|
Report Date : |
14.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL GREEN COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
REITZEL INDIA LIMITED |
|
|
|
|
Registered Office : |
Thapar House, 124,
Janpath, |
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|
Country : |
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|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.02.1992 |
|
|
|
|
Com. Reg. No.: |
55-47666 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U02001DL1992PLC047666 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG01662D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR0635H |
|
|
|
|
Legal Form : |
Closely Held Public Limited Liability Company. |
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|
|
|
Line of Business : |
Planting, growing, cultivating, harvesting and processing of all kinds of fresh vegetables and fruits and to sell and deal in all kinds of foods, vegetables and fruits. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
LOCATIONS
|
Registered Office : |
Thapar House, 124,
Janpath, |
|
Tel. No.: |
91-11-23368332 / 23368811 |
|
Fax No.: |
91-11-23368729 |
|
E-Mail : |
misac@globalgreencompany.com, kmanjunath@globalgreencompany.com, sbudhiraja@bilt.com |
|
Website : |
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|
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|
Head Office/ Factory : |
220, Alembic Glass Complex, Whitefield Campuss, Hoskote Road, Whitefield, Bangalore - 560 066, Karnataka, India |
|
Tel. No.: |
91-80-28453792/28453793/28453019/28451957 |
|
Fax No.: |
91-80-28453063 |
|
Area : |
1,25,000 sq.ft. (Owned) |
|
Location : |
Industrial Area |
|
|
|
|
Corporate Office. |
#14, 80 Feet Road, 4th Block, Koramangala Bangalore - 560034, Karnataka, India |
|
Tel. No.: |
91-80-25536035/25527217 |
|
Fax No.: |
91-80-25536061 |
|
|
|
|
Administrative Office : |
364, 16th Main, IV T Block, Jayanagar, Bangalore - 560 011, Karnataka, India |
|
Tel. No.: |
91-80-26632831/26634059 |
|
Fax No.: |
91-80-26637372 |
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|
|
|
Factory 1 : |
Venkatapur Village, Kohar Mandal, Medak District, Andhra Pradesh, India |
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|
|
|
Factory 2 : |
No.14, |
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Tel. No.: |
91-80-5536035/38 |
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Fax No.: |
91-80-5536061 |
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E-Mail : |
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Branches : |
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Tel. No.: |
3177-3512674 |
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Fax No.: |
3177-3549715 |
DIRECTORS
|
Name : |
Mr. Gautam Thapar |
|
Designation : |
Director |
|
Address : |
E – 16, Pushpanjali Farm, |
|
Date of Birth/Age : |
07.12.1960 |
|
Date of Appointment : |
15.04.1994 |
|
|
|
|
Name : |
Mr. Surendra Kumar Khandelwal |
|
Designation : |
Director |
|
Address : |
238, Kailash Hills, East of Kailash, New Delhi-110065 |
|
Date of Birth/Age : |
20.02.1946 |
|
Date of Appointment : |
15.04.1994 |
|
|
|
|
Name : |
Mr. Bhuthalingam Hariharan |
|
Designation : |
Director |
|
Address : |
D-2/3, Vasant Vihar, New Delhi-110057 |
|
Date of Birth/Age : |
18.04.1957 |
|
Date of Appointment : |
25.05.1999 |
|
|
|
|
Name : |
Mr. Adiyattil K Kelappan |
|
Designation : |
Director |
|
Address : |
GF – 1, 35, PNT Colony, Near Secunderabad Club, Secunderabad, Andhra
Pradesh |
|
Date of Birth/Age : |
05.05.1940 |
|
Date of Appointment : |
17.01.2002 |
|
|
|
|
Name : |
Mr. Vineet Chhabra |
|
Designation : |
Managing Director |
|
Address : |
S 516, Greater Kailash 1, |
|
Date of Birth/Age : |
20.08.1965 |
|
Date of Appointment : |
01.07.2002 |
|
|
|
|
Name : |
Mr. Karamjit Singh Bedi |
|
Designation : |
Director |
|
Address : |
N-118, Flat No.5, |
|
Date of Birth/Age : |
15.01.1937 |
|
Date of Appointment : |
07.01.2004 |
|
|
|
|
Name : |
Mr. N Santosh Reddy |
|
Designation : |
Director |
|
Address : |
8/2/287/11, 1 Road No.14, Banjara Hills, Hyderabad-500034, Andhra
Pradesh |
|
Date of Birth/Age : |
22.10.1938 |
|
Date of Appointment : |
25.03.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Budhiraja |
|
Designation : |
Secretary |
|
Address : |
6371, Sector B-9, Vasant Kunj, New Delhi-110070 |
|
Date of Birth/Age : |
13.09.1970 |
|
Date of Appointment : |
13.05.2003 |
|
|
|
|
Name : |
Mr. Manjunath K |
|
Designation : |
Company Secretary |
|
Address : |
No.433, 2nd |
|
Date of Birth/Age : |
26.04.1965 |
|
Date of Appointment : |
08.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Modern Agencies Limited |
|
1155000 |
|
Nilkash Investments and Holdings Limited |
|
450270 |
|
Newquest Corporation Limited |
|
22414741 |
|
Mr. S Krishnan |
|
10 |
|
Mr. Ramesh Kumar Chopra |
|
10 |
|
Mr. A S Banthia |
|
10 |
|
Mr. Surendra Kumar Khandelwal |
|
20 |
|
Ms. Neerja Sharma |
|
10 |
|
Newquest Corporation Limited |
|
160610 |
All the shares are held by Bodies corporate.
