MIRA
INFORM REPORT
|
Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BUNGE INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
601C and 601D, 6th Floor, The Capital, C-70, G-Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
12.03.1958 |
|
|
|
|
Com. Reg. No.: |
17-174267 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.147.993 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15421MH1958PTC174267 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter of Dalda Vanaspati and Dalda Oil and Importer
of Oil. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 33000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved better growth in its sales turnover during
the financial year 2013. The rating also takes in to consideration operational, managerial and
financial support that Bunge India receives from its parent company. 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 conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
HENKEL RATING
|
HENKEL’s Rating : |
A 300, 301 (Moderate risk) |
|
Credit
Rating |
Henkel
Rating (Customer Risk Assesment- CRA) |
||
|
Mira
Inform |
Risk
Category |
Credit
Limit |
Description |
|
Aaa |
100 |
Inter Company, credit limit not
required |
Very low risk (blue ships) |
|
Aa |
200,
201 |
(120% of Gross Annualised
Sales/365)*Credit Term. |
Low risk |
|
A |
300,
301 |
(100% of Gross Annualised
Sales/365)*Credit Term. |
Moderate risk |
|
Ba |
350 |
(90% of Gross Annualised
Sales/365)*Credit Term. |
Significant risk |
|
B |
400 |
(80% of Gross Annualised
Sales/365)*Credit Term. |
High risk |
|
450 |
Very high risk |
||
|
Ca
or C |
500* |
NIL/ Legal/ Bad/No Transaction |
Doubtful accounts |
|
|
007* |
NIL |
Small unrated customers |
|
|
009* |
NIL |
Inactive customers |
|
|
999* |
Initially First Invoice vales,
CRA will be done and based on report the CL would get revised. |
New customer |
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
eable 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
02.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Debt=A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
02.12.2013 |
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 Co-operative (91-80-41265075)
LOCATIONS
|
Registered Office : |
601C and 601D, 6th Floor, The Capital, C-70, G-Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-40509898/ 99/40509500 /26533768 |
|
Fax No.: |
91-22-40509898/99 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
9000 sq. ft. (Approximately) |
|
Location: |
Rented |
|
|
|
|
Factory 1: |
N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, |
|
Tel No.: |
91-747-2444840/2447623 |
|
Fax No.: |
91-747-2444525 |
|
Location: |
Owned |
|
|
|
|
Factory 2: |
Foods Factory, Edamalaipatti, Pudur Trichy – 620012, |
|
Location: |
Owned |
|
|
|
|
Head Office: |
1st Floor, No.1, Old Air Port Road, Kodihall, Bangalore,
560008 India |
|
Tel No.: |
91-80-41265075 |
|
Fax No.: |
91-80-41265075 |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Samir Prempal Jain |
|
Designation : |
Managing Director |
|
Address : |
201, Tower 11, Planet Godrej, Keshav Rao Khadye Marg, Mahalaxmi
(East), Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
22.09.1972 |
|
Date of Appointment : |
01.03.2012 |
|
PAN No.: |
AAIPJ2477N |
|
DIN No.: |
05255615 |
|
|
|
|
Name : |
Mr. Subramanian Neelakantan Nataraj |
|
Designation : |
Director |
|
Address : |
301, Ambrosia Building, Hirannandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
22.06.1963 |
|
Date of Appointment : |
01.10.2008 |
|
PAN No.: |
AAGPN0452K |
|
DIN No.: |
01603182 |
|
|
|
|
Name : |
Mr. Vipin Gupta |
|
Designation : |
Director |
|
Address : |
C/O Mr. S. C. Poddar, 194, Sukhdev Vihar, Behind Excorts Hospital, New
Delhi – 110 025, India |
|
Date of Birth/Age : |
29.03.1974 |
|
Date of Appointment : |
17.06.2013 |
|
DIN No.: |
02350467 |
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|
|
|
Name : |
Mr. White John Christopher Silva |
|
Designation : |
Director |
|
Address : |
15 A, |
|
Date of Birth/Age : |
12.06.1952 |
|
Date of Appointment : |
28.04.2003 |
|
DIN No.: |
02638409 |
|
DIN No.: |
02638409 |
|
|
|
|
Name : |
Mr. Ronaldo Ribeiro Siqueira |
|
Designation : |
