MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BRITANNIA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
5/ 1A, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.03.1918 |
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Com. Reg. No.: |
21-2964 |
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Capital
Investment / Paid-up Capital : |
Rs.239.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15412WB1918PLC002964 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB05046G |
|
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PAN No.: [Permanent Account No.] |
AABCB2066P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Selling of Biscuits and Other Bakery
Products. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25740800 |
|
|
|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Associated Biscuits International Limited, [ABIL],
UK and one of the largest players in biscuit industry in India. It is
well-established company having excellent track record. The rating reflects Britannia’s leading market position in the biscuit
market, strong operating efficiency and healthy financial risk profile.
Further rating also reflects strong liquidity position and decent
profitability achieved by the company from its operation. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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 – 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA [Long Term] |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
03.05.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Short Term] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
03.05.2013 |
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 DECLINED
Management non co-operative [91-33-22872439]
LOCATIONS
|
Registered Office : |
5/ 1A, |
|
Tel. No.: |
91-33-22872439/ 2057/ 0505 |
|
Fax No.: |
91-33-22872501 |
|
E-Mail : |
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Website : |
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Executive Office
: |
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Tel. No.: |
91-80-39400080 |
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Fax No.: |
91-80-25266063 |
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E-Mail : |
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Research and Development : |
191, |
|
Tel. No.: |
91-44-6614 8083 |
|
Fax No.: |
91-44-2625 8563 |
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Factory 1 : |
15, |
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Factory 2 : |
33, |
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Factory 3 : |
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Factory 4 : |
Plot No. 1 Sector 1, Integrated Industrial Estate (IIE), Pant Nagar,
Tehsil/Taluka, Rudrapur Kichha, District Udham Singh Nagar, |
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Branch Office : |
Located At:
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DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Nusli N
Wadia |
|
Designation : |
Chairman |
|
|
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|
Name : |
Ms. Vinita Bali |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Keki
Dadiseth |
|
Designation : |
Director |
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|
Name : |
Mr. Avijith Deb |
|
Designation : |
Director |
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|
Name : |
Mr. A K Hirjee |
|
Designation : |
Director |
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|
Name : |
Mr. Nimesh N
Kampani |
|
Designation : |
Director |
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|
Name : |
Mr. S |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nasser
Munjee |
|
Designation : |
Directors |
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|
Name : |
Mr. Ajai Puri |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Jeh N Wadia |
|
Designation : |
Director |
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|
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|
Name : |
Ness N Wadia |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vijay L Kelkar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vivek P Raizada |
