MIRA INFORM REPORT
|
Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOUNT EVEREST MINERAL WATER LIMITED |
|
|
|
|
Registered
Office : |
Village Dhaula Kuan, Sirmour District – 173025, Himachal Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.12.1991 |
|
|
|
|
Com. Reg. No.: |
06-019065 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.339.960 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15543HP1991PLC019065 |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Sales and Production of Natural Mineral Water in PET
Bottles. |
|
|
|
|
No. of Employees
: |
142 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1760000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of TATA GLOBAL BEVERAGES LIMITED. It is an established
company having satisfactory track record. The company has achieved fair profitability during the financial year
2013. There are no external borrowing taken by the company and it is
operating on its own fund. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual; trade
terms and condition. |
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
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 (Tel No.: 91-22-66366700)
LOCATIONS
|
Registered Office/Factory : |
Village Dhaula Kuan, Sirmour District – 173025, Himachal Pradesh,
India |
|
Tel. No.: |
91-1704-257491/ 257510 |
|
Fax No.: |
Not available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
New Excelsior Building, 4th Floor, A K Nayak Marg, Fort
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66366700 |
|
Fax No.: |
91-22-66366727 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Harish Bhat ** |
|
Designation : |
Chairman |
|
Date of Birth : |
08.11.1962 |
|
Qualifications : |
B.E. (Hons.), PGDM |
|
Date of Appointment
: |
04.08.2012 |
|
|
|
|
Name : |
Mr. Pradeep Poddar |
|
Designation : |
Managing Director |
|
Qualification : |
Chemical Engineer and Post Graduate Diploma in Management |
|
|
|
|
Name : |
Mr. Ajoy K. Misra |
|
Designation : |
Director |
|
Qualification : |
Bachelor’s Degree in Civil Engineering, Pilani and Master’s Degree in
Business Administration |
|
|
|
|
Name : |
Mr. Ajit Shah |
|
Designation : |
Director |
|
Date of Birth : |
11.10.1946 |
|
Qualifications : |
B.Com., FCA |
|
Date of Appointment
: |
26.09.2008 |
|
|
|
|
Name : |
Mr. Ranjit Barthakur |
|
Designation : |
Director |
|
Date of Birth : |
08.08.1954 |
|
Qualifications : |
B.A. (Economics) |
|
Date of Appointment
: |
30.09.2008 |
|
|
|
|
Name : |
Mr. V. Subramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sumanth Badiga *** |
|
Designation : |
Director |
|
Date of Birth : |
19.03.1968 |
|
Qualifications : |
B.Com., BBA, MBA |
|
Date of Appointment
: |
26.03.2013 |
|
|
|
|
Name : |
Mr. P T Siganporia * |
|
Designation : |
Director |
*
Resigned w.e.f. August 04, 2012
**
Appointed w.e.f. August 04, 2012
*** Appointed w.e.f. March 26, 2013
KEY EXECUTIVES
|
Name : |
Mr. A P K Chettiar |
|
Designation : |
General
Manager - Legal and Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17081092 |
50.24 |
|
|
17081092 |
50.24 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17081092 |
50.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
343425 |
1.01 |
|
|
7100 |
0.02 |
|
|
251582 |
0.74 |
|
|
602107 |
1.77 |
|
|
|
|
|
|
6225849 |
18.31 |
|
|
|
|
|
|
3660518 |
10.77 |
|
|
5014811 |
14.75 |
|
|
1411594 |
4.15 |
|
|
68100 |
0.20 |
|
|
671552 |
1.98 |
|
|
16557 |
0.05 |
|
|
649669 |
1.91 |
|
|
5716 |
0.02 |
|
|
16312772 |
47.98 |
|
Total Public shareholding (B) |
16914879 |
49.76 |
|
Total (A)+(B) |
33995971 |
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) |
33995971 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of the
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
Tata Global Beverages Limited |
17021092 |
50.07 |
|
Tata Investment Corporation Limited |
60000 |
0.18 |
|
Total |
17081092 |
50.24 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of the
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Gujarat Flurochemicals Limited |
2174592 |
6.40 |
|
Kotak Mahindra Investments Limited |
2424359 |
7.13 |
|
Rashmikant C Patel |
394605 |
1.16 |
|
Ashwin Kedia |
368571 |
1.08 |
|
Total |
5362127 |
15.77 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Name of the
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Gujarat Flurochemicals Limited |
2174592 |
6.40 |
|
Kotak Mahindra Investments Limited |
2424359 |
7.13 |
|
Total |
4598951 |
13.53 |
BUSINESS DETAILS
|
Line of Business : |
Sales and Production of Natural Mineral Water in PET
Bottles. |
|
|
|
|
Brand Names : |
‘Himalayan Sparkling’ |
GENERAL INFORMATION
|
No. of Employees : |
142 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SNB Associates Chartered Accountants |
|
|
|
|
Holding Company : |
Tata Global Beverages Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33995971 |
Equity Shares |
Rs.10/- each |
Rs.339.960 Millions |
- Shareholders
holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Tata Global Beverages Limited |
17021092 |
50.07% |
|
Kotak Mahindra Investments Limited |
2202161 |
6.48% |
|
Gujarat Fluorochemicals Limited |
2174592 |
6.40% |
- Reconciliation of the shares
outstanding at the beginning and at the end of reporting period
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Opening Balance |
33995971 |
33.996 |
|
Add : Issued during the year |
