MIRA
INFORM REPORT
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Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DIAGEO INDIA PRIVATE LIMITED |
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Formerly Known
As : |
DIAGEO INDIA LIMITED (W.E.F. 11.02.2005) UDV INDIA LIMITED (W.E.F. 18.01.2000) INTERNATIONAL DISTILLER ( |
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Registered Office : |
4th Floor, |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
08.10.1993 |
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Com. Reg. No.: |
11 – 080795 |
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Capital
Investment/ Paid-up Capital: |
Rs. 910.356
millions |
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CIN No.: [Company
Identification No.] |
U99999MH1993PTC080795 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU03508B |
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PAN No.: [Permanent
Account No.] |
AAACI3378L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Marketing of Alcoholic Beverages |
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No. of Employees: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 1700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. 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. The company can be considered for business dealings with some caution. |
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
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Name : |
Mr. Amit Shirodkar |
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Designation : |
Finance Executive |
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Contact No.: |
91-22-67542525 |
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Date : |
11.07.2012 |
LOCATIONS
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Registered Office : |
4th Floor, |
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Tel. No.: |
91-22-67542525 |
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Fax No.: |
91-22-24952671 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.12.2011
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Name : |
Mr. Andrew Gordon James Robertson |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
31.03.1964 |
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Date of Appointment : |
22.11.2008 |
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DIN No.: |
02421044 |
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Name : |
Mr. Richard Albon Burn |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.11.1958 |
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Date of Appointment : |
30.12.2008 |
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DIN No.: |
02425768 |
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Name : |
Mr. Roland Abella |
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Designation : |
Managing Director |
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Address : |
Flat No. 1601/1602, ‘A’ Wing, Raheja Atlantis, Ganpatrao Kadam Marg,
Lower Parel, Mumbai-400013, |
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Date of Birth/Age : |
11.02.1968 |
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Qualification: |
MBA, MS (Economic Marketing) |
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Experience: |
42 Years |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
02579990 |
KEY EXECUTIVES
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Name : |
Mr. Chetan Solse |
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Designation : |
Company Secretary |
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Address : |
C/403, Bhoomi Classic, Opp. Subkuch Super Market, |
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Date of Birth/Age : |
20.10.1975 |
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Qualification : |
C.S. LLB |
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Date of Appointment : |
01.04.2004 |
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PAN No.: |
AVLPS1702R |
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Name : |
Mr. Amit Shirodkar |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.12.2011
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Names of Shareholders |
No. of Shares |
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9103549 |
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Diageo Investment |
6 |
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TOTAL |
9103555 |
AS ON 30.12.2011
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Equity Shares
Break Up |
Percentage of
Holding |
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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 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Alcoholic Beverages |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
1st Floor, Apoollo Mills Compound, N. M. Joshi Marg,
Mahalakshmi, Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39896000 |
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Pan No: |
AAAFB9852F |
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Holding Company : |
Selviac
Nederlands BV |
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Fellow Subsidiaries : |
v Diageo Scotland
Limited v Diageo Brand BV v Diageo North
America Inc v Diageo America
Supply Inc. v Diageo Great
Britain Limited v Diageo Singapore
Pte Limited v Diageo Singapore
Supply Pte Limited v Diageo Holdings
Netherlands B. V. v Diageo Radico
Distillers Private Limited v Diageo Lebanon
S.A.L. v Diageo Ireland v Diageo Business
Services Limited v Diageo Korea
Company Limited v Ketel One
Worldwide BV |
CAPITAL STRUCTURE
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.100/- each |
Rs. 1000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
9103555 |
Equity Shares |
Rs.100/-
each |
Rs. 910.356
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
910.356 |
910.356 |
910.355 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(472.930) |
(502.989] |
(568.824) |
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NETWORTH |
437.426 |
407.367 |
341.531 |
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LOAN FUNDS |
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1] Secured Loans |
21.112 |
466.491 |
597.251 |
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2] Unsecured Loans |
1055.114 |
0.000 |
0.000 |
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TOTAL BORROWING |
1076.226 |
466.491 |
597.251 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1513.652 |
873.858 |
938.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
395.045 |
74.422 |
79.131 |
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Capital work-in-progress |
1.985 |
66.349 |