|
Designation : |
Company Secretary [w.e.f. 01.06.2013] |
|
|
|
|
Name : |
Mr. Varun Berry |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Vinod Krishna Menon |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Vinay Singh Kushwaha |
|
Designation : |
Vice President - Supply Chain |
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|
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|
Name : |
Mr. Ashok Namboodiri |
|
Designation : |
Head-Dairy Business |
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|
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|
Name : |
Mr. Manoj Balgi |
|
Designation : |
Head-Procurement |
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|
|
Name : |
Mr. Prashant Vatkar |
|
Designation : |
Chief Executive Officer – Britannia International Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
|
|
|
|
2250 |
0.00 |
|
|
60866095 |
50.75 |
|
|
60868345 |
50.75 |
|
Total shareholding of Promoter and Promoter
Group (A) |
60868345 |
50.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4500626 |
3.75 |
|
|
170089 |
0.14 |
|
|
5407474 |
4.51 |
|
|
24111621 |
20.11 |
|
|
34189810 |
28.51 |
|
|
|
|
|
|
3892773 |
3.25 |
|
|
|
|
|
|
16333999 |
13.62 |
|
|
4617743 |
3.85 |
|
|
23145 |
0.02 |
|
|
23145 |
0.02 |
|
|
24867660 |
20.74 |
|
Total Public shareholding (B) |
59057470 |
49.25 |
|
Total (A)+(B) |
119925815 |
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) |
119925815 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Selling of Biscuits and Other Bakery
Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
|
|
|
|
Holding Company : |
Associated
Biscuits International Limited (ABIL), UK |
|
|
|
|
Ultimate Holding Company : |
The
Bombay Burmah Trading Corporation Limited |
|
|
|
|
Subsidiaries : |
·
Al Sallan Food Industries Co. SAOC ·
Boribunder Finance and Investments Private Limited ·
Britannia and Associates (Dubai) Private Company Limited, Dubai ·
Britannia and Associates (Mauritius) Private Limited, Mauritius ·
Britannia Dairy Holdings Private Limited, Mauritius ·
Britannia Dairy Private Limited ·
Britannia Lanka Private Limited, Sri Lanka ·
Daily Bread Gourmet Foods (India) Private Limited ·
Flora Investments Company Private Limited ·
Ganges Vally Foods Private Limited ·
Gilt Edge Finance and Investments Private Limited ·
International Bakery Products Limited ·
J B Mangharam Foods Private Limited ·
Manna Foods Private Limited ·
Strategic Brands Holding Company Limited, Dubai ·
Strategic Food International Co. LLC, Dubai ·
Sunrise Biscuit Company Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Bannatyne Enterprises Pte Limited, Singapore ·
Dowbiggin Enterprises Pte Limited, Singapore ·
Nacupa Enterprises Pte Limited, Singapore ·
Spargo Enterprises Pte Limited, Singapore ·
Valletort Enterprises Pte Limited, Singapore |
|
|
|
|
Associates : |
·
Klassik Foods Private Limited ·
Nalanda Biscuits Company Limited |
|
|
|
|
Others : |
Britannia Sports
(Partnership Firm) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
119525815 |
Equity Shares |
Rs.2/- each |
Rs.239.100
Millions |
NOTES:
SHARES IN RESPECT OF EQUITY IN THE COMPANY HELD BY ITS HOLDING OR
ULTIMATE HOLDING COMPANY, INCLUDING SHARES HELD BY SUBSIDIARIES OR ASSOCIATES OF
THE HOLDING COMPANY OR THE ULTIMATE HOLDING COMPANY IN AGGREGATE:
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Holding
company Associated
Biscuits International Limited (ABIL), UK |
53904500 |
10.78 |
|
Subsidiaries of holding
company |
|
|
|
Bannatyne
Enterprises Pte Limited, Singapore |
1391555 |
0.28 |
|
Dowbiggin
Enterprises Pte Limited, Singapore |
1392510 |
0.28 |
|
Nacupa
Enterprises Pte Limited, Singapore |
1392510 |
0.28 |
|
Spargo
Enterprises Pte Limited, Singapore |
1392510 |
0.28 |
|
Valletort
Enterprises Pte Limited, Singapore |
1392510 |
0.28 |
|
TOTAL |
60866095 |
12.18 |
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% OF
TOTAL NUMBER OF EQUITY SHARES:
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
% Holding |
|
Associated
Biscuits International Limited (ABIL), UK |
53904500 |
45.10% |
|
Arisaig
Partners (Asia) Pte Limited |
10671488 |
8.93% |
|
HDFC
Trustee Company Limited |
