MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN FIELD SERVICES PRIVATE LIMITED (w.e.f. 21.01.2010) |
|
|
|
|
Formerly Known
As : |
HINDUSTAN UNILEVER FIELD SERVICES PRIVATE LIMITED |
|
|
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Registered
Office : |
Dakshina, 8th Floor, Plot No.2, Sector-11, CBD Belapur,
Navi Mumbai-400614, Maharashtra |
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|
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|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2012 |
|
|
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|
Date of
Incorporation : |
14.12.2007 |
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Com. Reg. No.: |
11-176788 |
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Capital Investment
/ Paid-up Capital : |
Rs. 12.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH2007PTC176788 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH11026B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH9517P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
providing marketing and field services for the modern trade channel, general
trade channel, business assisted channel, brand activation for food division and
merchandising ice cream in India. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
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|
Status : |
Satisfactory |
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|
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Financially company seems to be strong. Net profitability has been a
dip during 2012. However, liquidity position is good. Trade relations are fair. Business is active. Payments are reported as
usually correct. In view of strong managerial and financial support from its holding
companies, the subject can be considered normal for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 : |
Dakshina, 8th Floor, Plot No.2, Sector-11, CBD Belapur,
Navi Mumbai-400614, Maharashtra, India
|
|
Tel. No.: |
91-22-39833751 / 39830000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 26.09.2012
|
Name : |
Ms. Leena Kumar Nair |
|
Designation : |
Director |
|
Address : |
Apartment No.1904, 19th Floor, Ashok Towers, Parel,
Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1969 |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
01517891 |
|
|
|
|
Name : |
Mr. Douglas Raymond Smollan |
|
Designation : |
Director |
|
Address : |
98, Paddock Road, Athol, Sandton, South Africa |
|
Date of Birth/Age : |
17.11.1945 |
|
Date of Appointment : |
01.01.2008 |
|
DIN No.: |
01836732 |
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|
|
|
Name : |
Mr. Christopher Marc Eyres |
|
Designation : |
Director |
|
Address : |
1A, Sunrise Bungalow, White House Complex, 91, Walkeshwar,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
27.03.1959 |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
01936473 |
|
|
|
|
Name : |
Mr. Charles Tillentelo Johnstone |
|
Designation : |
Director |
|
Address : |
3, Serruna Street, Ferndale Randburg-2194, South Africa |
|
Date of Birth/Age : |
01.11.1964 |
|
Date of Appointment : |
01.01.2008 |
|
DIN No.: |
01957722 |
|
|
|
|
Name : |
Mr. Manish Tiwary |
|
Designation : |
Director |
|
Address : |
No. 3A, Nityashree Apartments, 51, Chamiers Road, Chennai-600028,
Tamilnadu, India |
|
Date of Birth/Age : |
28.11.1969 |
|
Date of Appointment : |
16.02.2009 |
|
DIN No.: |
02572830 |
|
|
|
|
Name : |
Ms. Anita Sandeep Zutshi |
|
Designation : |
Director |
|
Address : |
3B, Champaka Britannia Gardens, Airport Road, Bengalore-560017,
Karnataka, India |
|
Date of Birth/Age : |
24.07.1971 |
|
Date of Appointment : |
27.01.2011 |
|
DIN No.: |
03534695 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
No. of Shares |
|
Hindustan Unilever Limited, India |
96124 |
|
Hemant Bakshi |
1 |
|
Global Smollan Holdings, Mauritius |
1153875 |
|
TOTAL
|
1250000 |
AS ON 26.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
92.31 |
|
Bodies corporate |
7.69 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing marketing and field services for the modern trade
channel, general trade channel, business assisted channel, brand activation for
food division and merchandising ice cream in India. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|
|
|
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg, Shivaji Chowk, Dadar (West), Mumbai-400028,
Maharashtra, India |
|
PAN No.: |
AABFL5878L |
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|
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|
Holding Company : |
Hindustan Unilever Limited CIN No.:- L15140MH1933PLC002030 |
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Associates : |
Global Smollan Holding (Mauritius) w.e.f 1st June, 2011 |
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Fellow Subsidiaries : |
Smollan Services Private Limited CIN No.:- U74900MH2010FTC211149 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs. 12.500
Millions |
|
|
|
|
|
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 |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
77.020 |
90.204 |
30.534 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.520 |
102.704 |
43.034 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.520 |
102.704 |
43.034 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.342 |
49.878 |
6.624 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
22.154 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.990 |
0.690 |
4.669 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
