MIRA INFORM REPORT
|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SABMILLER INDIA LIMITED (w.e.f. 22.07.2012) |
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|
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Formerly Known
As : |
SKOL BREWERIES LIMITED |
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Registered
Office : |
Unit No.301-302, Dynasty Business Park, B Wing, 3rd Floor,
Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.11.1988 |
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Com. Reg. No.: |
11-049687 |
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Capital
Investment / Paid-up Capital : |
Rs.3131.707 Millions |
|
|
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|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC049687 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKF00109E |
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PAN No.: [Permanent Account No.] |
AAACR3140F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged in the business of brewing, packaging, distribution, marketing and
sale of beer. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 28000000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and January
of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 BY
|
Name : |
Mr. Sunderlal |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-80-30793001 |
|
Date : |
05.06.2014 |
LOCATIONS
|
Registered Office : |
Unit No.301-302, Dynasty Business Park, B Wing, 3rd Floor, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-30913600 |
|
Fax No.: |
91-22-67103894 |
|
E-Mail : |
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|
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Corporate Office : |
Jalahalli Camp Road, Yeshwantpur, Bangalore – 560022, Karnataka, India
|
|
Tel. No.: |
91-80-39499999 |
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Fax No.: |
91-80-39248994 |
|
|
|
|
Regional Office 1 : |
9th Floor, Welldone Tech Park, Sector-48, Sohna Road,
Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-3949999 |
|
Fax No.: |
91-124-3302684 |
|
|
|
|
Regional Office 2 : |
BKN Ambaramam Estate, 648/L Main First Stage, Indiranagar, Bangalore –
560038, Karnataka, India |
|
Tel. No.: |
91-80-30793001 |
|
Fax No.: |
91-80-30793013 |
DIRECTORS
AS ON 27.08.2013
|
Name : |
Mr. Grant Murray Liversage |
|
Designation : |
Managing Director |
|
Address : |
Rua Beijo Da Mulata, Lote N 141, Maputo B Sommerschield, Cidade De
Maputo, Mozambique |
|
Date of Birth/Age : |
02.10.1966 |
|
Date of Appointment : |
01.08.2013 |
|
DIN No.: |
06618242 |
|
|
|
|
Name : |
Mr. Paolo Alberto Francesco Lanzarotti |
|
Designation : |
Managing Director |
|
Address : |
Strmy Vrsok 96, Bratislava, Slovakia 84106 |
|
Date of Birth/Age : |
02.02.1966 |
|
Date of Appointment : |
23.09.2009 |
|
DIN No.: |
02799822 |
|
|
|
|
Name : |
Mr. Ari Mervis |
|
Designation : |
Director |
|
Address : |
50 Forest Road, Bramley, Johannesburg, South Africa 2090 |
|
Date of Birth/Age : |
04.01.1964 |
|
Date of Appointment : |
13.11.2007 |
|
DIN No.: |
01892065 |
|
|
|
|
Name : |
Mr. Thirumanilaiyur Sitapati Ramana Subramanian |
|
Designation : |
Director |
|
Address : |
“Guru Kripa” 74, Sector 15-A, Gautam Budh Nagar, Noida – 201301, Uttar
Pradesh, India |
|
Date of Birth/Age : |
12.12.1938 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No.: |
00016912 |
|
|
|
|
Name : |
Mr. Mathew James Dunn |
|
Designation : |
Director |
|
Address : |
FT 56, 26/F, Block B, Repulse Bay Apartment, 101 Repulse Bay Road,
Hong Kong |
|
Date of Birth/Age : |
03.10.1974 |
|
Date of Appointment : |
02.07.2010 |
|
DIN No.: |
03156270 |
|
|
|
|
Name : |
Mr. Stephen Victor Shapiro |
|
Designation : |
Director |
|
Address : |
19 Court Lane Gardens, SE21, 7DZ, London |
|
Date of Birth/Age : |
26.04.1966 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
06572786 |
|
|
|
|
Name : |
Mr. Catherine May |
|
Designation : |
Director |
|
Address : |
16 Star Street W2, 1QD, London, United Kingdom |
|
Date of Birth/Age : |
14.12.1964 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
06609499 |
KEY EXECUTIVES
|
Name : |
Mr. Sunderlal |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Sridhar S |
|
Designation : |
Secretary |
|
Address : |
Flat 2358, Janapriya, Lakeview, Phase 2, Kodichikkanahalli, Begur
Hobli, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
14.02.1971 |
|
Date of Appointment : |
01.10.2010 |
MAJOR SHAREHOLDERS
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 27.08.2013
|
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 |
99.30 |
|
Bodies corporate |
0.02 |
|
Other top fifty shareholders |
0.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of brewing, packaging, distribution, marketing and
sale of beer. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Standard Chartered Bank, Parliament Street, New Delhi,
Delhi, India |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Centre, 11-12/1
