MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARSONS NUTRITIONALS PRIVATE LIMITED |
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Registered
Office : |
C-48, Kailash Apartment, Kailash Colony, New Delhi-110048 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.04.2002 |
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Com. Reg. No.: |
55-115025 |
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Capital Investment
/ Paid-up Capital : |
Rs.36.808 Million |
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CIN No.: [Company Identification
No.] |
U65311DL2002PTC115025 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of High energy Branded Biscuit viz. Horlicks,
Boost Energy Bites, Horlicks Lite Bite. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-48, Kailash Apartment, Kailash Colony, New Delhi-110048, |
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E-Mail : |
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Factory: |
Plot No. 5, Site IV Industrial Area, Sahibabad, Ghaziabad-201010, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajdeep Mann |
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Designation : |
Director |
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Address : |
1269, Sector 14, Faridabad-122002, |
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Date of Birth/Age : |
24.01.1978 |
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Date of Appointment : |
18.04.2002 |
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Name : |
Mr. Surender Singh |
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Designation : |
Director |
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Address : |
961, Sector 8, Faridabad-122002, |
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Date of Birth/Age : |
10.03.1969 |
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Date of Appointment : |
03.05.2003 |
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Name : |
Mr. Swapan Deep Mann |
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Designation : |
Director |
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Address : |
1269, Sector 14, Faridabad-122002, |
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Date of Birth/Age : |
12.10.1978 |
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Date of Appointment : |
18.04.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mann Feeds Private Limited, |
|
1000000 |
|
Parminder Mann |
|
296500 |
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Rajdeep Mann |
|
430000 |
|
Savita Mann |
|
358000 |
|
Surrender Singh |
|
500 |
|
Swapan Deep Mann |
|
1555800 |
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Swafaj Techno Engineers Private Limited, |
|
40000 |
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Total |
|
3680800 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
28.25 |
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Directors
or relatives of directors |
|
71.75 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of High energy Branded Biscuit viz. Horlicks,
Boost Energy Bites, Horlicks Lite Bite. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.D. Gupta and Associates Chartered Accountant |
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Address : |
217, Dhruva Apartment, 4 I.P. Extension, Patparganj, New Delhi-110092,
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3700000 |
Equity Shares |
Rs.10/- each |
Rs.37.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3680800 |
Equity Shares |
Rs.10/- each |
Rs.36.808
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
36.808 |
36.808 |
36.808 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
71.001 |
57.954 |
43.980 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
107.809 |
94.762 |
80.788 |
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LOAN FUNDS |
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|
1] Secured Loans |
73.773 |
27.083 |
36.745 |
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2] Unsecured Loans |
1.305 |
14.923 |
4.532 |
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TOTAL BORROWING |
75.078 |
42.006 |
41.277 |
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DEFERRED TAX LIABILITIES |
12.836 |
11.718 |
12.355 |
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TOTAL |
195.723 |
148.486 |
134.420 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
155.286 |
119.530 |
126.984 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.110 |
8.110 |
8.110 |
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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 |
18.929
|
16.271 |
0.550 |
|
|
Sundry Debtors |
37.771
|
33.600 |
3.621 |
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|
Cash & Bank Balances |
2.661
|
0.147 |
0.190 |
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Other Current Assets |
5.778
|
20.265 |
9.356 |
|
|
Loans & Advances |
2.689
|
10.044 |
5.662 |
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Total
Current Assets |
67.828
|
80.327 |
19.379 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
|
34.856 |
4.620 |
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Other Current Liabilities |
29.532
|
9.141 |
5.788 |
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Provisions |
5.969
|
15.484 |
9.645 |
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Total
Current Liabilities |
35.501
|
59.481 |
20.053 |
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|
Net Current Assets |
32.327
|
20.846 |
(0.674) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
195.723 |
148.486 |
134.420 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
36.008 |
NA |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
15.875 |
NA |
NA |
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PROFIT BEFORE
TAX |
20.133 |
30.202 |
13.521 |
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Less |
TAX |
7.086 |
8.745 |
3.830 |
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PROFIT AFTER TAX
|
13.047 |
21.457 |
9.691 |
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Earnings Per
Share (Rs.) |
3.54 |
5.83 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.02
|
15.11 |
9.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.32 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.07 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
|
1.91
|
1.35 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year,
the company has earned a profit of Rs. 13.047 Millions after providing for
Depreciation of Rs. 15.875 Millions and after provision for Income Tax of Rs.
5.969 Millions and deferred tax liability of Rs. 1.116 Millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10229908 |
|
Corporate
identity number of the company |
U65311DL2002PTC115025 |
|
Name of the
company |
PARSONS
NUTRITIONALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-48, Kailash Apartment, Kailash Colony, New Delhi-110048, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
W, Mumbai-400013, Maharashtra, India |
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Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Memorandum Recording
Past Transactions of Creation of Mortgage by Delivery of Title Deeds. |
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Date of
instrument Creating the charge |
06.09.2010 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as stated under
item No.15 as security for the due repayment of Rs.50.000 millions by the
Company, including principal amount of the Facility, interest, liquidated
damages, costs, charges and expenses etc. |
|
Short particulars
of the property charged |
Immovable
properties situated at Plot No.5, Site 4, Sahidabad Industrial Area, |
|
Particulars of
the present modification |
The present
modification is for furnishing additional security of immovable property of
the Company situated at Plot No. 5, Site 4, Sahidabad Industrial Area,
Ghaziabad - 201010, in addition to securities already furnished by the
company at the time of creation of the charge and, there is, therefore no
change in amount of charge which stands secured at Rs.500.000 millions in
favour of the Bank. |
As per website details:
Profile:
Subject is a biscuit manufacturing unit with state of the art and industrial benchmark facility with installed capacity of 20000MT/Year. Presently this unit is engaged in manufacturing of 14000MT/Year biscuits for GlaxoSmithKline Consumer Healthcare Limited. They manufacture High energy Biscuits viz. Horlicks, Cornflakes biscuits, Junior Horlicks Biscuits (Animal shaped) in 20 SKU’s varying from 35 gm to 500 gm in different variants. The unit is ISO 9001:2000 certified and audited by GSK’s central quality team. Their association with GlaxoSmithKline is 20years old, which speaks of their ethical and transparent working.
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.