MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARLE BISCUITS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.09.1974 |
|
|
|
|
Com. Reg. No.: |
11-017797 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.4.950 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15412MH1974PLC017797 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16474D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0485D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Biscuit Confectionery. |
|
|
|
|
No. of Employees
: |
3500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 44700000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is India’s largest manufacturer of biscuits and confectionery.
It is a well established company having fine track record. The latest
financials of the company are not made available. However, it has achieved tremendous increase in its sales turnover
during the 2011. Financial position of the company appears good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
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
Management non co-operative
LOCATIONS
|
Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra,
India |
|
Tel. No.: |
91-22-66916911/ 12 / 66916929 |
|
Fax No.: |
91-22-66916927 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Plants 1 : |
SP-2/4, RIICO Industrial Area, |
|
Tel No : |
91-1494-246312 |
|
Fax No. : |
91-1494-246180 |
|
|
|
|
Plants 2 : |
36, |
|
Tel No : |
91-1276-23415458 |
|
Fax No. : |
91-1276-2341406 |
|
|
|
|
Plants 3 : |
Plot No 3, Sector 1, Integrated Industrial Estate, Rudrapur-263153,
Uttaranchal, India |
|
Tel No : |
91-594-4247431/32/33 |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Raj Kumar Satyanarayan Nevatia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
1, Jogesh CHS Limited, 14, Natwar Nagar Road, Jogeshwari (East),
Mumbai – 400060, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1951 |
|
Date of Appointment : |
07.01.1998 |
|
DIN No.: |
00486912 |
|
|
|
|
Name : |
Ms. Santosh Narwal |
|
Designation : |
Director |
|
Address : |
H No 1615, Sector – 6, Bahadurgarh, Jhajjar – 124507, Haryana, India |
|
Date of Birth/Age : |
15.07.1969 |
|
Qualification : |
M.B.A |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
02701505 |
|
|
|
|
Name : |
Mr. Hariharan Kalathu Iyer |
|
Designation : |
Director |
|
Address : |
11, Giri Vihar, Rammaruthi Cross Lane No. 3 Naupada, Thane – 400602,
Maharashtra, India |
|
Date of Birth/Age : |
01.05.1954 |
|
Date of Appointment : |
17.05.2010 |
|
DIN No.: |
03086518 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Shares |
|
Parle Products Private Limited, India |
49499 |
|
Rajkumar S. Nevatia, Parag K. Khansaheb Jointly with Parle Products Private
Limited, India |
1 |
|
TOTAL
|
49500 |
Equity Share Break up (Percentage of Total Equity)
AS ON 24.09.2012
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Biscuit Confectionery. |
||||
|
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|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Biscuits |
M.T |
492000 |
401911 |
638395.734 |
|
Confectionery |
M.T |
25200000 |
14400 |
25861.302 |
|
Potato chips |
Kgs |
NA |
12200 |
3095.143 |
|
Stix |
Kgs |
NA |
7500 |
2090.968 |
|
Sugar |
Qtl |
NA |
17702500 |
189992 |
|
Power generation |
KWH |
NA |
238534800 |
15997772 |
|
Printed laminated wrappers |
M.T |
NA |
5500 |
7085.955 |
|
C.Boxes |
Nos. |
NA |
3287500 |
25425810 |
|
Mollasses (By-product) |
Qtl |
NA |
NA |
124140 |
|
Baggasse (By-Product) |
Qtl |
NA |
NA |
743405 |
|
Parle Flavour Mix |
M.T |
NA |
2943681 |
625.741 |
Notes:
1. Installed capacity is in respect of the
company’s own manufacturing units and does not include capacity of contract
manufacturers.
2. Production includes production of company’s
own manufacturing units as well as production for the company by its contract
manufacturers.
3. Including 3,59,351.244 MT. manufactured by
contract manufacturing units.
4. Including 17,094.283 MT. manufactured by
contract manufacturing units.
5. Including 502.456 MT. manufactured by
contract manufacturing units.
6. Including 409.046 MT. manufactured by
contract manufacturing units.
7. Includes production for captive consumption
1,94,109.000 QtI.
8. Installed capacity of sugar is based on
three shift working for 365 days in a year. The figure of actual production is
for 85 days as unit is a seasonal unit.
9. Includes 94,07,945.000 KWH used for captive
consumption, 1,22,698.000 KWH transmission loss, and balance of 556,288.000 KWH
banked with Uttar Pradesh Power Corporation as at year end.
