MIRA INFORM REPORT
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARGILL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
111, Rectangle-I, Saket District Center, New Delhi - 110017 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.04.1996 |
|
|
|
|
Com. Reg. No.: |
55-118008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 410.459
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15440DL1996PTC118008 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC3269J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Agricultural, Industrial and Food
Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 7959000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Cargill USA. It is an established company having fine track record. Latest
financial i.e. 2011-12 are not available with us. As per available financial
i.e. 2011 it seems that the company has recorded some accumulated losses. However, the company receives good financial support from its group
companies. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments in view of strong holding. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Rs. 1500 Millions Commercial Paper Programme
= A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August 31, 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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-11-46010389/ 91-124-2358939]
LOCATIONS
|
Registered Office : |
111, Rectangle-I, Saket District Center, New Delhi – 110017, India |
|
Tel. No.: |
91-11-46010389 |
|
Fax No.: |
91-11-46010390 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
14th Floor, Building 9 A,
DLF Cyber City, Phase III Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-2358939/
4090489 |
|
Fax No.: |
91-124-2358977/ 2358972/ 73 |
|
|
|
|
Regional Offices : |
Located
at: ·
Ghaziabad ·
Kolkata ·
Mumbai ·
Pune ·
Nagpur |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Siraj Azmat Chaudhry |
|
Designation : |
Director |
|
Address : |
S-12B, |
|
Date of Birth/Age : |
08.01.1967 |
|
Qualification : |
MIB'88-IIFT |
|
Experience : |
18 Years |
|
Date of Appointment : |
22.09.2008 |
|
DIN No.: |
00161853 |
|
|
|
|
Name : |
Mr. Viraraghavan Sankaran |
|
Designation : |
Director |
|
Address : |
519-A, |
|
Date of Birth/Age : |
07.04.1964 |
|
Qualification : |
PGDM-IIM'90, B.E- MSU'87 |
|
Experience : |
19 Years |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
00174728 |
|
|
|
|
Name : |
Mr. Srinivasa Rao Namburi |
|
Designation : |
Director |
|
Address : |
B-1102, Park Life, Sector – 57, Gurgaon – 122011, Haryana, India |
|
Date of Birth/Age : |
14.10.1975 |
|
Date of Appointment : |
09.01.2012 |
|
DIN No.: |
03614838 |
|
|
|
|
Name : |
Mr. Parmeshwar Ravi |
|
Designation : |
Director |
|
Address : |
115, Hamilton Court, DLF Phase 4, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
12.02.1966 |
|
Qualification : |
Personal Management |
|
Experience : |
18 Years |
|
Date of Appointment : |
01.03.2012 |
|
DIN No.: |
05216282 |
KEY EXECUTIVES
|
Name : |
Mrs. Jyoti Arora |
|
Designation : |
Secretary |
|
Address : |
H. No. 768/22, Street No. 2, Gandhi Nagar, Gurgaon - 122001, Haryana,
India |
|
Date of Birth/Age : |
25.07.1981 |
|
Date of Appointment : |
21.01.2008 |
|
PAN No.: |
AIAPA1497K |
|
|
|
|
Name : |
Swati Shukla |
|
Designation : |
Business Manager - Sugar |
|
|
|
|
Name : |
M V Ramanarayan |
|
Designation : |
Asia Pacific Regional Controller |
|
|
|
|
Name : |
G.V. Santhosh Kumar |
|
Designation : |
Manager-Oilseeds and Proteins |
|
|
|
|
Name : |
B. K. Anand |
|
Designation : |
Manager-Grains |
|
|
|
|
Name : |
Deepak Ranade |
|
Designation : |
India Trading Manager |
|
|
|
|
Name : |
D. J. Sanyal |
|
Designation : |
General Manager - South Asia |
|
|
|
|
Name : |
Simon George |
|
Designation : |
General Manager-Asia |
|
|
|
|
Name : |
Gopul Navnitlal Shah |
|
Designation : |
Treasurer and TSF India Manager |
|
|
|
|
Name : |
V. Chakradhar |
|
Designation : |
Legal Counsel |
|
|
|
|
Name : |
Park In Soo |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Joaquim A Pipoli |
|
Designation : |
Project Manager – Oil Refinery |
|
|
|
|
Name : |
Mitchell John |
|
Designation : |
Regional Merchandising Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Cargill Mauritius Limited, |
|
40348554 |
|
Cargill International Trading Pte. Limited, Singapore |
|
2 |
|
|
|
|
|
Total |
|
40348556 |
|
Names of Preference Shareholder |
|
No. of Shares |
|
Cargill Global Trading India Private Limited, |
|
1250000 |
|
|
|
|
|
Total |
|
1250000 |
AS ON 10.07.2013
|
Names of Allottee [Equity Shares] |
|
No. of Shares |
|
Cargill Mauritius Limited, |
|
552663 |
|
|
|
|
|
Total |
|
552663 |
AS ON 28.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Agricultural, Industrial and Food
Products. |
||||||||||
|
|
|
||||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed capacity
/ Installed Capacity *
|
Particulars |
Unit |
Licensed
Capacity |
|
Edible oil refining |
MT per annum |
1140000 |
|
Aqua feed |
MT per annum |
36000 |
|
Emulsion and food flavors |
MT per annum |
2500 |
|
Others * * |
MT per annum |
190800 |
NOTE:
· *As certified by the management and not verified by the Auditor being a technical matter.
