MIRA
INFORM REPORT
|
Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DABUR INDIA LIMITED |
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Formerly Known
As : |
DABUR (DR. S K BURMAN) PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.09.1975 |
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Com. Reg. No.: |
55-007908 |
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Capital
Investment / Paid-up Capital : |
Rs. 1742.100 Millions |
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CIN No.: [Company Identification
No.] |
L24230DL1975PLC007908 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD01285E |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of herbal healthcare and personal care, food,
pharmaceuticals, ayurvedic medicines, veterinary products and cosmetics. |
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No. of Employees
: |
5300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 52130000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a fourth largest FMCG Company in It is a well-established and reputed company having fine track record.
Financial position of the company appears to be sound. The company’s products
are well known in the market. Trade relations are reported as fair. Business
is active. Payments are reported to be regular as per commitments. The company can be considered good for normal 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
AAA (Long Term Rating) |
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Rating Explanation |
Highest degree of safety and lowest credit risk. |
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Date |
21.11.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
A1+(Short Term Rating) |
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Rating Explanation |
Very strong degree of safety and lowest credit. |
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Date |
21.11.2012 |
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.
LOCATIONS
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Registered Office : |
8/3 Asaf Ali Road, New Delhi – 110 002, India |
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Tel. No.: |
91-11-23253488 |
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Fax No.: |
Not Available |
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Website : |
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Corporate Office : |
Dabur Tower, Kaushambi, Sahibabad, Ghaziabad - 201 010, Uttar Pradesh,
India |
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Tel. No.: |
91-120 – 3982000 (30 Lines) |
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Fax No.: |
91-120 – 4374935 / 3001000 (30 Lines) |
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E-Mail : |
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Factory 1 : |
Unit I & II, Plot No. 22, Site IV, Sahibabad-201010,
Ghaziabad, India |
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Tel. No.: |
91-120-3008700 |
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Fax No.: |
91-120-2779914 / 4376924 |
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Factory 2 : |
Hajmola Unit, 109, HPSIDC Industrial Area, Baddi, District Solan-173205,
Himachal Pradesh, India |
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Factory 3 : |
Chyawanprash Unit, 220-221, HPSIDC Industrial Area, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 4 : |
Amla/Honey Unit, Village Billanwali Lavana, Baddi, District Solan-173205,
Himachal Pradesh, India |
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Factory 5 : |
Glucose Unit, Plot No. 12, Industrial Area, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 6 : |
Shampoo Unit, Village Billanwali Lavana, Baddi, District Solan-173205,
Himachal Pradesh, India |
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Factory 7 : |
Toothpaste Unit, Village Billanwali Lavana, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 8 : |
Honitus/Nature Care Unit, 109, HPSIDC Industrial Area, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 9 : |
Food Supplement Unit, 221, HPSIDC Industrial Area, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 10 : |
Oral Care Unit, 601, Malku Majra, Nalagarh Road, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 11 : |
Green Field Unit, Village Manakpur, Tehsil Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 12 : |
Air Freshener Unit, Village Billanwali Lavana, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 13 : |
Toothpowder Unit, Village Billanwali Lavana, Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 14 : |
Skin Care Unit, Village Manakpur, Tehsil Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 15 : |
Honey Unit, Village Manakpur, Tehsil Baddi, District
Solan-173205, Himachal Pradesh, India |
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Factory 16 : |
Unit I and Unit
II, Plot No.4, Sector-2, Integrated Industrial Estate, Pantnagar,
District Udham Singh Nagar-263146, Uttarakhand, India |
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Tel. No.: |
91-5944-298500 |
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Fax No.: |
91-5944-250064 |
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Factory 17 : |
Unit I, II & III, Lane No.3, Phase II, SIDCO Industrial Complex,
Bari Brahmna, Jammu and Kashmir, India |
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Tel. No.: |
91-1923-220123 / 221970 / 222341 |
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Fax No.: |
91-1923-221970 |
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Factory 18 : |
10.4 Mile Stone, NH -7, Village Padua, Katni-483442, Madhya Pradesh,
India |
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Tel. No.: |
91-7622-262317 / 262297 / 297507 |
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Factory 19 : |
SP-C 162, Matsya Industrial Area, Alwar - 301 030, Rajasthan, India |
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Tel. No.: |
91-144-2881542 |
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Fax No.: |
91-144-2881302 |
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Factory 20 : |
86-A, Kheda Industrial Area, Sector-3, Pithampur - 454774, District