10. Including 3,115.023 MT. manufactured by
contract manufacturing units.
11. Of which 7087.085 MT. used for capitive
consumption, The value of 73.549 MT. in stock at year end has been considered
for the purpose of amving at the figure of consumption of raw material.
12. Including 90,17,600 Nos. manufactured by
contract manufacturing units.
13. Of which 2,14,63,785 Nos. used for captive
consumption, The value of 3,68.068 Nos. in stock at year end has been
considered for the purpose of arriving at the figure of consumption of packing
material
14. Includes production for captive
consumption 7,46,286.000 Qtl.
15. Includes production for capitive
consumption 498.565 MT., The value of 26.642 MT. in stock at year end has been
considered for the purpose of arriving at the figure of consumption of raw
material.
16. Licensed capacity is based on the
Entrepreneur’s Memorandum filed with the Ministry of Commerce and Industry. New
Delhi.
17. Previous year’s figures are given in
brackets
GENERAL INFORMATION
|
No. of Employees : |
3500 (Approximately) |
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|
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|
Bankers : |
·
Allahabad Bank, Kaisarganj, Bahraich – 271903, Uttar
Pradesh, India · Indian Overseas Bank · Corporation Bank · The United Western Bank Limited · The Bharat Co-operative Bank Limited · Axis Bank · Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|||||||||||||||
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|
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Facilities : |
NOTE : (A) Secured by first and exclusive charge by way of hypothecation of
all existing and future current assets |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S.A. Buhariwalla and Associates Chartered Accountants |
|
Address : |
201/ 203, Konark Classic, 85, Hill Road, Bandra, Mumbai – 400050,
Maharashtra, India |
|
PAN.: |
AACPB0118L |
|
|
|
|
Holding Company : |
·
Parle Products Private Limited |
|
|
|
|
Wholly owned subsidiary : |
·
Arctic Biscuits Private Limited ·
Antartic Biscuits Private Limited |
|
|
|
|
Subsidiaries : |
·
Pardee Foods Nigeria Limited (Pardee) ·
Parlite Foods SARL (Parlite) |
|
|
|
|
Fellow Subsidiary : |
·
Flash Laboratories Private Limited |
|
|
|
|
Fellow Subsidiary (also an Associate Company w.e.f. 20th April, 2005) : |
·
Triad Foods Private Limited |
|
|
|
|
Partnership firm : |
·
Kisan Seva Kendra ·
Fitrite Packers |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49500 |
Equity Shares |
Rs.100/- each |
Rs. 4.950 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.950 |
4.950 |
4.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11170.804 |
9984.485 |
8844.247 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11175.754 |
9989.435 |
8849.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
237.103 |
0.000 |
|
|
2] Unsecured Loans |
50.149 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
50.149 |
237.103 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
49.836 |
106.935 |
76.643 |
|
|
|
|
|
|
|
|
TOTAL |
11275.739 |
10333.473 |
8925.840 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3750.684 |
3823.596 |
41915.535 |
|
|
Capital work-in-progress |
395.948 |
300.743 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4862.122 |
3830.576 |
1968.747 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3730.209
|
2818.301
|
1735.036
|
|
|
Sundry Debtors |
677.856
|
435.701
|
309.247
|
|
|
Cash & Bank Balances |
219.826
|
516.316
|
712.022
|
|
|
Other Current Assets |
34.276
|
23.670
|
10.764
|
|
|
Loans & Advances |
1071.849
|
916.618
|
1069.947
|
|
Total
Current Assets |
5734.016
|
4710.606
|
3837.016
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2828.059 |
1778.655 |
778.081 |
|
|
Current Liabilities |
587.934
|
535.486
|
1059.274
|
|
|
Provisions |
51.038
|
17.907
|
12.184
|
|
Total
Current Liabilities |
3467.031
|
2332.048
|
1071.458
|
|
|
Net Current Assets |
2266.985
|
2378.558
|
2765.558
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11275.739 |
10333.473 |
8925.840 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover (net) |
40045.901 |
28371.910 |
21013.368 |
|
|
|
Other Income |
NA |
NA |
271.783 |
|
|
|
TOTAL (A) |
NA |
NA |
21285.151 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
|
12080.802 |
|
|
|
Consumption of stores and spares parts |
|
|
81.577 |
|
|
|
Managerial Remuneration |
|
|
2.736 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(154.848) |
|
|
|
Purchases made for re-sale |
|
|
6.561 |
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
248.485 |
|
|
|
Payment to Auditors |
|
|
1.103 |
|
|
|
Insurance Expenses |
|
|
5.347 |
|
|
|
Power & Fuel |
|
|
628.196 |
|
|
|
Other Expenditure |
NA |
NA |
6408.460 |
|
|
|
TOTAL (B) |
|
|
19308.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1976.732 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
14.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
1962.004 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
544.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1570.335 |
1506.041 |
1417.231 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
384.015 |
365.803 |
489.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
1186.320 |
1140.238 |
927.421 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1140.238 |
927.421 |
1370.874 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1140.238 |
927.422 |
1370.874 |
|
|
BALANCE CARRIED
TO THE B/S |
1186.320 |
1140.238 |
927.421 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest on Loan |
NA |
11.486 |
20.683 |
|
|
TOTAL EARNINGS |
|
11.486 |
20.683 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
417.443 |
41.291 |
|
|
|
Stores & Spares |
NA |
6.734 |
21.091 |
|
|
|
Capital Goods |
|
0.000 |
55.706 |
|
|
|
Packing materials |
|
9.763 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
433.940 |
118.088 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.030 |
23.039 |
18.736 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
NA |
4.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.92 |
5.31 |
6.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.56 |
17.65 |
19.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
2.02 |
3.58 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
As
on 31.03.2011 (Rs.