- |
- |
|
Less : Redeeemed / Bought Back |
- |
- |
|
Closing Balance |
33995971 |
33.996 |
- Shares in the Company held by its holding
company including shares held by subsidiaries or associates of holding
company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Tata Global Beverages Limited |
17021092 |
50.07% |
- The Company has one class of equity shares
having a par value of Rs.10/- per share. Each shareholder is eligible for
one vote per share held.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
339.960 |
339.960 |
339.960 |
|
(b) Reserves & Surplus |
100.319 |
94.914 |
111.294 |
|
(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) |
440.279 |
434.874 |
451.254 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.317 |
8.181 |
8.532 |
|
Total Non-current
Liabilities (3) |
9.317 |
8.181 |
8.532 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
12.745 |
8.527 |
14.640 |
|
(c) Other
current liabilities |
35.983 |
29.873 |
37.437 |
|
(d) Short-term
provisions |
2.650 |
1.305 |
1.095 |
|
Total Current
Liabilities (4) |
51.378 |
39.705 |
53.172 |
|
|
|
|
|
|
TOTAL |
500.974 |
482.760 |
512.958 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
121.302 |
125.892 |
135.717 |
|
(ii)
Intangible Assets |
0.000 |
0.464 |
0.928 |
|
(iii)
Capital work-in-progress |
11.864 |
11.784 |
11.784 |
|
(iv)
Intangible assets under development |
1.662 |
4.747 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.404 |
30.083 |
15.137 |
|
(e) Other Non-current
assets |
0.640 |
0.091 |
0.084 |
|
Total Non-Current
Assets |
172.872 |
173.061 |
163.650 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
11.204 |
0.000 |
35.821 |
|
(b)
Inventories |
17.686 |
19.146 |
19.785 |
|
(c) Trade
receivables |
40.181 |
32.359 |
30.494 |
|
(d) Cash
and cash equivalents |
1.129 |
7.556 |
4.519 |
|
(e)
Short-term loans and advances |
248.917 |
248.213 |
255.643 |
|
(f) Other
current assets |
8.985 |
2.425 |
3.046 |
|
Total
Current Assets |
328.102 |
309.699 |
349.308 |
|
|
|
|
|
|
TOTAL |
500.974 |
482.760 |
512.958 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
220.494 |
188.794 |
215.437 |
|
|
|
Other Income |
26.861 |
29.691 |
29.900 |
|
|
|
TOTAL |
247.355 |
218.485 |
245.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
94.375 |
91.270 |
75.312 |
|
|
|
Changes in Inventories of Finished Goods |
4.872 |
-2.722 |
6.899 |
|
|
|
Manufacturing Expenses |
19.599 |
20.373 |
13.858 |
|
|
|
Employee Benefits Expense |
75.742 |
67.010 |
68.471 |
|
|
|
Other expenses |
35.545 |
39.590 |
179.831 |
|
|
|
Exceptional Items |
0.000 |
4.541 |
0.000 |
|
|
|
TOTAL |
230.133 |
220.062 |
344.371 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.222 |
(1.577) |
(99.034) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.816 |
14.803 |
19.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.406 |
(16.380) |
(118.468) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.406 |
(16.380) |
(118.468) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(773.960) |
(757.580) |
(639.112) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(768.554) |
(773.960) |
(757.580) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Exports at FOB |
0.258 |
0.000 |
0.000 |
|
|
|
Others (Freight, Insurance etc.) |
0.010 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.268 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
0.047 |
0.473 |
0.000 |
|
|
TOTAL IMPORTS |
0.047 |
0.473 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.16 |
(0.48) |
(3.48) |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
68.000 |
65.300 |
59.400 |
|
Total Expenditure |
69.400 |
61.200 |
61.800 |
|
PBIDT (Excl OI) |
(1.400) |
4.100 |
(2.400) |
|
Other Income |
8.200 |
06.900 |
7.400 |
|
Operating Profit |
6.800 |
11.000 |
5.000 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
6.800 |
11.000 |
5.000 |
|
Depreciation |
2.800 |
2.800 |
2.800 |
|
Profit Before Tax |
4.000 |
8.200 |
2.200 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4.000 |
8.200 |
2.200 |
|
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 |
4.000 |
8.200 |
2.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.19 |
(7.50) |
(48.29) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.45 |
(8.68) |
(54.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11 |
(3.51) |
(23.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.04) |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.39 |
7.80 |
6.57 |
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 |
339.960 |
339.960 |
339.960 |
|
Reserves & Surplus |
111.294 |
94.914 |
100.319 |
|
Net
worth |
451.254 |
434.874 |
440.279 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
215.437 |
188.794 |
220.494 |
|
|
|
(12.367) |
16.791 |
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
|
215.437 |
188.794 |
220.494 |
|
Profit |
(118.468) |
(16.380) |
5.406 |
|
|
(54.99%) |
(8.68%) |
2.45% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
OPERATING RESULTS
HIGHLIGHTS
The year was the second full year of operations where NourishCo
Beverages Limited (NBL), the 50:50 Joint Venture set up by Tata Global
Beverages Limited (TGBL) and PepsiCo India Holdings Private Limited (PIH),
handled the entire sales, marketing and distribution of ‘Himalayan’ through the
PIH Go-To-Market (GTM) network. This enabled a higher visibility and
availability of Himalayan.
