MIRA
INFORM REPORT
|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KELLOGG INDIA PRIVATE LIMITED [w.e.f.
26.03.2002] |
|
|
|
|
Formerly Known
As : |
KELLOGG INDIA LIMITED |
|
|
|
|
Registered Office : |
Plot No L2 and L3, MIDC, Taloja, Raigad – 410 208, |
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Country : |
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|
Financials (as on) : |
31.03.2013 |
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|
Date of Incorporation : |
10.10.1990 |
|
|
|
|
Com. Reg. No.: |
11 – 058489 |
|
|
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|
Capital
Investment / Paid-up Capital : |
Rs.589.621
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15490MH1990PTC058489 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK04930C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK1748A |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Subject is engaged in Manufacturing and Selling of Processed Food
Business. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9035000 |
|
|
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|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is a subsidiary of Kellogg Company USA. It is a well-established company having satisfactory track record.
Profitability of the company seem to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn Rs.400000
million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
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 DECLINED
Management non co-operative [91-22-66484000]
LOCATIONS
|
Registered Office / Factory: |
Plot No L2 and L3, MIDC, Taloja, Raigad – 410 208, |
|
Tel. No.: |
91-22-30927081 / 30927000/ 66484000 |
|
Fax No.: |
91-22-30927001 |
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E-Mail : |
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|
Website : |
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Location : |
Leased |
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|
Corporate office / Regional Sales Office : |
|
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Tel. No.: |
91-22-66484000 |
|
Fax No.: |
91-22-66484008 |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Ms. Sangeeta Sandeep Pendurkar |
|
Designation : |
Managing Director |
|
Address : |
3901-3902, 39, Aqua Planet Godrej, 30, K. Khadye Marg, Mahalaxmi, Mumbai-400011,
Maharashtra, India |
|
Date of Birth/Age : |
24.01.1966 |
|
Date of Appointment : |
29.11.2010 |
|
Din No.: |
03321646 |
|
|
|
|
Name : |
Mr. Deepak Kumar Shrivastava |
|
Designation : |
Director |
|
Address : |
103/02, Silver Oak Apartment, DLF City, Phase I, Gurgaon-122002,
Haryana, India |
|
Date of Birth/Age : |
05.01.1971 |
|
Date of Appointment : |
25.07.2013 |
|
Din No.: |
06628201 |
|
|
|
|
Name : |
Mr. Tharakad Swaminathan Venkatram |
|
Designation : |
Director |
|
Address : |
RH-606, Purva Riviera, Airport Road, Marathahallai, Bangalore-560037,
Karnataka, India |
|
Date of Birth/Age : |
27.08.1968 |
|
Date of Appointment : |
24.04.2012 |
|
Din No.: |
05262277 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kellogg Company, USA |
|
63801811 |
|
Kellogg Asia Inc., USA |
|
1728 |
|
|
|
|
|
TOTAL
|
|
63803539 |
AS ON 27.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing and Selling of Processed Food
Business. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production** |
|
Breakfast Cereals |
M.T. |
18144 |
14220 |
* The Installed Capacity has been certified by
the Operations Manager and not verified by the auditors, as this is a technical
matter.
** Includes goods produced for sampling.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
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Bankers : |
· HSBC Bank, Mumbai Main Branch · Bank of America, Mumbai Branch |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer
Sawarkar Marg, Shivaji Park, Dadar , Mumbai-400028, Maharashtra, India |
|
PAN No: |
AABFL5878L |
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Holding Company : |
Kellogg Company |
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Fellow Subsidiaries : |
·
Kellogg Asia SDN BHD (Subsidiaries of Kellogg Company, USA) ·
Kellogg (Aust) Pty Limited ·
Kellogg Manufacturing Gmbh and Company ·
Kellogg (Qingdao) Foods Company Limited ·
Kellogg Asia Inc USA ·
Kellogg South Africa KEZA ·
Kellogg De Centro America SA ·
Kellogg Company Mexico ·
Kellogg Asia Marketing Inc ·
Kellogg Asia Pacific Pte Limited, Singapore ·
Kellogg Marketing and Sales Company (UK) Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
63803539 |
Equity Shares |
Rs.10/- each
|
Rs.638.035
Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
58962088 |
Equity Shares |
Rs.10/- each
|
Rs.589.621
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
589.621 |
521.900 |
456.651 |
|
(b) Reserves & Surplus |
918.819 |
590.728 |
270.543 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
750.425 |
203.160 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
2258.865 |
1315.788 |
727.194 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
4.723 |
5.048 |
3.691 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.452 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
5.175 |
5.048 |
3.691 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
729.343 |
613.308 |
512.160 |
|
(c)
Other current liabilities |
188.145 |
73.330 |
90.172 |
|
(d) Short-term
provisions |
0.000 |
0.168 |
8.043 |
|
Total Current Liabilities
(4) |
917.488 |
686.806 |
610.375 |
|
|
|
|
|
|
TOTAL |
3181.528 |
2007.642 |
1341.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
978.342 |
528.119 |
514.044 |
|
(ii)
Intangible Assets |
40.696 |
31.733 |
22.756 |
|
(iii)
Capital work-in-progress |
345.862 |
113.121 |
92.008 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
802.648 |
516.859 |
102.251 |
|
(e) Other
Non-current assets |
0.000 |
5.866 |
2.391 |
|
Total Non-Current
Assets |
2167.548 |
1195.698 |
733.450 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
372.095 |
220.633 |
160.539 |
|
(c)
Trade receivables |
175.042 |
133.375 |
129.485 |
|
(d) Cash
and cash equivalents |
312.135 |
334.187 |
125.596 |
|
(e)
Short-term loans and advances |
143.777 |
105.351 |
191.371 |
|
(f)
Other current assets |
10.931 |
18.398 |
0.819 |
|
Total
Current Assets |
1013.980 |
811.944 |
607.810 |
|
|
|
|
|
|
TOTAL |
3181.528 |
2007.642 |
1341.260 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
5142.500 |
3936.100 |
3010.500 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4817.900 |
3691.300 |
2895.400 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX |
242.500 |
244.600 |
115.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
49.800 |
54.900 |
24.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
192.700 |
189.700 |
91.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
460.200 |
270.500 |
179.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
652.900 |
460.200 |
270.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
108.700 |
NA |
53.700 |
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
3.27 |
3.63 |
1.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.75
|
4.82 |
3.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.55
|
12.91 |
9.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.18 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
2.728 |
2.855 |
2.489 |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
CASE DETAILS BENCH: BOMBAY LODGING NO.: ITXAL/1355/2011
FILING DATE: 20/10/2011 REG. NO.: ITXA/40/2012
REG.
DATE: 09/01/2012
|
FIXED ASSETS:
·
Plant and Machinery
·
Building
·
Leasehold Land
·
Vehicles – Owned
-- Leased
·
Computers – Hardware
-- Software
·
Residential Fittings
·
Furniture and Fixtures
·
Office Equipment
·
Temporary Structure
·
Leasehold Improvements
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.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.