MIRA
INFORM REPORT
|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BETTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L 78 Verna Electronic City, Verna Salcete, Verna – 403722, Goa |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.08.1999 |
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|
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Com. Reg. No.: |
24-002717 |
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|
Capital Investment
/ Paid-up Capital : |
Rs.380.853 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74950GA1999PTC002717 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB03651E |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer Exporter and Supplier of Foil Containing Laminates Tubes,
all Plastic Laminate Tubes |
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|
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2500000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Sagar Satpute |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-832-6683100 |
|
Date : |
16.02.2012 |
LOCATIONS
|
Registered Office : |
L 78 Verna Electronic City, Verna Salcete, Verna – 403722, Goa, India |
|
Tel. No.: |
91-832-6683100 / 2783445 |
|
Fax No.: |
91-832-2783418 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.05.2011
|
Name : |
Mr. Lester Pinto |
|
Designation : |
Managing director |
|
Address : |
4E-FO-1, Models Millenium, Tiswadi, Caranzalem – 403002, Goa, India |
|
Date of Birth/Age : |
01.09.1963 |
|
Date of Appointment : |
02.04.2002 |
|
DIN No.: |
01750518 |
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|
|
|
Name : |
Mr. Ramesh Pitchai |
|
Designation : |
Whole-time director |
|
Address : |
B-2, Ceebros Sriviayam, 9 Vijayraghava Road, T-Nagar – 600024,
Chennai, India |
|
Date of Birth/Age : |
24.03.1966 |
|
Date of Appointment : |
27.04.2007 |
|
DIN No.: |
01801330 |
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|
|
|
Name : |
Mr. Keith Chapman |
|
Designation : |
Director |
|
Address : |
Redbrook House, 29 Bollin Hill Wilmslw, England, SK94AN |
|
Date of Birth/Age : |
09.03.1955 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
03284832 |
KEY EXECUTIVES
|
Name : |
Mr. Sagar Satpute |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.05.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Betts Limited, England |
|
11499550 |
|
Betts international Limited, England |
|
369353000 |
|
Total |
|
380852550 |
As on 24.05.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Other top fifty shareholders |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Exporter and Supplier of Foil Containing Laminates Tubes,
all Plastic Laminate Tubes. |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Plastic Laminated Tubes |
Nos. In ‘000 |
NA |
1135296 |
616345 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House,Senapati Bapat
Marg, Lower Parel(West), Mumbai - 400013, Maharashtra, India ·
The Hongkong and Shainghai Banking Corporation,
Amar Avinash Society, Sector 11, Pune - 411001,Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
703,7th Floor , Godrej Castlemaine , Next to Ruby Hall Clinic , Bund
Garden Road, Pune – 411001, Maharashtra, India |
|
PAN.: |
AAAFB9852F |
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|
|
|
Holding Company : |
·
Betts International Limited, United Kingdom |
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|
|
|
Intermediate
Holding Company : |
·
Betts Limited, United Kingdom ·
Betts Global Limited, United Kingdom ·
Betts Group Holdings Limited, United Kingdom ·
Iona Bidco Limited ·
Betts Acquisition (2009) Limited, United Kingdom ·
Iona Topco Limited ·
Twist Beauty Packaging UK Limited, United Kingdom |
|
|
|
|
Ultimate Holding
Company : |
·
Twist Beauty Packaging S.C.A, Luxembourg (from
24th January 2011) ·
Betts Acquisition (2009) Limited, United Kingdom
(upto 24th January 2011) |
|
|
|
|
Fellow
Subsidiaries : |
·
Betts UK Limited, United Kingdom ·
Betts Poland Sp Z.o.o, Poland ·
PT Betts Indonesia, Indonesia ·
Betts Switzerland GMPH, Switzerland ·
Betts Mexico SA de CV, Mexico ·
Betts Services SA de CV, Mexico ·
Betts Packaging ( Guangzhou) Limited, China ·
Betts Brazil Tubos Laminados Ltda, Brazil ·
Betts Packaging Limited ( Shanghai), China (Part
of the year) |
CAPITAL STRUCTURE
As on 24.05.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1150000000 |
Equity Shares |
Rs.1/- each |
Rs.1150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380852550 |
Equity Shares |
Rs.10/- each |
Rs.380.853
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 |
380.853 |
308.775 |
356.385 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
232.537 |
299.651 |
177.083 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
613.390 |
608.426 |
533.468 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.900 |
1.700 |
1.387 |
|
|
|
|
|
|
|
|
TOTAL |
614.290 |
610.126 |
534.855 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
330.519 |
323.013 |
347.521 |
|
|
Capital work-in-progress |
12.640 |