· **Represents installed capacity of distilled fatty acid (25500 MT), acid oil (13800 MT), hydro vasnaspati (150000 MT) and packing film extrusion (1500 MT).
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower – B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Holding company
: |
Cargill Mauritius Limited, Mauritius |
|
|
|
|
Ultimate holding
company : |
Cargill Incorporated, USA |
|
|
|
|
Fellow
subsidiaries : |
·
Cargill International S A, Geneva ·
Cargill International Trading Pte Limited,
Singapore ·
Carval India Private Limited
[U74140DL2006PTC181629] ·
Black River Advisors India Private Limited ·
Cargill Ocean Transportation, Singapore ·
P. T. Cargill, Indonesia ·
Cargill Asia Pacific Treasury Limited, Singapore ·
Cargill Agricola S A ·
Cargill Feed SDN BHD ·
Cargill TSF Asia Pte Limited, Singapore ·
Cargill Financial Services Corporation, USA ·
Cargill PLC, UK ·
Cargill Global Trading India Private Limited ·
Cargill (Malaysia) SDN BHD ·
Cargill France ·
Cargill Europe BVBA , Belgium ·
Poliamba Limited ·
Cargill Asia-Pacific Holdings Pte Limited,
Singapore ·
Cargill Flavours System UK Limited ·
Cargill Phillipines Inc. ·
Cargill Palm Products SDN, BHD, Malaysia ·
Cargill Flavours System US, LLC ·
Cargill Investment China Limited ·
Cargill BV, Amsterdam ·
Cargill Capital and Financial Services India
Private Limited [U65993DL2006PTC147422] ·
Cargill Vietnam Limited ·
CAN Technologies Inc, US ·
Cargill Ferrous International, US ·
Mosaic India Private Limited, India
[U24129DL2004PTC126157] ·
M A Cargill Trading ·
Cargill Cotton Limited ·
Cargill Enterprise Inc, Russia ·
Cgl Agri Purina Inc, South Korea ·
Cargill SAS , France ·
Cargill Grain and Oilseeds (Yangjiang) Limited ·
Cargill Japan Limited ·
Cargill Hong Kong Limited ·
Agribrands Purina (Fushun) Feedmill Company
Limited ·
Cargill Protein Feed (Dongguan) Limited ·
Cargill Oil Packers BVBA ·
Cargill Tarim Ve Gida Sanayi Ve Ticaret As ·
CTP (PNG) Limited ·
CTP Holdings Pte Limited ·
Cargill SACI Sucursal, Uruguay ·
Cargill President Holdings Pte Limited ·
Agribrands Purina Guatemala ·
Cargill Australia Limited ·
Cargill France S.A. ·
Cargill Holdings B.V. ·
Cargill Investments (China) Limited ·
Cargill Nutriproducts Inc ·
Cargill RSA Holdings ·
Cargill Siam Limited ·
Cargill Tropical Palm Holdings Pte Limited ·
Cargill Global Trading Solutions India Private
Limited [U51909DL2002PTC118226] |
CAPITAL STRUCTURE
AFTER 28.09.2012
Authorised Capital : Rs. 1460.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 557.307
Millions
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000 Millions |
|
26,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 260.000 Millions |
|
|
Total |
|
Rs. 1460.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,348,556 |
Equity Shares |
Rs. 10/- each |
Rs. 403.486
Millions |
|
1,250,000 |
Preference Shares |
Rs. 10/- each |
Rs. 12.500
Millions |
|
|
Total |
|
Rs. 415.986 Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000 Millions |
|
26,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 260.000 Millions |
|
|
Total |
|
Rs. 1460.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39,795,893 |
Equity Shares |
Rs. 10/- each |
Rs. 397.959
Millions |
|
1,250,000 |
Preference Shares |
Rs. 10/- each |
Rs. 12.500
Millions |
|
|
Total |
|
Rs. 410.459 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 |
410.459 |
410.459 |
397.874 |
|
|
2] Share Application Money |
67.425 |
0.000 |
1.702 |
|
|
3] Reserves & Surplus |
1871.997 |
1871.997 |
1632.880 |
|
|
4] (Accumulated Losses) |
(360.092) |
(1017.998) |
(1313.405) |
|
|
NETWORTH |
1989.789 |
1264.458 |
719.051 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
18204.369 |
10523.997 |
6656.812 |
|
|
TOTAL BORROWING |
18204.369 |
10523.997 |
6656.812 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20194.158 |
11788.455 |
7375.863 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2505.466 |
1669.297 |
1438.111 |
|
|
Capital work-in-progress |
562.796 |
217.420 |
362.742 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14091.460
|
12629.698
|
7735.270
|
|
|
Sundry Debtors |
4332.589
|
1449.497
|
1748.430
|
|
|
Cash & Bank Balances |
2729.816
|
1825.819
|
1190.912
|
|
|
Other Current Assets |
0.000
|
83.539
|
0.000
|
|
|
Loans & Advances |
2508.522
|
1771.874
|
2011.474
|
|
Total
Current Assets |
23662.387
|
17760.427
|
12686.086
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3606.221
|
4875.752 |
6138.279 |
|
|
Other Current Liabilities |
2788.451
|
2827.281
|
804.933
|
|
|
Provisions |
141.819
|
155.656
|
167.864
|
|
Total
Current Liabilities |
6536.491
|
7858.689
|
7111.076
|
|
|
Net Current Assets |
17125.896
|
9901.738
|
5575.010
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20194.158 |
11788.455 |
7375.863 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
66653.020 |
63958.270 |
