Buyers, Sellers, Importers, Exporters,
Stores, Prepares, Packers, Distributors and Agents for the sale of and
dealers in foods and beverages of any and all descriptions and bottles and
containers of every descriptions and creates packing cases and materials of
all kinds. |
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 2800000 |
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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. Profitability
of the company is under severe pressure. There appears some accumulated
losses recorded by the company. However, trade relations are reported to be
slow. The company can be considered for business dealings with some
cautions. |
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 / Factory : |
902, |
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Tel. No.: |
91-22-40430430 |
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Fax No.: |
91-22-25708948/49 |
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E-Mail : |
DIRECTORS
As on :
29.09.2010
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Name : |
Mr. Cristopher
Doyle O’Leary |
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Designation : |
Director |
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Address : |
4607, |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
03.07.2006 |
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Name : |
Mr. Mary Johanna
Ekman |
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Designation : |
Director |
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Address : |
5003, |
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Date of Birth/Age : |
06.03.1964 |
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Date of Appointment : |
20.08.2009 |
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Name : |
Mr. Suann Teoh |
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Designation : |
Director |
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Address : |
24, |
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Date of Birth/Age : |
28.05.1971 |
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Date of Appointment : |
22.07.2010 |
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Name : |
Mr. Eric Wedepohl (American) |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
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Date of Appointment : |
29.11.1995 |
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Name : |
Mr. Wilson Kerr Lundsgaard |
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Designation : |
Director |
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Address : |
4028 |
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Date of Birth/Age : |
28.12.1962 |
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Date of Casing : |
01.07.2010 |
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Date of Appointment : |
10.12.2008 |
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Name : |
Mr. Ahindo Mukherji |
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Designation : |
Director |
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Address : |
24, Son Marg, 67, |
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Date of
Birth/Age : |
04.02.1959 |
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Date of
Appointment : |
05.12.2002 |
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KEY EXECUTIVES
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Name : |
Vijaya Parameswaran |
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Designation : |
Company Secretary |
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Address : |
A-301, Maruti Apartment, J N
Road, Mulund [West], Mumbai – 400080 |
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Date of
Birth/Age : |
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Date of
Appointment : |
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MAJOR SHAREHOLDERS
As on :
29.09.2010
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Names of
Shareholders |
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No. of Shares |
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General Mills International Business Inc ( |
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1 |
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General
Mills Mauritius Inc, |
|
86510834 |
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Total |
|
86510835 |
As on :
29.09.2010
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Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Buyers, Sellers, Importers,
Exporters, Stores, Prepares, Packers, Distributors and Agents for the sale of
and dealers in foods and beverages of any and all descriptions and bottles and
containers of every descriptions and creates packing cases and materials of
all kinds. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
300 (Approximately) |
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Bankers : |
S.
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Facilities : |
Note : (All the
above loans are secured against letter of credit from the General Mills Inc.
Holding Company ) |
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Banking Relations : |
-- |
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Auditors : |
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Name |
BSR and Company Chartered Accountants |
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Address : |
KPMG House, Kamal Mills Compounds, 448, Senapati
Bapat Marg, Lower Parel, Mumbai – 400
013, |
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Tel. No.: |
91-22-24913030 / 24913131 / 24988368 |
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Fax No.: |
91-22-24913132 |
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CAPITAL
STRUCTURE
As on : 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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180500000 |
Equity Shares |
Rs. 10/- each |
Rs. 1805.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
86510835 |
Equity Shares |
Rs. 10/- each |
Rs. 865.108 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
865.108 |
715.108 |
1300.197 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.218 |
37.218 |
47.305 |
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4] (Accumulated Losses) |
(225.734) |
(153.254) |
(595.175) |
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NETWORTH |
676.592 |
599.072 |
752.327 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
347.500 |
231.371 |
425.574 |
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TOTAL BORROWING |
347.500 |
231.371 |
425.574 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1024.092 |
830.443 |
1177.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
155.082 |
174.941 |
174.512 |
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Capital work-in-progress |
145.681 |
11.877 |
8.343 |
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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 |
