MIRA
INFORM REPORT
|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PARLE BISCUITS PRIVATE LIMITED |
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Registered
Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.09.1974 |
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Com. Reg. No.: |
11-017797 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.950 Millions |
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CIN No.: [Company Identification
No.] |
U15412MH1974PLC017797 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16474D |
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PAN No.: [Permanent Account No.] |
AAACP0485D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Biscuit Products and Confectionery
Products. |
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No. of Employees
: |
3500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 44700000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having excellent
track. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Meghna |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-66916911 |
|
Date : |
10.03.2012 |
LOCATIONS
|
Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra,
India |
|
Tel. No.: |
91-22-66916911/ 12 |
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Fax No.: |
91-22-66916926/7 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Plants 1 : |
SP-2/4, RIICO Industrial Area, |
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Tel No : |
91-1494-246312 |
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Fax No. : |
91-1494-246180 |
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Plants 2 : |
36, |
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Tel No : |
91-1276-23415458 |
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Fax No. : |
91-1276-2341406 |
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Plants : |
Also Located at: ·
Khapoli ·
Nashik ·
Sitarganj ·
Pantnagar ·
·
Bhuj ·
Rudrapur ·
·
Uttar Pradesh ·
Chattisgarh ·
Orissa ·
·
Madhya Pradesh ·
Sikandrabad ·
·
|
DIRECTORS
As on 22.09.2011
|
Name : |
Mr. Raj Kumar Satyanarayan Nevatia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
1, Jogesh CHS Limited, 14, Natwar Nagar Road, Jogeshwari (East),
Mumbai – 400060, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1951 |
|
Date of Appointment : |
07.01.1998 |
|
DIN No.: |
00486912 |
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|
|
|
Name : |
Ms. Santosh Narwal |
|
Designation : |
Director |
|
Address : |
H No 1615, Sector – 6, Bahadurgarh, Jhajjar – 124507, Haryana, India |
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Date of Birth/Age : |
15.07.1969 |
|
Qualification : |
M.B.A |
|
Date of Appointment : |
17.06.2009 |
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DIN No.: |
02701505 |
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|
|
|
Name : |
Mr. Hariharan Kalathu Iyer |
|
Designation : |
Director |
|
Address : |
11, Giri Vihar, Rammaruthi Cross Lane No. 3 Naupada, Thane – 400602,
Maharashtra, India |
|
Date of Birth/Age : |
01.05.1954 |
|
Date of Appointment : |
17.05.2010 |
|
DIN No.: |
03086518 |
KEY EXECUTIVES
|
Name : |
Ms. Meghna |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Parle Products Private Limited, India |
|
49499 |
|
Rajkumar S. Nevatia, Parag K. Khansaheb Jointly with Parle Products
Private Limited, India |
|
1 |
|
Total |
|
49500 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2011
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Biscuit Products and Confectionery
Products. |
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Products : |
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Exports : |
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Products : |
·
Biscuits Products ·
Confectionery Products |
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Countries : |
·
UK ·
USA ·
Canada ·
Australia ·
Asian Countries |
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Terms : |
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Selling : |
L/C/ Cash/ Credit (30 – 60 days) |
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Purchasing : |
L/C/ Cash/ Credit (30 – 60 days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Biscuits |
M.T |
492000 |
401911 |
638395.734 |
|
Confectionery |
M.T |
25200000 |
14400 |
25861.302 |
|
Potato chips |
Kgs |
NA |
12200 |
3095.143 |
|
Stix |
Kgs |
NA |
7500 |
2090.968 |
|
Sugar |
Qtl |
NA |
17702500 |
189992 |
|
Power generation |
KWH |
NA |
238534800 |
15997772 |
|
Printed laminated wrappers |
M.T |
NA |
5500 |
7085.955 |
|
C.Boxes |
Nos. |
NA |
3287500 |
25425810 |
|
Mollasses (By-product) |
Qtl |
NA |
NA |
124140 |
|
Baggasse (By-Product) |
Qtl |
NA |
NA |
743405 |
|
Parle Flavour Mix |
M.T |
NA |
2943681 |
625.741 |
Notes:
1. Installed capacity is in respect of the
company’s own manufacturing units and does not include capacity of contract
manufacturers.
