MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
COLGATE – PALMOLIVE (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Colgate Research Centre, Main Street, Hiranandani Gardens Powai,
Mumbai - 400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.09.1937 |
|
|
|
|
Com. Reg. No.: |
11-002700 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 135.993 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200MH1937PLC002700 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00390F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. Company’s Shares are listed on the
Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturing and selling of cosmetics and toilet preparations,
distilled fatty acid, toilet soap, glycerine, toothbrushes and shave brushes
and dicalcium phosphate. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 19580000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exists |
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|
|
Comments : |
Subject is a well-established and reputed company having excellent
track record. Financial position of the company seems to be sound. There
terms no external borrowings recorded by the company during 2013.
Fundamentals are strong and healthy. Trade relations are reported as
trustworthy. Business is active. Payments terms are reported to be regular
and as per commitments. The company can be considered good for any 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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 DENIED
MANAGEMENT NON – COOPERATIVE (91-22-67095050)
LOCATIONS
|
Registered Office : |
Colgate Research Centre, Main Street, Hiranandani Gardens Powai,
Mumbai - 400076, Maharashtra, India |
|
Tel. No.: |
91-22-25705050 / 25705060 |
|
Fax No.: |
91-22-25705088 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
Plot No. B 14/10 MIDC, Waluj
Industrial Area, Aurangabad 431136, Maharashtra, India |
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Factory 2 : |
Plot No. 78, EPIP Phase I, Jharmajri, Baddi, District Solan – 174103, Himachal
Pradesh, India |
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Factory 3 : |
Plot No. 154, 158 and 160, Kundaim Industrial Estate, Kundaim – 403115, Goa, India |
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Factory 4 : |
Premises No. 44-617/11, Road No.7, IDA, Nacharam, Hyderabad - 500076, Andhra Pradesh, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Ms. V. Deoras |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R.A. Shah |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. P.K. Ghosh |
|
Designation : |
Deputy Chairman |
|
|
|
|
Name : |
Ms. P. Parameshwaran |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G. Nthunzi |
|
Designation : |
Whole Time Director and CEO |
|
|
|
|
Name : |
Mr. N Ghate |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Dr. I Shahani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.K. Setna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.S. Mehta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Management
Committee: |
|
|
Name : |
Ms. P. Parameshwaran |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G. Nthunzi |
|
Designation : |
Finance |
|
|
|
|
Name : |
Mr. N Ghate |
|
Designation : |
Legal |
|
|
|
|
Name : |
Ms. A Babu |
|
Designation : |
Marketing |
|
|
|
|
Name : |
Mr. M. Chandrasekar |
|
Designation : |
Customer Development |
|
|
|
|
Name : |
Mr. S Potnis |
|
Designation : |
Research and Development |
|
|
|
|
Name : |
Mr. L Wheeler |
|
Designation : |
Manufacturing and Supply Chain |
|
|
|
|
Name : |
Mr. A Singh |
|
Designation : |
Human Resources |
|
|
|
|
Name : |
Ms. S Menon |
|
Designation : |
Customer Services and Logistics |
|
|
|
|
Name : |
Mr. M Mehrotra |
|
Designation : |
Supply Chain Director-Global Toothbrush |
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|
|
|
Audit Committee: |
|
|
Name : |