Dhar, Madhya Pradesh, India |
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Tel. No.: |
91-7292-400046 to 51 |
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Fax No.: |
91-7292-400112 |
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Factory 21 : |
9, Netaji Subhash Chandra Bose Road, P.O. - Narendrapur, Kolkata -
700103, West Bengal, India |
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Tel. No.: |
91-33-24772324 / 26 / 24772620
/ 24772738 / 24772740 |
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Fax No.: |
91-33-24772621 |
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Factory 22 : |
Unit – I & II, Survey No. 225/4/1, Village Saily, Silvassa –
396230, Dadra and Nagar Haveli ( UT of India) |
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Tel. No.: |
91-1438-223342 / 223783 / 223892 |
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Fax No.: |
91-1438-223010 |
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Factory 23 : |
G 50-59, IID Centre, NH-12, Road No.1, Newai - 304020, District
Tonk-304020 Rajasthan, India |
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Tel. No.: |
91-1438-223342 / 223783 / 223892 |
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Fax No.: |
91-1438-223010 |
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Factory 24 : |
Kartowa, P.O. Mahanvita, P.S. Rajganj, District Jalpaiguri-735135,
West Bengal, India |
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Factory 25 : |
D-55, MIDC, Ambad, Nashik – 422 010, Maharashtra, India |
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Tel. No.: |
91-253-662322 |
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Fax No.: |
91-253-2383146 / 2383577 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. Anand Burman |
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Designation : |
Chairman |
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Name : |
Mr. Amit Burman |
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Designation : |
Vice Chairman |
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Name : |
Mr. Saket Burman |
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Designation : |
Director |
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Name : |
Mr. Mohit Burman |
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Designation : |
Director |
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Name : |
Mr. P. D. Narang |
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Designation : |
Director |
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Name : |
Mr. Sunil Duggal |
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Designation : |
Director |
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Name : |
Mr. R. C. Bhargava |
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Designation : |
Director |
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Name : |
Mr. P. N. Vijay |
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Designation : |
Director |
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Name : |
Dr. S. Narayan |
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Designation : |
Director |
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Name : |
Mr. Albert Wiseman Paterson |
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Designation : |
Director |
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Name : |
Mr. Analjit Singh |
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Designation : |
Director |
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Name : |
Dr. Ajay Dua |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. K. Jain |
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Designation : |
General
Manager (Finance) And Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
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(1) Indian |
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Individuals / Hindu Undivided Family |
2178000 |
0.12 |
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Bodies Corporate |
1194260850 |
68.52 |
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|
1196438850 |
68.65 |
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(2) Foreign |
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Individuals (Non-Residents Individuals / Foreign Individuals) |
300000 |
0.02 |
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Sub Total |
300000 |
0.02 |
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Total shareholding of Promoter and Promoter Group (A) |
1196738850 |
68.66 |
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(1) Institutions |
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Mutual Funds / UTI |
7024585 |
0.4 |
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|
27314948 |
1.57 |
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Insurance Companies |
39767241 |
2.28 |
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Foreign Institutional Investors |
352748304 |
20.24 |
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Sub Total |
426855078 |
24.49 |
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Bodies Corporate |
24406843 |
1.4 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
71285010 |
4.09 |
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|
17153810 |
0.98 |
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Any Others (Specify) |
6495420 |
0.37 |
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Overseas Corporate Bodies |
6000 |
0 |
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Non Resident Indians |
5633817 |
0.32 |
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|
403503 |
0.02 |
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Trusts |
452100 |
0.03 |
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Sub Total |
119341083 |
6.85 |
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Total Public shareholding (B) |
546196161 |
31.34 |
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Total (A)+(B) |
1742935011 |
100 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
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|
0 |
0 |
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(2) Public |
