MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TUPPERWARE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
204-206, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.05.1996 |
|
|
|
|
Com. Reg. No.: |
55-078605 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 450.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209DL1996PTC078605 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Food Storage and Serving Containers. |
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 |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company is doing well. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
204-206, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001, |
|
Tel. No.: |
91-11-23714408 |
|
Fax No.: |
91-11-23357097 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
1A, Udyog Vihar, Sector 18, Gurgaon-122001, |
|
Tel. No.: |
91-124-4322222/ 2346978 |
|
Fax No.: |
91-124-4322299 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Asha Gupta |
|
Designation : |
Managing Director |
|
Address : |
D-13, Lajpat Nagar – III, New Delhi-110024, |
|
Date of Birth/Age : |
28.10.1971 |
|
Qualification : |
MBA (Marketing) |
|
Date of Appointment : |
28.10.2004 |
|
DIN No.: |
00204367 |
|
|
|
|
Name : |
Mr. Christian E Skroeder |
|
Designation : |
Director |
|
Address : |
3 Route De Lousanne 1096 Cully, Switzerland Ch-1096 |
|
Date of Birth/Age : |
21.08.1948 |
|
Date of Appointment : |
30.09.2003 |
|
DIN No.: |
01458720 |
|
|
|
|
Name : |
Mr. Taylor J Ross |
|
Designation : |
Director |
|
Address : |
6043, |
|
Date of Birth/Age : |
25.10.1960 |
|
Date of Appointment : |
26.02.2002 |
|
DIN No.: |
00431088 |
|
|
|
|
Name : |
Mr. Punit Narula |
|
Designation : |
Additional Director |
|
Date of Appointment : |
28.01.2010 |
|
DIN No.: |
02932970 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Tupperware Asia Pacific Holdings Private Limited, Mauritius |
44550000 |
|
Tupperware Home Parties Inc, USA |
600015 |
|
Total |
45150015 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
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 : |
Manufacturer of Plastic Food Storage and Serving Containers. |
||||
|
|
|
||||
|
Products : |
·
Dry Storage ·
Food Preperation ·
Microwave ·
Refrigerator ·
Freezer ·
Canisters ·
Classics ·
Lunch and Outdoors ·
Tupper Kids ·
Goflex ·
Clear ‘n’ Pure Range ·
Tupper Care ·
Serving Range |
PRODUCTION STATUS AS ON
31.03.2010
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production ** |
|
|
|
|
|
|
Food Containers, Cook Ware and Kitchen Aids |
MT |
11300.00 |
8.66 |
|
|
|
|
|
Notes:
* Capacities are
expressed in terms of output based on standard norms and are as certified by
the management and accepted by the auditors being a technical matter.
**Equivalent to 5,268 units
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
Building 8, 7th Floor and 8th Floor, Tower B, |
|
PAN No.: |
AADFB9359C |
|
|
|
|
Ultimate Holding Company: |
·
Tupperware Brands Corporation (US) |
|
|
|
|
Holding Company : |
·
Tupperware Asia Pacific Holdings Private Limited,
Mauritius ·
Dart Industries Inc (US) |
|
|
|
|
Fellow Subsidiaries : |
·
Dart Manufacturing India Private Limited (India) ·
Tupperware Australia Pty Limited (Australia) ·
Tupperware China Company Limited (China) ·
Tupperware Products S.A. (Switzerland) ·
Japan Tupperware Company Limited (Japan) ·
Tupperware Australia Private Limited (Malaysia) ·
Tupperware Singapore Pte Limited (Singapore) ·
Premiere Korea Limited (Korea) ·
Tupperware France SA (France) ·
Tupperware Southern Africa (Pty) Limited (South Africa) ·
Tupperware Belgium NV (Belgium) ·
Tupperware Cmc (Italy) ·
Tupperware Philippines inc (Philippines) ·
Tupperware Brazil ·
Tupperware Deutschland GmbH (Germany) ·
Tupperware Products inc. US (Switzerland Branch) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Note: [Of the above, 44550000 equity shares are held
by Tupperware Asia Pacific Holdings Private Limited, Mauritius- the Holding Company
and 450000 equity shares are held by Tupperware Home Parties Inc, USA]
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 |
450.000 |
450.000 |
450.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
441.179 |
196.654 |
61.279 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
891.179 |
646.654 |
511.279 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
891.179 |
646.654 |
511.279 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
262.065 |
97.372 |
95.828 |
|
|
Capital work-in-progress |
46.703 |
0.000 |
0.467 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
21.084 |
24.412 |
9.916 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
139.636
|
95.921 |
137.428
|
|
|
Sundry Debtors |
66.547
|
37.288 |
38.804
|
|
|
Cash & Bank Balances |
468.269
|
460.100 |
328.794
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
154.747
|
66.963 |
136.966
|
|
Total
Current Assets |
829.199
|
660.272 |
641.992 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
220.263
|
107.524 |
118.802 |
|
|
Other Current Liabilities |
22.720
|
15.286 |
10.378
|
|
|
Provisions |
24.889
|
12.592 |
107.744
|
|
Total
Current Liabilities |
267.872
|
135.402 |
236.924 |
|
|
Net Current Assets |
561.327
|
524.870 |
405.068
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
891.179 |
646.654 |
511.279 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover / Sales |
1379.211 |
980.904 |
719.610 |
|
|
|
Other Income |
NA |
26.975 |
29.691 |
|
|
|
TOTAL |
NA |
1007.879 |
749.301 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
459.861 |
292.935 |
|
|
|
Employee Remuneration and Benefits |
|
66.097 |
51.278 |
|
|
|
Administrative Expenses |
1025.621 |
81.961 |
73.877 |
|
|
|
Service Fee |
|
2.122 |
2.208 |
|
|