61420.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
65089.450 |
63030.950 |
59467.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1563.570 |
927.320 |
1953.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
508.660 |
460.690 |
542.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1054.910 |
466.630 |
1410.230 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
254.080 |
197.390 |
301.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
800.830 |
269.240 |
1108.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.920 |
16.880 |
45.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
657.910 |
252.360 |
1063.120 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1018.000) |
(1313.410) |
(2376.530) |
|
|
|
|
|
|
|
|
|
Add |
Transitional
adjustment on adoption of AS 30 [net of provision for tax of Rs.8.810
millions in previous year] |
0.000 |
43.050 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(360.090) |
(1018.000) |
(1313.410) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
13876.075 |
18220.584 |
|
|
|
Agency Fees |
|
164.247 |
172.488 |
|
|
|
Other Income |
|
54.788 |
94.405 |
|
|
TOTAL EARNINGS |
NA |
14095.110 |
18487.477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
16228.755 |
11482.930 |
|
|
|
Stores & Spares |
|
13.716 |
47.865 |
|
|
|
Capital Goods |
|
0.186 |
22.148 |
|
|
TOTAL IMPORTS |
NA |
16242.657 |
11552.943 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
16.53 |
6.34 |
26.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.99
|
0.39
|
1.73
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.06
|
1.39
|
7.85
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.21
|
1.54
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
9.15
|
8.32
|
9.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.62
|
2.26
|
1.78
|
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 |
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 |
Yes |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Rupee term loans banks unsecured |
1900.000 |
2000.000 |
|
Rupee term loans others unsecured |
2522.693 |
1361.161 |
|
Foreign currency loans banks unsecured |
13677.181 |
7046.084 |
|
Foreign currency loans others unsecured |
5.137 |
4.602 |
|
Other debt unsecured |
99.358 |
112.150 |
|
|
|
|
|
Total |
18204.369 |
10523.997 |
Note:
The Registered office of the company has been shifted from 13, Abdul
Fazal Road, New Delhi – 110001, India to the present address w.e.f. 09.08.2007
BACKGROUND AND NATURE
OF BUSINESS
Subject is a subsidiary of Cargill Mauritius Limited (CML), Mauritius.
The Company is primarily engaged in the business of:
· Agricultural Supply Chain Business which primarily comprises of trading in wheat, grains, oilseeds, sugar and cotton.
· Cargill Food Ingredients and Systems which primarily comprises of edible Oils and other related products such as refining of edible oils and trading of edible oil and manufacture and trading of artificial flavors and emulsions;
· Merchanting Trades primarily in respect of soya meal, corn and other commodities.
·
Manufacturing and trading of animal feed and
nutrition.
PERFORMANCE FOR
THE YEAR:
The company is that it has achieved a turnover of Rs.64862.110 millions (net of excise duty) during the financial year 2010-11, showing a growth of 4.65% over previous year. It has also reported a net profit of Rs.800.830 millions (before tax) during the current year with a growth of 197% over the profits of previous year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Claims against the Company
not acknowledged as debts |
|
|
|
· Others |
2.471 |
2.471 |
|
· Sales tax matters (liability on account of non
submission of statutory declaration forms and others) |
208.138 |
192.646 |
|
· Income Tax Act, 1961 |
1832.932 |
1795.417 |
|
· Custom duty # # |
120.942 |
120.942 |
|
· Excise duty### |
28.373 |
28.373 |
|
|
|
|
|
Total |
2192.856 |
2139.849 |
# # This represents order passed by the Deputy Commissioner of Customs
and Central Excise, Nellore dated 7 October 2009 assessing the Bill of Entry
no. 23/09-10 dated 10 June 2009 as bill of entry for home consumption and
determining a liability of Rs.120.942 Millions as payable by the company in
respect of 10,000 MT raw sugar imported at Krishnapatanam port. Currently, the
company has filed appeal against this order to the relevant authorities.
### Pertains to excise duty credit availed at Kurkumbh plant on imported
material, on which import duty has been paid using DEPB license amounting to
Rs. 28.373 Millions (previous year Rs. 28.373 Millions).
FIXED ASSETS:
· Land
· Building
· Plant machinery
· Office equipments
· Computer equipments
· Furniture fixtures
· Vehicles
· Leasehold improvements
· Knowhow
· Patents trademarks design
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. 61.75 |
|
|
1 |
Rs. 99.56 |
|
Euro |
1 |
Rs. 83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.