in Millions) |
As
on 31.03.2010 (Rs.
in Millions) |
|
|
|
|
|
Rupee term loans banks unsecured |
50.149 |
0.000 |
|
|
|
|
|
TOTAL |
50.149 |
0.000 |
|
Note : (A) Unsecured Loans From Banks - Short term loans – Rs.35.709 Millions
– Overdraft accounts – Rs.14.440 Millions |
||
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
2828.059 |
1778.655 |
778.081 |
|
TOTAL |
2828.059 |
1778.655 |
778.081 |
NOTE
The registered address of the company V. S. Khandekar Marg, Vile Parle (East),
Mumbai – 400057, Maharashtra, India has been shifted to the present address
w.e.f. 08.09.2007
OPERATIONS
The Sales for the
year amounted to Rs.40045.901 Millions compared to previous year’s sales of
Rs.28371.910 Millions showing a growth of Net Profit Before Tax has increased
by 4.26 %.
SUBSIDIARY
ARCTIC BISCUITS PRIVATE LIMITED
This company is
incorporated in Bangladesh under Bangladesh Companies Act, 1994. The company has
reported a loss of 73,685,976 Takas compared to last year Loss of 8,083,079
Takas. The sales turnover is 216,711,442 Taka against last year sales turnover
of 213,294,205 Taka.
PARLITE FOODS SARL, CAMEROUN
This company is
incorporated in Cameroun under the OHADA Uniform Act relating to Commercial
Companies and Economic Interest Group. The company commenced commercial
production in July 2006. The company has reported a profit (after tax) of
468,349,917 CFA Francs for the period 1.04.2010 to 31.03.2011 compared to last
year profit of 331,440,534 CFA Francs. The sales turnover is 4,839,497,784 CFA
Francs against last year sales turnover of 2,985,754,947 CFA.
PARDEE FOODS NIGERIA LIMITED, NIGERIA
This company is
incorporated in Nigeria under The Companies and Allied Matters Act, 1990. The
company commenced commercial production on April 2007. The company has reported
a profit of 111,899,002 Naira for the period 1.04.2010 to 31.03.2011 compared
to last year profit of 118,279,479 Naira. The sales turn over is 4,634,205,245
Naira against last year sales turnover of 1,933,815,106 Naira.
ANTARCTIC BISCUITS PRIVATE LIMITED
Antarctic Biscuit
Private Limited is a Company incorporated on 21.11.2008 in Nepal, which is a
100% Subsidiary of Parle Biscuits Private Limited. Parle Biscuits Private
Limited is a 100% Subsidiary of Parle Products Private Limited. The Financial
year of the Company is from 15 July to 14 July. The production has commenced on
28.05.2010. The company has reported a profit of 91,09,705 NPR (after tax) for
the period 1.04.2010 to 31.03.2011 compared to last year loss of 3,77,875 NPR.
