MIRA INFORM REPORT

 

 

 

 

Report Date :

13.02.2013

 

IDENTIFICATION DETAILS

 

Name :

TETRA-PAK INDIA PRIVATE LIMITED

 

 

Registered Office :

Mayfair Towers, Ground Floor, Wakdewadi, Shivajinagar, Pune – 411 005, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.12.1987

 

 

Com. Reg. No.:

25-012926

 

 

Capital Investment / Paid-up Capital :

Rs. 1819.200 millions

 

 

CIN No.:

[Company Identification No.]

U21014PN1987PTC012926

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNET03816B

 

 

PAN No.:

[Permanent Account No.]

AAACT3467B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Processing Equipments Dairy Products.

 

 

No. of Employees :

320 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 10820000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small to mediocre 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

 

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 Manager

Contact No.:

91-20-25510800

Date :

05.02.2013

 

 

LOCATIONS

 

 

Registered Office :

Mayfair Towers, Ground Floor, Wakdewadi, Shivajinagar, Pune – 411 005, Maharashtra, India

Tel. No.:

91-20-25510800/ 25510820

Fax No.:

91-20-25510820

E-mail:

sunil.tembe@tetrapak.com

Websites :

www.tetrapak.com

Area :

800 sq ft

Location :

Leased

 

 

Factory 1 :

At and Post Takwe (BK), Taluka Maval, District Pune – 412 106, Maharashtra, India

Tel. No.:

91-2114-244127

Fax No.:

91-2114-244123 / 244125

Area :

10,000 sq. ft.

Location :

Owned

 

 

Factory 2 :

Near Railway Station, Itola, Vadodara, Gujarat, India

Area :

50000 sq ft

Location :

Owned

 

 

Regional Office :

Mayfair Towers [Ground Floor], Wakdewadi, Shivajinagar – 411 005, Pune, Maharashtra, India

Tel. No.:

91-20-25510800

Fax No.:

91-20-25510820

 

 

Branch Office 1:

Global Business Park, Tower C, 5th Floor, Mehroli-Gurgaon Road, Haryana, India

Tel. No.:

91-124-5124600

Fax No.:

91-124-5064308

 

 

Branch Office 2:

967, 12th Main, Hal 2nd Stage, Indiranagar, Bangalore – 560 008, Karnataka, India

Tel. No.:

91-80-25270681

Fax No.:

91-80-25271005

 

 

DIRECTORS

 

As on 16.04.2012

 

Name :

Mr. Kandarp Bhushan Singh

Designation :

Managing Director

Address :

Flat No. 606A, The Aralias, DLF Golf Links, DLF Phase V, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

05.01.1966

Date of Appointment :

01.01.2011

DIN No.:

03421754

 

 

Name :

Mr. Russel Leighton Kekuewa

Designation :

Director    

Address :

20, SOI Yagsoi Sammitr. Sukh Umvit Road, Klongtoey, Bangkok, Thailand 10110 

Date of Birth/Age :

30.04.1954

Date of Appointment :

27.08.2004

DIN No.:

01046807

 

 

Name :

Mr. Jayesh Gunvantrai Manek

Designation :

Whole-time Director

Address :

C – 2, Avanti Apartments, 881, Khare Town, Dharampeth, Nagpur – 440 010, Maharashtra, India

Date of Birth/Age :

24.11.1971

Date of Appointment :

01.06.2012

DIN No.:

05292913

 

 

KEY EXECUTIVES

 

 

Name :

Mr. Sunil Rajaram Tembe

Designation :

Secretary

Address :

20, Suyog Heights, Rambaug Colony, Paud Road, Kothrud, Pune - 411 038, Maharashtra, India

Date of Birth/Age :

04.03.1961

Date of Appointment :

12.08.1996

Pan No.:

AAFPT4848Q

 

 

Name :

Mr. Milind Pattarkine

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 16.04.2012

 

Names of Shareholders

 

No. of Shares

 

 

 

Tetra Laval Holding and Finance S.A., Switzerland 

 

181919999

Tetra Laval International S.A., Switzerland 

 

1

 

 

 

Total

 

181920000

 

Equity Share Break up (Percentage of Total Equity)

 

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 :

Manufacturer of Processing Equipments Dairy Products.

 

 

Products :
  • Packaging Machines
  • Aseptic Packaging
  • Straws

 

 

GENERAL INFORMATION

 

 

Customers :
  • Tetra Pak International SA
  • Tetra Pak Packaging Solutions AB
  • Tetra Pak Technical Service AB
  • Tetra Pak Processing Components AB
  • Tetra Pak Cheese and Powder
  • Tetra Pak Packaging Solutions SpA
  • Tetra Pak Service SA
  • Tetra Pak Makina Ticaret ve
  • SE Tetra Pak Ukraine
  • Tetra Pak Export (Egypt)
  • Tetra Pak Manufacturing Limited
  • DeLaval Private Limited
  • Tetra Pak (Thai) Limited
  • Tetra Pak Services (Thai) Limited
  • Tetra Pak (Malaysia) Sdn Bhd
  • PT. Tetra Pak Indonesia
  • Tetra Pak (Philippines) Inc.
  • Tetra Pak Jurong Pte Limited
  • TP Asian Emerging Markets
  • Tetra Pak Indo-China Pte Limited
  • Tetra Pak Global Information
  • Tetra Pak C.A.
  • Tetra Pak S.A.

