MIRA
INFORM REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PARLE BISCUITS PRIVATE LIMITED |
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Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400 057, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.09.1974 |
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Com. Reg. No.: |
11-17797 |
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Capital Investment / Paid-up Capital : |
Rs.4.950 millions |
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CIN No.: [Company
Identification No.] |
U15412MH1974PLC017797 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16474D |
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PAN No.: [Permanent
Account No.] |
AAACP0485D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Biscuit Products and confectionery
Products. |
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No. of Employees : |
3200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (75) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 39000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having excellent
track. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Gawre |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-67130315 |
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Date : |
06.09.2011 |
LOCATIONS
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Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400 057, |
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Tel. No.: |
91-22-66916911/12 |
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Fax No.: |
91-22-66916926/ 27 |
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E-Mail : |
nbgawre@parle.biz |
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Website : |
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Area : |
Approx 25 Acres |
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Location : |
Owned |
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Plants : |
SP-2/4, RIICO Industrial Area, |
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Tel No : |
91-1494-246312 |
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Fax No. : |
91-1494-246180 |
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Plants : |
36, |
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Tel No : |
91-1276-23415458 |
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Fax No. : |
91-1276-2341406 |
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Plants : |
Also Located at: ·
Khapoli ·
Nashik ·
Sitarganj ·
Pantnagar ·
·
Bhuj ·
Rudrapur ·
·
Uttar Pradesh ·
Chattisgarh ·
Orissa ·
·
Madhya Pradesh ·
Sikandrabad ·
·
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DIRECTORS
As on 15.09.2010
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Name : |
Mr. Atul Kantilal Shah |
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Designation : |
Director |
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Address : |
707, Rahul Classics, Near |
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Date of Birth/Age : |
22.05.1952 |
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Date of Appointment : |
16.11.2005 |
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Date of Cessation : |
17.05.2010 |
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DIN No. : |
00486905 |
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Name : |
Mr. Raj Kumar Satyanarayan Nevatia |
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Designation : |
Chairman cum Managing Director |
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Address : |
1, Jogesh CHS Limited, 14, Natwar Nagar road, Jogeshwari (East), Mumbai
– 400060, |
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Date of Birth/Age : |
02.01.1951 |
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Date of Appointment : |
07.01.1998 |
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DIN No. : |
00486912 |
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Name : |
Ms. Santosh Narwal |
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Designation : |
Director |
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Address : |
H No 1615, Sector – 6, Bahadurgarh, Jhajjar – 124507, |
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Date of Birth/Age : |
15.07.1969 |
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Qualification : |
M.B.A |
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Date of Appointment : |
17.06.2009 |
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DIN No. : |
02701505 |
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Name : |
Mr. Hariharan Kalathu Iyer |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
01.05.1954 |
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Date of Appointment : |
17.05.2010 |
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DIN No. : |
03086518 |
KEY EXECUTIVES
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Name : |
Mr. Sher Singh Shivrain |
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Designation : |
Manager |
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Address : |
V-37/23, DLF Phase III, Gurgaon, |
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Date of Birth/Age : |
04.04.1952 |
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Date of Appointment : |
07.10.2008 |
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Date of Cessation : |
30.11.2009 |
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Pan No.: |
AECPS1320P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
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Names of Shareholders |
No. of Shares |
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Parle Products Private Limited – |
49499 |
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Rajkumar s. Nevatia, Parag K. Khansaheb Jointly with Parle Products
Private Limited – |
1 |
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Total |
49500 |
As on 15.09.2010
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Biscuit Products and confectionery
Products. |
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Products : |
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Brand Names : |
Parle |
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Exports : |
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Countries : |
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Terms : |
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Purchasing : |
Cash, Credit (30-60 days) |
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Sales : |
Cash, Credit (30-60 days) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Biscuits |
M.T |
492000 |
401911 |
638395.734 |
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Confectionery |
M.T |
25200000 |
14400 |
25861.302 |
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Potato chips |
Kgs |
NA |
12200 |
3095.143 |
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Stix |
Kgs |
NA |
7500 |
2090.968 |
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Sugar |
Qtl |
NA |
17702500 |
189992 |
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Power generation |
KWH |
NA |
238534800 |
15997772 |
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Printed laminated wrappers |
M.T |
NA |
5500 |
7085.955 |
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C.Boxes |
Nos. |
NA |
3287500 |
25425810 |
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Mollasses (By-product) |
Qtl |
NA |
NA |
124140 |
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Baggasse (By-Product) |
Qtl |
NA |
NA |
743405 |
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Parle Flavour Mix |
M.T |
NA |
2943681 |
625.741 |
Notes:
1. Installed capacity is in respect of the
companys own manufacturing units and does not include capacity of contract
manufacturers.