2. Production includes production of company’s
own manufacturing units as well as production for the company by its contract
manufacturers.
3. Including 3,59,351.244 MT. manufactured by
contract manufacturing units.
4. Including 17,094.283 MT. manufactured by
contract manufacturing units.
5. Including 502.456 MT. manufactured by
contract manufacturing units.
6. Including 409.046 MT. manufactured by
contract manufacturing units.
7. Includes production for captive consumption
1,94,109.000 QtI.
8. Installed capacity of sugar is based on
three shift working for 365 days in a year. The figure of actual production is
for 85 days as unit is a seasonal unit.
9. Includes 94,07,945.000 KWH used for captive
consumption, 1,22,698.000 KWH transmission loss, and balance of 556,288.000 KWH
banked with Uttar Pradesh Power Corporation as at year end.
10. Including 3,115.023 MT. manufactured by
contract manufacturing units.
11. Of which 7087.085 MT. used for capitive
consumption, The value of 73.549 MT. in stock at year end has been considered
for the purpose of amving at the figure of consumption of raw material.
12. Including 90,17,600 Nos. manufactured by
contract manufacturing units.
13. Of which 2,14,63,785 Nos. used for captive
consumption, The value of 3,68.068 Nos. in stock at year end has been
considered for the purpose of arriving at the figure of consumption of packing
material
14. Includes production for captive
consumption 7,46,286.000 Qtl.
15. Includes production for capitive
consumption 498.565 MT., The value of 26.642 MT. in stock at year end has been
considered for the purpose of arriving at the figure of consumption of raw
material.
16. Licensed capacity is based on the
Entrepreneur’s Memorandum filed with the Ministry of Commerce and Industry. New
Delhi.
17. Previous year’s figures are given in
brackets
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
3500 (Approximately) |
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Bankers : |
·
Allahabad Bank, Kaisarganj, Bahraich – 271903,
Uttar Pradesh, India · Indian Overseas Bank · Corporation Bank · The United Western Bank Limited · The Bharat Co-operative Bank Limited · Axis Bank · Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Facilities : |
(A) Secured by first and exclusive charge by way of hypothecation of
all existing and future current assets
(A) Unsecured Loans
From Banks - Short term loans – Rs.35.709 Millions – Overdraft accounts –
Rs.14.440 Millions |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.A. Buhariwalla and Associates Chartered Accountants |
|
Address : |
201/ 203, Konark Classic, 85, Hill Road, Bandra, Mumbai – 400050,
Maharashtra, India |
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PAN.: |
AACPB0118L |
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Holding Company : |
·
Parle Products Private Limited |
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|
|
|
Wholly owned subsidiary : |
·
Arctic Biscuits Private Limited ·
Antartic Biscuits Private Limited |
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|
Subsidiaries : |
·
Pardee Foods Nigeria Limited (Pardee) ·
Parlite Foods SARL (Parlite) |
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|
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|
Fellow Subsidiary : |
·
Flash Laboratories Private Limited |
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|
Fellow Subsidiary (also an Associate Company w.e.f. 20th April, 2005) : |
·
Triad Foods Private Limited |
|
|
|
|
Partnership firm : |
·
Kisan Seva Kendra ·
Fitrite Packers |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49500 |
Equity Shares |
Rs.100/- each |
Rs.4.950 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 |
4.950 |
4.950 |
4.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11170.804 |
9984.485 |
8844.247 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11175.754 |
9989.435 |
8849.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
237.103 |
0.000 |
|
|
2] Unsecured Loans |
50.149 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
50.149 |
237.103 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
49.836 |
106.935 |
76.643 |
|
|
|
|
|
|
|
|
TOTAL |
11275.739 |
10333.473 |
8925.840 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3750.684 |
3823.596 |
41915.535 |
|
|
Capital work-in-progress |
395.948 |
300.743 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4862.122 |
3830.576 |
1968.747 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3730.209