Mr. R.A. Shah |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. P.K. Ghosh |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. J.K. Setna |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. V.S. Mehta |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Dr. I Shahani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N Ghate |
|
Designation : |
Company Secretary |
|
|
|
|
Shareholders /
Investors Grievance Committee: |
|
|
Name : |
Mr. P.K. Ghosh |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Ms. P Parameshwaran |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. J.K. Setna |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. N Ghate |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Crawford Bayley And Company Solicitors |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
69356336 |
51.00 |
|
|
69356336 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
69356336 |
51.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1733450 |
1.27 |
|
|
239905 |
0.18 |
|
|
126065 |
0.09 |
|
|
6797863 |
5.00 |
|
|
27212451 |
20.01 |
|
|
3030 |
0.00 |
|
|
36112764 |
26.55 |
|
|
|
|
|
|
1977046 |
1.45 |
|
|
|
|
|
|
27707439 |
20.37 |
|
|
231501 |
0.17 |
|
|
607731 |
0.45 |
|
|
452445 |
0.33 |
|
|
152066 |
0.11 |
|
|
3220 |
0.00 |
|
|
30523717 |
22.45 |
|
Total Public shareholding (B) |
66636481 |
49.00 |
|
Total (A)+(B) |
135992817 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
135992817 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of cosmetics and toilet preparations, distilled
fatty acid, toilet soap, glycerine, toothbrushes and shave brushes and
dicalcium phosphate. |
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Products : |
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||||||||
|
Brand Name : |
COLGATE |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
œ The Hongkong And
Shanghai Banking Corporation Limited œ Anz Grindlys
Bank Limited œ Bank of America |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
|
|
|
Ultimate Holding
Company: |
œ Colgate-Palmolive
Company, U.S.A. |
|
|
|
|
Group Companies
where common control exists : |
œ Colgate-Palmolive
(Malaysia) Mktg. SDN BHD, Malaysia œ Colgate-Palmolive
East Africa Ltd., Kenya œ Colgate-Palmolive
Marocco Limited œ Colgate-Palmolive
Pty. Limited, South Africa œ Colgate-Palmolive
(Thailand) Limited œ Colgate-Palmolive
(H.K.) Ltd., Hongkong œ Colgate-Palmolive
Management Services (H.K.) Limited œ Colgate-Palmolive
(China) Company Limited, China œ Colgate-Palmolive
Son Hai Ltd., Vietnam œ Colgate Sanxiao
(Consumer Products) Company Limited œ Colgate-Palmolive
Temizlik, Urunleri, Turkey œ Colgate-Palmolive
Cameroun S.A., Cameroun œ Colgate-Palmolive
Romania srl. œ Colgate-Palmolive
(Eastern) Pte. Limited, Singapore œ Colgate-Palmolive
Industria E Commercio Ldta, Brazil œ Colgate-Palmolive
(Asia) Pte. Limited, Singapore œ Norwood
International Incorporated, U.S.A. œ Colgate-Palmolive
Tanzania Limited œ CP Hawley and
Hazel Chemical Company, (ZS) Limited œ Colgate-Palmolive
Zambia Inc. œ Colgate-Palmolive
Europe SARL œ Colgate
Palmolive Bt. Limited., Blantyre, Malawi œ Colgate Oral
Pharmaceuticals Inc. Carrollton, U.S.A. œ Colgate-Palmolive
Senegal œ Colgate-Palmolive
Gabon œ Colgate-Palmolive
Italia S.r.l., Italy œ Colgate
Philippines Inc. œ Colgate-Palmolive
Canada Inc. œ Colgate-Palmolive
Pty. Limited, Australia |
|
|
œ |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1370000000 |
Equity Shares |
Rs.1/- each |
Rs.1370.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135992817 |
Equity Shares |
Rs.1/- each |
Rs. 135.993 Millions |
|
|
|
|
|
(A) Shares held by Ultimate Holding Company and
its Subsidiaries
i.
54476347 (Previous Year:
54476347) Equity Shares are held by Colgate-Palmolive Company, U.S.A., the
Ultimate Holding Company.
ii.
14879426 (Previous Year:
14879426) Equity Shares are held by Colgate-Palmolive (Asia) Pte. Limited,
Singapore, Subsidiary of the Ultimate Holding Company.
iii.
563 (Previous Year:
563) Equity Shares are held by Norwood International, Incorporated, U.S.A.,
Subsidiary of the Ultimate Holding Company.
