MIRA
INFORM REPORT
|
Report Date : |
31.03.2012 |
|
|
|
|
Tel No.: |
91-22-39830000 |
Note: The given address could not be confirmed
IDENTIFICATION DETAILS
|
Name : |
UNILEVER INDIA EXPORTS LIMITED |
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|
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|
Formerly Known
As : |
Indexport LIMItEd |
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Registered
Office : |
Unilever House, B.D. Sawant Marg, Chakala, Andheri (East),
Mumbai – 400 099, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.06.1963 |
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Com. Reg. No.: |
11-012667 |
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Capital Investment
/ Paid-up Capital : |
Rs.25.100
millions |
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|
|
CIN No.: [Company Identification
No.] |
U51900MH1963PLC012667 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACI0991D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of FMCG products. |
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|
No. of Employees : |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2170000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. 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 : |
Ms. Meena |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-39830000 |
|
Date : |
30.03.2012 |
LOCATIONS
|
Registered Office : |
Unilever House, B.D. Sawant Marg, Chakala, Andheri (East),
Mumbai – 400 099, |
|
Tel. No.: |
91-22-39830000/ 39832567/ 39832557 |
|
Fax No.: |
91-22-22855686/ 22026712/ 28249457 |
|
E-Mail : |
ashok.gupta@unilever.com arnaz.bhesania@unilever.com santosh.singh@unilever.com santosh.sinhh@unilever.com |
|
Website : |
www.unilever.com |
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Branch Office : |
Kolkata Tea Exports Unit 1, Transport Deptt. Road, Kolkata, West |
DIRECTORS
As on 27.07.2011
|
Name : |
Mrs. Leena Kumar Nair |
|
Designation : |
Director |
|
Address : |
29 B, |
|
Date of Birth/Age : |
11.06.1969 |
|
Date of Appointment : |
09.07.2007 |
|
DIN No.: |
01517891 |
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|
|
|
Name : |
Mr. Sridhar Ramamurthy |
|
Designation : |
Director |
|
Address : |
601, 6th Floor, Anand Apartments, Plot No.424, Chitrakar,
Dhurandar Marg, Khar (West), Mumbai – 400 052, |
|
Date of Birth/Age : |
21.07.1964 |
|
Date of Appointment : |
03.03.2009 |
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DIN No.: |
02557168 |
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|
Name : |
Mr. Hemant Sudarshan Bakshi |
|
Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
23.03.1964 |
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Date of Appointment : |
13.07.2009 |
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DIN No.: |
02362738 |
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|
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|
Name : |
Shakotai Chakrapani Srinivasan |
|
Designation : |
Director |
|
Address : |
Flat No.11, |
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Date of Birth/Age : |
26.10.1963 |
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Date of Appointment : |
19.02.2010 |
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Date of Ceasing : |
22.08.2011 |
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DIN No.: |
02327433 |
KEY EXECUTIVES
|
Name : |
Ms. Meena |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Unilever Limited, |
|
2509994 |
|
Levers Associated Trust Limited, |
|
1 |
|
A Lalvani Hindustan Unilever Limited, |
|
1 |
|
Leena Nair Hindustan Unilever Limited, |
|
1 |
|
Vivek Subramanian Hindustan Unilever Limited, |
|
1 |
|
Sridhar R. Hindustan Unilever Limited, |
|
1 |
|
Shaweta Pandey Hindustan Unilever Limited, |
|
1 |
|
Total |
|
2510000 |
As on 27.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of FMCG products. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity |
Licensed
Capacity plus permitted Liberalisation |
|
Marine Products including cultured prawns, pomfret, etc. |
2000 Tonnes |
2500 Tonnes |
|
|
|
|
Note:
v The capacity mentioned
is annual capacity based on maximum utilisation of plant and machinery.