1251249 |
1.05% |
RECONCILIATION OF THE NUMBER OF EQUITY SHARES
OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING YEAR:
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Opening
balance at the beginning of the reporting year |
119450815 |
238.900 |
|
Shares
issued during the reporting year |
75000 |
0.200 |
|
Closing
balance at the end of the reporting year |
119525815 |
239.100 |
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 |
239.100 |
238.900 |
238.900 |
|
(b) Reserves &
Surplus |
6125.000 |
4961.500 |
4274.100 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
22.900 |
0.000 |
0.000 |
|
(3) Capital Subsidy |
48.200 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
6435.200 |
5200.400 |
4513.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4.100 |
281.500 |
4305.700 |
|
(b) Deferred tax
liabilities (Net) |
136.200 |
81.600 |
62.400 |
|
(c) Other long term
liabilities |
191.800 |
199.100 |
159.900 |
|
(d) long-term provisions |
1385.600 |
1168.200 |
1226.800 |
|
Total Non-current
Liabilities (3) |
1717.700 |
1730.400 |
5754.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1892.400 |
0.000 |
0.000 |
|
(b) Trade payables |
3336.100 |
3362.000 |
2396.800 |
|
(c) Other current
liabilities |
2104.900 |
5182.600 |
1193.800 |
|
(d) Short-term provisions |
1344.000 |
1248.000 |
966.500 |
|
Total Current Liabilities
(4) |
8677.400 |
9792.600 |
4557.100 |
|
|
|
|
|
|
TOTAL |
16830.300 |
16723.400 |
14824.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4377.600 |
3706.300 |
2986.800 |
|
(ii) Intangible Assets |
139.200 |
84.600 |
50.200 |
|
(iii) Capital
work-in-progress |
1284.400 |
797.300 |
117.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2341.000 |
2184.000 |
3089.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1413.100 |
1250.200 |
1421.300 |
|
(e) Other Non-current
assets |
121.200 |
121.200 |
121.200 |
|
Total Non-Current Assets |
9676.500 |
8143.600 |
7785.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
455.000 |
2105.400 |
2360.600 |
|
(b) Inventories |
3314.900 |
3822.800 |
3112.000 |
|
(c) Trade receivables |
771.200 |
521.400 |
572.600 |
|
(d) Cash and cash
equivalents |
644.800 |
309.400 |
287.500 |
|
(e) Short-term loans and
advances |
1967.900 |
1820.800 |
706.300 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7153.800 |
8579.800 |
7039.000 |
|
|
|
|
|
|
TOTAL |
16830.300 |
16723.400 |
14824.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
56154.900 |
49741.900 |
42235.200 |
|
|
Other Income |
554.700 |
585.300 |
489.200 |
|
|
TOTAL (A) |
56709.600 |
50327.200 |
42724.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
28904.200 |
26550.100 |
23719.200 |
|
|
Purchases of
Stock-in-Trade |
6381.800 |
5295.300 |
4,103.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(101.600) |
(47.900) |
(178.900) |
|
|
Employees benefits expense |
1435.000 |
1458.700 |
1199.300 |
|
|
Other expenses |
15820.200 |
13693.400 |
11077.700 |
|
|
TOTAL (B) |
52439.600 |
46949.600 |
39920.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
4270.000 |
3377.600 |
2804.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
377.400 |
380.700 |
377.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3892.600 |
2996.900 |
2426.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
570.800 |
473.200 |
445.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
3321.800 |
2523.700 |
1980.600 |
|
|
|
|
|
|
|
Less |
TAX (H) |
983.100 |
656.300 |
527.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
2338.700 |
1867.400 |
1452.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
2353.500 |
1852.900 |
1447.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
233.900 |
186.800 |
145.300 |
|
|
Proposed Dividend |
1016.600 |
1015.300 |
776.400 |
|
|
Tax on Proposed Dividend |
172.800 |
164.700 |
126.000 |
|
|
Total (M) |
1423.300 |
1366.800 |
1047.700 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
3268.900 |
2353.500 |
1852.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports at Free on Board
Value |
872.300 |
646.900 |
474.200 |
|
|
Royalty |
58.100 |
31.300 |
21.100 |
|
|
Others |
34.000 |
30.700 |
20.100 |
|
|
TOTAL EARNINGS |
