MIRA
INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TETRA-PAK INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
01.12.1987 |
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Com. Reg. No.: |
25-12926 |
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Capital
Investment / Paid-up Capital : |
Rs.1819.200 Millions |
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CIN No.: [Company Identification
No.] |
U21014PN1987PTC012926 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03816B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Processing Equipments Dairy Products. |
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No. of Employees
: |
320 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7890000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Mr.
Milind Pattarkine, Finance Head denied to disclose any information about the company.
From the financials of the year 2010 it seems that there appears some
continuous dip in the profitability of the company. Reserves of the company
also seems to be insufficient. Payments are unknown. The company can be considered for business dealings with some
cautions. Note: due to technical
error in the government sites, we hereby provide you the report with
available details and we would provide you with a on the same company as soon
as we get the additional information. |
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 DECLINED BY
|
Name : |
Mr. Milind Pattarkine |
|
Designation : |
Finance Head |
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Contact No.: |
91-20-25510800 |
|
Date : |
05.02.2013 |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-20-25510800/ 25510820 |
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Fax No.: |
91-20-25510820 |
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E-mail: |
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Websites : |
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Area : |
800 sq ft |
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Location : |
Leased |
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Factory 1 : |
At and Post Takwe (BK), Taluka Maval, District Pune – 412
106, |
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Tel. No.: |
91-2114-244127 |
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Fax No.: |
91-2114-244123 / 244125 |
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Area : |
10,000 sq. ft. |
|
Location : |
Owned |
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Factory 2 : |
Near Railway Station, Itola, Vadodara, |
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Area : |
50000 sq ft |
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Location : |
Owned |
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Regional Office : |
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Tel. No.: |
91-20-25510800 |
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Fax No.: |
91-20-25510820 |
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Branch Office 1: |
Global |
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Tel. No.: |
91-124-5124600 |
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Fax No.: |
91-124-5064308 |
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Branch Office 2: |
967, 12th Main, Hal 2nd Stage, Indiranagar, |
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Tel. No.: |
91-80-25270681 |
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Fax No.: |
91-80-25271005 |
DIRECTORS
As on 16.06.2011
|
Name : |
Mr. Kandarp Bhushan Singh |
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Designation : |
Chairman |
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Address : |
Flat No. 606A, The Aralias, DLF Golf Links, DLF Phase V, Gurgaon –
122002, Haryana, India |
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Date of Birth/Age : |
05.01.1966 |
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Date of Appointment : |
01.01.2011 |
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DIN No.: |
03421754 |
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Name : |
Mr. Russel Leighton Kekuewa |
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Designation : |
Director |
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Address : |
20, SOI Yagsoi Sammitr. |
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Date of Birth/Age : |
30.04.1954 |
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Date of Appointment : |
27.08.2004 |
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DIN No.: |
01046807 |
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Name : |
Ms. Kavita Rao |
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Designation : |
Whole Time Director |
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Address : |
204, Gaurav Apartment, SAE Wadi, Aundh, Pune – 411 007, |
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Date of Birth/Age : |
20.09.1962 |
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Qualification : |
MBA – Finance |
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Date of Appointment : |
01.09.2005 |
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DIN No.: |
0003643 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Rajaram Tembe |
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Designation : |
Secretary and Manager Corporate Affairs |
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Address : |
20, |
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Date of Birth/Age : |
04.03.1961 |
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Date of Appointment : |
12.08.1996 |
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Pan No.: |
AAFPT4848Q |
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|
|
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Name : |
Mr. Milind Pattarkine |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tetra |
|
181919999 |
|
Tetra Laval International S.A., |
|
1 |
|
Total |
|
181920000 |
Equity Share Break up (Percentage of Total Equity)
As on 16.06.2011
|
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
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Line of Business : |
Manufacturer of Processing Equipments Dairy Products. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
320 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower
Parel, Mumbai – 400 013, |
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Tel. No.: |
91-22-2287 6485 / 4035 6300 |
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Mobile No.: |
91-22-2287 6401 / 4035 6400 |
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PAN.: |
AALFS0506L |
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Holding Company : |
Tetra Laval Holding and
Finance |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
270000000 |
Equity Shares |
Rs.10/- each |
Rs.2700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
181920000 |
Equity Shares |
Rs.10/- each |
Rs.1819.200 Millions |
|
|
|
|
|
1. Out of the
above 181,919,999 equity shares are held by the holding company Tetra Laval
Holdings and Finance SA)
2. 30,420,000 equity
shares of Rs.10 each were issued as fully paid up pursuant to the scheme of
amalgamation without payment being received in cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
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|
|
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1] Share Capital |
1819.200 |
1819.200 |