The sales turnover is 8,65,51,427 NPR against last year sales turnover of NIL
NPR.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
a) Income-tax matters disputed in appeals |
|
|
|
These represent
demands raised by income tax authorities in respect of excess consumption
disallowed on the basis of standard yield, tax deducted at source and other matters
for which disputes are pending before appellate authorities. The company is
confident that the case will be successfully contested |
89.885 |
128.627 |
|
|
|
|
|
b) Excise matters disputed in appeals |
|
|
|
(1.) Demand aggregating
to Rs. 7.926 Millions raised by the commissioner of Central Excise, Rohtak
for alleged under-valuation of packing materials cleared to the Company's
manufacturing units for captive consumption and consequent short payment of
excise duty thereon and penalty of Rs.8.126 Millions levied in respect of the
same. The company's appeal before the Honourable Customs, Excise and Service
Tax Appellate Tribunal (CESTAT) was decided in its favour after 31st
March 2010. According to the information available to the company, the excise
department has not appealed against the order of the Honourable CESTAT |
0.000 |
16.053 |
|
(2.) Demands
aggregating to Rs. 1.861 Millions raised by Assistant Commissioner of Central
Excise, Rohtak, for alleged wrong availing of CENVAT credit on re-engraved
printing cylinders sent to job workers and penalty of Rs.1.911 Millions
thereon. The Company has paid a sum of Rs.0.300 Million as pre-deposit for
admission of the appeal. The matter is pending before the Honourable Customs,
Excise and Service Tax Appelate Tribunal (CESTAT). |
3.773 |
3.773 |
|
(3.) Show cause
notice received from Assistant Commissioner of Central Excise, Rohtak, in
respect of sums aggregating to Rs. 0.404 Million alleged to have wrongly availed
by way of CENVAT credit on re-engraved printing cylinders sent to job workers
and penalty of Rs.0.403 Million thereon. The matter is pending before
Commissioner (Appeals). |
0.807 |
0.807 |
|
(4.) Demands in
respect of sums aggregating to Rs. 0.700 Million alleged to have wrongly
availed by way of CENVAT credit on re-engraved printing cylinders sent to job
workers and penalty of Rs. 0.700 Million thereon. The matter is pending
before the Honourable Customs, Excise and Service Tax Appellate Tribunal (CESTAT). |
1.400 |
1.400 |
|
(5.) Demands In
respect of sums aggregating to Rs. 82.906 Millions alleged to have been
wrongly availed by way of CENVAT credit on ingredients of BOPP Wrapper and
penalty of Rs.82.906 Millions thereon. The order has been set aside by the
Honourable Customs, Excise and Service Tax Appellate Tribunal (CESTAT) and
the matter has been remanded back for adjudication |
165.812 |
165.812 |
|
(6.) Demand cum show cause notice received from
Comissioner of Central Excise, Rohtak, in respect of sums aggregating to Rs.
22.506 millions alleged to have been wrongly availed by way of CENVAT credit
on ingredients of BOPP Wrapper and penalty of Rs. 22.506 millions thereon.
The company has replied to the show cause notice and response of the
authorities is awaited. |
45.011 |
45.011 |
|
(7.) Demand cum
show cause notice received from Commissioner of Central Excise, Rohtak, in
respect of sums aggregating to Rs. 17.745 Millions alleged to have been wrongly
availed by way of CENVAT credit on ingredients of BOPP wrapper and penalty of
Rs. 17.745 Millions thereon. The company has replied to the show cause notice
and the matter has been heared. Response of the authorities is awaited. |
35.491 |
35.491 |
|
(8.) Demand cum
show cause notices received from Assistant Commissioner of Central Excise,
Rohtak in respect of sums aggregating to Rs.0. 288 Million alleged to have
wrongly availed by way of CENVAT credit on re-engeraved printing cylinders
sent to job workers and penalty of Rs.0. 288 Million thereon. The company has
replied to the show case notice and response of the authorities is awaited. |
0.578 |
0.578 |
|
(9.) Demand cum
show cause notices received from Commissioner of Central Excise, Rohtak in respect
of sums aggregating to Rs. 12.776 Millions alleged to have wrongly claimed
and utilised in respect of CENVAT credit on service tax paid on GTA services
and penalty thereon Rs. 12.776 Millions. The company has replied to the show
cause notice and responses of the authorities is awaited. |
25.554 |
25.554 |
|
(10.) Demand cum
show cause notices received from Additional Commisioner of Central Excise,
Rohtak in respect of sums aggregating to Rs. 16.423 Millions all edged to be payable