190.513
|
178.040 |
66.049 |
|
|
Cash & Bank Balances |
143.605
|
66.684 |
158.487 |
|
|
Other Current Assets |
0.215
|
1.645 |
0.162 |
|
|
Loans & Advances |
27.030
|
21.754 |
14.173 |
|
Total
Current Assets |
361.363
|
268.123 |
238.871 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
105.018
|
103.543 |
211.703 |
|
|
Other Current Liabilities |
137.870
|
97.831 |
4.360 |
|
|
Provisions |
56.287
|
14.613 |
13.221 |
|
Total
Current Liabilities |
299.175
|
215.987 |
229.284 |
|
|
Net Current Assets |
62.188
|
52.136 |
9.587 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.520 |
102.704 |
43.034 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1712.076 |
1234.727 |
508.950 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
1610.523 |
1147.012 |
462.467 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1610.523 |
1147.012 |
462.467 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
101.553 |
87.715 |
46.483 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
33.745 |
28.045 |
16.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
67.808 |
59.670 |
30.343 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.014 |
30.343 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
9.001 |
0.000 |
0.000 |
|
|
|
Interim Dividend |
43.583 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
37.409 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
67.829 |
90.013 |
30.343 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
54.25 |
47.74 |
24.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.96
|
4.83 |
5.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.13
|
27.52 |
18.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.13
|
0.85 |
1.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.24 |
1.04 |
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 |
No |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
105.018
|
103.543 |
211.703 |
|
|
|
|
|
|
TOTAL |
105.018
|
103.543 |
211.703 |
OPERATIONAL REVIEW
In its fourth year
of operation, the Company has shown yet another exemplary performance. As a
preferred strategic partner for Hindustan Unilever Limited (HUL), the Company
manages the Execution Services across seven channels/businesses viz. Modern
Trade, General Trade, Assisted Selling Channel, Foods, Ice Creams, Rural
Channel and Pureit Water Business. The Company services over 1,30,000 outlets
in urban and 8,00,000 outlets in rural spread across 1300 towns through a
network of 12000 employees/associates.
BUSINESS
PERFORMANCE
MODERN TRADE
The key thrust
area for the Modern Trade Channel was on Perfect Store program. With its
unstinted focus, the Company exceeded the targets set by the Client and met the
expectations on both 4P and 6P criteria for the year. This initiative
accelerated sales well ahead of average retail growth and also helped in
overall market share growth for the Client.
GENERAL TRADE
The General Trade
channel has accomplished the desired results of the Better Store II programme.
The V Better Store score was well above 70%. The Better Store program covered
approximately 1,00,000 outlets across 262 towns. They are now reaching out to
more Stores, Better Stores with better standards of service.
ASSISTED SELLING
CHANNEL
The Assisted
Selling Channel (Beauty Advisory) witnessed evolution of an improved Perfect
Counter trend with significant growths. A new initiative of auto replenishment
of stocks at counters was designed and implemented to generate suggested orders
basis. Project Metamorphosis was implemented. This aims to transform the front
end experience by having right Beauty Advisors at the right counters through a
stringent evaluation process using the Talent Quotient Index.
FOODS AND
ICE-CREAMS (ICD)
During the year, a
series of foods In-store promotions of various brands were executed and the
overall growth and performance has been significant, despite multiple
challenges, including intense competition coupled with food inflation across
the spectrum. As for Ice-Creams, the coverage has doubled from 14 cities to 28
cities, achieving 55% conversion of Perfect cabinets in the outlets.
RURAL SALES
(PROJECT SHAKTI)
The Rural Sales
Channel [known as Project Shakti] was added to the Company’s portfolio during
the last quarter of 2011. The national rollout in a short span of time posed
immense challenges because of wide geographical reach. However, with impeccable
planning and detailed network for transition, the company could accomplish
these tasks and successfully delivered the business targets set out for the 1st
Quarter 2012. The Clients growth for this channel witnessed 83% over previous
year.
Project Xpress
Gateway to Rural Project Xpress is a joint initiative of the Client and Tata
DoCoMo. The Company supported this initiative to reach as much as 90% of the
rural population. The plan is to roll out Project Xpress to 15 States.
WATER
The Water Channel,
Pureit, has also been added as a new business, in the 1st Quarter of 2012. The National
roll-out followed the successful completion of a pilot across all the Metros.
Pureit business is very unique as the devices are categorised under Consumer
Durables and not FMCG. The Company has been able to learn the nuances of the
Consumer Durables industry which has added a new dimension.
FIXED ASSETS
- Furniture and
Fixtures
- Office
Equipments
- Computers
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. 55.60 |
|
|
1 |
Rs. 83.98 |
|
Euro |
1 |
Rs. 71.94 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.