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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ALLIED BLENDERS AND DISTILLERS PRIVATE LIMITED (w.e.f. 30.04.2010) |
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Formerly Known
As : |
MOONLIGHT BLENDERS AND DISTILLERS PRIVATE LIMITED (w.e.f. 22.07.2009) YOU AND ME PROPERTIES PRIVATE LIMITED |
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Registered
Office : |
394-C, Lamington Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.10.2008 |
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Com. Reg. No.: |
11-187368 |
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Capital
Investment / Paid-up Capital : |
Rs.437.800 Millions |
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CIN No.: [Company Identification
No.] |
U15511MH2008PTC187368 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Liquor and Other Allied Products. |
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No. of Employees
: |
380
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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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 5600000 |
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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 an established company having moderate track. The company is
progressing well. Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION DECLINE BY
Management Non – Corporative
LOCATIONS
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Registered Office : |
394-C, Lamington Chambers, |
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Tel. No.: |
91-22-67779777 / 43001111 |
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Fax No.: |
91-22-67779725 / 43001116 |
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E-Mail : |
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Website : |
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Corporate/Marketing Office : |
2nd Floor, Bandbox House, |
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Tel No.: |
91-22-43001111 |
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Fax No.: |
91-22-43001116 |
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Email : |
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Exports and CSD Office/Factory 1 : |
Plot No. 774, 4th Floor, Udyog Vihar, Phase V, Gurgaon - 122 015, |
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Tel No.: |
91-124-4210 061 / 62 |
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Fax No.: |
91-124-4210 063 |
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Sales Office : |
A 61/5, |
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Factory 2 : |
Located at |
DIRECTORS
As on 10.06.2011
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Name : |
Mr. Kishore Rajaram Chhabria |
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Designation : |
Director |
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Address : |
61, Casa Grande, Little GXBBS, Road No.2, Malabar Hill, Mumbai – 400
006, |
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Date of Birth/Age : |
12.01.1954 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
00243244 |
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Name : |
Mrs. Bina Kishore Chhabria |
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Designation : |
Director |
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Address : |
61, Casa Grande, Little GXBBS, Road No.2, Malabar Hill, Mumbai – 400
006, |
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Date of Birth/Age : |
10.01.1957 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
00243376 |
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Name : |
Mr. Utpal Kumar Ganguli |
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Designation : |
Director |
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Address : |
14, |
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Date of Birth/Age : |
14.04.1945 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
00067083 |
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Name : |
Mr. Deepak Roy |
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Designation : |
Director |
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Address : |
11, Rambha, |
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Date of Birth/Age : |
25.12.1951 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
00178236 |
KEY EXECUTIVES
|
Name : |
Mr. Ratan Lal Jain |
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Designation : |
Company Secretary |
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Address : |
403, Dhanlaxmi RDP – 2, VER – 10, S.V.P Road, Versova, 4 - Bunglows, Andheri
(W), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
25.04.1955 |
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Date of Appointment : |
30.03.2010 |
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PAN No.: |
ACEPJ1448H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.06.2011
|
Names of Shareholders |
|
No. of Shares |
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BKC Enterprises Private Limited, |
|
8364000 |
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Bina Chhabria Enterprises Private Limited, |
|
177 |
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Officer’s Choice Spirits Private Limited, |
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323 |
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Deepak Roy |
|
415500 |
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Total |
|
8780000 |
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Names of Preference Shareholders |
|
No. of Shares |
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BKC Enterprises Private Limited, |
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34972031 |
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Bina Chhabria Enterprises Private Limited, |
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27969 |
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Total |
|
35000000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.06.2011
|
Category |
Percentage |
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Bodies corporate |
95.27 |
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Directors or relatives of Directors |
4.73 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Liquor and Other Allied Products. |
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Products : |
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PRODUCTION STATUS (As On 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity # |
c
# |
Actual
Production $ |
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Indian Made Foreign Liquour |
LPL |
6453000 |
6291000 |
26670531 |
|
ENA |
LPL |
14716800 |
14716800 |
6119702 |
Note: LPL: London Proof Liter
# Installed Capacity, being a technical matter, is certified
by the management and relied upon by auditors, does not include capacity of
Leased units.
$ Includes Production at Leased units.
GENERAL INFORMATION
|
No. of Employees : |
380
(Approximately) |
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Bankers : |
·
ICICI Bank Limited Landmrk Race Cource Circle, Alkapuri,
Baroda – 390015, Gujarat, India ·
Axis Bank Limited Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing
Mills Compound, P B Marg, Worli, Mumbai – 400 025, Maharashtra, India ·
Credit
Management Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur,
Mumbai – 400071, Maharashtra, India. |
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(Rs.