on clearance of invert syrup used for captive consumption. The company has
replied to the show cause notices and the matter has yet to be heard |
16.423 |
0.000 |
|
(11.) Demands in
respect of sums aggregating to Rs. 8.313 Millions all edged to be payable on
clearance of invert syrup used for captive consumption. The matter is pending
in appeal before the Honorable Customs, Excise and Service Tax Appellate
Tribunal (CESTAT). |
8.313 |
0.000 |
|
(12.) Demand raised
by Commissioner of Central Excise Division, Faiziabad in respect of Cenvat
credit of Rs.9.387 Millions all edged to have been wrongly claimed on capital
goods on the basis of endorsement by the Central Excise department. The
company's appeal is pending before the Honourable CESTAT. |
9.387 |
0.000 |
|
(13.) Demand of
Rs. 0.096 Million raised by Deputy Commissioner (Audit), Central Excise on
account of goods erroneously cleared under wrong classification. The matter
is pending before Commissioner (Appeals) |
0.096 |
0.000 |
|
(14.) Demand of
Rs. 0.173 Million raised by Commissioner of Central Excise, Jaipur, in
respect of Modvat Credit all edged to have been wrongly taken on certain items
of capital goods. The matter was decided against the company by the Customs,
Excise and Gold (Control) Appellate Tribunal (CEGAT), New Delhi. The company
is in the process of filing an appeal before the Honourable Rajesthan High
Court. |
0.173 |
0.000 |
|
(15.) Demand of
Rs. 2.304 Millions raised by Additional Commissioner, Central Excise
Commissionerate Jaipur in respect of balance of Cenvat Credit available to
the company's contract manufacturing unit all edged to have been wrongly
utilised by the company. The company's appeal before the Additional
Commissioner of Jaipur was decided in favour of the department. The company
is in the process of filing an appeal before the Honourable CESTAT. |
2.304 |
0.000 |
|
(16.) Demands
aggregating to Rs. 14.265 Millions in respect of duty exemption alledged to
have been wrongly claimed on clearance of cream and Rs.15.765 Millions in
respect of penatly thereon raised by Commissioner, Central Excise and Service
Tax, Kanpur. The company's appeal before Commissioner of Central Excise and
Service Tax, Kanpur was decided in favour of the department. The company's
appeal before Honourable CESTAT is pending. |
30.331 |
0.000 |
|
(17.) Demand of
Rs. 0.080 Million raised by Assisstant Commissioner Central Excise and Service
Tax, Allahabad in respect of 2595 kgs of spoilt loose biscuits all edgedly
removed from the factory without payment of excise duty. |
0.080 |
0.000 |
|
(18.) Demand cum
show cause notices received from Assistant Commissioner of Central Excise,
Division Faizabad in respect of sums aggregating to Rs.1.209 Millions alleged
to have been wrongly availed by way of cenvat credit in respect of inputs
used in exempted goods. Interest thereon has not been quantified. The company
has replied to these show cause notices and the decision was in favour of the
company |
0.000 |
1.209 |
|
(19.) Vide order
SI no. 4/79/Agriculture/ Group 2/ 2002/ dated 27th April 2005 of the Director
of Agricultural Marketing Department, Jaipur, the facility under rule 58(4) of
the Rajasthan Agricultural Mandi Rules, 1963, was withdrawn. Due to this, all
industries have to pay mandi tax @ 1.6% on sugar purchased from outside
Rajasthan. The company has filed a Writ Petition in the High Court of
Jurisdicture for Rajasthan Bench at Jaipur challenging this order. |
54.323 |
40.110 |
|
|
|
|
|
c) State Advised
Price for purchase of sugarcane |
|
|
|
Relates to state advised price fixed by the U.P State Government for purchase of sugarcane from cane growers disputed by the U. P. Sugar Mills Association and the Indian Sugar Mills Association (of which the Company is a member). The matter was decided by the Lucknow Bench of the Honourable Allahabad High Court in favour of the U.P. State Government and the cane growers. The appeal of the U.P Sugar Mills Association and the Indian Sugar Mills Association in this matter is pending before the Honourable Supreme Court. Amount disputed by the Company. |
33.685 |
33.685 |
|
|
|
|
|
d) Sales Tax /
Entry Tax matters disputed in appeal |
|
|
|
1) Mainly relates to the demands raised by the Assessing Officer in respect of :- |
|
|
|
(a.) Exclusion of secondary freight in Invoice raised to party |
0.732 |
0.732 |
|
(b.) Non-payment of entry tax on materials imported into states |
0.260 |
0.260 |
|
(c.) Non-submission of forms F and C and form D relating to sales to Canteen Stores Department, |