 

 

No. of Employees :

320 (Approximately)

 

 

Bankers :
  • ANZ Grindlays Bank plc., New Delhi
  • HSBC Bank
  • Standard Chartered Bank

 

 

Facilities :

Secured Loan

As on

31.12.2011

(Rs. in

Millions)

As on

31.12.2010

(Rs. in

Millions)

Foreign Currency Loans Banks

469.024

89.620

Total

469.024

89.620

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.R. Batliboi and Company

Chartered Accountants

Address :

6th Floor, Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-40356300

Fax No.:

91-22-40356400

PAN No.:

AALFS0506L

 

 

Holding Company :

Tetra Laval Holding and Finance S.A., Switzerland (w.e.f. October 6, 2008)

 

 

CAPITAL STRUCTURE

 

As on 16.04.2012

 

Authorized Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

270000000

Equity Shares

Rs. 10/- each

Rs. 2700.000 millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

181920000

Equity Shares

Rs. 10/- each

Rs. 1819.200 millions

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2011

31.12.2010

31.12.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1819.200

1819.200

1819.200

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

887.808

152.115

76.326

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2707.008

1971.315

1895.526

LOAN FUNDS

 

 

 

1] Secured Loans

469.024

89.620

0.000

2] Unsecured Loans

1310.000

250.000

0.000

TOTAL BORROWING

1779.024

339.620

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

4486.032

2310.935

1895.526

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1900.349

1299.115

884.643

Capital work-in-progress

1034.362

146.475

15.173

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

73.528

83.038

78.889

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1454.864
1675.651

1423.475

 

Sundry Debtors
2088.911
1730.369

1243.421

 

Cash & Bank Balances
215.931
77.400

496.626

 

Other Current Assets
353.486
114.158

93.957

 

Loans & Advances
791.120
881.695

645.087

Total Current Assets

4904.312

4479.273
3902.566

Less : CURRENT LIABILITIES & PROVISIONS

 

 
 

 

Sundry Creditors
2620.299
2124.220

1504.281

 

Other Current Liabilities
694.659
1014.851

851.364

 

Provisions
111.561
557.895

630.100

Total Current Liabilities

3426.519

3696.966
2985.745

Net Current Assets

1477.793

782.307
916.821

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4486.032

2310.935

1895.526

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2011

31.12.2010

31.12.2009

 

SALES

 

 

 

 

 

Income

 

 

Other Income

 

 

 

 

 

TOTAL                                    

9496.830

8522.097

7135.680

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

8390.500

7478.264

6084.270

 

 

 

 

 

 

PROFIT/(LOSS)  BEFORE TAX

1106.330

1043.833

1051.410

 

 

 

 

 

Less

TAX                                                                 

NA

525.794

330.706

 

 

 

 

 

 

PROFIT/(LOSS)  AFTER TAX

NA

518.039

720.704

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Design and other services

7.376

9.485

26.416

 

 

Commission

0.000

0.000

9.029

 

 

Reimbursement of expenses

127.442

72.447

76.369

 

 

F.O.B. Value of exports

1709.594

1814.117

1661.241

 

TOTAL EARNINGS

1844.412

1896.049

1773.055

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2569.802

2210.581

3300.438

 

 

Packing Materials, Machines and others

636.311

751.541

 

 

 

Components, Stores, Spares and Consumables

793.077

667.022

 

 

 

Capital Goods

193.649

101.333

 

 

TOTAL IMPORTS

4192.839

3730.477                                                                                                                                                                                                                                                          

3300.438

 

 

 

 

 

 

Earnings/(Loss)  Per Share (Rs.)

NA

2.85

3.96

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2011

31.12.2010

31.12.2009

PAT / Total Income

(%)
NA
6.08
10.10

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
16.25

18.06

21.96

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.41

0.53

0.55

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.65

0.17

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.43

1.21

1.31

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.12.2011

31.12.2010

31.12.2009

 

(Rs. In Millions)

 

 

 

 

Creditors due to small micro enterprises

4.742

5.440

3.096

Creditors due others

2615.557

2118.780

1501.185

 

 

 

 

TOTAL

2620.299

2124.220

1504.281

 

 

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

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

‘

NATURE OF OPERATIONS

 

Subject is in the business of liquid packaging solutions and related products provided mainly to dairy and fruit processing industry.

 

OPERATIONS

 

The Company recorded a total income of Rs. 9496.830 million in the current financial year as against Rs. 8522.090 million in the last year. The production of packaging material for the year was 4.81 billion packs against 4.73 billion packs during the previous year while sales of packaging material were 4.88 billion packs as against 4.70 billion packs for the previous year. The sales of processing division were higher at Rs.1834.990 Million as compared to Rs. 1493.250 Million recorded during previous year. The Company has earned a profit before tax of Rs.1106.330 million as against Rs 1043.830 million in the previous year.

 

PERFORMANCE AND PROSPECTS

 

The Company has been showing consistent growth in its sales in domestic market during last couple of years. The growth is witnessed in juice / nectar / still drink and liquor category. The marketing team continues to work closely with the customers to assist them in their advertising campaign and retail activities. The Company has been utilizing its production capacity to the optimum level. The work on the setting up of new factory is progressing satisfactorily. 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 under review, 4862 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.

 

UNSECURED LOAN:

                                                                                                                                           (Rs. in Millions)

Particulars

As on 31.12.2011

 

As on 31.12.2010

 

 

 

 

Rupee Term Loan Banks

310.000

0.000

Rupee Term Loan Others

1000.000

250.000

 

 

 

Total

1310.000

250.000

 

Fixed Assets

 

  • Goodwill
  • Technical Knowhow
  • Freehold Land
  • 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, India Prisons Service, Interpol, etc.

 

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.53.96

UK Pound

1

Rs.84.49

Euro

1

Rs.72.23

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

NID

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

 

36

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.