MIRA
INFORM REPORT
|
Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
IMSOFER MANUFACTURING INDIA PRIVATE LIMITED |
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Registered
Office : |
R-77A, Greater Kailash Part – 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.02.2007 |
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Com. Reg. No.: |
55-159001 |
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Capital
Investment / Paid-up Capital : |
Rs.443.700 Millions |
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CIN No.: [Company Identification
No.] |
U15492DL2007PTC159001 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI06352D |
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PAN No.: [Permanent Account No.] |
AABCI6450N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in the manufacturing chocolates and other
confectionary products business. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 910000 |
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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 pressure. 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Jain Singh |
|
Designation : |
Financial Executive |
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Contact No.: |
91-9011059116 |
|
Date : |
11.10.2011 |
LOCATIONS
|
Registered Office : |
R-77A, Greater Kailash Part – 1, |
|
Tel. No.: |
91-11-26280100 / 26280900 |
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Mobile No.: |
91-9011059116 (Mr. Jain Singh) |
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Fax No.: |
91-11-26480300 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.F-13, MIDC, Plant of Baramati – 413133, |
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Tel. No.: |
91-2112-244600 / 244700 |
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Fax No.: |
91-2112-244600 / 243400
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DIRECTORS
As on 25.11.2010
|
Name : |
Mr. Pier Luigi Corelli |
|
Designation : |
Director |
|
Address : |
Via Umberto I 20, |
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Date of Appointment : |
06.04.2007 |
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DIN No.: |
01340403 |
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Name : |
Mr. Pierre Henri Michel Govare |
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Designation : |
Director |
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Address : |
2 Etage B, 62BD, Jean Jaures, |
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Date of Appointment : |
06.04.2007 |
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DIN No.: |
01340441 |
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Name : |
Mr. Michele Schettino |
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Designation : |
Director |
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Address : |
3 Piazza, Belinzaghi, |
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Date of Appointment : |
06.04.2007 |
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DIN No.: |
01340416 |
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Name : |
Mr. Bruno Ferroni |
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Designation : |
Additional director |
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Address : |
Via Del Lago 1311, Arenzano GE - 1601 1 |
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Date of Appointment : |
13.08.2008 |
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DIN No.: |
02250148 |
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Name : |
Mr. Paolo Alberto Mulatero |
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Designation : |
Additional director |
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Address : |
Via V Gioberti N. 9 Int 1, |
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Date of Birth : |
12.01.1954 |
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Date of Appointment : |
14.03.2011 |
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DIN No.: |
03292978 |
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Name : |
Mr. Paolo Stefano Mascarino |
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Designation : |
Additional director |
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Address : |
Via Lagrange 10, |
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Date of Birth : |
15.08.1961 |
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Date of Appointment : |
14.03.2011 |
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DIN No.: |
03296482 |
KEY EXECUTIVES
|
Name : |
Mr. Jain Singh |
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Designation : |
Financial Executive |
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|
Name : |
Mr. Rajinder Singh |
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Designation : |
Production Manager |
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Date of Birth/Age : |
41 Years |
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Qualification : |
B. Com |
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Experience : |
15 Years |
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Date of Appointment : |
01.01.2009 |
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|
Name : |
Mr. Kumaraswamy Naidu Nadella |
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Designation : |
Plant Manager |
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Date of Birth/Age : |
40 Years |
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Qualification : |
DME, AMIE (Mechanical), PGDIE |
|
Experience : |
17 Years |
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Date of Appointment : |
08.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.11.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
45021749 |
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18730000 |
|
Michele Schettino |
|
1 |
|
Total |
|
63751750 |
List Of Allottees
As on 21.12.2010
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
14368800 |
|
Total |
|
14368800 |