Director |
|
Address : |
Alameda Barao Limeira 1306, Apartment 53, Campos Eliseos, Sao Paulo
SP, Brazil |
|
Date of Birth/Age : |
30.09.1971 |
|
Date of Appointment : |
15.05.2013 |
|
DIN No.: |
06580777 |
KEY EXECUTIVES
|
Name : |
Mr. Gurdeep Kaur |
|
Designation : |
Secretary |
|
Address : |
B-25-397, Gobind Nagar, Patiala-147001, India |
|
Date of Birth/Age : |
16.09.1976 |
|
Date of Appointment : |
10.02.2012 |
|
PAN No.: |
AUXPK1340G |
|
|
|
|
Name : |
Mr. Kalpesh |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Bunge Mauritius Holdings Limited, |
|
14799237 |
|
Vipin Gupta |
|
25 |
|
Total |
|
14799262 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Dalda Vanaspati and Dalda Oil and Importer of
Oil. |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
||||||||||||
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|
||||||||||||
|
Bankers : |
·
Citi Bank ·
HSBC Bank – Fort Branch, Mumbai ·
Standard Chartered Bank - Fort Branch, Mumbai ·
Deutche Bank - Fort Branch, Mumbai ·
State Bank of India |
||||||||||||
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|
||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Tower 3, 27th – 32nd Floor, Indiabulls Finance
Centre, Elephistone Mills Compound, Senapati Bapat Marg, Elphistone (West),
Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
|
|
91-22-61854501/ 4601 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
Bunge Mauritius Holdings Company |
|
|
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|
Associates : |
Bunge London Limited |
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|
Other Related Parties : |
·
Bunge Agribusiness Singapore Pte Limited ·
Grains And Industrial Products Trading Pte
Limited ·
Bunge Sa Geneva ·
Ecoinvest Sa Switzerland ·
Bunge Vietnam Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14799262 |
Equity Shares |
Rs.10/- each |
Rs.147.993 Millions |
|
|
|
|
|
FINANCIAL DATA\
[all figures are
in Rupees Millions]
FINANCIAL DETAILS
FILE ATTACHED
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 |
147.993 |
147.993 |
147.993 |
|
Reserves & Surplus |
3746.207 |
5441.500 |
7990.100 |
|
Net
worth |
3894.200 |
5589.493 |
8138.093 |
|
|
|
|
|
|
long-term borrowings |
44.800 |
4594.800 |
4586.100 |
|
Short term borrowings |
3.500 |
1902.200 |
4697.700 |
|
Total
borrowings |
48.300 |
6497.000 |
9283.800 |
|
Debt/Equity
ratio |
0.012 |
1.162 |
1.141 |
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 |
149170.000 |
263426.000 |
466262.000 |
|
|
|
76.594 |
76.999 |
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
|
149170.000 |
263426.000 |
466262.000 |
|
Profit |
1283.000 |
1695.000 |
2549.000 |
|
|
0.86% |
0.64% |
0.55% |
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 |
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 |
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 |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
WORKING RESULTS:
The total revenue
for the year was Rs.480447.000 million as against Rs.271821.000 million for the
previous year while the net sales was Rs.466262.000 million and Rs.263426.000
million respectively. During the year, Subject earned a profit after tax
adjustments of Rs.2549.000 million as against Rs.1695.000 million earned in the
previous year.
NOTES:
·
Registered office address of the company has been
shifted from B-401 and 501, Business Square, Andheri – Kurla Road, Chakala,
Andheri (East), Mumbai – 400093, Maharashtra, India to the present address
w.e.f. 29.04.2013
·
No Charges Exist for Company.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Fully Convertible
Debentures others |
4550.000 |
4550.000 |
|
Loans and
Advances from related parties |
36.100 |
44.800 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Working Capital
Loans from Banks |
4684.700 |
1745.300 |
|
|
|
|
|
Total |
9270.800 |
6340.100 |
FIXED ASSETS:
·
Goodwill
·
Brands
·
Technical Knowhow
·
Non-Compete Fees
·
Computer Software
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipment and Furniture and Fixtures
·
Motor Vehicles
·
Leasehold Improvements
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
60 |
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.