In Millions) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ford Rhodes Parks and Company Chartered Accountant |
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Address : |
312/313, |
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PAN.: |
AAAFF1843L |
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Joint Venture : |
Henkell India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10110000 |
Equity Shares |
Rs.10/- each |
Rs.101.100 Millions |
|
35000000 |
Preference Shares |
Rs.10/- each |
Rs.350.000 Millions |
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|
|
|
|
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Total |
|
Rs. 451.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8780000 |
Equity Shares (Of the above Rs. 8.364 Millions (previous
year Nil) equity shares of Rs. 10 each. Fully paid up by holding company. BKC
Enterprises Private Limited) (Of the above Rs. 8.270 Millions (previous
year Rs. 8.270 Millions) equity shares of Rs. 10 each were issued pursuant to
a scheme of amalgamation where by the ensure business of Our Own properties
private limited and the entire business of erstwhile Allied Blenders and
Distillers Private Limited were amalgamated with the company for
consideration other than cash in previous year 2009-2010) |
Rs.10/- each |
Rs. 87.800
Millions |
|
35000000 |
Preference Shares (Of the above Rs.34.972 Millions preference shares
of 10 each are held by holding company. BKC Enterprises Private Limited) (Of the above Rs.0.700 Millions preference
shares were allotted pursuant to the scheme of amalgamation and Rs.34.300
Millions fully paid preference shares were allotted by way of bonus shares by
capitalization of security premium account in P.F 2009-2010)) (The above preference shares are issued as
15% optionally cumulative redeemable convertible to such number of equity
shares as may be mutually agreed if option of conversion is not exercised,
there preference shares shall be compulsorily redeemed on 31.03.2014 or such
earlier date as may be mutually agreed but not before 31.03.2012). |
Rs.10/- each |
Rs. 350.000
Millions |
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|
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|
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Total |
|
Rs. 437.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
437.800 |
432.800 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
975.158 |
815.860 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.010) |
|
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NETWORTH |
1412.958 |
1248.660 |
0.090 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
893.593 |
521.404 |
0.000 |
|
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2] Unsecured Loans |
591.839 |
432.835 |
0.000 |
|
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TOTAL BORROWING |
1485.432 |
954.239 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
2898.390 |
2202.899 |
0.090 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1595.226 |
1549.632 |
0.000 |
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Capital work-in-progress |
39.032 |
15.083 |
0.000 |
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|
|
|
|
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INVESTMENT |
38.220 |
25.020 |
0.000 |
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DEFERREX TAX ASSETS |
15.529 |
16.611 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
175.680
|
103.576 |
0.000
|
|
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Sundry Debtors |
536.982
|
392.647 |
0.000
|
|
|
Cash & Bank Balances |
96.198
|
64.675 |
0.093
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1306.694
|
709.951 |
0.000
|
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Total
Current Assets |
2115.554
|
1270.849 |
0.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
497.397
|
364.618 |
0.003
|
|
|
Other Current Liabilities |
324.904
|
216.310 |
0.000
|
|
|
Provisions |
82.870
|
93.368 |
0.000
|
|
Total
Current Liabilities |
905.171
|
674.296 |
0.003
|
|
|
Net Current Assets |
1210.383
|
596.553 |
0.090
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2898.390 |
2202.899 |
0.090 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3164.428 |
1452.056 |
0.000 |
|
|
|
Business Surplus from Tie Up Units
|
2476.432 |
1852.177 |
0.000 |
|
|
|
Other Income |
69.942 |
46.703 |
0.000 |
|
|
|
TOTAL (A) |
5710.802 |
3350.936 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
2016.108 |
939.649 |
0.000 |
|
|
|
Levies and Taxes |
27.965 |
18.634 |
0.000 |
|
|
|
Expenses |
3221.993 |
2135.367 |
0.010 |
|
|
|
TOTAL (B) |
5266.066 |
3093.650 |
0.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
444.736 |
257.286 |
(0.010) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
163.960 |
113.816 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
280.776 |
143.470 |
(0.010) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.927 |
46.170 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
226.849 |
97.300 |
(0.010) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
80.921 |
39.209 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
145.928 |
58.091 |
(0.010) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
58.081 |
(0.010) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
204.009 |
58.081 |
(0.010) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
417.170 |
292.347 |
NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.04 |
(0.40) |
(1.01) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.55
|
1.73 |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.16
|
6.70 |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.72
|
7.65 |
(10.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.07 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.54 |
0.03
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33
|
1.88 |
31.00
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs. In millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
497.397
|
364.618 |
0.003
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS
The Company continued its scorching pace of
growth. Sales recorded were 16.50 million cases being 33 percent
higher than previous year. As a result the Company's market share
further improved from 5% to 6% and Officer's Choice market
share from 19% to 21%. The Flagship
brand Officer's Choice Whisky recorded sales of 15.77 million cases for
the year ending 31st
March, 2011 registering a growth of
33% and is now the second largest
selling whisky in the Country.