(B) Reconciliation of Shares Outstanding
|
Particulars |
As at March 31,
2013 |
|
|
|
Number of Shares |
Rs. In Millions |
|
Balance at the beginning of the year |
13,59,92,817 |
135.993 |
|
Issued during the year |
-- |
-- |
|
Balance at the
end of the year |
13,59,92,817 |
135.993 |
(C)
Details of Shareholders holding more than 5% of the
aggregate Shares in the Company
|
Particulars |
As at March 31,
2013 |
|
|
|
Number of Shares |
% of holding |
|
Colgate-Palmolive Company, U.S.A. |
5,44,76,347 |
40.06 |
|
Colgate-Palmolive (Asia) Pte. Limited, Singapore |
1,48,79,426 |
10.94 |
|
Oppenheimer Developing Market Fund |
73,20,782 |
5.38 |
(D) Rights, Preference and
Restriction attached to Shares
The Company has
one class of Equity Shares having par value of Rs.1 per share. Each Shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
Equity Shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
135.993 |
135.993 |
135.993 |
|
(b) Reserves & Surplus |
4759.921 |
4217.896 |
3704.540 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4895.914 |
4353.889 |
3840.533 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
8.442 |
7.617 |
8.662 |
|
(d) long-term provisions |
349.006 |
300.607 |
268.798 |
|
Total Non-current Liabilities (3) |
357.448 |
308.224 |
277.960 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4666.198 |
3690.133 |
3785.524 |
|
(c) Other current
liabilities |
2501.798 |
2171.803 |
2121.920 |
|
(d) Short-term provisions |
646.414 |
771.925 |
314.232 |
|
Total Current Liabilities (4) |
7814.410 |
6633.861 |
6221.676 |
|
|
|
|
|
|
TOTAL |
13067.772 |
11295.974 |
10340.169 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2806.632 |
2544.229 |
2550.449 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1019.563 |
693.825 |
82.143 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
371.348 |
471.165 |
291.490 |
|
(c) Deferred tax assets (net) |
224.447 |
120.997 |
168.434 |
|
(d) Long-term Loan and Advances |
702.950 |
225.301 |
182.762 |
|
(e) Other Non-current assets |
12.461 |
3.648 |
4.609 |
|
Total Non-Current Assets |
5137.401 |
4059.165 |
3279.887 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
99.817 |
0.000 |
95.900 |
|
(b) Inventories |
1852.983 |
2176.799 |
1536.992 |
|
(c) Trade receivables |
812.114 |
872.657 |
753.045 |
|
(d) Cash and cash
equivalents |
4287.963 |
3098.054 |
3951.477 |
|
(e) Short-term loans
and advances |
844.707 |
1020.741 |
646.450 |
|
(f) Other current
assets |
32.787 |
68.558 |
76.418 |
|
Total Current Assets |
7930.371 |
7236.809 |
7060.282 |
|
|
|
|
|
|
TOTAL |
13067.772 |
11295.974 |
10340.169 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31638.056 |
26932.267 |
22861.155 |
|
|
|
Other Income |
499.232 |
506.851 |
412.432 |
|
|
|
TOTAL |
32137.288 |
27439.118 |
23273.587 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials Consumed |
9915.474 |
8938.698 |
7395.188 |
|
|
|
Purchase of
Stock-in-Trade |
2364.440 |
1996.959 |
1622.976 |
|
|
|
Changes in
inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade |
221.970 |
(433.440) |
(298.506) |
|
|
|
Employee
Benefits Expense |
2494.380 |
2156.077 |
1932.233 |
|
|
|
Other Expenses |
10073.696 |
8488.675 |
7063.604 |
|
|
|
TOTAL |
25069.960 |
21146.969 |
17715.495 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7067.328 |
6292.149 |
5558.092 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
15.128 |
16.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7067.328 |
6277.021 |
5541.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
436.989 |
393.112 |
342.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6630.339 |
5883.909 |
5199.485 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1662.795 |
1419.196 |
1173.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
4967.544 |
4464.713 |
4025.833 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1146.800 |
1079.900 |
919.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
496.700 |
446.500 |
402.600 |
|
|
|
Dividend |
3807.800 |
3399.800 |
2991.800 |
|
|
|
Tax on Dividend |
617.700 |
551.500 |
496.900 |
|
|
BALANCE CARRIED
TO THE B/S |
1192.100 |
1146.800 |