|
2818.301
|
1735.036
|
|
|
Sundry Debtors |
677.856
|
435.701
|
309.247
|
|
|
Cash & Bank Balances |
219.826
|
516.316
|
712.022
|
|
|
Other Current Assets |
34.276
|
23.670
|
10.764
|
|
|
Loans & Advances |
1071.849
|
916.618
|
1069.947
|
|
Total
Current Assets |
5734.016
|
4710.606
|
3837.016
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2828.059 |
1778.655 |
778.081 |
|
|
Current Liabilities |
587.934
|
535.486
|
1059.274
|
|
|
Provisions |
51.038
|
17.907
|
12.184
|
|
Total
Current Liabilities |
3467.031
|
2332.048
|
1071.458
|
|
|
Net Current Assets |
2266.985
|
2378.558
|
2765.558
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11275.739 |
10333.473 |
8925.840 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover (net) |
40045.901 |
28371.910 |
21013.368 |
|
|
|
Other Income |
NA |
NA |
271.783 |
|
|
|
TOTAL (A) |
NA |
NA |
21285.151 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
|
12080.802 |
|
|
|
Consumption of stores and spares parts |
|
|
81.577 |
|
|
|
Managerial Remuneration |
|
|
2.736 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(154.848) |
|
|
|
Purchases made for re-sale |
|
|
6.561 |
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
248.485 |
|
|
|
Payment to Auditors |
|
|
1.103 |
|
|
|
Insurance Expenses |
|
|
5.347 |
|
|
|
Power & Fuel |
|
|
628.196 |
|
|
|
Other Expenditure |
NA |
NA |
6408.460 |
|
|
|
TOTAL (B) |
|
|
19308.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1976.732 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
14.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
1962.004 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
544.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1570.335 |
1506.041 |
1417.231 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
384.015 |
365.803 |
489.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
1186.320 |
1140.238 |
927.421 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1140.238 |
927.421 |
1370.874 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1140.238 |
927.422 |
1370.874 |
|
|
BALANCE CARRIED
TO THE B/S |
1186.320 |
1140.238 |
927.421 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest on Loan |
NA |
11.486 |
20.683 |
|
|
TOTAL EARNINGS |
|
11.486 |
20.683 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
417.443 |
41.291 |
|
|
|
Stores & Spares |
NA |
6.734 |
21.091 |
|
|
|
Capital Goods |
|
0.000 |
55.706 |
|
|
|
Packing materials |
|
9.763 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
433.940 |
118.088 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.030 |
23.039 |
18.736 |
|
Expected Sales (2011-12) : Above Rs.60000.000 Millions
The above information has been parted by Ms. Meghna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
NA |
4.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.92 |
5.31 |
6.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.56 |
17.65 |
19.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31 |
0.26 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
2.02 |
3.58 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
2828.059 |
1778.655 |
778.081 |
Note: The registered
address of the company V. S. Khandekar Marg, Vile Parle (East), Mumbai – 400057,
Maharashtra, India has been shifted to the present address w.e.f. 08.09.2007
|
CHECK LIST BY
INFO AGENTS |
AVAILABLE IN REPORT (YES/NO) |
|
Year of Establishment |
Yes |
|
Locality of the firm |
Yes |
|
Constitutions of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s background |
-- |
|
Number of employees |
Yes |
|
Name of person contacted |
Yes |
|
Designation of contacted person |
Yes |
|
Turnover of firm for last two years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
No |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
No |
|
Details of sister concerns |
No |
|
Major suppliers |
No |
|
Major customers |
No |
|
Payments terms |
Yes |
|
Export/Import details if applicable) |
Yes |
|
Market Information |
-- |
|
Litigations that the firm/ promoter |
-- |
|
Banking Details |
Yes |
|
Banking facility details |
No |
|
Conduct of the banking account |
-- |
|
Buyer visit details |
-- |
|
Financials, if provided |
No |
|
Incorporation details, if applicable |
-- |
|
Last accounts filed at ROC |
-- |
|
Major Shareholders, if applicable |
-- |
OPERATIONS
The Sales for the year
amounted to Rs.40045.901 Millions compared to previous years sales of
Rs.28371.910 Millions showing a growth of Net Profit Before Tax has increased
by 4.26 %.