v The installed
capacity and permitted liberalisation of licensed capacity are as per
Certificate given by a Director on which the auditors have relied.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
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|
Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252,
Swatantryaveer Savarkar Rashtriya Smarak, Veer Savarkar Marg, Shivaji Park,
Dadar (West), Mumbai, Maharashtra – 400 028, Maharashtra, India |
|
PAN No.: |
AABFL5878L |
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|
|
Holding Company
: |
Hindustan Unilever Limited, |
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|
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|
Ultimate Holding
Company : |
Unilever PLC |
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|
Associates : |
Hindustan
Unilever Vitality |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,510,000 |
Equity Shares |
Rs.10/- each |
Rs.25.100
millions |
|
|
|
|
|
(All shares are
held by Hindustan Unilever Limited, the Holding Company and its nominees) (Ultimate
Holding Company-Unilever Plc.)
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 |
25.100 |
25.100 |
25.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
517.470 |
321.814 |
253.119 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
542.570 |
346.914 |
278.219 |
|
|
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 |
23.655 |
20.437 |
22.643 |
|
|
|
|
|
|
|
|
TOTAL |
566.225 |
367.351 |
300.862 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86.012 |
152.758 |
162.858 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.024 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
602.793
|
341.228 |
263.573 |
|
|
Other Current Assets |
5.852
|
3.914 |
1.561 |
|
|
Loans & Advances |
76.088
|
80.884 |
80.990 |
|
Total
Current Assets |
684.733
|
426.026 |
346.124 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.144
|
43.033 |
39.720 |
|
|
Other Current Liabilities |
168.400
|
168.400 |
168.400 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
204.544
|
211.433 |
208.120 |
|
|
Net Current Assets |
480.189
|
214.593 |
138.004 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
566.225 |
367.351 |
300.862 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
36.562 |
12.728 |
25.682 |
|
|
|
TOTAL (A) |
36.562 |
12.728 |
25.682 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
0.030 |
|
9.601 |
|
|
|
Administrative selling other expenses |
1.770 |
7.093 |
|
|
|
|
Exceptional income expense, net |
(173.411) |
(64.772) |
(57.134) |
|
|
|
TOTAL (B) |
(171.611) |
(57.634) |
(47.533) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
208.173 |
70.362 |
73.215 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
0.000 |
0.000 |
8.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
208.173 |
70.362 |
64.922 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.486 |
3.136 |
4.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
205.687 |
67.226 |
60.816 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.031 |
(1.469) |
26.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
195.656 |
68.695 |
34.074 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.142 |
(42.553) |
(76.627) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
221.798 |
26.142 |
(42.553) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
77.95 |
27.37 |
13.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
535.13
|
539.72 |
132.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.69
|
11.62 |
11.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.19 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.61 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.35
|
2.01 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors Due Others |
36.144
|
43.033 |
39.720 |
|
|
|
|
|
Note:
The registered office of the company has been shifted from Hindustan Lever
House, 165/166, Backbay Reclamation, Mumbai – 400 020,
Operational Review:
With a view to
fully exploit the opportunity in export markets and to provide necessary focus,
flexibility and speed to the business, the Company proposes to enter into a
Scheme of Arrangement with Hindustan Unilever Limited (HUL), the Holding
Company, by virtue of which the Company will acquire certain assets,
liabilities and properties of FMCG Exports Business Division of HUL. The Company
will get continued support from the Holding Company to drive the growth of
exports business. The proposed Scheme of Arrangement shall be subject to
necessary approvals of Statutory Authorities and the Hon’ble High Court of
Judicature at
Contingent
Liabilities:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Claims made against the Company not acknowledged as debts Sales tax
matters - gross Rs.21.291 millions |
14.219 |
Note:
Future cash
outflows in respect of above are determinable only on receipt of judgements/
decisions pending with various forums/ authorities.
Fixed Assets:
v Land (Freehold)
v Land (Leasehold)
v Buildings
v Furniture, Fittings and Office Equipments
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.