0 |
0 |
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Sub Total |
0 |
0 |
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Total (A)+(B)+(C) |
1742935011 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of herbal healthcare and personal care, food,
pharmaceuticals, ayurvedic medicines, veterinary products and cosmetics. |
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Products : |
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PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Hair Oils |
Kilo-ltrs |
108419 |
31075 |
|
Chyawanprash |
Tonnes |
59927 |
17804 |
|
Honey |
Tonnes |
9341 |
6479 |
|
Tooth Powder and Paste |
Tonnes |
52882 |
28276 |
|
Hajmola |
Tonnes |
12239 |
5496 |
|
Asava – Arishta |
Kilo-ltrs |
11403 |
8100 |
|
Fruits,Nector and Drinks |
Kilo-ltrs |
35700 |
22470 |
|
Vegetable Pastes |
Mt |
4800 |
1258 |
GENERAL INFORMATION
|
No. of Employees : |
5300 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
Standard Chartered Bank ·
The Hongkong and Shanghai Banking Corporation
Limited ·
The Royal Bank of Scotland ·
Citibank N.A. ·
HDFC Bank Limited ·
IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s G. Basu and Company Chartered Accountants |
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Internal Auditors : |
Price Waterhouse Coopers Private Limited |
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Joint Venture : |
Forum 1 Aviation Limited |
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Domestic Wholly Owned Subsidiaries : |
·
H and B Stores Limited |
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Foreign Wholly Owned Subsidiaries: |
·
Dermoviva Skin Essentials Inc. ·
Dabur Nepal Private Limited, Nepal ·
Dabur (UK) Limited, UK ·
Dabur International Limited, UAE ·
African Consumercare Limited, Nigeria ·
Naturelle LLC, UAE ·
Dabur Egypt Trading Limited, Egypt ·
Hobi Kozmetik ·
Ra Pazarlama ·
Namaste Laboratories ·
Hair Rejuvenation and Revitalization Nigeria
Limited ·
Healing Hair Lab International LLC, USA ·
Urban Lab International LLC, USA ·
Dabur Lanka (Private) Limited Sri Lanka |
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|
Foreign Subsidiaries : |
·
Asian Consumercare Private Limited, Dhaka ·
Dabur Nepal Private Limited, Nepal ·
Weikfield International (UAE) LLC ·
Asian Consumercare Pakistan (Private) Limited,
Pakistan |
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Other Related Parties : |
·
Sanat Products Limited (up to 31.01.2012) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs. 2000.000 Millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1742100854 |
Equity Shares |
Rs.1/- each |
Rs. 1742.100
Millions |
|
|
|
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|
AS ON 17.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2070000000 |
Equity Shares |
Rs.1/- each |
Rs. 2070.000 Millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1742935011 |
Equity Shares |
Rs.1/- each |
Rs. 1742.935
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1742.100 |
1740.700 |
869.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11290.600 |
9270.900 |
6624.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13032.700 |
11011.600 |
7493.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
191.200 |
126.100 |
242.700 |
|
|
2] Unsecured Loans |
2586.900 |
2394.000 |
857.000 |
|
|
TOTAL BORROWING |
2778.100 |
2520.100 |
1099.700 |
|
|
DEFERRED TAX LIABILITIES |
271.100 |
174.000 |
119.500 |
|
|
|
|
|
|
|
|
TOTAL |
16081.900 |
13705.700 |
8713.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5853.300 |
4975.600 |
4509.500 |
|
|
Capital work-in-progress |
115.800 |
43.700 |
233.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
5527.200 |
5194.900 |
3485.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5285.700
|
4605.900
|
2984.400 |
|
|
Sundry Debtors |
2241.700
|
2024.600
|
1304.800 |
|
|
Cash & Bank Balances |
2912.900
|
1924.100
|
1639.100 |
|
|
Other Current Assets |
1060.500
|
1160.800
|
0.000 |
|
|
Loans & Advances |
5410.000
|
4149.500
|
3251.200 |
|
Total
Current Assets |
16910.800
|
13864.900 |
9179.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5851.100
|
4948.600
|
988.700 |
|
|
Other Current Liabilities |
550.100
|
377.700
|
3331.900 |
|
|
Provisions |
5924.000
|
5047.100
|
4401.000 |
|
Total
Current Liabilities |
12325.200
|
10373.400 |
8721.600 |
|
|
Net Current Assets |
4585.600
|
3491.500
|
457.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
27.400 |
|
|
|
|
|
|
|
|
TOTAL |
16081.900 |
13705.700 |
8713.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37593.300 |
32806.100 |
28559.600 |
|
|
|
Other Income |
533.500 |
263.500 |
416.400 |
|
|
|
TOTAL (A) |
38126.800 |
33069.600 |
28976.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14837.000 |
12740.500 |
|
|
|
|
Purchase of stock in trade |
5957.200 |
4549.100 |
|
|
|
|
Employee benefits expenses |
2433.700 |
2172.800 |
|
|
|
|
Other Expenses |
8373.200 |
7628.700 |
|
|
|
|
Extraordinary Items |
448.900 |
0.000 |
|
|
|
|
Changes in
inventories of FG, WIP & Stock in trade: Finished Goods |
(187.800) |
(577.800) |
|
|
|
|
Work in Progress |
(319.100) |
(127.800) |
|
|
|
|
Stock in trade |
(86.400) |
(77.500) |
|
|
|
|
TOTAL (B) |
31456.700 |
26308.000 |
23251.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6670.100 |
6761.600 |
5724.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
141.000 |
120.000 |
134.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6529.100 |
6641.600 |
5589.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
658.800 |
679.000 |
319.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
5870.300 |
5962.600 |
5270.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1237.900 |
1248.500 |
938.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4632.400 |
4714.100 |
4331.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7142.200 |
5269.100 |
4289.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
958.100 |
870.400 |
649.800 |
|
|
|
Proposed Final Dividend |
1306.600 |
1133.000 |
1086.200 |
|
|
|
Corporate Tax on Interim Dividend |
367.400 |
324.200 |
110.400 |
|
|
|
Corporate Tax on Proposed Dividend |
0.000 |
0.000 |