SUBSIDIARY
ARCTIC BISCUITS PRIVATE LIMITED
This company is
incorporated in Bangladesh under Bangladesh Companies Act, 1994. The company
has reported a loss of 73,685,976 Takas compared to last year Loss of 8,083,079
Takas. The sales turn over is 216,711,442 Taka against last year sales turnover
of 213,294,205 Taka.
PARLITE FOODS SARL, CAMEROUN
This company is
incorporated in Cameroun under the OHADA Uniform Act relating to Commercial
Companies and Economic Interest Group. The company commenced commercial
production in July 2006. The company has reported a profit (after tax) of 468,349,917
CFA Francs for the period 1.04.2010 to 31.03.2011 compared to last year profit
of 331,440,534 CFA Francs. The sales turn over is 4,839,497,784 CFA Francs
against last year sales turnover of 2,985,754,947 CFA.
PARDEE FOODS NIGERIA LIMITED, NIGERIA
This company is
incorporated in Nigeria under The Companies and Allied Matters Act, 1990. The
company commenced commercial production on April 2007. The company has reported
a profit of 111,899,002 Naira for the period 1.04.2010 to 31.03.2011 compared
to last year profit of 118,279,479 Naira. The sales turn over is 4,634,205,245
Naira against last year sales turnover of 1,933,815,106 Naira.
ANTARCTIC BISCUITS PRIVATE LIMITED
Antarctic Biscuit
Private Limited is a Company incorporated on 21.11.2008 in Nepal, which is a
100% Subsidiary of Parle Biscuits Private Limited. Parle Biscuits Private
Limited is a 100% Subsidiary of Parle Products Private Limited. The Financial
year of the Company is from 15 July to 14 July. The production has commenced on
28.05.2010. The company has reported a profit of 91,09,705 NPR (after tax) for
the period 1.04.2010 to 31.03.2011 compared to last year loss of 3,77,875 NPR.
The sales turn over is 8,65,51,427 NPR against last year sales turnover of NIL
NPR.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U15412MH1974PLC017797 |
|
Name of the
company |
PARLE BISCUITS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
North Level Crossing, Vile Parle (East), Mumbai – 400 057, Maharashtra Email : iyermr@parle.biz |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10133414 |
|
Type of charge |
Book Debts Movable Property Current Assets |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India Email: vijendra.spare@kotak.com |
|
Nature of
instrument creating charge |
Nil Outstanding
Confirmation of Kotak Mahindra Bank |
|
Date of
instrument Creating the charge |
18.05.2011 |
|
Amount secured by
the charge |
Rs.1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WCDL, CC,
EPC/PCFC, FBD/FBP/FBN, Trade Credit-To be decided at the time of disbursement.
