MIRA
INFORM REPORT
|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNILEVER INDIA EXPORTS LIMITED |
|
|
|
|
Formerly Known
As : |
Indexport LIMItEd |
|
|
|
|
Registered
Office : |
Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai –
400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.06.1963 |
|
|
|
|
Com. Reg. No.: |
11-012667 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.29.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1963PLC012667 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0991D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Fast Moving Consumer Goods (FMCG). |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Hindustan Unilever Limited. It is a well-established and
reputed company having a good track record. The financial strength
of the company is strong. There appear no external borrowings. Liquidity
position seems to be good. Ratings also take into consideration the strong
managerial and financial support which the subject gets from its holding
company. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. In view of
experienced promoters and directors the company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 DENIED
Management Non Co-Operative (91-22-39830000)
LOCATIONS
|
Registered Office : |
Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai –
400099, Maharashtra, India |
|
Tel. No.: |
91-22-39830000 / 39832567 / 39832557 / 39832532 |
|
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 |
|
|
|
|
Factory : |
Shed Nos. 177 and 178, Sector - 1, Plot Nos 253-257, Sector IV, Kandla Special Economic Zone, Kandla – 370230, Gujarat, India |
DIRECTORS
As on: 23.07.2012
|
Name : ** |
Mrs. Leena Kumar Nair |
|
Designation : |
Director |
|
Address : |
Apartment No. 19, Tower A, Ashok Tower, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
11.06.1969 |
|
Qualification : |
PGDM |
|
Date of Appointment : |
28.03.2008 |
|
DIN No.: |
01517891 |
|
|
|
|
Name : |
Mr. Sridhar Ramamurthy |
|
Designation : |
Director |
|
Address : |
1805, 18th Floor, Oberoi Splendor, Tower B, JVLL,
OppositeMajas Depot, Andheri (East), Mumbai – 4000060, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1964 |
|
Qualification : |
B.Com, ACA, ACS,AICWA |
|
Date of Appointment : |
22.06.2009 |
|
DIN No.: |
02557168 |
|
|
|
|
Name : |
Mr. Hemant Sudarshan Bakshi |
|
Designation : |
Director |
|
Address : |
1, Alhambra, 3, Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1964 |
|
Qualification : |
B. Tech(Chem), PGDM(IIMA) |
|
Date of Appointment : |
19.07.2010 |
|
DIN No.: |
02362738 |
|
|
|
|
Name : |
Mr. Devopam Narendra Bajpai |
|
Designation : |
Director |
|
Address : |
Heghdoot Tower, A Lokhandwala Back Road, Lokhandwala, Andheri (West) ,
Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1965 |
|
Qualification : |
B.Com, LLB, FCS |
|
Date of Appointment : |
23.07.2012 |
|
DIN No.: |
00050516 |
|
|
|
|
Name : |
Mr. Pradeep Jyoti Banerjee |
|
Designation : |
Director |
|
Address : |
507, 5th Floor, As Koka Tower Dr. Ds Rao Road, Parel,
Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
19.10.1958 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
23.07.2012 |
|
DIN No.: |
02985965 |
|
|
|
|
Name : |
Biddappa Ponnappa Bittianda |
|
Designation : |
Director |
|
Address : |
Flat No.6, Alhambra, 3 Carmichael Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
13.12.1966 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No.: |
06586886 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Unilever Limited, |
|
2974994 |
|
Levers Associated Trust Limited, |
|
1 |
|
A Lalvani Joint With Hindustan Unilever Limited, India |
|
1 |
|
Leena Nair Joint With Hindustan Unilever Limited, India |
|
1 |
|
Vivek Subramanian Joint With Hindustan Unilever Limited, India |
|
1 |
|
R. Sridhar Joint With Hindustan Unilever Limited, India |
|
1 |
|
Shaweta Pandey Joint With Hindustan Unilever Limited, India |
|
1 |
|
|
|
|
|
Total
|
|
2975000 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.07.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Fast Moving Consumer Goods
(FMCG). |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Licensed
Capacity plus permitted Liberalisation |
|
Marine Products including cultured prawns, pomfret, etc. |
Tonnes |
2000 |
-- |
2500 |
Note:
·
The capacity mentioned is annual capacity based on
maximum utilisation of plant and machinery.