5.047 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
354.190
|
209.356
|
126.654
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Sundry Debtors |
1395.494
|
782.375
|
661.964
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Cash & Bank Balances |
12.768
|
34.000
|
107.459
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
770.565
|
620.252
|
495.036
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Total
Current Assets |
2533.017
|
1645.983 |
1391.113 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
538.165
|
369.291
|
231.277 |
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Other Current Liabilities |
797.501
|
496.010
|
256.366
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Provisions |
80.729
|
47.595
|
48.866
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Total
Current Liabilities |
1416.395
|
912.896 |
536.509 |
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Net Current Assets |
1116.622
|
733.087
|
854.604
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1513.652 |
873.858 |
938.782 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
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SALES |
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Sales and Income from bottling arrangement with third parties |
|
2115.000 |
2253.739 |
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Service Income |
|
103.884 |
232.861 |
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Brand Contribution |
|
233.432 |
0.000 |
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Other Income |
|
19.759 |
51.189 |
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TOTAL (A) |
4345.401 |
2472.075 |
2537.789 |
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Less |
EXPENSES |
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Material Consumed |
|
484.734 |
595.202 |
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Cost of Goods Sold for Traded Goods |
|
118.041 |
0.000 |
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Personnel Costs |
|
458.916 |
366.421 |
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Selling, General and Administrative Expenses |
|
1261.873 |
1557.588 |
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Assets Impairment Provision |
|
3.863 |
0.000 |
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Increase/ Decrease in stock |
4228.201 |
(0.651) |
31.865 |
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TOTAL (B) |
|
2326.776 |
2551.076 |
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[Including |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Financial Expenses ] |
145.299 |
[13.287] |
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Less |
FINANCIAL
EXPENSES (D) |
|
37.605 |
69.951 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
117.200 |
107.694 |
[83.238] |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.420 |
21.239 |
27.286 |
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PROFIT BEFORE
TAX (E-F) (G) |
81.780 |
86.455 |
[110.524] |
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Less |
TAX (H) |
51.720 |
20.620 |
[23.131] |
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PROFIT AFTER TAX
(G-H) (I) |
30.060 |
65.835 |
[133.655] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[502.970] |
[568.824] |
[435.169] |
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BALANCE CARRIED
TO THE B/S |
[472.910] |
[502.989] |
[568.824] |
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EARNINGS IN
FOREIGN CURRENCY |
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Service Income |
0.000 |
102.624 |
228.631 |
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Brand Contribution |
599.490 |
233.432 |
0.000 |
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|
0.000 |
0.373 |
0.134 |
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TOTAL EARNINGS |
599.490 |
336.429 |
228.765 |
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IMPORTS |
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Raw Materials and Packing Materials |
135.890 |
79.525 |
77.891 |
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Finished Goods |
487.351 |
149.528 |
0.000 |
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ERP Implementation cost (included in Capital Work in progress) |
178.358 |
48.158 |
0.000 |
|
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Capital Goods |
0.364 |
0.000 |
1.457 |
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Advertisement and promotion material |
18.071 |
3.236 |
0.000 |
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TOTAL IMPORTS |
820.034 |
280.447 |
79.348 |
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Earnings Per
Share (Rs.) |
3.30 |
7.23 |
[14.68] |
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KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
0.69
|
2.66
|
[5.27] |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.09
|
[4.90] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.79
|
5.03
|
[7.52] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21
|
[0.32] |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.70
|
3.39
|
3.32 |
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Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.80
|
2.59 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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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 |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
Sundry
Creditors |
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|
- Micro, Small and Medium Enterprises |
3.675 |
6.726 |
3.371 |
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- Others |
534.490 |
362.565 |
227.906 |
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Total |
538.165 |
369.291 |
231.277 |
NOTE:
A)
Under the Micro, Small and Medium Enterprises Development
Act, 2006, (MSMED) which came into force from October 2, 2006, certain
disclosures are required to be made relating to Micro and Small enterprises. On
the basis of information and records available with the Management, the
following disclosures are made for the amounts due to Micro and Small
enterprises, who have registered with the competent authorities: Principal
amount remaining unpaid to any supplier as at the year end 3.675 Millions 6.725
Millions Interest due thereon 0.226 Million 0.157 Million Amount of interest
paid by the Company in terms of section 16 of the MSMED, along with the amount
of the payment made to the supplier beyond the appointed day during the
accounting year - Amount of interest due
and payable for the period of delay in making payment (which have been paid but
beyond the appointed day during the year) but without adding the interest
specified under the MSMED.