1079.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
351.789 |
314.390 |
199.618 |
|
|
|
Services Rendered |
782.906 |
679.519 |
513.879 |
|
|
TOTAL EARNINGS |
1134.695 |
993.909 |
713.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1126.475 |
855.125 |
491.100 |
|
|
|
Stores & Spares |
258.484 |
245.272 |
122.449 |
|
|
|
Capital Goods |
251.256 |
60.899 |
43.918 |
|
|
|
Others |
42.825 |
294.035 |
77.058 |
|
|
TOTAL IMPORTS |
1679.040 |
1455.331 |
734.525 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.53 |
32.83 |
29.60 |
|
QUARTERLY
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Audited / UnAudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8596.900 |
9007.300 |
8911.100 |
|
Total Expenditure |
6944.100 |
7544.000 |
7405.800 |
|
PBIDT (Excl OI) |
1652.800 |
1463.300 |
1505.300 |
|
Other Income |
171.200 |
130.200 |
162.400 |
|
Operating Profit |
1824.000 |
1593.500 |
1667.700 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
706.400 |
0.000 |
(1.100) |
|
PBDT |
2530.400 |
1593.500 |
1666.600 |
|
Depreciation |
117.400 |
116.600 |
120.500 |
|
Profit Before Tax |
2413.000 |
1476.900 |
1546.100 |
|
Tax |
560.800 |
381.700 |
417.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1852.200 |
1095.200 |
1128.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1852.200 |
1095.200 |
1128.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.46
|
16.27 |
17.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.96
|
21.84 |
22.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
57.89
|
58.78 |
53.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.35
|
1.35 |
1.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.09 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
135.993 |
135.993 |
135.993 |
|
Reserves & Surplus |
3704.540 |
4217.896 |
4759.921 |
|
Net
worth |
3840.533 |
4353.889 |
4895.914 |
|
|
|
|
|
|
long-term borrowings |
0.500 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.500 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20261804%2008-Apr-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
22861.155 |
26932.267 |
31638.056 |
|
|
|
17.808 |
17.473 |
%20LIMITED%20-%20261804%2008-Apr-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
22861.155 |
26932.267 |
31638.056 |
|
Profit |
4025.833 |
4464.713 |
4967.544 |
|
|
17.61% |
16.58% |
15.70% |
%20LIMITED%20-%20261804%2008-Apr-2014_files/image012.gif)
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 |
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 |
Yes |
|
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 |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
ITRL/60/2009 Filing Date:
05.05.2009 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX MUMBAI
Respondent: COLGATE PAMOLIVE (INDIA) LIMITED Petn. Adv : INCOME TAX TRIBUNAL (0) District: BOMBAY |
|
Bench: SINGLE Status: Pre-Admission
Category: INCOME TAX REFERENCES. Last Date: 01.12.2009 Stage: INCOME TAX
REFERENCE FOR REJECTION U/R
986 OF THE H.C. (O.S) RULES 1980 Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
BUSINESS
PERFORMANCE
Despite an
inflationary environment and increasingly fierce competition, the Company
delivered very strong results. The Company’s business continues to grow
strongly in double digits. Sales for the year increased by 18 per cent to Rs.
30840.000 millions as against Rs. 26240.000 millions during the previous year.
The toothpaste and toothbrush businesses registered a very strong volume growth
of 10 and 20 per cent respectively during the year.
The profit before
tax during the year was Rs. 6630.000 millions as against Rs. 5880.000 millions
during the previous year, an increase of 13 per cent. The profit after tax also
increased, standing at Rs. 4970.000 millions, an increase of 11 per cent over
the previous year.
The Company
continued to lay emphasis on cash generation driven by strong business
performance, focus on efficiencies, cost management and continued efficient
collection system. The Company managed investments prudently by deploying
surplus funds after ensuring that such investments satisfy the Company’s
criteria of safety and security.
