|
Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BURGER KING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1, Indiabulls Centre, 16th Floor, Senapati Bapat Marg,
Elphinston, Mumbai – 400013, |
|
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Country : |
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|
|
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Date of
Incorporation : |
11.11.2013 |
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|
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Com. Reg. No.: |
11-249986 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 195.500 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U55204MH2013FTC249986 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
It’s a Restaurant. |
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|
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Status : |
New business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. Mr. Sagar Patil, Finance controller provided general information and
confirmed that general information and confirmed that the company has not yet
commenced any commercial activity. Trade relations are improving. Business is active. Payment terms are
unknown. In view of infancy, the company can be considered for business
dealings on a safe and secured 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sagar Patil |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-61033000 |
|
Date : |
31.07.2014 |
LOCATIONS
|
Registered Office : |
1, Indiabulls Centre, 16th Floor, Senapati Bapat Marg, Elphinston,
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-61033000 / 40436000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Unit 502, Peninsula Tower, Peninsula Corporate Park, G.K. Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India
|
DIRECTORS
|
Name : |
Mr. Venkatesh Ssrinivasan Srinivasan |
|
Designation : |
Additional director |
|
Address : |
21, Purushottam Nagar, S. V. Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
08.11.1971 |
|
Date of Appointment : |
23.06.2014 |
|
DIN No.: |
02110770 |
|
|
|
|
Name : |
Mr. Jayapal Seshadri |
|
Designation : |
Director |
|
Address : |
54, Paya Lebar Crescent, Singapore – 536128 |
|
Date of Birth/Age : |
15.08.1970 |
|
Date of Appointment : |
11.11.2013 |
|
DIN No.: |
06711357 |
|
|
|
|
Name : |
Mr. Michael Heath Ferranti |
|
Designation : |
Additional director |
|
Address : |
2, Sinaran Drive, #24-07 Soleil Sinaran, Singapore – 307467, India |
|
Date of Birth/Age : |
22.11.1982 |
|
Date of Appointment : |
05.03.2014 |
|
DIN No.: |
06831416 |
KEY EXECUTIVES
|
Name : |
Mr. Sagar Patil |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 06.11.2013
|
Names of Shareholders |
|
No. of Shares |
|
QSR Asia Pte. Limited, Singapore
|
|
9999 |
|
Ashutosh Arvind Lavakare |
|
1 |
|
|
|
|
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
It’s a Restaurant. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
No. of Employees : |
25 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank Limited, Fort Branch, Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M.
Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs. 650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19550000 |
Equity Shares |
Rs.10/- each |
Rs. 195.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW BUSINESS
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
No |
|
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 |
PRESS RELEASE
COMING SOON: BURGER KING
IN MUMBAI, NCR
MUMBAI: American fast-food giant Burger
King will open its first few outlets in the country by year-end as it aims
to make India, along with China, its biggest market in Asia-Pacific. The
outlets will come up in Mumbai and Delhi.
Coming at a time when rivals like McDonald's, Domino's Pizza and Yum! Brands
have established a long lead here, Burger King will look to penetrate the
untapped smaller towns to gain a toehold in the market, said a senior executive
from the Miami-based chain.
"China and India will be the two growth engines for us," said Elias
Diaz Sese, president, APAC, Burger King, in a chat with TOI.
Burger King has a joint venture with the Everstone Group, an India-focused, Singapore-based private equity and real estate group, to open a few hundred stores here over the next ten years. Having stepped up its international expansion, particularly in Asia, and post the entry of its new owner 3G Capital in 2010, the hamburger chain is banking on the new growth wave in the continent propelled by favourable demographics and consumers' increased eating-out occasions.
Burger King formed a joint venture in 2012 to open 1,000 restaurants in China
by 2015. It recently started selling burgers in Pakistan and Brunei.
India has been untouched by the maker of the Whopper burger in stark contrast
to many other western fast-food chains who spotted the opportunity in the 1990s
post the economic liberalization. "Deciding on a partner in India was
tedious. We met most of the large corporations and players in the F&B
space," said Sese, justifying the chain's delayed entry.