2. Production includes production of companys
own manufacturing units as well as production for the company by its contract
manufacturers.
3. Including 3,59,351.244 MT. manufactured by
contract manufacturing units. (Previous year 2,90,608.419 MT.)
4. Including 17,094.283 MT. manufactured by
contract manufacturing units. (Previous year
5. Including 502.456 MT. manufactured by contract
manufacturing units. (Previous year 58.3 13 MT.)
6. Including 409.046 MT. manufactured by
contract manufactuing units. (Previous year 33.274 MT.)
7. Includes production for captive consumption
1,94,109.000 QtI. (Previous year 2,42,966.000 Qtl.).
8. Installed capacity of sugar is based on
three shift working for 365 days in a year. The figure of actual production is
for 85 days as unit is a seasonal unit.
9. Includes 94,07,945.000 KWH (Previous year
95,67,376.000 KWH) used for captive consumption, 1,22,698.000 KWH (Previous
year 230,848.220 KWH) transmission loss, and balance of 556,288.000 KWH
(Previous year 3,75,401.780 KWH) banked with Uttar Pradesh Power Corporation as
at year end.
10. Including 3,115.023 MT. (Previous year
3,575.580 MT.) manufactured by contract manufacturing units.
11. Of which 7087.085 MT. (Previous year
6,959.699 MT.) used for capitive consumption, The value of 73.549 MT. (Previous
year 98.608 MT.) in stock at year end has been considered for the purpose of
amving at the figure of consumption of raw material.
12. Including 90,17,600 Nos. manufactured by
contract manufacturing units. (Previous year 88,68,080 Nos.)
13. Of which 2,14,63,785 Nos. (Previous year
1,76,18,545 Nos.) used for captive consumption, The value of 3,68.068 Nos.
(Previous year 1,87,160 Nos.) in stock at year end has been considered for the
purpose of arriving at the figure of consumption of packing material
14. Includes production for captive
consumption 7,46,286.000 Qtl. (Previous year 9,30,060.000 Qtl. )
15. Includes production for capitive
consumption 498.565 MT. (Previous year 487.396 MT.), The value of 26.642 MT.
(Previous year 120.266 MT.) in stock at year end has been considered for the
purpose of arriving at the figure of consumption of raw material.
16. Licensed capacity is based on the
Entrepreneur’s Memorandum filed with the Ministry of Commerce and Industry.
17. Previous year’s figures are given in
brackets
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
3200 (approximately) (in office + in factory + in branches) |
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Bankers : |
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Faculties : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
201/ 203, Konark Classic, 85, |
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Pan No.: |
AACPB0118L |
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Holding Company
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CIN No.: U15400MH1950PTC008334 |
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Subsidiaries : |
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Fellow Subsidiaries : |
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Partnership Firm : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- Each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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49500 |
Equity Shares |
Rs.100/- Each |
Rs.4.950
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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|
35000.000 |
The above information has been parted by (Mr. Gawre – Accounts Manager)
ABRIDGED BALANCE
SHEET
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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 |
4.950 |
4.950 |
4.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9984.485 |
8844.247 |
7916.826 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9989.435 |
8849.197 |
7921.776 |
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LOAN FUNDS |
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1] Secured Loans |
237.103 |
0.000 |
79.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
237.103 |
0.000 |
79.000 |
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DEFERRED TAX LIABILITIES |
106.935 |
76.643 |
45.858 |
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TOTAL |
10333.473 |
8925.840 |
8046.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4124.339 |
41915.535 |
2816.988 |
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Capital work-in-progress |
0.000 |
0.000 |
854.856 |
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INVESTMENT |
3830.576 |
1968.747 |
1871.879 |
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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 |
2818.300
|
1735.036
|
1290.687
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Sundry Debtors |
435.701
|
309.247
|
244.557
|
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Cash & Bank Balances |
516.316
|
712.022
|
544.461
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Other Current Assets |
23.671
|
10.764
|
11.811
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Loans & Advances |
916.618
|
1069.947
|
1300.894
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Total
Current Assets |
4710.606
|
3837.016
|
3392.410
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1773.437 |
778.081 |
695.403
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Current Liabilities |
540.704
|
1059.274
|
184.081
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Provisions |
17.907
|
