MIRA
INFORM REPORT
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Report Date : |
09.09.2010 |
IDENTIFICATION DETAILS
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Name : |
GODREJ TYSON FOODS LIMITED (w.e.f. 14.10.2008) |
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Formerly Known As : |
GODREJ FOODS LIMITED |
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Registered Office : |
Pirojshanagar, Eastern |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
11.01.2008 |
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Com. Reg. No.: |
11-177741 |
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Capital Investment / Paid-up Capital : |
Rs.1.753 Millions |
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CIN No.: [Company
Identification No.] |
U15122MH2008PLC177741 |
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IEC No.: |
0308025342 |
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TAN No. : |
MUMG13319F |
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PAN No.: [Permanent
Account No.] |
AADCG1614N |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Real Good Chicken, Yummiez, etc. |
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No. of Employees : |
232 Approximately (In Office-52, In Factory-121, In Branch-61) |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Godrej Agrovet Limited and Tyson
India Holdings Limited. It is an established company having moderate track. Profitability of
the company is under pressure. There appears some accumulated losses recorded
by the company. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. In view of strong holding, 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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Govind P. Shelar |
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Designation : |
DGM – Finance |
LOCATIONS
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Registered Office : |
Pirojshanagar, Eastern |
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Tel. No.: |
91-22-25194416 / 25188010 / 25188020 / 25188030 |
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Fax No.: |
91-22-25188485 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
Plot No. M-31, MIDC Taloja, Tal Panvel, Dist-Raigad – 410 208,
Maharashtra |
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Tel. No.: |
91-22-27401652/1653 |
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Fax No.: |
91-22-27411138 |
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E-Mail : |
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Location : |
Leased |
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Branches : |
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Tel. No.: |
91-22-27842821/2822 |
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Fax No.: |
91-22-27842823 |
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Location : |
Rented |
DIRECTORS
As on 06.09.2010
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Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Chairman |
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Address : |
40-D, B G Kher Marg, Malabar Hill, Mumbai – 400 006, |
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Date of Birth/Age : |
26.08.1951 |
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Qualification : |
BSC – Chemical Eng (MIT |
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Date of Appointment : |
24.06.2008 |
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Election Commission Identity Card No.: |
MT/04/024/099721 |
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DIN No. : |
00066195 |
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Name : |
Mr. Balaram Singh Yadav |
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Designation : |
Managing Director |
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Address : |
Bunglow No. G-9/1, Godrej Hillside Colony, L B S Marg, Vikhroli
(West), Mumbai – 400 006, |
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Date of Birth/Age : |
15.07.1964 |
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Qualification : |
BSC (Hon) Agri-Science, PGDM (A) IIM-Ahmedabad |
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Date of Appointment : |
11.01.2008 |
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DIN No.: |
00294803 |
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Name : |
Mr. William Dean Teeter |
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Designation : |
Director |
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Address : |
23118, Pine Log, Dr |
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Date of Birth/Age : |
21.10.1947 |
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Date of Appointment : |
24.06.2008 |
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DIN No.: |
02209249 |
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Name : |
Mr. Rick Allen Thomason |
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Designation : |
Additional Director |
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Address : |
4052 Pasofino Loop, |
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Date of Birth/Age : |
17.03.1963 |
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Date of Appointment : |
06.09.2010 |
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DIN No.: |
03157764 |
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Name : |
Mr. Akshay Kumar Narendrasinhji Chudasama |
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Designation : |
Alternate Director |