Officer's Choice
is now the largest IMFL brand exported from India. During the year the Company
exported more than Millions
cases. The geographic presence of Officer's Choice has now expanded to several African countries
besides its continued strength in the
Gulf.
In India Officer's Choice Whisky gained
significant market shares in Andhra Pradesh, Chandigarh, Haryana, Himachal
Pradesh, Jharkhand, North
Eastern States, Punjab and West Bengal.
Company's Joint Venture with Henkell is
also progressing very well with Wodka
Gorbatschow recording a growth of 29%.
Wodka Gorbatschow now has a Pan India presence. The brand Wodka
Gorbatschow in a very highly competitive environment has garnered an 8% market
share in the third year of its
existence.
Overall The Company is now the third largest spirits company in India after United Spirits and Pernod Ricard's Seagrams.
The financial year under review saw
an unprecedented increase in input costs. Spirit prices which had come off in
the beginning of the year, started hardening from October 2010 onwards. This
@end continued till the end of
the year. During the year glass manufacturers
hiked prices on two occasions during May 2010 and Feb. 201 1
putting huge pressure on the margins. The Management has taken
Mitigation steps like selective price revisions, value engineering, more astute
buying and superior supply chain management to ensure that margins are
maintained.
During the year the Company also further strengthened
its leadership team and several initiatives were put in place to develop the
capabilities of the team to meet future challenges.
On the manufacturing front Company's three units -produced 2.06 million cases. The re-distillation plant was
put to use for full year for the first time and it has started producing its
own extra neutral alcohol from
brought out rectified spirit. The total quantity produced during the year was
36,42,680 BL. The re-distillation plant has the capacity of
producing 20,000 BL of ENA per
day.
On account of the improved facials of the
Company and the continuous improvement in the market share in the regular
segment, many new banks are in the
regular touch with the Company Management team to offer financial solutions to
the Company. This will ensure
that They are adequately funded to meet its growth plans. During the year,
the Company started banking relationship with Yes Bank.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
a)
Ongoing legal disputes with Maharashtra Distilleries
Limited since 1995 Rs.2.336 Millions (Previous year Rs.2.336 Millions) plus interest @ 18 % p.a.
b)
Ongoing other legal disputes Rs. 6.072 Millions (Previous year Rs. 3.362 Millions).Against the above contingent demands,
company has paid Rs. Millions
1.031 Millions under protest which is treated as advances.
(c) (1) Transport Pass Fees claim by Excise Authorities @ of Rs. 3 per BL up to 25/08/2009 and @ Rs.
1.50 per BL from 26/08/2009 till 31/03/2011on ENA purchased aggregating to Rs. 66.909 Millions (Previous year Rs. 63.637 Millions ) and transport Pass Fees claim payable by Excise Authorities @ of Rs. 1 per BL from 01/04/2010 upto
31/03/2011 on Rectified Spirit
purchased aggregating to Rs. 4.280 Millions (Previous Year Rs. Nil).
(2) The Company has paid Rs. 13.500 Millions (Previous
year Rs. 10.000 Millions) under protest which is treated as Advance.
The Hon'ble High Court of Mumbai Judicature has vide its order dated 06/05/2011 uphold our appeal and
allowed the company's petition with the direction that the refund of Rs. 1.5 / per BL on ENA and T 1 / per BL on
Rectified Spirit
which was paid w.e.f. 26/08/2009
till 31/03/2011 to be refunded along with the interest @ 9% per annum
within 10 weeks from the date of receipt
of application for refund. The company is in process of
applying for
refund in stipulated time frame.
d) Increased water charges
billed by MIDC from time to time for the period November 2001 to March 2011,
disputed by the Company
aggregating to Rs. 7.730 Millions (Previous Year Rs. 6.118 Millions).
e) Disputed Entry Tax liability,
including interest in respect of purchase of ENA by contract bottling unit Rs. 18.232 Millions (Previous year
Rs. 18.232 Millions).
The company has paid under protest an amount
of Rs. 4.279
Millions which is shown as advances.
f) Service Tax demand raised by Commissioner of Customs 86 Excise, Meerut, for Rs. 12.764 Millions and penalty of
Rs. 12.764 Millions in respect of service tax
on "Business Surplus received from contract bottling unit". The Company has relied on circular
issued by Minister Of Finance, Government of India dated
30th October, 2009: Further the
Company has obtained stay order
from Custom Excise & Service Tax Appellate Tribunal, New
Delhi vide its orders dated 25th
August, 20 10 and 25 t h April 2011 for recovery and predeposit of demand until the mutual furation of next hearing.
g) Capital
commitments not provided for Rs. 5.191
Millions (Previous year Rs. 12.301 Millions)
h) Dividend on 15% Cumulative Preference Shares Rs.91.000 Millions (Previous Year Rs.