During the
financial year, the Company strengthened its leadership position in the
toothpaste category to 54.6 per cent from 52.9 per cent in the previous year.
Similarly, market share in toothbrush category was strengthened to 40.5 per
cent and market share in mouthwash category has been growing consistently.
The Company
achieved its goals by focusing on strategic initiatives which are: engaging to
build own brands, innovation for growth, being effective and efficient and
leading to win.
MOST TRUSTED BRAND
‘Colgate’ has been
ranked as “Most Trusted Brand” by Brand Equity’s Annual Survey. In the year
2011 as well, BColgate was voted as #1 Most Trusted Brand of the year. Colgate
had also been rated as India’s #1 Most Trusted Brand across all categories for
four consecutive years from 2003 to 2007. It is the only Brand to be ranked in
the top 3 from the inception of the survey in 2001.
The Company was also
ranked as the 3rd most admired Company in India by the Global Business Magazine
Fortune and Management Consultancy Hay Group.
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90119029 |
29/12/2000 |
60,000,000.00 |
THE HONGKONG & SHANGHAI BANKING CORPORATION LTD. |
30, RAJAJI SALAI, CHENNAI - 600001, Tamilnadu -, INDIA |
- |
|
2 |
90065019 |
30/03/2000 * |
30,000,000.00 |
ANZ GRINDLYS BANK LTD. |
90 ; M.G. ROAD BRANCH, FORT, MUMBAI - 400001, Maharashtra, INDIA |
- |
|
3 |
90118834 |
29/08/1998 |
35,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60; HAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, Maharashtra, INDIA |
- |
|
4 |
90065440 |
31/12/1992 |
9,000,000.00 |
ANZ GRINDYAS BANK |
P.L.C.; 90; M.G. ROAD, MUMBAI - 400001, Maharashtra, INDIA |
- |
|
5 |
90114951 |
08/05/1992 |
7,000,000.00 |
ANZ GRINDLAYS BANK |
M G ROAD, ABIDS, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
6 |
90114915 |
30/07/1998 * |
22,500,000.00 |
ANZ GRINDLYS BANK LTD |
6-3-1090; RAJBAHAWAN ROAD, SOMAJI GUDA, HYDERABAD - 500082, Andhra
Pradesh, INDIA |
- |
|
7 |
90114788 |
20/07/1990 |
7,500,000.00 |
BANK OF AMERICA |
P.O. NO-10080, MUMBAI - 400001, Maharashtra, INDIA |
- |
|
8 |
90114725 |
08/03/1990 |
8,650,000.00 |
BANK OF AMERICA |
P.O. NO-10080, MUMBAI - 400001, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Intangible Assets
·
Goodwill and Trademarks
·
Copyrights and Design
·
Technical Know-how
Tangible Assets
·
Land-Leasehold
·
Buildings
·
Plant and Machinery
·
Furniture and Equipment
·
Vehicle
STATEMENT OF UNAUDITED
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2013
|
Sr No. |
Particulars (PART I) |
Quarter
Ended |
Nine
Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from operations |
|
|
|
|
|
(a) Net sales/income from
operations (Net of excise duty) |
8839.800 |
8956.900 |
26242.900 |
|
|
(b) Other operating income |
71.300 |
50.400 |
272.400 |
|
|
Total income from operations (net) |
8911.100 |
9007.300 |
26515.300 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
2591.600 |
2643.200 |
7782.100 |
|
|
(b) Purchases of stock-in-trade |
901.400 |
1106.000 |
2898.300 |
|
|
(c) Changes in inventories of
finished goods and work-in-progress |
(35.500) |
(128.000) |
(319.100) |
|
|
(d) Employee benefits expense |
529.500 |
534.600 |
1684.000 |
|
|
(e) Depreciation and
amortisation expense |
120.500 |
116.600 |
354.500 |
|
|
(f) Other expenses |
2204.200 |
2193.500 |
6425.400 |
|
|
Total expenses |
7526.300 |
7660.600 |
22248.400 |
|
3 |
Profit (Loss) from operations
before other income, finance costs and exceptional items (1-2) |
1384.800 |
1346.700 |
4266.900 |
|
4 |
Other income |
162.400 |
130.200 |
463.800 |
|
5 |
Profit/(Loss) from ordinary
activities before finance costs and exceptional items (3*4) |
1547.200 |
1476.900 |
4730.700 |
|
6 |
Finance costs |
-- |
-- |
-- |
|
7 |
Profit (Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