19.688 |
64.629 |
|
(d.) Non-Payment of Entry Tax on sugar |
3.990 |
3.990 |
|
(e.) Goods ceased due to incorrect/ incomplete documents / Forms |
0.493 |
1.298 |
|
(f.) Demand raised by Sales Tax Authorities in other matters. |
68.519 |
0.000 |
|
2) Relates to demand raised by Dy. Commissioner Trade Tax in respect of Entry Tax for the period 1st December 2009 to 31st March 2010 on sugar. The demand has been stayed by the Honorable High Court of Uttarakhand at Nainital vide its order no. 12 of 2009 (M/B) dated 25th November 2009. |
7.209 |
7.209 |
|
3) Demand raised by deputy Commissioner of Sales Tax (Assessment) B-208, Pune against non-submission of form 'F' forfeited of excess collection of Sales Tax and short payment of Sales Tax for F.Y. 2004-05. |
0.350 |
0.350 |
|
4) Demand of Rs. 30.393 Millions raised by Commercial Tax Officer, Bhiwadi, Rajasthan in respect of difference in VAT arising out of all edged wrong classification of certain products. The company's appeal before the Honourable Rajasthan Tax Board is pending |
30.393 |
0.000 |
|
5) Entry tax paid under protest in Rajasthan. The matter is pending before the Honourable Supreme Court. |
6.893 |
0.000 |
|
|
|
|
|
e) Haryana Local
Area Development Tax disputed in appeal |
|
|
|
Relates to demand raised by Joint Excise and Taxation Commissioner (Appeals) for tax free goods and goods purchased from other states and not offered for Haryana Local Area Development Tax. |
12.424 |
12.424 |
|
|
|
|
|
f) Employees' State
Insurance dues disputed in appeal |
|
|
|
(1.) Relates to demand made on the Company in the capacity of principal contractor by the Employee's State Insurance Corporation in respect of work done for the Company by a contractor. The Company’s appeal is pending before the Honourable High Court of Punjab and Haryana at Chandigarh. |
1.892 |
1.892 |
|
(2.) Relates to demand made by the Employee's State insurance Corporation in respect of delays in making payment. The matter was heard in favour of the company by the ESIC court, Rohtak. The department appeal is pending before the high Court of Punjab and Haryana at Chandigarh. |
0.080 |
0.080 |
|
|
|
|
|
g) Labour Matter |
|
|
|
Case filed by an employee against the company in respect of expenses incurred by him due to an injury that he suffered while carrying out his duties as well as loss of pay. The case is pending before the Labour Court, Nagar, Gonda, Uttar Pradesh. |
0.047 |
0.047 |
|
|
|
|
|
h) Guarantees
furnished by banks |
6.667 |
8.659 |
FORM 8
|
Corporate
identity number of the company |
U15412MH1974PLC017797 |
|
Name of the
company |
PARLE BISCUITS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
North Level Crossing, Vile Parle (East), Mumbai – 400 057, Maharashtra Email : iyermr@parle.biz |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10133414 |
|
Type of charge |
Book Debts Movable Property Current Assets |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India Email: vijendra.spare@kotak.com |
|
Nature of
instrument creating charge |
Supplemental deed
of hypothecation |
|
Date of
instrument Creating the charge |
26.09.2012 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Bank
sanction letter. Terms of
repayment As per Bank
sanction letter. Margin As per Bank
sanction letter. Extent and
operation of the charge First and
exclusive charge by way of Hypothecation on Current assets of the Borrower,
in favour of Kotak Mahindra Bank, to secure the repayment of financial
facilities granted by the Bank to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Borrowers current assets both present and future as described in schedule III
to the Supplemental Deed of Hypothecation. |
|
Date of
instrument modifying the charge |
18.05.2011 |
|
Particulars of
the present modification |
The Bank had
granted facilities of Rs.250.000 Millions. which was secured by Hypothecation
of Current Assets (Stocks and Book debts) of the Borrower on 07/11/2008. Said
charge was modified on 06/02/2009, 08/09/2009, 11/01/2010, 25/03/2010 and
18/05/2011. The Bank has now revised the said facilities as stated in
Schedule II to the Supplemental Deed of Hypothecation and said charge is now
modified and extended to the revised facilities aggregating to Rs.1500.000
Millions. |
FIXED ASSETS
- Land
- Factory buildings
- Plant and machinery
- Electric installations
- Furniture and fittings
- Office equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.54.33 |
|
|
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
62 |
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.