964.400 |
708.900 |
515.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
73.500 |
144.800 |
1,009.300 |
|
|
Components and Stores
parts |
8.100 |
6.600 |
0.700 |
|
|
Capital Goods |
123.000 |
22.100 |
47.400 |
|
|
TOTAL IMPORTS |
204.600 |
173.500 |
1,057.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
-
Basic |
19.57 |
15.63 |
12.16 |
|
|
-
Diluted |
19.55 |
15.62 |
12.16 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
14163.100 |
16100.000 |
16280.300 |
|
Total Expenditure |
12866.600 |
14567.900 |
14794.000 |
|
PBIDT (Excl OI) |
1296.500 |
1532.100 |
1486.300 |
|
Other Income |
138.700 |
43.800 |
56.400 |
|
Operating Profit |
1435.200 |
1575.900 |
1542.700 |
|
Interest |
33.500 |
11.400 |
05.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1401.700 |
1564.500 |
1537.000 |
|
Depreciation |
153.000 |
156.600 |
160.200 |
|
Profit Before Tax |
1248.700 |
1407.900 |
1376.800 |
|
Tax |
385.800 |
451.100 |
413.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
862.900 |
956.800 |
963.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
862.900 |
956.800 |
963.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.12
|
3.71 |
3.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.92
|
5.07 |
4.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.15
|
18.36 |
17.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.49 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29
|
0.05 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.88 |
1.54 |
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 |
238.900 |
238.900 |
239.100 |
|
Reserves & Surplus |
4,274.100 |
4,961.500 |
6,125.000 |
|
Net worth |
4,513.000 |
5,200.400 |
6,364.100 |
|
|
|
|
|
|
long-term borrowings |
4,305.700 |
281.500 |
4.100 |
|
Short term borrowings |
0.000 |
0.000 |
1,892.400 |
|
Total borrowings |
4,305.700 |
281.500 |
1,896.500 |
|
Debt/Equity ratio |
0.954 |
0.054 |
0.298 |
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 |
42235.200 |
49741.900 |
56154.900 |
|
|
|
17.774 |
12.893 |
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 |
42235.200 |
49741.900 |
56154.900 |
|
Profit |
1452.900 |
1867.400 |
2338.700 |
|
|
3.44% |
3.75% |
4.16% |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
NO CHARGES EXIST FOR COMPANY.
|
CASE DETAILS: CALCUTTA HIGH
COURT CASE STATUS INFORMATION SYSTEM CASE STATUS: PENDING STATUS: OF: INCOME TAX APPEAL (ITA) 284 OF 2009 COMMISSIONER OF INCOME TAX, KOLKATA-III VS. BRITANNIA INDUSTRIES LIMITED
PET’S ADV.: S.S. SARKAR RES’S ADV.: -- COURT NO.: 17 LAST LISTED ON: THURSDAY, JANUARY 28, 2010 CATEGORY: INCOME TAX: REVENUE CONNECTED APPLICATIONS: NO CONNECTED APPLICATION CONNECTED MATTERS: NO CONNECTED CASES CASE UPDATED ON: WEDNESDAY, MAY 09, 2012 |
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks (Repayable in full at the
end of 60 months from 19 September 2008 being the date of origination of
loan. Rate of interest being 7.1%) |
0.000 |
275.700 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From Banks [Rate of interest for
short-term borrowings ranges between 9.25% to 9.35%. Period of maturity for
the short-term borrowings ranges between 1 day to 30 days.] |
1892.400 |
0.000 |
|
TOTAL
|
1892.400 |
0.000 |
OVERVIEW
OF COMPANY PERFORMANCE:
In an increasingly
competitive market place and continuing commodity inflation during the year,
Profit from Operations increased 35.6%, from Rs. 2319.100 Millions to Rs.
3144.500 Millions. Against an overall revenue growth of 12.5%, several of the
Company’s iconic brands grew at a significantly higher rate, whilst a few were
laggards. The Company added Rs. 6440.000 Millions to its Operating Revenue
(Sale of Products) and Rs. 825.400 Millions to its Profit from Operations.
Earnings per share (Basic) of Rs. 2 were Rs. 19.57.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OUTLOOK:
As discussed previously,
the domestic market for packaged, branded food is expected to grow 13-15% in the
near term. The challenge to profitable growth comes from the trend in commodity
prices, the general economic sentiment and a macro environment that contributes
to operational stability in the manufacturing units and markets.