1547.200 |
1476.900 |
4730.700 |
|
8 |
Exceptional items |
(1.100) |
-- |
705.300 |
|
9 |
Profit / (Loss) from ordinary
activities before tax (7-8) |
1546.100 |
1476.900 |
5436.000 |
|
10 |
Tax expense |
417.800 |
381.700 |
1360.300 |
|
11 |
Net Profit/[Loss after tax (9-10) |
1128.300 |
1095.200 |
4075.700 |
|
12 |
Paid-up equity share capital (Face Value Rs. 10/-) |
136.000 |
136.000 |
136.000 |
|
13 |
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
|
|
|
|
14 |
Basic and
Diluted Earning per share (Rs.) |
8.30 |
8.05 |
29.97 |
SELECT
INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2013
|
|
PART II |
|
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
- Number of Shares |
66636481 |
6663648 |
6663648 |
|
|
- Percentage of Shareholding |
49% |
49% |
49% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a percentage of the total shareholding of Promoters and Promoter Group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a percentage of the total capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
69356336 |
69356336 |
69356336 |
|
|
- Percentage of shares (as a percentage of the total shareholding of Promoters and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a percentage of the total capital of the Company) |
51% |
51% |
51% |
Information on
investor complaints pursuant to Clause 41 of the Listing Agreement for the
quarter ended December 31, 2013
|
Nature of complaints * |
Opening Balance |
Received during the quarter |
Resolved during the quarter |
Closing Balance |
|
Non
receipt of dividend warrants |
- |
1 |
1 |
- |
|
Non
receipt of share certificates lodged for transfer or capital reduction |
- |
- |
- |
- |
|
Others |
- |
1 |
1 |
- |
* Excludes disputed cases and sub-judice matters.
NOTE:
1. Net Sales for the quarter ended and nine months ended December 31, 2013 increased by 16% and 15% respectively, over the same period of the previous year.
2. Net Profit before Tax for the quarter ended and nine months ended December 31, 2013 is Rs. 1546.100 millions as against Rs. 5436.000 millions respectively, as against Rs. 1503.500 millions and Rs. 4935.600 millions for the similar period of the previous year.
3.
The Company had paid a first interim Dividend of
Rs. 1223.900 millions (Rs. 9 Per Shares) in November 2013 and second Interim
Dividend of Rs. 1223.900 Millions (Rs. 9 Per Shares) in December, 2011.
4.
In accordance with the requirements of
Accounting Standard -17, Segment Reporting, the Company's business segment is
'Personal Care' (including Oral Care) and hence it has no other primary
reportable segments.
5. The company after obtaining necessary approvals from the Board of Directors and Shareholders, sold and transferred the whole of the Company's "Global Shared Services Organization" (GSSO Division) by way of a slump sale to Colgate Global Business Services Private Limited (CGBSPL), a 100% subsidiary of the ultimate holding company, Colgate-Palmolive Company, U.S.A. with effect from June 1, 2013, on a going concern basis for a total consideration of Rs. 598.900 millions. This amount, after necessary adjustments to the relevant assets and liabilities of the erstwhile division is shown under "Exceptional Items". The Capital Gain tax arising from the transaction is included in "Tax Expense".
6. Previous period / year figures have been reclassified to conform with current period / year presentation, where applicable.
The Statutory Auditors have carried out a Limited Review of the financial results of the quarter ended December 31, 2013 as per Clause 41 of the Listing Agreement.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held today.
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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done By
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.