The total volume of Himalayan sales for the year at 12.5 million
litres was marginally higher than 12.2 million litres in the previous year. The
brand showed significant momentum in the last quarter of the fiscal year driven
by the print media and TV commercials. Today Himalayan is widely distributed
and available in major niche markets across the Country.
The sales revenue at Rs.171.700 Millions during the year was
higher than Rs.137.300 Millions during the previous year mainly on account of
marginally higher volumes and better realization during the year which was at a
Transfer Price calculated at cost plus margins as mutually agreed between the
Parties.
In an inflationary environment, the Company was able to manage
the cost increase within 5%. In addition, aggressive initiatives were
undertaken to reduce corporate costs more so with front end marketing / sales
activities transferred to NBL. As a result of the same the Company has reported
a profit of Rs.5.400 Millions for the year as compared to a loss of Rs.16.400
Millions in the previous year.
This year also saw the launch of Himalayan Social Media Campaign
which aimed at gaining awareness and heightening consumer interaction for the
Brand.
Keeping the buzz and excitement alive, the Company has extended
the Himalayan Brand Halo, (through portfolio extension) by offering an engaging
choice to discerning consumers. The same is in the final stage of completion
and should delight the consumers in the near future.
The JV between Starbucks and TGBL have opened up significant
volume opportunities for the brand in an exciting new alternate channel not
only in India but also in other advanced markets across the globe. Himalayan is
the only brand of water being served/poured at all Tata Starbucks outlet in
India. Through our first international foray with Starbucks Singapore, the
Company has ensured that Himalayan Water is now available across major
Starbucks Outlets in Singapore.
The Company continued to work for TGBL leveraging cutting edge
Technology backed by science for the wellness platform on various modules
straddling innovation, new product development and incubation in different food
formats and received Rs.46.000 Millions as Product Development fees from TGBL against
Rs.45.000 Millions received last year.
In early April 2013, the Company hosted a Global ‘two day’ Dream
Workshop with its collaborators. The workshop envisaged the future of the food
and beverage industry, the consumer trends and needs and the importance to
develop exciting products which will be ‘Transforming lives without changing
lives’.
OPPORTUNITIES,
OUTLOOK, THREATS AND RISKS
Natural Mineral Water though growing, continues to have a very
small share of the entire Water industry, estimated at around Rs.1000.000
Millions. In spite of entry of new players in this space, Himalayan continues
to be the widely accepted and accredited brand in the category, and is placed
at a premium pedestal and as an image driver. The brand Himalayan has been
extended to a Carbonated Natural Mineral Water, which shall be marketed as
Himalayan Sparkling in the coming year. Also, the flavored variants of
Himalayan are in the advanced stage of development.
During the year, the Company received offers for exports of
Himalayan from different geographies across the globe, reflecting the
international appeal of the brand. In the current year the Company undertook
its first export consignment to Starbucks Singapore.
The crude based/led materials constitute up to 80% of the total
material costs. Any increase in the global crude oil rate will directly impact
the profitability. The impact on freight cost and the distribution challenges
is typical to a single source bottler.
The Company which is part of the Tata Beverages Group is
marketing, selling and distributing Himalayan water through Nourishco Beverages
Limited a 50:50 Joint Venture Company, set up by Tata Global Beverages Ltd and
PepsiCo India Holdings Private Ltd for marketing, sale and distribution of a
portfolio of ‘good for you’ beverages. This partnership has allowed wider and
deeper market access for brand Himalayan, riding on Pepsi’s deep and elaborate
sales and distribution network and marketing expertise.