184.600 |
|
|
|
Transfer to Capital Reserve |
1.400 |
13.400 |
20.700 |
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
1300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
8641.100 |
7142.200 |
5269.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales at FOB |
1671.900 |
1316.900 |
1237.300 |
|
|
|
Interest Income |
0.000 |
24.700 |
0.000 |
|
|
TOTAL EARNINGS |
1671.900 |
1341.600 |
1237.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
177.300 |
134.000 |
188.200 |
|
|
|
Stores & Spares |
8.000 |
2.800 |
1.800 |
|
|
|
Capital Goods |
121.700 |
63.100 |
41.300 |
|
|
TOTAL IMPORTS |
307.000 |
199.900 |
231.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.66 |
2.71 |
2.50 |
|
|
|
Diluted |
2.64 |
2.69 |
2.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
10174.700 |
10427.800 |
11926.600 |
10968.200 |
|
Total Expenditure |
8681.600 |
8433.200 |
9923.300 |
8911.600 |
|
PBIDT (Excl OI) |
1493.100 |
1994.600 |
2003.300 |
2056.600 |
|
Other Income |
216.200 |
216.200 |
193.800 |
239.300 |
|
Operating Profit |
1709.300 |
2210.800 |
2197.100 |
2295.900 |
|
Interest |
16.900 |
89.500 |
9.700 |
67.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1692.400 |
2121.300 |
2187.400 |
2228.100 |
|
Depreciation |
179.200 |
166.300 |
198.100 |
188.900 |
|
Profit Before Tax |
1513.200 |
1955.000 |
1989.300 |
2039.200 |
|
Tax |
324.000 |
405.300 |
415.100 |
442.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1189.200 |
1549.700 |
1574.200 |
1596.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1189.200 |
1549.700 |
1574.200 |
1596.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.15
|
14.26 |
14.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.62
|
18.18 |
18.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.79
|
31.65 |
38.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.54 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21
|
0.23 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.34 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
|
COURT CASE IN THE HIGH
COURT OF DELHI AT NEW DELHI
Mach 07, 2013 |
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
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) |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
||||||||||||
|
Long Term
borrowings |
|
|
||||||||||||
|
Differed Sales Tax Liabilities |
11.400 |
21.200 |
||||||||||||
|
Short term Borrowings |
|
|
||||||||||||
|
Loan from Banks |
1500.000 |
2100.000 |
||||||||||||
|
Packing Credit Loan from Banks |
1030.100 |
231.900 |
||||||||||||
|
Security Deposits |
45.400 |
40.900 |
||||||||||||
|
|
|
|
||||||||||||
|
TOTAL |
2586.900 |
2394.000 |
||||||||||||
|
Long Term
Borrowings (Rs.
In Millions)
Short Term
Borrowings 1.
There is no default in repayment of principal
loan or interest thereon. 2.
No Guarantee Bond has been furnished against any
loan. |
||||||||||||||
OPERATIONS AND BUSINESS PERFORMANCE
Kindly refer to Management Discussion and Analysis and
Corporate Governance Report which forms part of this Report.
NATURE OF BUSINESS
There has been
no change in the nature of business of the Company and any of its subsidiary
companies during the year.
MANAGEMENT DISCUSSION AND ANALYSIS The world witnessed fair bit of challenges during fiscal 2011-12 with the deepening debt crisis in Europe, political upheavals in parts of Middle East and rising tensions between Iran and the West. These events had a significant impact on global risk appetite and crude oil prices, though towards the end of the year, there have been liquidity infusions by European central banks and this combined with better than expected recovery in the U.S. have revived global risk appetite and emerging markets such as India may benefit. India also witnessed its share of challenges during fiscal 2011-12 with macro headwinds such as high inflation, currency depreciation and deceleration in GDP growth rates. During the year, the Reserve Bank of India hiked repo rates several times to combat inflation. The high interest rates did not bode too well for industrial production as reflected in the deceleration of IIP and GDP growth. GDP growth rate slowed down from 8.4% in FY11 to 6.9% in FY12. The country was swept by persistent double digit inflation during the year and WPI based inflation remained close to 10% for most part of the year with some moderation during the last 4 months of the fiscal. However, the Reserve Bank of India has reduced repo rates by 50 bps in April 2012. This is expected to improve liquidity and outlook for growth and investments in the economy. Inspite of these blips, India`s long term growth story continues to remain intact. In fiscal 2011-12, India`s GDP is expected to grow at around 7%, making it one of the faster growing major economies, despite the ongoing challenges. India, which was the tenth largest economy in terms of Purchasing Power Parity (PPP) in 1991, has even overtaken Japan and is now the third largest economy in terms of PPP. As per a recent study by Knight Frank and Citi Private Bank, the North American and Western European share of world real GDP will fall from 41% in 2010 to just 18% in 2050 while, developing Asia`s share is expected to rise from 27% to 49% in 2050. China will overtake the U.S. to become the world`s largest economy by 2020, which in turn will be overtaken by India in 2050. Therefore, the outlook for India remains positive. This is also supported by GDP growth estimates released by IMF. Real GDP growth in emerging markets such as India and Sub-Saharan Africa is expected to be ahead of World as well as the U.S. and Euro Area during 2013. FMCG SECTOR Consumer sector story in India remains intact and is expected to continue on a secular growth trend driven by favourable demographics, increase in per capita consumption levels and increase in penetration. According to a recent study conducted by Boston Consulting Group (BCG) and Confederation of Indian Industry (CII) titled `The Tiger Roars, there are four powerful socioeconomic and demographic factors driving consumption. THESE ARE: (i) Increase in household income: the
average household income is set to rise nearly 3 times between 2010 and 2020.