The Interest shall be debited to the current account of the Borrower with the
Bank on effective monthly basis Terms of
repayment As per sanction
letter Margin As per sanction
letter Extent and
operation of the charge First and
exclusive charge by way of Hypothecation on Current assets of the Borrower,
in favour of Kotak Mahindra Bank, to secure the repayment of financial
facilities granted by the Bank to the Borrower |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All Current
assets both present and future of the Borrower |
|
Date of
instrument modifying the charge |
25.03.2010 |
|
Particulars of
the present modification |
The Bank had granted
facilities of Rs.250.000 Millions which was secured by Hypothecation of
Current Assets (Stocks and Book debts) of the Borrower on 07.11.2008. Said
charge was modified on 06.02.2009, 08.09.2009, 11.01.2010 and 25.03.2010. Now
Letter of Credit and Buyers Credit
(Sub-limit) facility aggregating to Rs.1000.000 Millions has been repaid and
said charge is now accordingly
modified and reduced to the revised total facilities of Rs.1000.000 Millions |
Contingent liabilities
(As on 31.03.2011)
a) Income-tax
matters disputed in appeals
These represent
demands raised by income tax authorities in respect of excess consumption
disallowed on the basis of standard yield, tax deducted at source and other
matters for which disputes are pending before appellate authorities. The
company is confident that the case will be successfully contested. – Rs.89.885
Millions
b) Excise matters
disputed in appeals
(1.) Demand
aggregating to Rs. 7.926 Millions raised by the commissioner of Central Excise,
Rohtak for alleged under-valuation of packing materials cleared to the
Company's manufacturing units for captive consumption and consequent short
payment of excise duty thereon and penalty of Rs.8.126 Millions levied in
respect of the same. The company's appeal before the Honourable Customs, Excise
and Service Tax Appellate Tribunal (CESTAT) was decided in its favour after 31st
March 2010. According to the information available to the company, the excise
department has not appealed against the order of the Honourable CESTAT. Nil
(2.) Demands aggregating to Rs. 18,61,486
raised by Assistant Commissioner of Central Excise, Rohtak, for alleged wrong
availing of CENVAT credit on re-engraved printing cylinders sent to job workers
and penalty of Rs.1.911 Millions thereon. The Company has paid a sum of
Rs.0.300 Million as pre-deposit for admission of the appeal. The matter is
pending before the Honourable Customs, Excise and Service Tax Appelate Tribunal
(CESTAT). – Rs.3.773 Millions
(3.) Show cause notice received from Assistant
Commissioner of Central Excise, Rohtak, in respect of sums aggregating to Rs.
0.404 Million alleged to have wrongly availed by way of CENVAT credit on
re-engraved printing cylinders sent to job workers and penalty of Rs.0.403
Million thereon. The matter is pending before Commissioner (Appeals). –Rs.0.807
Million
(4.) Demands in respect of sums aggregating to
Rs. 0.700 Million alleged to have wrongly availed by way of CENVAT credit on
re-engraved printing cylinders sent to job workers and penalty of Rs. 6,99,896
thereon. The matter is pending before the Honourable Customs, Excise and
Service Tax Appellate Tribunal (CESTAT). – Rs.1.400 Millions.
(5.) Demands In respect of sums aggregating to
Rs. 82.906 Millions alleged to have been wrongly availed by way of CENVAT
credit on ingredients of BOPP Wrapper and penalty of Rs.82.906 Millions
thereon. The order has been set aside by the Honourable Customs, Excise and
Service Tax Appellate Tribunal (CESTAT) and the matter has been remanded back
for adjudication.- Rs.165.812 Millions
(6.) Demand cum show cause notice
received from Comissioner of Central Excise, Rohtak, in respect of sums
aggregating to Rs. 22.506 millions alleged to have been wrongly availed by way
of CENVAT credit on ingredients of BOPP Wrapper and penalty of Rs. 22.506
millions thereon. The company has replied to the show cause notice and response
of the authorities is awaited. - Rs.45.011 Millions
(7.) Demand cum showcause notice received from
Commissioner of Central Excise, Rohtak, in respect of sums aggregating to Rs.
17.745 Millions alleged to have been wrongly availed by way of CENVAT credit on
ingredients of BOPP wrapper and penalty of Rs. 17.745 Millions thereon. The
company has replied to the show cause notice and the matter has been heared.
Response of the authorities is awaited. – Rs.35.491 Millions
(8.) Demand cum show cause notices received
from Assistant Commissioner of Central Excise, Rohtak in respect of sums
aggregating to Rs.0. 288 Million alleged to have wrongly availed by way of
CENVAT credit on re-engeraved printing cylinders sent to job workers and
penalty of Rs.0. 288 Million thereon. The company has replied to the show case
notice and response of the authorities is awaited. – Rs.0.578 Million
(9.) Demand cum show cause notices received
from Commissioner of Central Excise, Rohtak in respect of sums aggregating to
Rs. 12.776 Millions alleged to have wrongly claimed and utilised in respect of
CENVAT credit on service tax paid on GTA services and penalty thereon Rs.