FINANCIAL AND
OPERATING PERFORMANCE
Improvement in the macro economic scenario is happening slowly
and yet to convert to enhanced consumer spends in a sustained manner. This has
had a rather deleterious effect on the overall business of the Company with
major institutions cutting back on their expenses and therefore, consumption of
the Company’s branded product.
As a result, the Turnover of the Company stood at Rs.171.700
Millions. However, Product Development Fees received/receivable for the year
was Rs.46.000 Millions, which was higher than in previous year. The Profit
before Tax was at Rs.5.300 Millions as compared to a Loss of Rs.16.400 Millions
in the previous year.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended (Unaudited) |
Nine months ended (Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
59.049 |
59.593 |
158.968 |
|
b) Other operating income |
0.346 |
5.738 |
6.736 |
|
Total
income from Operations(net) |
59.395 |
65.331 |
165.704 |
|
2.Expenditure |
|
|
|
|
a)
Cost of
Raw Materials Consumed |
19.070 |
17.381 |
58.472 |
|
b)
Cost of
Packing Materials Consumed |
8.506 |
7.706 |
25.969 |
|
c)
Changes in inventories of finished goods, work-
in progress and stock-in-trade |
(3.251) |
0.207 |
(3.141) |
|
d)
Employee benefits expense |
21.386 |
20.453 |
62.277 |
|
e)
Depreciation |
2.788 |
2.771 |
8.395 |
|
f) Other Expenditure |
16.105 |
15.487 |
48.832 |
|
Total expenses |
64.604 |
64.005 |
200.804 |
|
3. Profit from operations before other income and
financial costs |
(5.209) |
1.326 |
(8.100) |
|
4. Other income |
7.373 |
6.878 |
22.469 |
|
5. Profit from ordinary activities before finance costs |
2.163 |
8.204 |
14.369 |
|
6. Finance costs |
0.000 |
0.000 |
0.000 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
2.163 |
8.204 |
14.369 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
2.163 |
8.204 |
14.369 |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
2.163 |
8.204 |
14.369 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
2.163 |
8.204 |
14.369 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
339.960 |
339.960 |
339.960 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.06 |
0.24 |
0.42 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.06 |
0.24 |
0.42 |
|
Particulars |
Quarter Ended (Unaudited) |
Nine months ended (Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
16914879 |
16914879 |
16914879 |
|
- Percentage of shareholding |
49.76% |
49.76% |
49.76% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
17081092 |
17081092 |
17081092 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
50.24% |
50.24% |
50.24% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
1 |
||
|
Receiving during the quarter |
Nil |
||
|
Disposed of during the quarter |
1 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
NOTE:
1. The Unaudited financial results have been reviewed by the Audit Committee in their meeting held on January 23, 2014 and approved by the Board of Directors at its meeting held on January 23, 2014.
2. Net Sales /Income from Operations includes Product Development Fees straddling innovation, new product development and incubation in water related products - Rs.15.000 Millions for the quarter (Previous year corresponding quarter Rs.11.500 Millions), Rs.45.000 Millions for the period to date (Previous year corresponding nine months Rs.344 Lakhs) and Rs.460 Lakhs for the year ended March 31, 2013
3. Other Income for the quarter comprises Interest on Deposits and Profit on Sale of Mutual Fund Units, in respect of the monies lying unutilized out of the Preferential Allotment made in 2007.
4. Other Operating Income for the quarter comprises of write back of excess provision of earlier year Rs.0.095 Million (Previous year corresponding quarter Rs.0.096 Million), Rs.5.486 Millions for nine months (Previous year corresponding nine months Rs.0.593 Million)
5. The proceeds of preferential allotment of 2007 have been utilized for the specified objects and the unutilized amount of Rs.242.054 Millions as at December 31, 2013 has been invested in Inter Corporate Deposits and units of Mutual Funds.
6. The Board of Directors of the Company at its meeting held on November 12, 2013 approved the scheme of merger of the Company with Tata Global Beverages Limited in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The appointed date of the scheme is 1st April 2013. The Scheme would become effective after receipt of all requisite statutory and court approvals, including shareholders' approval.
7. Disclosure of segment-wise information is not applicable, since the Company is engaged only in one segment i.e. Natural Mineral Water.
8. The figures of the previous periods/year have been regrouped to conform to the current period/year.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10049576 |
20/04/2007 |
2,223,978.00 |
Himachal Pradesh
State Industrial Development Corp |
New Himrus Building, 4th and 5th Floor, Cart Road, Shimla, Shimla, Himachal Pradesh - 171001, India |
A14495287 |
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
·
Building
·
Plant and Machinery
·
Electrical and Mechanical Installations
·
Furniture and Fixture
·
Office and Other Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.97 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.