The income pyramid in India which typically had a wide base of ‘struggler’
households (having per capita income <US$ 3,300) is quickly becoming a
diamond, as household incomes of the middle income groups grow
(ii) Urbanization: By 2020 the percentage of
India’s population living in cities will rise to 35% from 31% in 2010. Urban
dwellers not only tend to increase their purchases but also spend on different
items thereby giving a boost
to consumption.
(iii) Nuclear Families: The share of nuclear
families has risen from 61% in 2006 to 66% in 2010 and the per capita spending
of nuclear families is 20 to 50 per cent higher than traditional joint
families.
(iv) Gen I: connotes the generation of
Indian spenders who have reached their prime consumption years. Members of Gen
I believe in living in the present and have a higher propensity to spend having
witnessed first-hand the opening of markets, influx of foreign brands and
creation of wealth. This generation will be a strong driver of consumption and
is expected to reorient the consumer market as deeply as Baby Boomers in the US
have for the past five decades.
As per this study, the Indian consumer
market is poised to grow 3.6 times between 2010 and 2020, faster than most
other emerging markets. Estimated at US$ 991 billion in 2010, total consumption
expenditure is expected to grow to nearly US$ 3.6 trillion in 2020.
The demographic factors combined with rising
per capita disposable incomes are expected to fuel consumption growth in India
for a long period of time. Several indicators point in this direction, such as
Nielsen’s Global Survey
of Consumer Confidence and Spending
Intentions, as per which India was the world’s most optimistic market in Q4
CY2011. India has retained this title for eight quarters in a row.
As income levels are rising there is also a
clear trend of increase in share of non-food expenditure in both rural and
urban India. The relative share of expenditure on non-food items is a strong
indicator of economic development and prosperity as with economic well being
people tend to spend more on categories other than food.
This is exactly what has happened in India
with the share of non-food expenditure increasing from 36.0% in 1987-88 to
46.4% 2009-10 for rural India and from 43.6% to 59.3% in urban India
The Indian FMCG sector, comprising branded
food products, personal care, household care, baby care and OTC products was
pegged at c. Rs. 1.7 trillion during FY 2011-12. The sector demonstrated its
resilience to the economic upheaval and grew by 15.1% in the period January to
December 2011. The sector has witnessed a steady growth trend during the last 3
years Growth in rural India has been continuing on the back of expansion of
rural consumers’ wallet driven by factors such as higher Minimum Support Prices
(MSPs) for agricultural produce, loan waivers and employment guarantee schemes.
MSPs for Paddy and Wheat have grown at a CAGR of 13.2% and 11.4% respectively
since 2006-07. These factors coupled with increase in per capita income in
rural and semi urban areas have contributed to strong growth and expansion of
rural consumption.
Rural consumers are now increasingly moving
towards branded products. Gone are the days when the rural consumer was content
with using mustard oil and plain soap on her hair and skin. Today, they are
increasingly demanding branded products for their daily personal and health
care needs. The rural consumers across income segments are exhibiting marked
propensity towards spending on high quality products, which are backed by
strong brand values.
DABUR PERFORMANCE
OVERVIEW
The year 2011-12 was a landmark year for
Dabur as the company surpassed the US$ 1 billion or Rs. 50000.00 Millions
turnover mark, making it one of the few companies in India having this
distinction. This has been the outcome of the company’s efforts to grow its
revenues aggressively both organically and through acquisitions. In fact the
company has witnessed the highest growth during the last 10 years as is
presented in Fig. 8 which shows the company’s revenues during the last 25
years.
FY2011-12 saw another landmark achievement
with the company’s Food business crossing the Rs. 5000.000 Millions mark. This
is a creditable achievement for the Food business which has continued to grow
at a strong pace and retained leadership in fruit based beverage in India
having this distinction. This has been the outcome of the company’s efforts to
grow its revenues aggressively both organically and through acquisitions. In
fact the company has witnessed the highest growth during the last 10 years as
is which shows the company’s revenues during the last 25 years.
FY2011-12 saw another landmark achievement
with the company’s Food business crossing the Rs. 5000.000 Millions mark. This
is a creditable achievement for the Food business which has continued to grow
at a strong pace and retained leadership in fruit based beverage category
through innovation, expansion and creating a huge consumer preference for its
brands – Real and Activ.
What makes these achievements even more
significant is the fact that they have been achieved in a year that would rank
as among the most challenging ever for the industry with a slowing economy,
rising input costs, disruptive competition and currency depreciation. The
company coped well with these challenges through a mix of strategies and
actions such as calibrated price increases and productivity enhancement
measures thereby achieving strong growth in revenue and profitability. During
the year the company undertook a distribution re-alignment exercise, in which
Dabur’s erstwhile strategic business units, Consumer Care Division (CCD) which
focused on Healthcare, Home and Personal Care and Foods and Consumer Health
Division (CHD) which focused on over-the-counter (OTC) healthcare brands and
traditional Ayurvedic medicines were integrated into a unified structure or SBU
called Consumer Care Business. There was some impact on offtakes due to this
transition during first half of the year. However, the business resumed strong
momentum post the integration.