B)
Security deposit
BACKGROUND
Subject was
incorporated on 8 October 1993.
The Company’s key
business activities comprise manufacturing and marketing of various
international and local brands of alcoholic beverages, for domestic
consumption. Effective 1 April 2006, the Company has taken the manufacturing
license of the third parties on lease and thus, all purchases and sales are in
the name of the Company. In 2007, the Company has entered into arrangements
with bottling units for production of Indian Made Foreign Liquor (‘IMFL’)
brands. The production in the premises of third party units is carried out
under close supervision of the Company. The Company is also required to ensure
adequate finance to the third party bottling units. Since 2010, the Company has
been importing “Bottled In Origin” (BIO) products for its further sale in India
Domestic market.
OPERATIONS
During the year,
the Company registered a growth of 76% against last year in terms of Net Sales
Value and 34% in terms of Volume signifying an improved financial structure of
the business. The increase in Sales has been due to full year sales of Bottled in
India brands, strong market growth and share gains in Scotch and Vodka, well
executed innovation agenda on Smirnoff Lime and Captain Morgan. During the year
the Company invested on A&P behind the key brands to stimulate the growth.
During the year, the Company also invested heavily in implementation of SAP and
demonstrated a very strong control environment parallel to driving the growth
agenda.
FORM 8
|
Corporate
identity number of the company |
U99999MH1993PTC080795 |
|
Name of the
company |
DIAGEO INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
4th
Floor, Nicholas Piramal Towe, Peninusula Corporate Park, Ganpatrao Kadam
Marg, Mumbai – 400 013, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80049507 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Standard Chartered Bank, 90, |
|
Nature of
instrument creating charge |
Charge amount
reduced from Rs. 620.000 Millions to Rs. 5.000 Millions. The Bank continue to
retain first pari passu charge over the assets to the extent of Rs. 5.000 Millions |
|
Date of
instrument Creating the charge |
24.11.2010 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by the Bank
from time to time Terms of
Repayment As Agreed by the
Bank from time to time Margin As agreed by the
Bank from time to time Extent and
Operation of the charge Hypothecation by pari
passu charge created by the borrower in favour of the bank over the stocks
and book debts. |
|
Short particulars
of the property charged |
All the company’s
stock in trade both present and future including raw materials, packing
materials, work in progress, finished goods, spares and stores wherever
situate, held or kept in India. Including in the
company’s premises/ Factory/ Godowns or held by any third party to the order
and disposition of the company and/ or in transit and all documents of title
negotiable instruments, policies of insurance and other documents and / or
instruments relating thereto. |
|
Date of
instrument modifying the charge |
27.01.2009 |
|
Particulars of
the present modification |
Now by the present
modification Dated 24.11.2010 charge amount reduced from Rs. 620.000 Millions
to Rs. 5.000 Millions |
FIXED ASSETS:
v
Plant and Machinery
v
Furniture, Fixtures and Office Equipment
v
Leasehold Improvements
v
Vehicles
v
Computers
Intangible Assets
v Software
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. 55.80 |
|
|
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 68.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.