Inner Ring Road, Koromangla, Bangalore – 560071, Karnataka, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Ultimate holding
company : |
·
SABMiller plc |
|
|
|
|
Holding company
: |
·
SABMiller Asia BV (with effect from
13 March 2013) ·
SABMiller Breweries Private Limited
(upto 12 March 2013) |
|
|
|
|
Significant
influence : |
·
SABMiller Breweries Private Limited
(with effect from 13 March 2013) ·
SABMiller Asia BV (upto 12 March
2013) |
|
|
|
|
Fellow
subsidiaries : |
·
S.p.A. Birra Peroni ·
SKOL Beer Manufacturing Company
Limited (formerly SABMiller India Limited) ·
SABMiller Management (IN) BV ·
SABMiller Africa & Asia (Pty)
Limited ·
SABMiller Vietnam ·
SABMiller Europe AG ·
SABMiller (Asia) Limited ·
SABMiller International Brands
Limited ·
SABMiller African Breweries Limited ·
SABMiller Procurement GmbH (formerly
Trinity Procurement GmbH) ·
SABMiller Management BV ·
SABEX ·
Miller Brewing International Inc. ·
SABMiller India Holdings, Mauritius ·
Austindia Pty Limited, Australia |
CAPITAL STRUCTURE
AS ON 27.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
320000000 |
Equity Shares |
Rs.10/- each |
Rs.3200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
313170736 |
Equity Shares |
Rs.10/- each |
Rs.3131.707 Millions |
|
|
|
|
|
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 |
3,131.707 |
2,311.837 |
2,311.837 |
|
(b) Reserves & Surplus |
3,969.930 |
1,415.156 |
2,276.923 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
72.420 |
0.000 |
|
(3) Deferred Government Grants |
121.230 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7,222.867 |
3,799.413 |
4,588.760 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,356.379 |
2,346.224 |
1,821.581 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
216.899 |
245.445 |
21.009 |
|
(d) long-term
provisions |
146.566 |
118.266 |
472.659 |
|
Total Non-current
Liabilities (3) |
2,719.844 |
2,709.935 |
2,315.249 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6,899.819 |
8,545.819 |
7,682.377 |
|
(b) Trade
payables |
2,452.229 |
1,873.938 |
1,643.967 |
|
(c) Other
current liabilities |
2,728.122 |
3,361.913 |
2,351.726 |
|
(d) Short-term
provisions |
478.642 |
397.161 |
27.093 |
|
Total Current
Liabilities (4) |
12,558.812 |
14,178.831 |
11,705.163 |
|
|
|
|
|
|
TOTAL |
22,501.523 |
20,688.179 |
18,609.172 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8,554.203 |
8,510.355 |
8,480.202 |
|
(ii) Intangible
Assets |
2,236.792 |
2,407.873 |
2,574.859 |
|
(iii)
Capital work-in-progress |
330.948 |
371.316 |
158.768 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.407 |
11.489 |
11.391 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
452.196 |
476.228 |
672.809 |
|
(e) Other
Non-current assets |
534.186 |
484.065 |
0.000 |
|
Total Non-Current
Assets |
12,119.732 |
12,261.326 |
11,898.029 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,674.122 |
2,742.345 |
2,187.252 |
|
(c) Trade
receivables |
6,198.546 |
4,652.811 |
3,454.567 |
|
(d) Cash
and cash equivalents |
646.432 |
169.184 |
380.500 |
|
(e)
Short-term loans and advances |
765.574 |
643.691 |
688.824 |
|
(f) Other
current assets |
97.117 |
218.822 |
0.000 |
|
Total
Current Assets |
10,381.791 |
8,426.853 |
6,711.143 |
|
|
|
|
|
|
TOTAL |
22,501.523 |
20,688.179 |
18,609.172 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
19,965.254 |
16,662.852 |
14,859.293 |
|
|
|
|
Other Income |
168.475 |
46.073 |
114.216 |
|
|
|
|
TOTAL (A) |
20,133.729 |
16,708.925 |
14,973.509 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
9,578.429 |
8,604.114 |
7,436.923 |
|
|
|
|
Purchase of Stock-in-trade |
400.514 |
2.371 |
10.127 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
177.509 |
(66.406) |
130.889 |
|
|
|
|
Employee Benefits Expenses |
1,491.170 |
1,400.217 |
1,144.003 |
|
|
|
|
Other Expenses |
6,954.120 |
5,935.725 |
5,085.948 |
|
|
|
|
TOTAL (B) |
18,601.742 |
15,876.021 |
13,807.890 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,531.987 |
832.904 |
1,165.619 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1,451.970 |
1,152.900 |
818.568 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
80.017 |
(319.996) |
347.051 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
963.513 |
872.589 |
950.690 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(883.496) |
(1,192.585) |
(603.639) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
1.546 |
(2.267) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
(883.496) |
(1,194.131) |
(601.372) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
480.398 |
320.337 |
NA |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
255.874 |
69.907 |
NA |
|
|
|
|
Stores & Spares |
43.639 |
28.209 |
NA |
|
|
|
|
Capital Goods |
77.665 |
115.716 |
NA |
|
|
|
TOTAL IMPORTS |
377.178 |
213.832 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(3.65) |
(5.01) |
(2.60) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.39) |
(7.15) |