12.184
|
10.015
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Total
Current Liabilities |
2332.048
|
1071.458
|
889.499
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Net Current Assets |
2378.558
|
2765.558
|
2502.911
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10333.473 |
8925.840 |
8046.634 |
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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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SALES |
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Turnover (net) |
28371.910 |
21013.368 |
15443.293 |
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Other Income |
NA |
271.783 |
434.581 |
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TOTAL (A) |
NA |
21285.151 |
15877.874 |
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Less |
EXPENSES |
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Cost of Materials |
|
12080.802 |
8878.083 |
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Consumption of stores and spares parts |
|
81.577 |
45.696 |
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Managerial Remuneration |
|
2.736 |
1.651 |
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Increase/(Decrease) in Finished Goods |
|
(154.848) |
(174.315) |
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Purchases made for re-sale |
|
6.561 |
33.202 |
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Salaries, Wages, Bonus, etc. |
|
248.485 |
202.936 |
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Payment to Auditors |
|
1.103 |
0.955 |
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Insurance Expenses |
|
5.347 |
8.008 |
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Power & Fuel |
|
628.196 |
358.414 |
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Other Expenditure |
NA |
6408.460 |
4253.225 |
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TOTAL (B) |
|
19308.419 |
13607.855 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1976.732 |
2270.019 |
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Less |
FINANCIAL
EXPENSES (D) |
|
14.728 |
6.459 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1962.004 |
2263.560 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
544.773 |
330.511 |
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PROFIT BEFORE
TAX (E-F) (G) |
1506.041 |
1417.231 |
1933.049 |
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Less |
TAX (H) |
365.803 |
489.810 |
555.476 |
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PROFIT AFTER TAX
(G-H) (I) |
1140.238 |
927.421 |
1377.573 |
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EARNINGS IN
FOREIGN CURRENCY |
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Interest on Loan |
11.486 |
20.683 |
20.429 |
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TOTAL EARNINGS |
11.486 |
20.683 |
20.429 |
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IMPORTS |
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Raw Materials |
417.443 |
41.291 |
20.973 |
|
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|
Stores & Spares |
6.734 |
21.091 |
0.135 |
|
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|
Capital Goods |
0.000 |
55.706 |
202.306 |
|
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Packing materials |
9.763 |
0.000 |
0.000 |
|
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TOTAL IMPORTS |
433.940 |
118.088 |
223.414 |
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Earnings Per
Share (Rs.) |
23.031 |
18.736 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
4.36 |
8.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.31 |
6.74 |
12.52 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.05 |
19.21 |
21.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.16 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.26 |
0.12 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02 |
3.58 |
3.81 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
1773.437 |
778.081 |
695.403 |
OPERATIONS:
The Sales for the year amounted to
Rs.28371.910 millions compared to previous year’s sales of Rs. 21013.368 millions
showing a growth of 35%.
Net Profit Before Tax has increased by 6.27%.
Note:
The registered office of the company has been
shifted from V S Khandekar Marg, Vile Parle (East), Mumbai – 400057,
Contingent Liabilities: (As On 31.03.2010)
Rs. In Millions
a) Income-tax
matters disputed in appeals
These represent demands raised by income tax authorities in respect
of
128.627
excess consumption disallowed on the basis of standard yield for which
disputes are pending before appellate authorities. The company is
confident that the case will be sucessfully contested.
b) Excise matters
disputed in appeals
(1.) Demand aggregating to Rs. 7.927 millions raised by the commissioner
of
16.053
Central Excise, Rohtak for alleged under-valuation of packing materials
cleared to the Company's manufacturing units for captive consumption
and consequent short payment of excise duty thereon and penalty of Rs.
8.127 millions levied in respect of the same. The matter is pending in
appeal
before the Honourable Customs, Excise and Service Tax Appellate
Tribunal (CESTAT).
(2.) Demands aggregating to Rs. 1.861 million raised by Assistant
3.773
Commissioner of Central Excise, Rohtak, for alleged wrong availing of
CENVAT credit on re-engraved printing cylinders sent to jobworkers and
penalty of Rs. 19,11,486 thereon. The Company has paid a sum of Rs.