65.625 Millions).
i) Claim against the Company not acknowledged as debts Rs. 2.322 Millions (Previous Year Rs.0. 337 Million)
NOTE ON
AMALGAMATION (EFFECTED AND ACCOUNTED FOR IN PREVIOUS YEAR):
Moonlight Blenders
And Distillers Private Limited was incorporated
on 8th October, 2008.
As at 31st March, 2009 Assets - f Nil Liabilities - P Nil Share of Loss - T Nil
Income - P Nil Expenditure
- ? Nil
As per the Scheme of Amalgamation, the entire business of erstwhile Allied
Blenders And Distillers Private
Limited and the entire business of Our Own Properties Private Limited were amalgamated with Moonlight Blenders And Distillers Private
Limited. As per the Scheme of Amalgamation, the name of Moonlight Blenders And Distillers
Private Limited was changed to Allied
Blenders And Distillers Private
Limited. The said Scheme was approved by The Hon'ble High Court of Judicature at Bombay vides its order dated 5th
February, 2010. A certified
copy of the said Order was filed with the Registrar of
Companies, Maharashtra, Mumbai, on
19th February, 2010. The
Registrar of Companies, Maharashtra,
Mumbai, approved the change of name
from Moonlight Blenders And
Distillers Private Limited to Allied Blenders And Distillers Private Limited on 30th
April, 2010.
Pursuant to the
above Scheme, the business along with
the assets and liabilities of Our Own Properties
Private Limited and the business
along with the assets and liabilities
of erstwhile, Allied Blenders And Distillers Private Limited
were-transferred and vested in the Company from 1st April, 2009,
being the appointed date, at
their fair values.
Consequent to the Scheme becoming effective pursuant to filing of the aforesaid High Court
order with the Registrar of Companies, Maharashtra, Mumbai on 19th February, 2010, the Authorised Share Capital of the Company stood revised to 451,100,000 divided in to 10,110,000 equity shares of 710 each and 35,000,000 preference shares of Rs. 10 each.
In accordance with the Scheme, each equity shareholder of Our Own Properties Private Limited and
erstwhile Allied Blenders And Distillers Private Limited was entitled to receive one equity
share of f 10 each, fully paid up, of the Company for every one equity share Rs. of 10 each held by him in the
respective companies. Accordingly,
8,270,000 equity shares of B 10 each, fully paid up, of the Company
were issued and allotted on 30th March, 2010 to the equity shareholders of Own Properties Private Limited and erstwhile
Allied Blenders And Distillers Private Limited,
subject to the registration of
the High Court order by the Registrar of Companies Maharashtra, Mumbai, which was effected on 20th April, 2010. The Company ratified the allotment on 4th May, 2010.
Further, in
accordance with the Scheme, the
preference shareholders of the erstwhile Allied Blenders And Distillers Private
Limited were entitled to receive one fully
paid Preference Share of P10 each,
of the Company for
Every fifty preference shares of Rs 10 each, held in the erstwhile Wed Blenders And Distillers Private Limited. Accordingly, 700,000
preference shares of P 10 each,
of the Company were issued and
allotted on 30th March, 2010
to the preference shareholders
of erstwhile Allied Blenders And
Distillers Private Limited, subject
to the registration of the High Court order by the Registrar of Companies Maharashtra,
Mumbai, which was Effected on 20th April, 2010. The Company
ratified the allotment on 4th May, 2010.
Post issue of the above preference shares to the preference shareholders of erstwhile Allied Blenders And Distillers Private Limited, the
Company issued bonus preference shares to the existing preference shareholders in
The ratio of 49:1 (forty nine preference
shares for every one preference share held). These bonus shares were allotted on 30th March, 2010.The same was
subsequently approved by the equity and preference Shareholders at their extra ordinary general meeting held on
6th May, 2010.
The amalgamation in the nature of merger
was accounted for in the Previous Year under the 'Purchase' method as
prescribed by Accounting Standard - 14 "Accounting for Amalgamation"
issued by the Institute of Chartered Accountants of India. The Assets and Liabilities of the two merged companies were
taken over at their fair values as per
the Scheme. The excess of the assets over
the liabilities taken over was taken to
'Securities Premium Account' in terms of
the said Scheme.
The Company is in the process of
completing the legal and other formalities associated with the transfer of
assets under the aforesaid Scheme.
FIXED ASSETS
·
·
Factory Shed
·
Factory Road
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Computers
·
Furniture and Fixture
·
Moulds
·
Vehicles
·
Lab Processing Equipment
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.52.22 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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.