Burger King has been expanding in newer countries amid a tough fast-food market
in the US, mainly through a franchised model, which also has been a cause of
concern among the investor community despite the business growing steadily.
With its 33-year-old CEO Daniel Schwartz at the helm, who spearheaded
major spending cuts at the company, Burger King now owns just 52 stores. In
2010, when 3G Capital bought the chain, Burger King owned 11% of the total
stores, according to a recent Bloomberg Businessweek story.
The Asia-Pacific region, where Australia and South Korea have been major growth
drivers, accounted for 5% of Burger King's $1.14-billion revenue last year.
"It (Asia-Pacific) is the smallest contributor but with the largest
potential," said Raj Varman, CEO, Burger King India. The 60-year-old
burger chain is currently putting together building blocks to roll out stores
in India by the last quarter of this year, Varman said.
Currently, almost 40% of the western fast-food market by value sales lies
between Delhi NCR and Greater Mumbai, which means there is a much bigger
potential outside these two cities, said Jaspal Singh Sabharwal of Everstone
Capital. Burger King and Everstone may look to sub-franchise the brand for
airport and railway retailing at a later stage, Sabharwal said.
While Burger King offers vegetarian burgers and spicy bean burgers in Canada
and UK, it will unveil a segregated vegetarian menu here in India, a common
practice for most Western fast-food brands. Nearly two-thirds of Indians now
eat out at least once a week, boosting the growth of the restaurant industry,
which is expected to touch $26 billion in 2015, according to industry data.
CHINA FOOD SCANDAL SPREADS,
DRAGS IN STARBUCKS, BURGER KING AND MCNUGGETS IN JAPAN
SHANGHAI, July 22 (Reuters) - The latest food scandal in China is spreading fast, dragging in U.S. coffee chain Starbucks , Burger King Worldwide Inc and others, as well as McDonald's products as far away as Japan.
McDonald's Corp and KFC's parent Yum Brands Inc apologised to Chinese customers on Monday after it emerged that Shanghai Husi Food Co Ltd, a unit of U.S.-based OSI Group LLC, had supplied expired meat to the two chains.
On Tuesday, Starbucks said some of its cafes previously sold products containing chicken originally sourced from Shanghai Husi, a firm that was shut down on Sunday by local regulators after a TV report showed staff using expired meat and picking up meat from the floor to add to the mix.
A Tokyo-based spokesman at McDonald's Holdings Co (Japan) Ltd said the company had sourced about a fifth of its Chicken McNuggets from Shanghai Husi and had halted sales of the product on Monday. Alternative supplies of chicken have been found in Thailand and China, he added. The company's shares briefly fell as much as 1.4 percent to a 15-month low before closing down 0.4 percent.
China's food watchdog said it ordered regional offices to carry out spot checks on all firms which had used Shanghai Husi products, and would inspect all of parent OSI's sites around China to see if enough has been done to ensure food safety. It said the case could be handed over to the police.
The regulator's Shanghai branch said in a statement on Tuesday it had demanded production, quality control and sales from OSI. It added it already ordered McDonald's to seal over 4,500 boxes of suspected meat products and Yum's Pizza Hut to seal over 500 boxes of beef.
Fast-food chain Burger King and Dicos, China's third-ranked fast food chain owned by Ting Hsin International, said they would remove Shanghai Husi food products from their outlets. Pizza chain Papa John's International Inc said on its Weibo blog that it had taken down all meat products supplied by Shanghai Husi and cut ties with the supplier.
FOOD SAFETY CONCERNS
Food safety is one of the top issues for Chinese consumers after a scandal in 2008 where dairy products tainted with the industrial chemical melamine led to the deaths of six infants and made many thousands sick. Other food scandals have hit the meat and dairy industries in recent years, and many Chinese look to foreign brands as offering higher safety standards.
China is McDonald's third-biggest market by number of restaurants and Yum's top market by revenue. McDonald's is due to report quarterly earnings later on Tuesday.