12.776 Millions. The company has replied to the show cause notice and responses
of the authorities is awaited. – Rs.25.554 Millions
(10.) Demand cum
show cause notices received from Additional Commisioner of Central Excise,
Rohtak in respect of sums aggregating to Rs. 16.423 Millions alledged to be
payable on clearance of invert syrup used for captive consumption. The company
has replied to the show cause notices and the matter has yet to be heard. –
Rs.16.423 Millions
(11.) Demands in respect of sums
aggregating to Rs. 8.313 Millions alledged to be payable on clearance of invert
syrup used for captive consumption. The matter is pending in appeal before the
Honourable Customs, Excise and Service Tax Appellate Tribunal (CESTAT). –
Rs.8.313 Millions
(12.) Demand raised by Commissioner of Central
Excise Division, Faiziabad in respect of Cenvat credit of Rs.9.387 Millions
alledged to have been wrongly claimed on capital goods on the basis of
endorsement by the Central Excise department. The company's appeal is pending
before the Honourable CESTAT. – Rs.9.387 Millions
(13.) Demand of Rs. 0.096 Million
raised by Deputy Commissioner (Audit), Central Excise on account of goods
erroneously cleared under wrong classification. The matter is pending before
Commissioner (Appeals) – Rs.0.096 Million
(14.) Demand of Rs. 0.173 Million raised by
Commissioner of Central Excise, Jaipur, in respect of Modvat Credit alledged to
have been wrongly taken on certain items of capital goods. The matter was
decided against the company by the Customs, Excise and Gold (Control) Appellate
Tribunal (CEGAT), New Delhi. The company is in the process of filing an appeal
before the Honourable Rajesthan High Court. – Rs.0.173 Million
(15.) Demand of
Rs. 2.304 Millions raised by Additional Commissioner, Central Excise
Commissionerate Jaipur in respect of balance of Cenvat Credit available to the
company's contract manufacturing unit alledged to have been wrongly utilised by
the company. The company's appeal before the Additional Commissioner of Jaipur
was decided in favour of the department. The company is in the process of
filing an appeal before the Honourable CESTAT. – Rs. 2.304 Millions
(16.) Demands
aggregating to Rs. 14.265 Millions in respect of duty exemption alledged to
have been wrongly claimed on clearance of cream and Rs.15.765 Millions in
respect of penatly thereon raised by Commissioner, Central Excise and Service
Tax, Kanpur. The company's appeal before Commissioner of Central Excise and
Service Tax, Kanpur was decided in favour of the department. The company's
appeal before Honourable CESTAT is pending. – Rs.30.331 Millions
(17.) Demand of Rs. 79,762 raised by Assisstant
Commissioner Central Excise and Service Tax, Allahabad in respect of 2595 kgs
of spoilt loose biscuits alledgedly removed from the factory without payment of
excise duty. – Rs.0.080 Million
(18.) Demand cum
show cause notices received from Assistant Commissioner of Central Excise,
Division Faizabad in respect of sums aggregating to Rs.1.209 Millions alleged
to have been wrongly availed by way of cenvat credit in respect of inputs used
in exempted goods. Interest thereon has not been quantified. The company has
replied to these show cause notices and the decision was in favour of the
company. Nil
(19.) Vide order SI no. 4/79/Agriculture/
Group 2/ 2002/ dated 27th April 2005 of the Director of Agricultural Marketing
Department, Jaipur, the facility under rule 58(4) of the Rajasthan Agricultural
Mandi Rules, 1963, was withdrawn. Due to this, all industries have to pay mandi
tax @ 1.6% on sugar purchased from outside Rajasthan. The company has filed a
Writ Petition in the High Court of Jurisdicture for Rajasthan Bench at Jaipur
challenging this order. – Rs.54.323 Millions
FIXED ASSETS
- Land
- Factory buildings
- Plant and machinery
- Electric installations
- Furniture and fittings
- Office equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.94 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.