MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MERISANT INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
1st Floor, Eros
Corporate Towers, Level 15, Nehru Place, New Delhi – 110019, India |
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Country : |
India |
|
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|
Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
11.06.2003 |
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Com. Reg. No.: |
55-120850 |
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Capital
Investment / Paid-up Capital : |
Rs.54.350 millions |
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|
|
CIN No.: [Company Identification
No.] |
U15419DL2003PTC120850 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM10119E/ DELM06429D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM3132E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Marketing of Low Calorie Sweetner. |
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No. of Employees
: |
4 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
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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
huge 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 on a secured 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Piyush |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67109538 |
|
Date : |
11.09.2012 |
LOCATIONS
|
Registered Office : |
1st Floor, Eros
Corporate Towers, Level 15, Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-25555631 |
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Fax No.: |
Not Divulged |
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E-Mail : |
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Website : |
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Corporate Office : |
601, Mangal Bhavna Junction,14th Road and Kharpali Road,
Next to Dominos, Khar (West), Mumbai-400052, Maharashtra, India |
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Tel. No.: |
91-22-67109538 |
|
Website: |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Angelo Donato Di Benedetto |
|
Designation : |
Director |
|
Address : |
Kreuzgasse, 11/2, Worb-3076, Switzerland |
|
Date of Birth/Age : |
31.08.1964 |
|
Date of Appointment : |
28.03.2005 |
|
DIN No.: |
02778970 |
|
|
|
|
Name : |
Mr. Jonathan Washburn Cole |
|
Designation : |
Director |
|
Address : |
8W, Monroe, St Apt 15 10, Chicago IL- 60603, USA |
|
Date of Birth/Age : |
07.05.1964 |
|
Date of Appointment : |
01.06.2005 |
|
DIN No.: |
02760113 |
KEY EXECUTIVES
|
Name : |
Mr. Piyush |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Merisant Netherlands, Netherlands |
|
5435002 |
|
Merisant Foreign Holdings INC USA, USA |
|
1 |
|
Total |
|
5435003 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Marketing of Low Calorie Sweetner. |
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Products : |
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Exports : |
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Products : |
Marketing of Low Eulorie Sweetner. |
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Countries : |
·
Bangladesh ·
Nepal ·
Srilanka |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days and 60 days) |
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Purchasing : |
Cash and Credit (30 days and 60 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
4 (Approximately) |
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Bankers : |
ICICI Bank, Khar Branch, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi-110001, India |
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PAN No.: |
AABFL1894Q |
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Holding Company: |
Merisant Netherlands BV |
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Fellow
Subsidiaries: |
·
Merisant Company 2 Sarl ·
Merisant Foreign Holdings I, Inc. ·
Merisant Spain SL ·
Merisant Netherlands BV ·
Merisant France SAS ·
Merisant Germany GMBH ·
Merisant UK Limited ·
Merisant Polska Sp zoo ·
Merisant Eupope BVBA ·
CzechPak Manufacturing s.r.o. ·
Merisant Argentina SRL ·
Merisant do Brasil Ltda ·
Merisant Mexico S de RL de CV ·
Merisant Servicios Mexico S de RL de CV ·
Merisant Venezuela SRL ·
Merisant Austrailia Pty Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5435003 |
Equity Shares |
Rs.10/- each |
Rs.54.350 Millions |
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|
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|
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 |
54.350 |
54.350 |
54.350 |
|
|
2] Share Application Money |
10.838 |
10.838 |
10.838 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(140.644) |
(142.457) |
(142.283) |
|
|
NETWORTH |
(75.456) |
(77.269) |
(77.095) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
67.560 |
68.301 |
77.092 |
|
|
TOTAL BORROWING |
67.560 |
68.301 |
77.092 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(7.896) |
(8.968) |
(0.003) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.024 |
0.098 |
0.220 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
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 |
13.924
|
14.969 |
16.193 |
|
|
Cash & Bank Balances |
0.689
|
0.896 |
2.678 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.043
|
3.938 |
2.126 |
|
Total
Current Assets |
17.656
|
19.803 |
20.997 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.865
|
27.957 |
18.279 |
|
|
Other Current Liabilities |
0.371
|
0.564 |
1.174 |
|
|
Provisions |
0.340
|
0.348 |
1.767 |
|
Total
Current Liabilities |
25.576
|
28.869 |
21.220 |
|
|
Net Current Assets |
(7.920)
|
(9.066) |
(0.223) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(7.896) |
(8.968) |
(0.003) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
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|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
94.868 |
93.862 |
71.231 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
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|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
93.015 |
94.035 |
97.562 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.853 |
(0.173) |
(26.331) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.040 |
0.000 |
0.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.813 |
(0.173) |
(26.449) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(142.456) |
(142.283) |
(115.834) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(140.643) |
(142.456) |
(142.283) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
0.33 |
(0.03) |
(4.87) |
|
|
|
Diluted |
0.14 |
(0.03) |
(4.87) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs.120.000 Millions
The above information has been parted by Mr. Piyush
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.91
|
(0.18) |
(37.13) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.48
|
(0.87) |
(124.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.00 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.23)
|
(1.26) |
(0.55) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
0.69 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
-------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Sundry Creditor:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small Micro Enterprises |
24.865
|
27.957 |
18.279 |
Note:
The Registered Office of the company has been shifted from 1st
Floor Mahatta Towers, B-Block, Community Centre, Janakpuri, New Delhi-110058, India
to the present address w.e.f.07.12.2010
PERFORMANCE:
The turnover for
the current year is marginally good as compared to the turnover of the previous
year. There has also been an increase in the operating cost during the year.
However, the continued stress on reduction of operating costs and improving
efficiencies has resulted in maintaining the standard of performance of the
Company.
FIXED ASSETS:
·
Motor Vehicle
·
Office Equipment
·
Furniture and Fixture
·
Plant and Machinery
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.55.52 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
15 |
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.