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Address : |
Shanti Cottage No. 2, |
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Date of Birth/Age : |
30.09.1969 |
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Date of Appointment : |
06.09.2010 |
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DIN No.: |
00010630 |
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Name : |
Mr. Rajinder Singh Vijan |
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Designation : |
Director |
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Address : |
A/202, Silver Oak, |
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Date of Birth/Age : |
03.03.1948 |
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DIN No.: |
00091478 |
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Name : |
Nisaba Adi Godrej |
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Designation : |
Director |
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Address : |
Aashraye Godrej House, |
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Date of Birth/Age : |
12.02.1978 |
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DIN No.: |
00591503 |
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Name : |
Mr. Richard Alphonse Greubel Jr |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.08.1962 |
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Date of Appointment : |
24.06.2008 |
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Date of Ceasing : |
11.02.2010 |
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DIN No.: |
02209231 |
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Name : |
Mr. Hubert Thomas Mendonca |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.11.1956 |
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Date of Appointment : |
25.09.2008 |
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Date of Ceasing : |
11.02.2010 |
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DIN No.: |
02336582 |
KEY EXECUTIVES
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Name : |
Mr. Makarand P Karnataki |
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Designation : |
Secretary |
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Address : |
606, Royale Ashar Residency, |
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Date of Birth/Age : |
20.07.1959 |
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Date of Appointment : |
26.08.2009 |
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PAN No.: |
AKVPK4595R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2010
|
Names of Shareholders |
No. of Shares |
|
Godrej Agrovet Limited, |
85874 |
|
Tyson India Holdings Limited, |
89386 |
|
Godrej Agrovet Limited joint with Balram Singh Yadav |
1 |
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Godrej Agrovet Limited joint with Subramanian Varadaraj |
1 |
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Godrej Agrovet Limited joint with Yashasvi Harshvadan Mehta |
1 |
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Godrej Agrovet Limited joint with Pitambar Narayan Narkhede |
1 |
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Godrej Agrovet Limited joint with Vilas Vasant Chaubal |
1 |
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Godrej Agrovet Limited joint with Govindan Ramakrishna
Rishinaradamangalam |
1 |
|
Total |
175266 |
List of Allottees (As on 02.06.2011)
|
Names of Allottees |
No. of Shares |
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Tyson India Holdings Limited, |
12053 |
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Godrej Agrovet Limited, |
11581 |
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Total |
23634 |
As on 06.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Bodies
corporate |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Real Good Chicken, Yummiez |
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Products : |
·
Real Good Chicken ·
Yummiez
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PRODUCTION STATUS 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Processed Chicken |
MT |
NA |
17550 |
15247 |
|
Cold Cut |
MT |
NA |
150 |
118 |
GENERAL INFORMATION
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No. of Employees : |
232 Approximately (In Office-52, In Factory-121, In Branch-61) |
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Bankers : |
IDBI Bank MIDC-Taloja, Panvel, Dist. Raigad, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
3i Infotech Trusteeship Services Limited 6th Floor, Akruti Center Point, MIDC Central Road, Next to
Marol Telephone Exchange, Andheri, East, Mumbai – 400 093, Maharashtra, India
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Auditors : |
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Name : |
Kalyaniwala And Mistry Chartered Accountant |
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Address : |
Kalpataru Heritage, |
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Tel. No.: |
91-22-66348020 |
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Fax No.: |
91-22-22673964 |
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Holding Company : |
Tyson India Holdings Limited |
CAPITAL STRUCTURE
As on 06.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
198900 |
Equity Shares |
Rs.10/- each |
Rs.1.989
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175266 |
Equity Shares |
Rs.10/- each |
Rs.1.753
Millions |
Of the above
shares
·
89,386 (Previous Year 83,691) Equity shares of Rs.
10/- each are held by Tyson India Holdings Limited, the Holding Company.