BUSINESS DETAILS
|
Line of Business : |
Planting, growing, cultivating, harvesting and processing of all kinds of fresh vegetables and fruits and to sell and deal in all kinds of foods, vegetables and fruits. |
|
|
|
|
Products : |
ITC Code : 07114000 Product Description : Preserved Cucumber and Gherkins under processed
fruits and vegetables Generic Names of Principal Products/Services of the Company are :- v
Gherkin Pickled in Vinegar/Brine v
Jams v
Spirulina Food and Food Grade |
|
|
|
|
Brand Names : |
" REITZEL" |
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|
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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|
Selling : |
L/C or Credit (60 days) terms |
|
|
|
|
Purchasing : |
L/C, D/A, D/P or Credit (90 days) terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Gherkins |
MT |
12000 |
12000 |
17116 |
|
Jam |
No. of bottles |
-- |
-- |
-- |
|
Dethydrated Herbs |
MT |
1000 |
-- |
-- |
|
Dethydrated Vegetables |
MT |
3000 |
3000 |
-- |
|
Herbal Extractions |
MT |
200 |
-- |
-- |
|
Space Oleosesins |
MT |
200 |
100 |
-- |
GENERAL INFORMATION
|
Suppliers : |
v
Paper Pack Industries Private Limited v
Siva Sai Enterprises v
Dubin Marketing Services v
Lakhotia Belting Private Limited v
Pai and Pai Enterprises v
Sridarshan Packaging Industries v
Pack and Fab Industries v
Karl Khune, v
Pelam Fods Limited, v
Plm Glass, v
Ovens Bilt, v
Larsen & Toubro Limited, Mumbai, v
White Caps, v
Reitzel Swiss SA, v
Popuon & Reitzel Ind.Holding SA, v
Karnataka Fruiticulture Corporation of India
Limited, |
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|
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Customers : |
The company’s major customers include wholesalers, importers and
departmental stores. Some of its’ major customers are :- Appel |
||||||||||||||||||
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|
||||||||||||||||||
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No. of Employees : |
300 |
||||||||||||||||||
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Bankers : |
Canara Bank Agriculture Finance Branch, ICICI Bank Limited, ICICI Bank Limited Regional office :
|
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|
||||||||||||||||||
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Facilities : |
Secured Loans
(As on 31.03.2005) : (Rs.
In millions)
Unsecured
Loans :
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants Address : 6-3-550, 2nd Floor, LB Bhavan,
Somajiguda, Hyderabad-500082, Andhra Pradesh Gittelman and Company, P.C. Chartered Accountants 300, E-Mail : info@gittco.com |
|
|
|
|
Holding Company : |
Newquest Corporation Limited |
|
|
|
|
Associates/Subsidiaries : |
Affiliates v
Ballarpur Industries Limited, v
Crompton Greaves Limited, v
Ownes Bilt Limited, Subsidiaries v
Tify International B. V., v
Saptarishi Agro Industries Limited, v Global Green USA Limited v
Fellow Subsidiary : v Best Bilt Bio Limited (Merged with holding company during the year) |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs. 100/- Each |
Rs. 45.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs. 100/- Each |
Rs. 45.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
56.819 |
54.900 |
55.165 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
101.819 |
99.900 |
100.165 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
106.757 |
87.087 |
93.153 |
|
|
2] Unsecured Loans |
72.931 |
52.918 |
72.294 |
|
|
TOTAL BORROWING |
179.688 |
140.005 |
165.447 |
|
|
DEFERRED TAX LIABILITIES |
8.950 |
10.158 |
11.355 |
|
|
|
|
|
|
|
|
TOTAL |
290.457 |
250.063 |
276.967 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
130.810 |
118.556 |
123.020 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.577 |
6.581 |
6.577 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
98.578
|
73.319 |
74.245 |
|
|
Sundry Debtors |
81.805
|
77.957 |
73.034 |
|
|
Cash & Bank Balances |
0.420
|
3.004 |
7.541 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
38.332
|
51.612 |
43.220 |
|
Total
Current Assets |
219.135
|
205.892 |
198.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
68.422
|
82.892 |
48.680 |
|
|
Provisions |
0.000
|
0.000 |
2.183 |
|
Total
Current Liabilities |
68.422
|
82.892 |
50.863 |
|
|
Net Current Assets |
150.713
|
123.000 |
147.177 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.357 |
1.926 |
0.193 |
|
|
|
|
|
|
|
|
TOTAL |
290.457 |
250.063 |
276.967 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
391.191 |
498.866 |
399.678 |
|
|
|
Other Income |
27.029 |
18.678 |
11.750 |
|
|
|
TOTAL |
418.220 |
517.544 |
411.428 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
125.036 |
168.847 |
145.154 |
|
|
|
Administrative Expenses |
55.990 |
77.062 |
51.310 |
|
|
|
Raw Material Consumed |
179.969 |
217.702 |
189.808 |
|
|
|
Increase/(Decrease) in Finished Goods |
4.228 |
-0.209 |
-27.041 |
|
|
|
Payment to Auditors |
22.392 |
21.347 |
17.315 |
|
|
|
Other Expenditure |
15.226 |
18.430 |
19.427 |
|
|
|
TOTAL |
402.841 |
503.179 |
395.973 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST AND TAX |
15.379 |
14.365 |
15.455 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
13.049 |
12.352 |
9.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.330 |
2.013 |
5.523 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.406 |
(1.749) |
2.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.924 |
(0.264) |
3.164 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.46
|
(0.05) |
0.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.59
|
0.40 |
1.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.66
|
0.62 |
1.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.76
|
1.40 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
2.48 |
3.89 |
LOCAL AGENCY FURTHER INFORMATION
NIL
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.53.85 |
|
|
1 |
Rs.84.43 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.