Innovation and new product development has
always been a key growth driver at Dabur and they continue to move forward on
this track. The year saw Dabur introducing a host of new products and variants,
besides entering new product segments to keep up the growth momentum and
excitement in the market. Some of the successful new launches during the year
include Dabur Almond Hair Oil, mixed fruit flavoured variant of the flagship
health supplement brand Dabur Chyawanprash, premium face masks and scrub under
Dabur Uveda, a range of professional facial products and body bleach under the
brand Fem, and Vatika Hair Gel in their overseas market, to name a few. All of
these new launches have been well accepted and have garnered share of both the
market pie and the consumer’s mind space.
They believe that with aspirations of rural
consumers coming closer to their urban counterparts, just leveraging mainstream
media is not sufficient to connect with rural consumers. Companies need to move
beyond the traditional media options like radio, television and cinema, and
enter into a direct engagement with consumer. These special initiatives not
only engage the consumers but also give them an opportunity to touch, feel and
experience the products. Be it through participation in haats, nukkad nataks,
Kumbh Mela or innovative initiatives like Dabur Amla Banke Dikhao Rani rural
beauty pageant, Dabur has very effectively captured the rural consumer
mind-space.
In fact, availability of products and
consumer connect are the two most important factors in determining a brand’s
success in these markets. And Dabur has
stepped up its efforts on both counts. Distribution initiatives were undertaken
during the year to expand Dabur’s rural footprint. Robust IT-enabled tools were
also put in place to effectively capture sales data and improve sales
forecasting, besides special consumer connect initiatives rolled out for
various brands, all of which helped drive demand and generate growth.
INTERNATIONAL
BUSINESS
Dabur’s International Business continued on
a strong growth trajectory with sales growing by 78.3% to Rs. 16160.000 Millions. The International Business
now contributes 30.3% to consolidated sales. Fiscal 2011-12 was the first full
year of the two overseas acquisitions – Hobi Group and Namaste Laboratories,
LLC under the Dabur fold. During the year, these acquisitions were assimilated
and integrated with the existing organic overseas business. If they were to
look at the growth in sales of the organic business excluding acquisitions, the
business grew by 27.1% to Rs. 9299.000 Millions. Their key geographies by total
overseas revenues now are: Middle East,
Africa, Asia and U.S. For region-wise sales
Breakdown
MIDDLE EAST
Middle East is their largest geography by
revenues, contributing to 30% of their international sales. Their foray in
Middle East during the 1980s was an outcome of demand for their products from
the Indian diaspora in these markets. Consumer needs in some of these markets
are very similar to Indian consumption habits and they were able to leverage
upon their strong understanding of this consumer behaviour. Gradually, they
started selling to the local population and set up manufacturing facilities in
UAE. Today, majority of their products are sold to the local population in
these markets.
The Gulf Co-operative Council (GCC) is one
of their key markets and has performed well during fiscal 2011-12, growing by
28%. Their key categories in Middle East are Hair Oils, Hair Creams, Shampoos
and toothpastes. Growth in the Middle East was impacted to some extent during
the first half on account of political disturbances in some markets but the sales showed a strong pick up
in the second half of the year.
Within GCC, Kingdom of Saudi Arabia (KSA)
and UAE are their biggest markets. In KSA, they dominate the Hair Oils category
with 59.2% share of the market and hold 21.1% share of the Hair Cream category.
In UAE, they command 30.6% market share in the Hair Oils category and 22.5%
market share in Hair Creams. They have a good presence in other GCC markets as
well, operating in hair care and oral care categories under the Dabur and
Vatika brands.
With the acquisition of Hobi Group, they
have extended their presence to Turkey in this region. The acquisition has
given them access to a new and complementary product range in hair styling and
other hair care, skin care and body care categories. As part of the strategy to
derive synergy benefits from Hobi with their existing international business,
they launched products out of the Hobi range in the Middle East and North
African geographies and used their expertise in hair gels to launch Vatika
Styling Hair Gels in some of these markets. Integration of Hobi Group was
completed during the first half of the year and the business performed well
with double digit growth in sales.
The Vatika shampoo range which was launched
last fiscal witnessed strong momentum carving out a promising niche in this
competitive category by focusing on high quality and value added herbal
offerings.
A range of skin care products comprising
Skin Serums, Skin Cream, Skin Lotions and Wet Wipes were introduced under the
Dermoviva brand in some GCC markets keeping up a strong pace of innovation and
new product introductions.
ASIA (EX-INDIA)
Asia (ex-India) contributes to 16% of their international
revenues. Their key markets in Asia (ex-India) are Nepal, Bangladesh and
Pakistan.