479.458
|
431.366 |
288.456 |
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Sundry Debtors |
464.093
|
291.363 |
195.300 |
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Cash & Bank Balances |
37.967
|
62.976 |
684.208 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
290.662
|
179.940 |
147.756 |
|
Total
Current Assets |
1272.180
|
965.645 |
1315.720 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Other Current Liabilities |
534.888
|
290.287 |
302.604 |
|
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Provisions |
13.963
|
31.733 |
18.070 |
|
Total
Current Liabilities |
548.851
|
322.020 |
320.674 |
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Net Current Assets |
723.329
|
643.625 |
995.046 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1024.092 |
830.443 |
1177.901 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
2741.410 |
1900.488 |
1600.841 |
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Other Income |
288.463 |
100.826 |
68.278 |
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TOTAL (A) |
3029.873 |
2001.314 |
1669.119 |
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Less |
EXPENSES |
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|
|
|
|
|
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Cost of Goods Sold |
1157.954 |
1161.492 |
1076.253 |
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Purchase of Traded goods |
803.092 |
133.835 |
29.363 |
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Personnel Costs |
274.312 |
179.681 |
143.944 |
|
|
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Selling, General and Administrative Cost |
741.802 |
617.511 |
574.896 |
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TOTAL (B) |
2977.158 |
2092.519 |
1824.456 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.715 |
(91.205) |
(155.337) |
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Less |
FINANCIAL
EXPENSES (D) |
60.766 |
29.791 |
42.450 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8.051) |
(120.996) |
(197.787) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.314 |
37.402 |
27.618 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
(64.365) |
(158.398) |
(225.405) |
|
|
|
|
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|
|
|
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Less |
TAX (I) |
8.115 |
7.331 |
5.889 |
|
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PROFIT AFTER TAX
(G-I) (J) |
(72.480) |
(151.067) |
(231.294) |
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
153.257 |
595.175 |
363.880 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
225.7364 |
153.254 |
595.175 |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1038.199 |
437.359 |
NA |
|
|
|
Services Income |
177.963 |
95.941 |
NA |
|
|
TOTAL EARNINGS |
1216.162 |
533.300 |
NA |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
609.438 |
122.807 |
NA |
|
|
|
Finished Goods |
83.456 |
36.365 |
NA |
|
|
TOTAL IMPORTS |
692.894 |
159.172 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.01) |
(0.06) |
(0.18) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(2.39)
|
(7.54) |
(13.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.34)
|
(8.33) |
(14.44) |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.50)
|
(13.89) |
(15.52) |
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.26) |
(0.30) |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
0.92 |
0.99 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.99 |
4.10 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND :
Subject was
incorporated as a private limited company on 23 November 1995 and is a 100%
subsidiary of General Mills Inc. and its affiliates.
The Company operates
exclusively in the consumer food industry with two primary operating segments
organised by product categories. The primary operating segments are Retail and
'Bakery and Food Services ('B and FSr). Retail segment consists of Atta,
Semiya, Oven Cake Mix, Canned corn etc. B and FS segment consists of products
marketed to bakeries and other commercial1 non-commercial food service sectors.
The Company processes Atta, Semiya and Dip Trix under manufacturing agreements
with third parties (Co-Packers), manufactures B and FS products at its Nashik
plant and manufactures and services Betty Crockers to European Market.
The Company had,
based on the Scheme approved by its equity shareholders, sought for the High
Court approval for reducing its issued, subscribed and paid up share capital in
order to improve its financial position and also to have a correct
representation of the capital employed in its business. On 22 February 2008,
the Bombay High Court has approved the said Scheme. Based on this approval, the
accumulated carried forward loss of the Company aggregating Rs 595.175 millions
at 1 April 2007, has been written off by cancelling the issued, subscribed and
paid up share capital Rs 585.088 millions and the securities premium Rs 10.087
millions. As a result of this, the issued, subscribed and paid up share capital
has been reduced from 130.019 millions equity shares of Rs 10 each, fully paid
up to 1430.216 millions equity shares of Rs 0.50 each, fully paid up by
cancclling 1170.177 millions equity shares of Rs 0.50 each, fully paid up,
thereby reducing the loss by Rs 585.088 millions. The balance carried forward
accumulated loss aggregating Rs 10.087 millions has been written off by
adjusting such sum against the securities premium account.
HISTORY
Subject was incorporated on
The name of the company has been changed to the
present w.e.f. 27.12.2001.
The
company’s fixed assets of important value include leasehold land, plant &
machinery, building, furniture & fixtures, vehicles, computers and office
equipment.
General Mills India
Private Limited (Formerly known as Godrej Pillsbury Limited) was incorporated
as a private limited company on 23.11.1995 and is a 100 % subsidiary of General
Mills Inc. and its affiliates.
The company
operates exclusively in the consumer food industry with two primary operating
segments organised by products categories. The primary operating segments are
Retail and Bakery and Food Services. Retail segment consists of Atta, Semiya,
Pizza, over cake Mix, Canned corn etc. B&FS segment consists of products
marketed to bakeries and other commercial/ non-commercial food service sectors.
The company process Atta and Semiya under manufacturing agreement with third
parties and manufactures B&FS products at its Nashik Plant. During the year
company received the contract for manufacturing and serviced betty crockers to
European Market.
FIXED ASSETS :
- Computer Software
- Buildings
- Leasehold Developments
- Office Equipments
- Furniture and Fittings
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. 44.77 |
|
|
1 |
Rs. 71.69 |
|
Euro |
1 |
Rs. 63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.