|
Selling and Distribution |
|
176.359 |
112.320 |
|
|
|
TOTAL |
1025.621 |
786.400 |
532.618 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[Including Depreciation ] |
221.479 |
216.683 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
4.193 |
4.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
367.852 |
217.286 |
211.795 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
123.328 |
81.911 |
67.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
244.524 |
135.375 |
144.793 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
196.654 |
61.279 |
(81.937) |
|
|
|
|
|
|
|
|
|
Less |
Impact of
Transition Provision of Accounting Standard 15(R) on Employee Benefits |
0.000 |
0.000 |
1.577 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
441.178 |
196.654 |
61.279 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Finished Goods |
22.234 |
8.471 |
2.692 |
|
|
TOTAL EARNINGS |
22.234 |
8.471 |
2.692 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.347 |
0.000 |
0.000 |
|
|
|
Finished Goods |
39.948 |
29.715 |
29.046 |
|
|
|
Stores & Spares |
1.404 |
0.000 |
0.000 |
|
|
|
Capital Goods |
72.582 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
119.281 |
29.715 |
29.046 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
5.43 |
3.01 |
3.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
13.43 |
19.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.67
|
22.15 |
29.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.07
|
27.78 |
28.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.34 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.21 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.10
|
4.88 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
Business
Operations
The company has recorded
a 41% growth in sales during the financial year ended March 31, 2010
consolidating on the good results of the last two years. The outlook for the
coming year is highly optimistic and the company expects to touch a retail
sales turnover of Rs. 5000.000 Millions by December 2011.
The company
identified the growth in Manager count as a critical factor for future business
growth and accordingly introduced some key business strategies during the year
including the new promoting programme and the Group Manager programme, both of
which were launched in January 2010. The new promoting programme has introduced
the concept of 'self-promoting' as Consultants can promote themselves to the
level of a Manager upon achieving the prescribed standards. This has helped
eliminate personal biases and discretion which were previously associated with
decisions involving promotion of Managers. In addition, the Group Manager
programme has encouraged existing Managers to develop and promote new Managers
from their units. Both programmes have yielded successful results as the
quarter ending March 31; 2010 witnessed a 59% growth in the number of new
Managers promoted.
The company has
also been building on the concept of 'Chain of Confidence' (CoC) which was
launched in January 2009 with major CoC events being organized across the
country every quarter. The 'Chain of Confidence' movement has allowed the sales
force to transcend from merely selling kits to recruiting women with a purpose
by helping them realize their dreams. This movement also contributed
significantly to the 36% growth in recruiting during the financial year ended
March 31, 2010 as the recruits grew from 48,624 in 2008-09 to 66,300 in 2009-10
Over the last two
years, the company has also been actively involved in various advertising and
brand building activities aimed at providing greater visibility to the brand
and creating more consumer awareness. These activities have continued during
the year with the company focusing on integrated campaigns involving a mix of
print advertisements, display of kiosks in malls and commercials on popular
radio channels such as Radio Mirchi 98.3 FM and Fever 104 FM. The company also
continued its association with Bollywood by co-sponsoring 'London Dreams', the
second such movie to be co-sponsored by the company after ‘Billu Barber' in
February 2009.
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Outstanding Bank Guarantees |
88.560 |
|
Claims against the company not acknowledged
as debts to the extent ascertainable |
37.160 |
|
Excise show cause notice |
94.460 |
FIXED ASSETS:
·
·
Building
·
Furniture and Fittings
·
Office Equipments
·
Computers
·
Other Equipments
AS PER WEBSITE
Profile:
For over 60 years,
Subject has been creating a niche for itself in the business world, making a
difference to the lives of millions through its innovative storage products and
extremely attractive business opportunity. In recent years, Tupperware has made
tremendous inroads into becoming a true global entity. In 2000, Tupperware
acquired Dallas-based BeautiControl, followed by the acquisition of the Sara
Lee Corporation’s direct selling business in 2000. These advancements brought
an increasing product diversity to brand Tupperware. In order to reflect this
diversity, Tupperware Corporation changed its name to Tupperware Brands
Corporation in 2005.
These acquisitions were
in line with the Company’s corporate strategy to add premium consumable items
to their product category mix. They also boosted the Company's global portfolio
to eight champion brands and changed the Tupperware Brands Corporation into a
multi-brand, multi-category, direct sales conglomerate with a worldwide sales
force of over 2 million.
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. 49.87 |
|
|
1 |
Rs. 79.72 |
|
Euro |
1 |
Rs. 69.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--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.