·
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 |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
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.: |
AABFL5878L |
|
|
|
|
Holding Company : |
Hindustan Unilever Limited CIN No.: L15140MH1933PLC002030 |
|
|
|
|
Ultimate Holding
Company : |
Unilever PLC |
|
|
|
|
Associate : |
Hindustan Unilever Foundation (Formerly know as Hindustan Unilever Vitality Foundation) |
|
|
|
|
Fellow Subsidiary
Company : |
· Ponds Exports Limited · Lipton Soft Drinks (Ireland) · Royal Estates Tea Company · Unilever Skin Gdc · Unilever Algerie · Unilever Andina Colombia Limited · Unilever Ascc AG · Unilever Australia · Unilever Bangladesh Limited · Unilever Canada · Unilever Caribbean Limited · Unilever Chile S.A. · Unilever Cote d Ivoire · Unilever De Argentina Sa · Unilever Hong Kong Limited · Unilever Istanbul · Unilever Israel Marketing Limited · Unilever Kenya Limited · Unilever Mashreq · Unilever Mexico · Unilever Mozambique Lda · Unilever Nigeria Plc. · Unilever South Africa (Pty.) Limited · Unilever Trading LLC · Unilever Thai Trading Limited · Unilever Zimbabwe Private Limited · Unilever Taiwan Limited. · PT Unilever Indonesia TBK · Unilever Asia Pte Limited · Unilever Korea · Unilever (China) Limited · Unilever Philipines (Prc), Inc. · Unilever Vietnam · Binzagar Lever Limited · Unilever Uganda Limited · Unilever Gulf Free Zone Establishment · Unilever Market Development · Unilever Maghreb Export SA, Tunisia · Unilever Iran · Unilever Sanayi ve Ticaret Turk A.S · Unilever Supplychain Company · Unilever Nepal Limited · Unilever Srilanka · Unilever Japan · Unilever Ceylon Limited · Unilever Pakistan · Conopco, Inc · Unilever SNG, Russia · Al Gurg Unilever LLC |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2975000 |
Equity Shares |
Rs.10/- each |
Rs.29.750 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
29.750 |
29.750 |
25.100 |
|
(b) Reserves & Surplus |
2569.903 |
2188.088 |
517.470 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
2599.653 |
2217.838 |
542.570 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
39.059 |
23.655 |
|
(c) Other long term liabilities |
18.782 |
19.470 |
19.270 |
|
(d) long-term provisions |
7.418 |
3.948 |
0.000 |
|
Total Non-current
Liabilities (3) |
26.200 |
62.477 |
42.925 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1730.996 |
2379.132 |
12.461 |
|
(c) Other current liabilities |
232.706 |
77.056 |
149.192 |
|
(d) Short-term provisions |
810.741 |
146.123 |
23.621 |
|
Total Current
Liabilities (4) |
2774.443 |
2602.311 |
185.274 |
|
|
|
|
|
|
TOTAL |
5400.296 |
4882.626 |
770.769 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
729.039 |
673.195 |
86.012 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
16.836 |
113.582 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.890 |
2.890 |
0.024 |
|
(c) Deferred tax assets (net) |
38.773 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
105.828 |
119.123 |
66.205 |
|
(e) Other Non-current assets |
0.108 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
893.474 |
908.790 |
152.241 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
426.000 |
0.000 |
0.000 |
|
(b) Inventories |
1068.074 |
890.696 |
0.000 |
|
(c) Trade receivables |
1483.546 |
1792.230 |
0.000 |
|
(d) Cash and cash equivalents |
1336.363 |
1085.057 |
602.793 |
|
(e) Short-term loans and advances |
181.738 |
197.842 |
9.883 |
|
(f) Other current assets |
11.101 |
8.011 |
5.852 |
|
Total Current
Assets |
4506.822 |
3973.836 |
618.528 |
|
|
|
|
|
|
TOTAL |
5400.296 |
4882.626 |
770.769 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10625.382 |
10484.851 |
0.000 |
|
|
|
Other Income |
106.975 |
73.691 |
36.562 |
|
|
|
TOTAL (A) |
10732.357 |
10558.542 |
36.562 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3997.297 |
5330.934 |
|
|
|
|
Purchases of stock-in-trade |
2926.986 |
935.389 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
65.189 |
813.135 |
|
|
|
|
Employee benefit expense |
401.873 |
482.564 |
|
|
|
|
Other expenses |
1611.957 |
1589.132 |
|
|
|
|
Exceptional items |
26.846 |
0.000 |
|
|
|
|
TOTAL (B) |
9030.148 |
9151.154 |
(214.711) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1702.209 |
1407.388 |
251.273 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.168 |
3.220 |
0.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1702.041 |
1404.168 |
251.094 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
96.084 |
101.576 |
2.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1605.957 |
1302.592 |
248.608 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
529.161 |
328.544 |
52.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1076.796 |
974.048 |
195.656 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1195.846 |
221.798 |
26.142 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
694.981 |
0.000 |
0.000 |
|
|
|
Dividend |
107.679 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1469.982 |
1195.846 |
221.798 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9913.699 |
10336.362 |
NA |
|
|
TOTAL EARNINGS |
9913.699 |
10336.362 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
361.95 |
327.41 |
77.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.03 |
9.23
|
535.13
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.11 |
12.42
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.06 |
27.33
|
32.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62 |
0.59
|
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.53
|
3.34
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
NOTE:
The registered office of the company has been shifted from Hindustan Lever House, 165/166, Backbay Reclamation, Mumbai – 400 020, Maharashtra, India to the present address w.e.f. 01.01.2012.