0.300 million as pre-deposit for admission of the appeal. The matter is
pending
before the Honourable Customs, Excise and Service Tax Appelate
Tribunal (CESTAT).
(3.) Show cause notice received from Assistant Commissioner of
Central
0.807
Excise, Rohtak, in respect of sums aggregating to Rs. 0.404 million
alleged to
have wrongly availed by way of CENVAT credit on re-engraved printing
cylinders sent to job workers and penalty of Rs. 0.404 million thereon.
The
matter is pending before Commissioner (Appeals).
(4.) Demands in respect of sums aggregating to Rs. 0.700 million alleged
to
1.400
have wrongly availed by way of CENVAT credit on re-engraved
printing
cylinders sent to job workers and penalty of Rs 0.700 million thereon.
The
matter is pending before the Honourable Customs, Excise and Service
Tax Appellate Tribunal (CESTAT).
(5.) Demands In respect of sums aggregating to Rs. 82.906 millions
alleged to
165.812
have been wrongly availed by way of CENVAT credit on ingredients of
BOPP Wrapper and penalty of Rs. 82.906 millions thereon. The order has
been set
aside by the Honourable Customs, Excise and Service Tax Appellate
Tribunal
(CESTAT) and the matter has been remanded back for adjudication.
(6.) Demand cum show cause notice received from Comissioner of
Central
45.011
Excise, Rohtak, in respect of sums aggregating to Rs. 22.506 millions
alleged to
have been wrongly availed by way of CENVAT credit on ingredients of
BOPP Wrapper and penalty of Rs. 22.506 millions thereon. The company has
replied to the show cause notice and response of the authorities is
awaited.
(7.) Demand cum showcause notice received from Commissioner of
Central
35.491
Excise, Rohtak, in respect of sums aggregating to Rs. 17.746 millions
alleged to
have been wrongly availed by way of CENVAT credit on ingredients of
BOPP wrapper and penalty of Rs. 17.746 millions thereon. The company has
replied to the show cause notice and the matter has been heared.
Response of
the authorities is awaited.
(8.) Demand cum show cause notices received from Assistant
Commissioner
0.578
of Central Excise, Rohtak in respect of sums aggregating to Rs. 0.289
million
alleged to have wrongly availed by way of CENVAT credit on re-engeraved
printing cylinders sent to job workers and penalty of Rs. 0.289 million
thereon. The
company has replied to the show case notice and response of the
authorities is
awaited.
(9.) Demand cum show cause notices received from Commissioner of
Central
25.554
Excise, Rohtak in respect of sums aggregating to Rs. 12.777 millions
alleged to
have wrongly claimed and utilised in respect of CENVAT credit on service
tax
paid on GTA services and penalty thereon Rs. 12.777 millions. The
company has
replied to the show cause notice and responses of the authorities is
awaited.
(10.) Demand cum show cause notices received from Assistant
Commissioner
1.209
of Central Excise, Division Faizabad in respect of sums aggregating to
Rs.
1.209 million alleged to have been wrongly availed by way of cenvat
credit in
respect of inputs used in exempted goods. Interest thereon has not been
quantified. The company has replied to these show cause notices and
response
of the authorities is awaited.
(11.) Vide order SI no. 4/79/Agriculture/ Group 2/ 2002/ dated
27.04.2005 40.110
of the Director of Agricultural Marketing Department, Jaipur, the
facility
under rule 58(4) of the Rajasthan Agricultural Mandi Rules, 1963, was
withdrawn. Due to this, all industries have to pay mandi tax @ 1.6% on
sugar
purchased from outside Rajasthan. The company has filed a Writ Petition
in
the High Court of Jurisdicture for Rajasthan Bench at Jaipur challenging
this
order.
c) State Advised
Price for purchase of sugarcane
Relates to state advised price fixed by the
of sugarcane from cane growers disputed by the U. P. Sugar Mills
Association
and the Indian Sugar Mills Association (of which the Company is a
member).
The matter was decided by the Lucknow Bench of the Honourable Allahabad
High Court in favour of the
appeal of the U.P Sugar Mills Association and the Indian Sugar Mills
Association in this matter is pending before the Honourable Supreme
Court.
