MIRA INFORM REPORT
|
Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DSM NUTRITIONAL PRODUCTS INDIA PRIVATE LIMITED |
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|
Formerly Known
As : |
RSA VITAMINS PRIVATE LIMITED |
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Registered
Office : |
Windsor House, 401, Fourth Floor, Near BKC, Kalina, Santacruz (East),
Mumbai – 400098, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.02.2003 |
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Com. Reg. No.: |
139071 |
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Capital
Investment / Paid-up Capital : |
Rs. 26.000 Millions |
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CIN No.: [Company Identification
No.] |
U24231MH2003PTC139071 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of dietary supplement and personal care
product |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2420000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “finalor Limited‘’. It is an established
company having satisfactory track record. The company possesses a healthy financial profile marked by no
external borrowings reported during 2013. Trade relations are fair. Business is active. Payments term are
reported as usually correct. In view of strong support from its holding company, the subject can be
considered normal 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra
topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn,
Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 : |
Mrs. Vanita Banjal |
|
Designation : |
Administration Head |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office : |
Windsor House, 401, Fourth Floor, Near BKC, Kalina, Santacruz (East),
Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-40349116 |
|
Fax No.: |
91-22-40349199 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. E57 And E58 Additional
MIDC, Anandnagar, Ambernath (East), Thane
- 421501, Maharashtra, India |
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Tel. No.: |
91-251-6484018 / 2620612 |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Bharath Ramraman Sesha |
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Designation : |
Director |
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Address : |
Apartments No. 1004, Block No. B 2, Uniworld City South City I,
Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
18.05.1972 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
01983066 |
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Other
Directorship:
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Name : |
Karim Kurmaly |
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Designation : |
Director |
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Address : |
37, Jervois Road, Singapore – 249020, Singapore |
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Date of Birth/Age : |
25.11.1960 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
03056229 |
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Name : |
Gerald Yeong Kiat Ng |
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Designation : |
Director |
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Address : |
Block No. 36, Toh Tuck Road #4-01, Singapore – 596714, Singapore |
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Date of Birth/Age : |
12.06.1968 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
03270973 |
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Other
Directorship:
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Name : |
ARUN ARORA |
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Designation : |
Director |
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Address : |
Flat No. 1202, Winona Hiran Andani Estate Ghodbunder Road,
Thane(West), Thane – 400607, Maharashtra, India |
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Date of Birth/Age : |
29.08.1969 |
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Date of Appointment : |
26.09.2012 |
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DIN No.: |
05317226 |
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Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24231MH2003PTC139071 |
DSM NUTRITIONAL
PRODUCTS INDIA PRIVATE LIMITED |
Director |
26/09/2012 |
02/07/2012 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
|
259,740 |
99.90 |
|
|
260 |
0.10 |
|
Total |
260,000 |
100.00 |
AS ON 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of dietary supplement and personal care
product |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
S R Batliboi And
Company, 14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar-West,
Mumbai-400028, Maharashtra, India |
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PAN No.: |
ABSFS4151K |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Holding company
: |
Finalor Limited |
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Ultimate Holding Company : |
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Fellow Subsidiary Company : |
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CAPITAL STRUCTURE
AS ON 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
260000 |
Equity Shares |
Rs.100/- each |
Rs.26.000 Millions |
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|
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 |
26.000 |
26.000 |
11.000 |
|
(b) Reserves & Surplus |
578.204 |
510.090 |
66.502 |
|
(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) |
604.204 |
536.090 |
77.502 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
38.689 |
|
(b) Trade payables |
434.210 |
178.371 |
227.925 |
|
(c) Other current liabilities |
36.817 |
8.174 |
1.262 |
|
(d) Short-term provisions |
10.023 |
10.923 |
1.660 |
|
Total
Current Liabilities (4) |
481.050 |
197.468 |
269.536 |
|
|
|
|
|
|
TOTAL |
1,085.254 |
733.558 |
347.038 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
73.941 |
85.494 |
95.526 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
106.097 |
1.901 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
9.139 |
7.044 |
2.484 |
|
(d) Long-term Loan and Advances |
87.188 |
45.148 |
41.578 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
276.365 |
139.587 |
139.588 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
308.414 |
175.820 |
102.109 |
|
(c) Trade receivables |
161.717 |
233.489 |
81.312 |
|
(d) Cash and cash equivalents |
311.465 |
170.142 |
17.955 |
|
(e) Short-term loans and
advances |
27.203 |
14.486 |
6.074 |
|
(f) Other current assets |
0.090 |
0.034 |
0.000 |
|
Total
Current Assets |
808.889 |
593.971 |
207.450 |
|
|
|
|
|
|
TOTAL |
1,085.254 |
733.558 |
347.038 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Income |
1353.250 |
980.924 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1251.230 |
916.626 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
102.020 |
64.298 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
33.906 |
25.712 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
68.114 |
38.587 |
|
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
261.98 |
148.41 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.52
|
8.87 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.00 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
3.01 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
11.000 |
26.000 |
26.000 |
|
Reserves & Surplus |
66.502 |
510.090 |
578.204 |
|
Net
worth |
77.502 |
536.090 |
604.204 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
38.689 |
0.000 |
0.000 |
|
Total
borrowings |
38.689 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.499 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Income |
|
980.924 |
1,353.250 |
|
|
|
|
37.957 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Income |
|
980.924 |
1,353.250 |
|
Profit After tax |
|
38.587 |
68.114 |
|
|
|
3.93% |
5.03% |
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 |
No |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last two years |
Yes |
|
12] |
Profitability
for last two 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 |
No |
|
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 |
Note :
- Registered
office of the company has been shifted from Solitaire Corporate Park
661/662 6th Floor, Building No Vi Pot N151 151zn Vasanji Marg Chkala
Andheri (East) Mumbai, Maharashtra, India to the present
address w.e.f. 12.01.2010.
- No Charges
Exist for Company.
Operations
The Company is
dealing in all types, descriptions, specifications, strengths and applications
of all of vitamins and vitamin products and their by-products, intermediates,
derivatives, formulations and components.
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 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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.