10.640 |
1.523 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.151
|
62.874 |
62.280 |
|
|
Sundry Debtors |
116.564
|
81.883 |
88.017 |
|
|
Cash & Bank Balances |
202.461
|
212.519 |
108.735 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.041
|
14.004 |
11.777 |
|
Total
Current Assets |
415.217
|
371.280 |
270.809 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
110.181 |
77.562 |
|
|
|
Other Current Liabilities |
5.374
|
5.260 |
75.339 |
|
|
Provisions |
28.531
|
11.985 |
9.659 |
|
Total
Current Liabilities |
144.086
|
94.807 |
84.998 |
|
|
Net Current Assets |
271.131
|
276.473 |
185.811 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
614.290 |
610.126 |
534.855 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
906.648 |
760.853 |
699.809 |
|
|
|
Other Income |
14.036 |
14.212 |
18.157 |
|
|
|
TOTAL (A) |
920.684 |
775.065 |
717.966 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
459.312 |
359.044 |
354.717 |
|
|
|
Operating and Other Expenses |
242.894 |
199.472 |
186.972 |
|
|
|
TOTAL (B) |
702.206 |
558.516 |
541.689 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
218.478 |
216.549 |
176.277 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
218.478 |
216.549 |
176.277 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.452 |
59.523 |
58.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
171.026 |
157.026 |
117.453 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
40.854 |
27.317 |
17.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
130.172 |
129.709 |
100.358 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
53.823 |
18.848 |
55.442 |
|
|
|
Reimbursement of expenses |
3.976 |
2.211 |
2.182 |
|
|
TOTAL EARNINGS |
57.799 |
21.059 |
57.624 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14.860 |
9.270 |
11.915 |
|
|
|
Stores & Spares |
21.338 |
11.474 |
7.403 |
|
|
|
Capital Goods |
14.018 |
25.550 |
21.841 |
|
|
TOTAL IMPORTS |
50.216 |
46.294 |
41.159 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.34 |
0.42 |
0.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.14
|
16.74 |
13.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.86
|
20.64 |
16.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.93
|
22.62 |
19.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.26 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.16 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88
|
3.92 |
3.19 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
-
Due for Small Micro Enterprises |
1.881 |
0.944 |
NA |
|
-
Due Other |
108.300 |
76.618 |
NA |
|
Total |
110.181 |
77.562 |
NA |
Outlook:
The Board has a very
Optimistic outlook for the Company’s business in the coming years in India .
The Board is of the view that the Indian business shall grow substantially, in
the coming years.
Contingent
Liability:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Excise Matters Under Dispute |
0.978 |
0.978 |
|
Sales Tax Matters Under Dispute |
0.719 |
0.000 |
|
Service Tax Matters Under Dispute |
4.905 |
4.230 |
|
Income Tax Matters Under Dispute |
45.292 |
40.450 |
Form 8:
|
Corporate identity
number of the company |
U74950GA1999PTC002717 |
|
Name of the
company |
BETTS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L-78, Verna
Electronic City, Verna Salcete – 403722, Goa, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80042260 |
|
Type of charge |
Book
debts Movable
property (not being pledge) Floating
charge |
|
Particular of charge
holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel(West), Mumbai – 400013, Maharashtra, India E-mail : shivadatt.Kenkre@hdfcbank.com
|
|
Nature of
instrument creating charge |
HDFC Bank
Limited's letter dated 21.1.2008 to
the effect of releasing the charge on plant
and machinery of the Company and Letter of Hypothecation dated
16.1.2008 |
|
Date of
instrument Creating the charge |
16.01.2008 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.5% or such
other rate as stipulated by the bank from time to time. Terms of
Repayment Not Applicable as
it is a cash credit limit Margin As may be
specified by bank from time to time Extent and
Operation of the charge First Charge by
way of Hypothecation on company's stock and book debts, both present and
future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Charge by
way of Hypothecation on company's stock and book debts, both present and
future. |
|
Particulars of
the present modification |
The working
capital limits were secured by a
charge on the stocks consisting of raw
materials, finished goods, goods-in-process of manufacturing and other
merchandise being movable properties and
all the book debts, outstanding monies receivable, claims and bills as
well as a first charge on certain Plant and Machineries of the Company Now, with this
modification, the charge on Plant and
Machineries of the Company have been released by HDFC Bank Limited. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
51 |
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.