Amount disputed by the Company.
d) Sales Tax /
Entry Tax matters disputed in appeal
1. Mainly relates to the demands raised by the Assessing Officer in
respect of :-
(a.) Exclusion of secondary freight in Invoice raised to party Rs. 0.732
million. 0.732
(c.) Non-submission of form of sales to Canteen Stores Department Rs.
0.903 million. 0.260
(b.) Non-payment of entry tax on materials imported into states Rs.
0.260 million.
64.629
(d.) Non-Payment of Entry Tax on sugar Rs. 3.990 millions.
3.990
(e.) Goods ceased due to incorrect/ incomplete documents / Forms Rs.
1.298 million. 1.298
2. Demand raised by Sales Tax Authorities,
been evaded on purchase of cement and penalty thereon
3. Relates to demand raised by Dy. Commissioner Trade Tax in respect of
Entry 7.209
Tax for the period 1st December 2009 to 31st March 2010 on sugar. The
demand
has been stayed by the Honorable High Court of Uttarakhand at Nainital
vide its
order no. 12 of 2009 (M/B) dated 25th November 2009.
4. Demand raised by deputy Commissioner of Sales Tax (Assessment) B-208,
Pune 0.350
against non-submission of form 'F' forfeited of excess collection of
Sales Tax and
short payment of Sales Tax for F.Y. 2004-05.
e) Haryana Local Area
Development Tax disputed in appeal
Relates to demand raised by Joint Excise and Taxation Commissioner
(Appeals)
12.424
for tax free goods and goods purchased from other states and not offered
for
Haryana Local Area Development Tax.
f) Employees'
State Insurance dues disputed in appeal
(1.) Relates to demand made on the Company in the capacity of
principal 1.892
contractor by the Employee's State Insurance Corporation in respect of
work done
for the Company by a contractor. The Company’s appeal is pending before
the
Honourable High Court of Punjab and Haryana at
(2.) Relates to demand made by the Employee's State insurance
Corporation in
0.080
respect of delays in making payment. The matter was heard in favour of
the
company by the ESIC court, Rohtak. The depatrment appeal is pending
before the
high Court of Punjab and Haryana at
g) Labour Matter
Case filed by an employee against the company in respest of expenses
incurred by 0.047
him due to an injury that he suffered while carrying out his duties as
well as loss
of pay. The case is pending before the
Pradesh
h) Guarantees furnished by banks
8.659
Form 8
|
Corporate
identity number of the company |
U15412MH1974PLC017797 |
|
Name of the
company |
PARLE BISCUITS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
North Level Crossing, Vile Parle (East), Mumbai – 400 057, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others (Current
Assets |
|
Particular of
charge holder |
CIN No.: L65110MH1985PLC038137 Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: vijendra.spare@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
25.03.2010 |
|
Amount secured by
the charge |
Rs.2000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
WCDL, CC, EPC/PCFC, FBD/FBP/FBN, Trade Credit-To be decided at the time of disbursement.
The Interest shall be debited to the current account of the Borrower with the
Bank on effective monthly basis. Terms of
Repayment: WCDL - maximum 90
days. BG - Maximum 1
year. Margin: WCDL, CC,
EPC/PCFC, FBD/FBP/FBN - 30% Extent and Operation
of the charge: First and exclusive charge by way of hypothecation on current
assets of the Borrower in favour of Kotak Mahindra Bank, to secure the
repayment of financial facilities granted by the Bank to the Borrower. |
|
Short particulars
of the property charged |
The whole of the
Borrowers current assets both present and future as described in schedule III
to the Supplemental Deed of Hypothecation. |
|
Date of last
modification prior to the present modification |
14.01.2010 |
|
Particulars of
the present modification |
The Bank had
granted facilities of Rs.250.000 millions which was secured by Hypothecation
of stock and receivables of the Borrower on 07.11.2008.The said charge was
modified on 06.02.2009, 09.09.2009 and 14.01.2010. The Bank has now revised
the said facilities as stated in Schedule II to the Supplemental Deed of
Hypothecation and said charge is now modified and extended to the revised
facilities aggregating to Rs.2000.000 millions. |
TRADE REFERENCES:
v
ITC Biscuits
v
Britannia Biscuits
FIXED ASSETS:
- Land
- Factory buildings
- Plant and machinery
- Electric installations
- Furniture and fittings
- Office equipment
- Vehicles
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.46.02 |
|
|
1 |
Rs.73.60 |
|
Euro |
1 |
Rs.64.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
75 |
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.