Equity Share Break up (Percentage of Total Equity)
As on 25.11.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the manufacturing chocolates and other
confectionary products business. |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
|
Kinder Joy Chocolate* |
Kgs. |
Not Available |
1100000 |
648766 |
|
Tic Tac |
Kgs. |
Not Available |
600000 |
284316 |
Note
* On Three shift basis, as certified by
management and relied upon by the auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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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 : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
706, B Wing, 7th Floor, ICC Trade Tower International, Convention
Centre, Senapati Bagpat Road, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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PAN.: |
AACFD4815A |
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Holding Company : |
Ferrero S.p.A. (w.e.f. 22.06.2008) |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
After 30.11.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78751750 |
Equity Shares |
Rs.10/- each |
Rs.787.518 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78120550 |
Equity Shares |
Rs.10/- each |
Rs.781.206
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63100000 |
Equity Shares |
Rs.10/- each |
Rs.631.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44370000 |
Equity Shares |
Rs.10/- each |
Rs.443.700 Millions |
Note :
44369999 Equity Shares are held by Ferrero
S.p.A the holding company and 1 Equity Shares is held by a nominee director
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 |
|
|
|
|
|
1] Share Capital |
443.700 |
172.500 |
158.270 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.570 |
|
|
3] Amount Received Towards Equity Subscription |
0.000 |
6.618 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(216.943) |
(148.808) |
(22.495) |
|
|
NETWORTH |
226.757 |
30.310 |
136.345 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
215.428 |
250.000 |
0.000 |
|
|
TOTAL BORROWING |
215.428 |
250.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
442.185 |
280.310 |
136.345 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
259.753 |
117.823 |
35.308 |
|
|
Capital work-in-progress |
238.618 |
122.880 |
48.686 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
226.676
|
114.145 |
31.628 |
|
|
Sundry Debtors |
186.877
|
139.090 |
33.981 |
|
|
Cash & Bank Balances |
24.070
|
43.338 |
51.504 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
76.375
|
38.653 |
25.308 |
|
Total
Current Assets |
513.998
|
335.226 |
142.421 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
559.157
|
287.439 |
87.139 |
|
|
Other Current Liabilities |
10.103
|
7.352 |
2.749 |
|
|
Provisions |
0.924
|
0.828 |
0.182 |
|
Total
Current Liabilities |
570.184
|
295.619 |
90.070 |
|
|
Net Current Assets |
(56.186)
|
39.607 |
52.351 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
442.185 |
280.310 |
136.345 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
654.361 |
345.719 |
62.279 |
|
|
|
Other Income |
43.510 |
1.177 |
0.147 |
|
|
|
TOTAL (A) |
697.871 |
346.896 |
62.427 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
342.190 |
65.946 |
|
|
|
Personnel Cost |
|
26.194 |
2.058 |
|
|
|
Other Expenses |
|
81.499 |
15.858 |
|
|
|
Pre operative Expenses |
|
0.000 |
(1.433) |
|
|
|
TOTAL (B) |
766.007 (Including
Financial Charges and Depreciation) |
449.883 |
82.429 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(102.987) |
(20.002) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
10.443 |
0.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(113.430) |
(20.172) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
12.236 |
2.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(68.136) |
(125.666) |
(22.380) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.646 |
0.115 |
|
|
|
|
|
|
|
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|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(68.136) |
(126.312) |
(22.495) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(148.807) |
(22.495) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(216.943) |
(148.807) |
(22.495) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
208.570 |
85.220 |
4.124 |
|
|
TOTAL EARNINGS |
208.570 |
85.220 |
4.124 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
367.811 |
285.750 |
62.354 |
|
|
|
Traded Goods |
0.000 |
0.506 |
4.573 |
|
|
|
Capital Goods (Including CWIP) |
118.188 |
103.190 |
62.031 |
|
|
TOTAL IMPORTS |
485.999 |
389.446 |
128.958 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss
Per Share (Rs.) |
(3.09) |
(7.45) |
(4.95) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(9.76)
|
(36.41) |
(36.03) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.41)
|
(36.35) |
(35.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.81)
|
(27.74) |
(12.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
(4.15) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.45
|
18.00 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
1.13 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
(Rs.
In Millions)
|
Particular |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
0.407 |
0.000 |
0.000 |
|
558.750 |
207.439 |
87.139 |
|
Total |
559.157 |
207.439 |
87.139 |
FINANCIAL RESULTS
During the period the sales has been increased to Rs.692.760 Millions as
against Rs.383.840 Millions in the immediately preceding year. The company has incurred
a loss of Rs.68.140 Millions during the year ended March 31, 2010 as against a
loss of Rs.126.000 Millions in the previous year.
CONTINGENT
LIABILITY
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for net of advances |
128.333 |
26.075 |
|
Bank Guarantee issued for Advances License to Custom Authorities |
3.571 |
0.685 |
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Vehicles
- Electrical
Fittings
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
|
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.