Nepal, which contributes to 8% of
international revenues, grew 21% during fiscal 2011-12 with strong growth in
Foods, Hair Care, Digestives and Home Care. Despite, minor upheavals, the
business environment in Nepal was relatively stable and the business saw
revival during the year. The recently introduced Dabur Almond Hair Oil has been
launched in Nepal as well. Besides the sales to local markets, Dabur Nepal also
focuses in a big way on developing sustainable supply of endangered and rare
herbs like Aswagandha, Chiratia, Daruheda.The company worked towards expanding
cultivation of about 10-12 such herbs during the year.
Dabur’s business in Bangladesh has witnessed
robust growth in the last two years with a doubling of revenues over this
period. Key categories in which the company operates are Hair Oils, Shampoos,
Digestives and Honey. The business saw growth of 47.9% during fiscal 2011-12
largely driven by Hair oils, Shampoos and Honey. The company expanded its
distribution footprint by increasing its coverage of number of towns, stockists
and outlets which was instrumental in expanding its sales volumes. A Greenfield
manufacturing facility is being set up near Dhaka to supplement the capacity
and meet future requirements.
Dabur is setting up a fruit juice facility
in Sri Lanka as an export oriented unit. This facility will be utilised for
meeting requirements of the Indian market as well as local sales in Sri Lanka.
AFRICA
Africa contributes to 22% of their
international revenues. Africa offers tremendous opportunities for consumer
product companies driven by factors such as:
·
As per World Bank estimates, Africa’s nominal GDP was
US$1.6 trillion in 2010 which is as big as India with nominal GDP of US$ 1.7
trillion
·
Expected increase in share of individuals with per
capita income of more than US$1,000 from 39% to 55% between 2005 and 2015
·
Rapidly emerging African middle class which could
number as many as 300 million, out of a total population of one billion
·
Expanding FMCG markets with increase in demand for
personal care products for grooming and hygiene.
They believe the sheer volumes and growth in
the number of consumers with increasing disposable incomes creates huge
opportunities for consumer products companies in Africa. They have channeled
their efforts in this direction to exploit these opportunities. The acquisition
of Namaste was a logical outcome of this strategy.
U.S. based Namaste’s product offerings,
which comprise hair care products for people of African origin, will help them
enhance their overall product portfolio pan Africa, particularly in Sub-Saharan
Africa. The biggest product segment in Namaste’s portfolio is the relaxing and
hair straightening products which are widely used among women of African
origin. Other products comprise nourishment products such as olive oil based
shampoos, conditioners and hair fertilizers etc. The Namaste portfolio already
has a strong base in the United States, which contributes to around 70% of its
sales. Rest of the sales are in Africa, Middle East, the Caribbean and Europe.
They expect greater potential for these products in their natural market i.e.
Africa and in other overseas markets. To feed the African markets, they have
started manufacturing Namaste products in their Ras-al-Khaimah facility in UAE
and are considering adding another line at their existing manufacturing facility
in Nigeria.
Based on a combination of organic
initiatives and acquisitions, they plan to significantly enhance Africa’s
contribution to their international revenues over the next 4 – 5 years.
Currently Egypt and Nigeria are their key markets in Africa and they plan to
extend their presence in a phased manner in other parts of Africa.
Egypt, which is their largest market in
Africa grew by 29% and contributes to 9% of their international sales. Though
there were political disturbances, particularly towards the first part of 2011,
the situation improved in the second half of fiscal 2011-12. Their key product
categories in Egypt are Hair Oils, Hair Creams and hair conditioning and
treatment products. They dominate the Hair Oil market in Egypt with 59.4%
market share (as per AC Nielsen for CY2011). This market share has increased
from 51.2% in CY2010. They posted handsome gains in market shares in Hair
Creams, with market share increasing to 25.2% in CY2011 as compared to 18.5% in
CY2010. Category building initiatives and enhancing their presence in these
categories have been the key growth drivers of continued strong growth in this
market.
Nigeria, their second biggest market in
Africa, grew by 34%. At present, their key category in Nigeria is toothpastes,
wherein they have increased their market share to 9.7% in CY2011 as compared to
6.9% in CY2010.
U.S.
Their U.S. business largely consists of
Namaste Laboratories, LLC which they acquired in January 2011. Post acquisition
the company has performed to their expectations recording double digit growth
in its revenue during 2011-12.
Namaste offers a wide range of specialized
hair care products for people of African origin and is an expert in African
hair care. The company continued to perform well in the U.S. market and gained
share in the Afro-American hair care category and is now the second biggest
player in the category. The company’s product portfolio comprises relaxer kits,
hair conditioners, moisturizers, shampoos and gels with Olive Oil as a key
ingredient in most of their products. The entire portfolio is operated under
the brand ‘Organic Root Stimulator’ which enjoys good brand equity among this
ethnicity.
With aggressive growth planned in markets
like Africa, the share of non-U.S. markets is likely to increase in the future.
Integration of Namaste has progressed well with business practices being
streamlined and aligned with the Dabur practices and platforms. The on-going
sharing of information and knowledge across the organic international business
and Namaste has opened up opportunities for learning and growth enhancement for
both enterprises.