OPERATIONAL REVIEW
In order to fully exploit the opportunity in exports market and to provide necessary focus, flexibility and speed to the business, the FMCG Exports Business of the holding Company, Hindustan Unilever Limited, was transferred to the Company, with effect from 1st April, 2011, consequent to a Scheme of Arrangement.
The Company has successfully recast itself into two units, one focused on driving cross border sourcing to Unilever companies and the other leveraging the equity of locally developed brands among the ethnic diaspora in international markets. The locally developed brands’ distribution has got increased impetus through the active support from Unilever team which has helped establish relations with large global distributors to make inroads in new geographies and channels. The strategy of a dedicated business unit driving distribution of locally developed brands, such as Kissan, BRU, Brooke Bond, Lakme, Pears through leveraging the larger Unilever network has yielded strong growth in these brands in its first year.
The Company witnessed a stable year in the Home and Personal Care segment, driven primarily by Skin Care and Hair Care categories leading to a moderate growth in volume and core operating profit. The Foods and Beverages segment of the business witnessed a modest growth. Brands like Pears and BRU have also registered healthy growth in the focused markets through strong advertising and activation support. The tea bags category maintained strong sales in Australia and the Unites States. Instant Coffee sales remained steady. The profitability for the overall segment improved, with export incentives being extended to conventional tea, instant tea and instant coffee.
The Company continues to receive support from the Holding Company, Hindustan Unilever Limited to drive growth of exports business.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the company not acknowledged as debts. |
|
|
|
Sales tax matters - Gross Rs. 6.680 Millions (Previous year: Rs. 6.680 Millions) |
4.513 |
4.513 |
|
Income-tax matters |
0.130 |
0.130 |
|
Import Bank guarantees |
3.000 |
-- |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90219408 |
22/04/1987 |
3,700,000.00 |
PUNJAB NATIONAL BANK |
INTER ALIA FORASHRE ROAD, MUMBAI, Maharashtra - 400021, INDIA |
- |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Computer Equipments
AS PER WEBSITE DETAILS
Press Release
UNILEVER INDIA
EXPORTS LIMITED TO TRANSFER SANGAM BUSINESS TO WADHAWAN FOOD RETAIL
04.04.2007
The Sangam business was conceptualized in 2001 to experiment with the direct to consumer channel combining the twin benefits of convenience and value. The idea was to test market it in Mumbai under the brand “Sangam Direct”, before taking a decision to extend it across the country.
The business operates a dedicated call centre with trained personnel for order procurement and a network of re-distribution centres. The decision for a larger roll out was put on hold in the context of evolving/changing retail scenario in the country. Although Project Sangam has met many of its business milestones successfully, HLL believes that it is not in its strategic interest to continue to be present in this format of organized retail.
HLL believes that with this sale to WFRL, an emerging player in the retail industry, the Sangam business will have a fair opportunity to realize its full potential through synergies from the physical store formats and the focus and expansion plans of the Wadhawan group. The turnover and transaction value is not of material value to HLL.
The Wadhawan Food Retail Private Limited (WFRL) is currently present in Mumbai through its retail Food and Grocery store “Spinach” which manages about 23 outlets in the city. The flagship, Wadhawan group, has diversified business interests including DHFL, a housing finance company in the private sector.
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 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 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.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.