(4.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.43) |
(7.16) |
(4.06) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.99) |
(5.87) |
(3.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.31) |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28 |
2.87 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.59 |
0.57 |
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 |
2311.837 |
2311.837 |
3131.707 |
|
Reserves & Surplus |
2276.923 |
1415.156 |
3969.930 |
|
Share Application money
pending allotment |
0.000 |
72.420 |
0.000 |
|
Deferred Government
Grants |
0.000 |
0.000 |
121.230 |
|
Net
worth |
4588.760 |
3799.413 |
7222.867 |
|
|
|
|
|
|
long-term borrowings |
1821.581 |
2346.224 |
2356.379 |
|
Short term borrowings |
7682.377 |
8545.819 |
6899.819 |
|
Total
borrowings |
9503.958 |
10892.043 |
9256.198 |
|
Debt/Equity
ratio |
2.071 |
2.867 |
1.282 |
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 |
14,859.293 |
16,662.852 |
19,965.254 |
|
|
|
12.138 |
19.819 |
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
|
14,859.293 |
16,662.852 |
19,965.254 |
|
Profit |
(601.372) |
(1,194.131) |
(883.496) |
|
|
(4.05%) |
(7.17%) |
(4.43%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturity of long term debt |
0.000 |
572.489 |
0.000 |
|
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 |
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 |
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE: Registered office
address of the company has been shifted from Solitaire Corporate Park 10, Unit
No 1021, 2nd Floor, Sur-131-A, Andheri (East), Mumbai – 400093,
Maharashtra, India to the present address w.e.f. 11.02.2014
OPERATIONS:
Subject has
achieved a landmark by crossing the5.5 million hectoliters of production mark
during the year with record production of 5.524 million hectoliters. This has resulted
in a volume growth of 20% ahead of industry growth which is estimated at 15%.
Subject’s revenue during the year 2012-13 has significantly improved. The
turnover increased to Rs.33490.000 millions against previous year turnover of
Rs.27830.000 millions. Andhra Pradesh was the largest contributor with sales
growth recording 52% increase on continuation of the demand based procurement
system. Haryana and Punjab also significantly contributed to revenue growth
during the year.
Robust volume
growth and price increases granted by few States coupled with savings on
discounts and direct cost control contributed to reduction in the overall
losses for the current year leading to a cash surplus of Rs.330.000 millions.
However, increase in commodity costs dented attempts to reduce the losses
further. On the operations front, returns of proprietary bottles of the company
has shown an increasing trend over the years and subject is strongly protecting
its proprietary rights over the bottles by initiating legal action against
infringers.
Expansion plans in
Karnataka and Orissa have made some progress with the respective industrial
development corporations of Karnataka and Orissa states allotting lands to
subject. However, lack of clarity on title of some farmers in Karnataka and
bureaucratic delays in Orissa in getting necessary approval for the project
have slowed down the efforts of your company to enhance its capacity. Both the
projects are expected to take off during the current financial year assuming
the company receives support from the respective state governments in ironing
out the procedural delays.
The Board enjoys
the unqualified support of all its financiers whose confidence in the future of
subject is evidenced by the fact that all borrowings have been made without the
bankers taking any charges over your company’s assets and are used for both
short term and long term purposes.
BACKGROUND:
SABMiller India
Limited (“the Company”), formerly SKOL Breweries Limited, was incorporated as a
private limited company under the Companies Act, 1956 on 18 November 1988. With
effect from 22 June 2012 the name of the Company was changed from SKOL
Breweries Limited to SABMiller India Limited. The Company is primarily engaged
in the business of brewing, packaging, distribution, marketing and sale of
beer.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term Loans from
Others |
2267.044 |
2292.143 |
|
Loans and
Advances from Related Parties |
89.305 |
54.081 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Working Capital
Loans from Banks |
6560.000 |
8420.000 |
|
Loans Repayable
on Demand |
339.819 |
125.819 |
|
|
|
|
|
Total |
9256.168 |
10892.043 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90073187 |
09/07/2003
* |
90,000,000.00 |
STANDARD
CHARTERED BANK |
PARLIAMENT
STREET, NEW DELHI, DELHI, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and machinery
·
Furniture and fixture
·
Computer
·
Office equipment
·
Vehicle
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.59.06 |
|
|
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.