OPERATIONS
At Dabur, they recognize operations as an
important source of competitive advantage. Dabur believes in continually
striving for higher and better levels of quality not just in its products, but
also in its operations, without losing sight of its commitments towards the
environment and communities where it operates. A host of initiatives are
continually rolled out by the company to improve productivity while reducing
its energy usage.
DOMESTIC
MANUFACTURING
Dabur today has manufacturing plants in 12
locations, Baddi (Himachal Pradesh), Pantnagar (Uttaranchal), Sahibabad (Uttar
Pradesh), Jammu, Silvassa, Nasik, Alwar, Katni, Narendrapur, Pithampur, Newai
(Rajasthan) and Siliguri (West Bengal). During 2011-12 the company added a
Honey plant in Baddi. Another unit has been established in Baddi and
commissioned in March 2012 to manufacture Chyawanprash, Toothpaste, Glucose and
Odonil.
They are glad to announce that the Company
has received the OHSAS 18001 and ISO 14001 certification for five units in
Baddi, besides plants in Jammu, Newai and Alwar. This certification has been
done by the external accreditation body TUV NORD. This standard is the
foundation of overall health, safety and environment framework of Dabur. With
this, eight of their manufacturing units have now been certified under this
standard.
Various energy conservation techniques have
been initiated and successfully implemented across all manufacturing units.
These initiatives have been provided in detail in the Business Responsibility
Report, a copy of which is available on the company’s website www.dabur.com
Initiatives were also taken towards new
product and pack introductions, improve safety awareness and quality
improvement. Several existing units were upgraded and manufacturing capacity
added for Hajmola, Gulabari and
shampoo to meet the growing demand for these
products.
OVERSEAS
MANUFACTURING
Dabur’s overseas manufacturing footprint
today spreads across countries like Nepal, Bangladesh, UAE, Nigeria, Egypt and
Turkey. Manufacturing capacity expansion is a continuous exercise at these
locations in line with the growing demand for its products across the globe.
The company recently commissioned a new facility in Egypt which has been added
to enhance the capacities for manufacturing hair care and skin care products
for Egyptian market.
In 2011-12 Dabur announced its entry into
Sri Lanka with the setting up of an overseas subsidiary – Dabur Lanka (Private)
Limited. Dabur Lanka signed an agreement with the Board of Investment of Sri
Lanka in September 2011, to establish this venture. As part of this, a new
export oriented manufacturing facility will be set up for producing a range of
fruit-based beverages in Gampaha, north of Colombo.
The new manufacturing facility will cost
approximately Rs. 1050.000 Millions, phased over two years and will be
commissioned in the latter part of fiscal 2012-13. A Greenfield facility is
also being set up in Bangladesh to keep pace with the growing needs of this
market. This facility – which will produce a host of Dabur products, like
Shampoo, Honey, Odonil, Hair Oils and Hajmola – is expected to be operational
by the end of 2012.
FIXED ASSETS
Tangibles
·
·
Buildings, Roads and Culverts
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Intangibles
·
Computer Software
·
Trade Marks and Patent
WEBSITE DETAILS
CORPORATE
PROFILE
Subject is
one of India’s leading FMCG Companies with Revenues of over Rs
61460.000 millions and Market Capitalisation of US $5 Billion.
Building on a legacy of quality and experience of over 127 years, Subject is today
India’s most trusted name and the world’s largest Ayurvedic and Natural Health
Care Company.
Subject
India is also a world leader in Ayurveda with a portfolio of over 250
Herbal/Ayurvedic products. Subject FMCG portfolio today includes five
flagship brands with
distinct brand identities -- Subject as the master brand for natural healthcare
products, Vatika for
premium personal care, Hajmola for digestives, Real for fruit juices and beverages and Fem for fairness bleaches and skin care
products.
Subject
today operates in key consumer products categories like Hair
Care, Oral Care, Health Care, Skin Care, Home Care and Foods. The
company has a wide distribution network, covering over 2.8
million retail outlets with
a high penetration in both urban and rural markets.
Subject
products also have a huge presence in the overseas markets and are today available
in over 60 countries across the globe. Its brands are highly popular in the Middle East, SAARC
countries, Africa, US, Europe and Russia. Subject overseas
revenue today accounts for over 30% of the total turnover.
The
125-year-old company, promoted by the Burman family, had started operations in
1884 as an Ayurvedic medicines company. From its humble beginnings in the by
lanes of Calcutta, Dabur India Limited has come a long way today to become one
of the biggest Indian-owned consumer goods companies with the largest herbal
and natural product portfolio in the world. Overall, Subject has
successfully transformed itself from being a family-run business to become a
professionally managed enterprise. What sets Subject apart from
the crowd is its ability to change ahead of others and to always set new
standards in corporate governance and innovation.
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. 56.64 |
|
|
1 |
Rs. 86.68 |
|
Euro |
1 |
Rs. 73.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.