The scare has stirred local consumers and become one of the most discussed topics online among the country's influential 'netizens', with some users spreading long lists of firms thought to be tarnished.
The incident highlights the difficulty in ensuring quality and safety along the supply chain in China. Wal-Mart Stores Inc came under the spotlight early this year after a supplier's donkey meat product was found to contain fox meat. It also came under fire for selling expired duck meat in 2011.
Starbucks said on its Chinese microblog site that it had no direct business relationship with Shanghai Husi, but that some of its chicken acquired from another supplier had originally come from Husi for its "Chicken Apple Sauce Panini" products. This had been sold in 13 different provinces and major cities. The company added that all the products had already been removed from its shelves.
Burger King said in a Weibo statement posted late on Monday that it had taken off its shelves all meat products supplied by Shanghai Husi Food and had launched an investigation.
Dicos said it pulled all ham products supplied by Shanghai Husi, and would stop serving its ham sandwich product for breakfast. "We will continue to carry out a probe into Shanghai Husi Food and its related firms, to understand whether or not it followed national regulations," Dicos said in a statement.
Swedish furniture firm IKEA, which has in-store food outlets, said on Weibo that Shanghai Husi had previously been a supplier, but had not provided the firm with products since September last year. Domino's Pizza Inc and Doctor's Associates Inc's Subway brand, which were named in online reports as being supplied meat from Shanghai Husi, said their outlets in China did not use meat products from the firm.
Yoshinoya-parent Hop Hing Group Holdings Ltd, Japanese convenience store FamilyMart Co Ltd and Chinese chain Wallace urged diners not to worry, and said they did not currently use any products from Shanghai Husi. (Additional reporting by Pete Sweeney, Shanghai Newsroom and Teppei Kasai in TOKYO,; Editing by Kazunori Takada and Ian Geoghegan)
US-BASED BURGER CHAIN
THE COUNTER TO OPEN OUTLETS IN MUMBAI AND DELHI, PRICING TO BE 400 UPWARDS
MUMBAI: Los Angeles-based burger chain The Counter, which is featured in GQ magazine's '20 Hamburgers You Must Eat Before You Die', is entering India. With over 3,000 different combinations, a burger at Counter will cost a minimum Rs 400. That's eight times more than the rates at the most famous global burger chain, McDonald's, which operates assembly line-like stores in 13 Indian cities.
"In India, we either have lower-priced burgers or the ones available at the coffee shops of 5-star hotels. There is a huge gap and potential between these segments, which we hope to fill through The Counter with a fine-dining positioning," said Gaurav Marya, chairman of Franchise India, which is partnering The Counter in India.
Franchise India is a retail solutions provider that helped several QSR (quick-service-restaurant) chains such as Chicago Pizza, San Churro Amore Gourmet, Fruitilicious and Gelato expand in India.
The Counter is planning to open a dozen outlets in Mumbai and Delhi in the first phase. Globally, it sells its "custom-built" burgers through 33 stores in the US and four outlets in Dublin, Kuwait and Jeddah.
However, industry observers are surprised at the introduction of a pricier version of what's seen as a fast food, especially when consumers are limiting discretionary spending due to economic slowdown.
"The Counter will have to deal with pricing issues, which might crop up, and also the fact that the younger generation has been moving towards healthier options," said Ruchi Sally, director at Elargir Solutions, a boutique retail consultancy.
In India, 'dine-in' accounts for almost 67% of sales at quick-service-restaurants, while 'takeaways' account for 19%, says a report by the National Restaurant Association of India and research firm Technopak. At least 50% of consumers eat out at least once every three months today, and the QSR concept played a significant role in this shift, says the report.
The Counter will soon be joined by Los Angeles-based gourmet burger chain Fatburger India, and possibly by Burger King later. McDonald's, which entered the country in the mid 1990s, is by far the market leader in the segment, growing 30% annually.
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 records 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. 60.25 |
|
|
1 |
Rs. 101.92 |
|
Euro |
1 |
Rs. 80.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
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.