Simultaneously, the Indian market opportunity and food market growth will
attract new local and international players with deep pockets and a
differentiated capability in their domains of operation to enter and expand
operations in India. Creating a leadership position in this environment will
demand that the Company’s brands and their propositions are relevant and
exciting for consumers and differentiated enough to create a higher preference
and purchase. The Company’s focus is on differentiating its products and
continually renovating and innovating them to create unique and superior
experiences for its consumers and customers. This, combined with effective cost
management will generate profitable growth.
International markets
present an opportunity to segment and channel resources to generate profitable
growth which is accretive to the domestic business and which the Company has
demonstrated. Based on the opportunities in international markets which the
Company has isolated, the strategy focuses on key brands in key markets to commercialise
those opportunities by sourcing from its factories in India, Dubai and Sohar.
Britannia brands are now available in over 30 Countries.
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and Equipments
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipments
·
Designs
·
Computer Software
STATEMENT OF STANDALONE
UNAUDITED RESULT FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Three Months Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
16144.300 |
15944.500 |
46123.200 |
|
|
Other Operating
Income |
136.000 |
155.500 |
420.200 |
|
|
Total Income From Operations (Net) |
16280.300 |
16100.000 |
46543.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
8484.800 |
8465.900 |
23598.800 |
|
|
Purchase
of stock in trade |
1592.200 |
1629.300 |
4866.800 |
|
|
Employee
benefits expenses |
427.600 |
418.200 |
1332.100 |
|
|
Depreciation
and amortization expenses |
160.200 |
156.600 |
469.800 |
|
|
Conversion
and other related charges |
1458.800 |
1438.700 |
4065.000 |
|
|
Other
expenses |
1701.600 |
1731.300 |
5001.400 |
|
|
Advertisement
and sales promotion |
1320.700 |
1313.600 |
3899.600 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(191.700) |
(429.100) |
(540.000) |
|
|
Total Expenses |
14954.200 |
14724.500 |
42693.500 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1326.100 |
1375.500 |
3849.900 |
|
|
|
|
|
|
|
4. |
Other
Income |
56.400 |
43.800 |
234.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1382.500 |
1419.300 |
4084.000 |
|
|
|
|
|
|
|
6. |
Interest |
5.700 |
11.400 |
50.600 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
1376.800 |
1407.900 |
4033.400 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
1376.800 |
1407.900 |
4033.400 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
413.500 |
451.100 |
1250.400 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
963.300 |
956.800 |
2783.000 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
963.300 |
956.800 |
2783.000 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.2/- Each) |
239.900 |
239.700 |
239.900 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
8.04 |
7.99 |
23.24 |
|
|
b)
Basic and diluted EPS after extraordinary items |
8.04 |
7.98 |
23.24 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
59057470 |
58957470 |
59057470 |
|
|
-
Percentage of Shareholding |
49.25 |
49.20 |
49.25 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
60868345 |
60868345 |
60868345 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
50.75 |
50.80 |
50.75 |
|
Particulars |
3 Months Ended 31st December 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
12 |
|
Disposed of during the quarter |
12 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The above results and this release have
been reviewed by the Audit Committee of the Board on February 10, 2014 and
approved by the Board of Directors on February 14, 2014.
2. The primary business segment of the Company
is "Foods", comprising bakery and dairy products. As the Company
operates in a single primary business segment, disclosure under Clause 41 of
the listing agreement is not applicable.
3. The above statement has been prepared on the
same accounting policies as those followed in the annual financial results for
the year ended March 31, 2013.
4. The statutory auditors of the Company have
carried out a limited review of the above standalone unaudited financial
results for the quarter and Nine months ended December 31, 2013 and have issued
an unqualified review report.
5. Comparative figures have been regrouped /
reclassified wherever necessary to conform to current period's presentation.
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.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
80 |
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.