1819.200 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
152.115 |
76.326 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
(112.289) |
|
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NETWORTH |
1971.315 |
1895.526 |
1706.911 |
|
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LOAN FUNDS |
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1] Secured Loans |
89.620 |
0.000 |
0.000 |
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2] Unsecured Loans |
250.000 |
0.000 |
159.211 |
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TOTAL BORROWING |
339.620 |
0.000 |
159.211 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2310.935 |
1895.526 |
1866.122 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1299.115 |
884.643 |
770.312 |
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Capital work-in-progress |
146.475 |
15.173 |
5.693 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
83.038 |
78.889 |
172.732 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
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Inventories |
1675.651
|
1423.475 |
1040.506 |
|
|
Sundry Debtors |
1730.369
|
1243.421 |
1160.007 |
|
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Cash & Bank Balances |
77.400
|
496.626 |
76.100 |
|
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Other Current Assets |
114.158
|
93.957 |
106.945 |
|
|
Loans & Advances |
881.695
|
645.087 |
280.894 |
|
Total
Current Assets |
4479.273 |
3902.566
|
2664.452 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2124.220
|
1504.281 |
1212.805 |
|
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Other Current Liabilities |
1014.851
|
851.364 |
433.415 |
|
|
Provisions |
557.895
|
630.100 |
100.847 |
|
Total
Current Liabilities |
3696.966 |
2985.745
|
1747.067 |
|
|
Net Current Assets |
782.307 |
916.821
|
917.385 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2310.935 |
1895.526 |
1866.122 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
6005.321 |
|
|
|
Other Income |
|
|
170.181 |
|
|
|
TOTAL |
8522.090 |
7135.680 |
6175.502 |
|
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|
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PROFIT BEFORE
TAX |
1043.832 |
1051.414 |
778.137 |
|
|
|
|
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|
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|
Less |
TAX |
525.793 |
330.706 |
(100.014) |
|
|
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|
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PROFIT AFTER TAX
|
518.039 |
720.708 |
878.151 |
|
|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Design and other services |
9.485 |
26.416 |
NA |
|
|
|
Commission |
0.000 |
9.029 |
NA |
|
|
|
Reimbursement of expenses |
72.447 |
76.369 |
NA |
|
|
|
F.O.B. Value of exports |
1814.117 |
1661.241 |
NA |
|
|
TOTAL EARNINGS |
1896.049 |
1773.055 |
NA |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2210.581 |
2081.366 |
NA |
|
|
|
Stores & Spares |
29.356 |
229.924 |
NA |
|
|
|
Capital Goods |
101.333 |
36.661 |
NA |
|
|
|
Trading Items |
1389.207 |
952.487 |
NA |
|
|
TOTAL IMPORTS |
3730.477 |
3300.438 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.85 |
3.96 |
4.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
6.08
|
10.10
|
14.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
12.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.06
|
21.96
|
22.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.55
|
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
1.58
|
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.34
|
1.53 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CREDITORS
(Rs. In Millions)
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Sundry creditors |
|
|
|
|
a) total outstanding dues of Micro and Small Enterprises |
5.440 |
3.096 |
3.842 |
|
b) total outstanding dues of creditors other than Micro
and Small Enterprises |
2118.780 |
1501.185 |
1208.963 |
|
Total |
2124.220 |
1504.281 |
1212.805 |
|
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 |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
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 |
No |
|
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 |
OPERATIONS
The Company recorded
a total income of Rs.8522.090 millions in the current financial year as against
Rs.7135.680 millions in the last year. The production of packaging material for
the year was 4.73 billion packs against 4.22 billion packs during the previous
year while sales of packaging material for the year were 4.70 billion packs as
against 4.13 billion packs. The sales of processing division for the year were
higher at Rs.1493.250 Millions as compared to Rs.1207.170 Millions recorded
during previous year. The Company has earned a profit before tax of Rs.1043.830
millions as against Rs.1051.410 millions in the previous year.
PERFORMANCE AND
PROSPECTS
The Company has
been showing consistent growth in its sales both in domestic market as well as
exports market during last couple of years. The growth is witnessed in both
juice/ nectar/ still drink category as well as dairy category is consistent.
The marketing team continues to work closely with the customers to assist them
in their advertising and promotional campaign. The Company has been utilizing
its production capacity to the optimum level. Considering the present and
future growth in both domestic and export market, the management is planning to
invest in expansion of production capacity by setting up another factory.
Barring unforeseen circumstances, the performance of the Company in the coming
year is expected to be satisfactory.
On the Corporate
Social Responsibility perspective, the company continues to focus on reduction of
impact on the environment of the post consumer waste of the cartons
manufactured by the company. The recycling ratio continues to improve year on
year. During the year, 1418 tons of post-consumer cartons were collected and
sent for recycling.
NATURE OF OPERATIONS
Tetra Pak India Private Limited
is in the business of liquid packaging solutions and related products provided
mainly to dairy and fruit processing industry.
CONTINGENT LIABILITY
(Rs. In
Millions)
|
Particulars |
31.12.2010 |
31.12.2009 |
|
EPCG Obligation (Pertains to duty on imports under EPCG scheme not yet exported) |
19.100 |
9.230 |
|
Claims against the Company not acknowledged as debts for the following: |
|
|
|
- Excise (Disputed excise claims) |
46.949 |
75.498 |
|
- Income Tax (Disputed IT claims for fringe benefit tax) |
22.205 |
16.828 |
|
- Income Tax (Transfer pricing appeals pending before Commission/ DRP) |
0.000 |
177.923 |
|
- Legal Suits (Pertains to claims for Octroi and Debt Recovery) |
0.000 |
3.582 |
|
- Labour Cases (on behalf of payment of gratuity and writ petition filed by ex employee) |
3.235 |
3.010 |
|
- Civil Cases (Pertains to dispute under Maharashtra Rent Control Act) |
2.380 |
2.380 |
|
- Sales/ Service Tax (Pertains to service tax claims) |
0.362 |
4.280 |
|
- HPCL related L/C claims lodged by Canara Bank |
7.799 |
3.483 |
Fixed Assets
- Goodwill
- Technical Knowhow
- Buildings
- Plant and Machinery
- Equipments Given On Operating Lease
- Office Equipments
- Computers
- Furniture and Fixtures
- 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 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.53.29 |
|
|
1 |
Rs.83.97 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.