·
1,05,000 Equity Shares have been issued pursuant to
Business Transfer Agreement without payment being received in Cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.753 |
1.641 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1131.883 |
1030.998 |
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4] (Accumulated Losses) |
|
(243.685) |
(159.065) |
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NETWORTH |
|
889.951 |
873.574 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
40.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
15.191 |
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TOTAL BORROWING |
|
40.000 |
15.191 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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|
|
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TOTAL |
|
929.951 |
888.765 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
817.466 |
862.030 |
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Capital work-in-progress |
|
19.936 |
3.399 |
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
9.095 |
5.094 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
|
33.469
|
25.675 |
|
|
Sundry Debtors |
|
90.891
|
85.183 |
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Cash & Bank Balances |
|
58.576
|
22.150 |
|
|
Other Current Assets |
|
1.013
|
0.483 |
|
|
Loans & Advances |
|
22.397
|
19.854 |
|
Total
Current Assets |
|
206.346
|
153.345 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
106.369
|
113.614 |
|
|
Other Current Liabilities |
|
11.481
|
16.269 |
|
|
Provisions |
|
5.042
|
5.220 |
|
Total
Current Liabilities |
|
122.892
|
135.103 |
|
|
Net Current Assets |
|
83.454
|
18.242 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
929.951 |
888.765 |
|
PROFIT & LOSS
ACCOUNT
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(4.56) |
(10.09) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(4.77) |
(10.36) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(8.64) |
(16.06) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.10) |
(0.19) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.18 |
0.17 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.68 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
The year, saw a
good turnaround of the core business of the company viz Processed Chicken. The Yummiez
business also witnessed a good turnaround with 60% growth over previous year.
The Live Market was very strong
in previous year
and that resulted in generating + EBIT on Live Sales and also helped the
company to maintain the high Processed Chicken prices throughout the year.
The Company also
restructured itself Sales and Production Operations to bring in the functional
efficiencies. This restructuring has started yielding benefits in the form of better
farm and plant efficiencies and better price realization through centralized
relationship management.
HOLDING COMPANY
The Company is a
subsidiary of Tyson India Holdings Limited as defined under Section 4(1)(b) of
the Companies Act, 1956. Tyson India Holdings Limited holds 51% of the equity
while Godrej Agrovet Limited 49% in the Company.
FORM 8
|
Corporate identity number of the company |
U15122MH2008PLC177741 |
|
Name of the company |
GODREJ TYSON FOODS LIMITED |
|
Address of the registered office or of the principal place of business in |
Pirojshanagar, Eastern |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Others o
Current Assets both present and future |
|
Particular of charge holder |
3i Infotech Trusteeship Services Limited 6th Floor, Akruti Center Point, MIDC Central Road, Next to
Marol Telephone Exchange, Andheri, East, Mumbai – 400 093, Maharashtra, India |
|
Nature of instrument creating charge |
Deed of Hypothecation |
|
Date of instrument Creating the charge |
24.08.2009 |
|
Amount secured by the charge |
Rs.125.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 2.25% p.a. below the sum of IBAR and Cash Credit Risk Premium
prevailing on each day, plus applicable interest tax or other statutory levy
if any Terms of Repayment Validity:12 months from the date of sanction of the facility Margin Cash Credit: Inventory: Uniform margin of 25% against all components
of inventory; Book debts: Cover period: 90 days, Margin:25% Extent and Operation of the charge First and exclusive charge by way of hypothecation of the Company's
entire stocks of raw materials, semi finished and finished goods, consumable
stores and spares and such other movables including book debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First and exclusive charge by way of hypothecation of the Company's
entire stocks of raw materials, semi finished and finished goods, consumable
stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies,
receivables, both present and future located at Mumbai and |
FIXED ASSETS
Tangible Assets
·
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office and Other Equipments
·
Vehicles
·
Lab Equipment
·
Computers
Intangible Assets
·
Marketing Network/Knowhow
·
Trademarks
WEB DETAILS
One Powerful Portfolio
They focus on serving the growing demand for
quality poultry in
Strong Supply Chain
They have the best sales and distribution
network in the industry. This is their core strength and they are happy to
leverage it to serve their customers better.
Innovation
They are the first company to market fresh
chilled chicken in
Expertise in Processing
They have state-of-the-art, HACCP certified,
processing plants in
Brand "Godrej Tyson"
100% safe and guaranteed wholesome products
is what the should expect from Godrej Tyson foods. They follow the industry
best food safety standards, tracking, research and technology.
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.46.18 |
|
|
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.