MIRA
INFORM REPORT
|
Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HEINZ INDIA PRIVATE LIMITED |
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Registered
Office : |
D - Shivsagar, 7th Floor, Worli, Mumbai – 400018, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.06.1994 |
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Com. Reg. No.: |
11-138918 |
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Capital
Investment / Paid-up Capital : |
Rs. 104.170 Millions |
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CIN No.: [Company Identification
No.] |
U15200MH1994PTC138918 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03167D |
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PAN No.: [Permanent Account No.] |
AAACH0667B |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business
: |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavorable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company and part of Heinz Group. Financial position is good.
Trade relations are fair. Business is active. Payments are 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
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
31-03-2014.
INFORMATION DENIED BY
Management Non Co – operative
Tel No.: 91-22-40085555
LOCATIONS
|
Registered Office / Head Office : |
D - Shivsagar, 7th Floors, Worli, Mumbai – 400018, Maharashtra,
India |
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Tel. No.: |
91-22-40085550 / 40085555 |
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Fax No.: |
91-22-40085551 / 52 |
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E-Mail : |
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Website : |
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Factory 1 : |
Aligarh Factory, Manzurgarhi,
PO Box no. 1, Aligarh - 202 001, Uttar Pradesh , India |
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Tel. No.: |
91-571-2706621 |
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Factory 2 : |
D – 99, A and B, Eldeco SIDCUL Industrial
Park Sitarganj., Dist Uddham
Singh Nagar – 262405, Uttarakhand,
India |
DIRECTORS
As on: 27.09.2013
|
Name : |
Seema Modi |
|
Designation : |
Managing Director
|
|
Address : |
Flat No. 1301, 13th
Floor, Shalin Building, Keluskar
Road, Shivaji Park, Dadar
(West), Mumbai – 400028, Maharashtra, India |
|
Date of
Birth/Age : |
09.02.1965 |
|
Date of
Appointment : |
12.07.2012 |
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DIN No.: |
05327073 |
|
Name : |
Mr. Mohan Vegulaparanan Iyer |
|
Designation : |
Whole time
Director |
|
Address : |
745, 2nd
Floor, Shri Rambhuvan Jehangir Vima Dalal Road, Parsi Colony, Dadar (East), Mumbai – 400014, Maharashtra,
India |
|
Date of
Birth/Age : |
07.05.1959 |
|
Date of
Appointment : |
21.11.2006 |
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DIN No.: |
01431343 |
|
Name : |
Mr. Nilesh Chhotabhai Patel |
|
Designation : |
Director |
|
Address : |
The Pakubuwono Residence, Cottonwood Tower, Unit 26 BJL, Pakubuwono VI 68, Jakarta, Indonesia – 1212, Indonesia |
|
Date of
Birth/Age : |
01.12.1959 |
|
Date of
Appointment : |
01.05.2004 |
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DIN No.: |
01805278 |
|
Name : |
Emanuele Alberto Vare |
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Designation : |
Director |
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Address : |
21, VIA Gorki, Cinisello Balsamo, Milan, Italy – 20092, Italy |
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Date of
Birth/Age : |
21.03.1967 |
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Date of
Appointment : |
10.09.2001 |
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DIN No.: |
01718554 |
MAJOR SHAREHOLDERS
As on: 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Heinz Italia S P
A, Italy |
|
10416998 |
|
H J Heinz Holding B V |
|
2 |
|
Total |
|
10417000 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.09.2013
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information Declined By The Management |
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Bankers : |
CITI
Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
252 Veer Savarkar Marg,
Shivaji Park, Dadar,
Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AABFL5878L |
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Holding Company : |
·
Heinz Italia S.r.l. |
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Ultimate Holding Company : |
·
H.J. Heinz Company, USA |
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Fellow subsidiaries: |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10417000 |
Equity Shares |
Rs.10/- each |
Rs.104.170
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 |
104.170 |
104.170 |
104.170 |
|
(b) Reserves & Surplus |
9745.003 |
7766.204 |
6055.760 |
|
(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) |
9849.173 |
7870.374 |
6159.930 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
3.286 |
30.602 |
45.208 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
501.728 |
398.218 |
305.207 |
|
Total Non-current Liabilities (3) |
505.014 |
428.820 |
350.415 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1701.833 |
1643.333 |
1365.758 |
|
(c) Other current
liabilities |
193.673 |
177.650 |
294.268 |
|
(d) Short-term provisions |
10.075 |
8.991 |
16.701 |
|
Total Current Liabilities (4) |
1905.581 |
1829.974 |
1676.727 |
|
|
|
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|
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TOTAL |
12259.768 |
10129.168 |
8187.072 |
|
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|
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
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(i)
Tangible assets |
1158.142 |
1152.593 |
1171.133 |
|
(ii) Intangible Assets |
111.465 |
182.448 |
233.579 |
|
(iii) Capital
work-in-progress |
224.198 |
62.179 |
20.568 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.028 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
507.584 |
444.015 |
182.603 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2001.389 |
1841.235 |
1607.911 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1543.109 |
1714.359 |
1639.800 |
|
(c) Trade receivables |
420.410 |
280.304 |
457.618 |
|
(d) Cash and cash
equivalents |
8096.840 |
6125.868 |
4335.705 |
|
(e) Short-term loans and
advances |
111.013 |
93.916 |
101.411 |
|
(f) Other current assets |
87.007 |
73.486 |
44.627 |
|
Total Current Assets |
10258.379 |
8287.933 |
6579.161 |
|
|
|
|
|
|
TOTAL |
12259.768 |
10129.168 |
8187.072 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1362.889 |
1263.383 |
1198.416 |
|
|
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Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
229.503 |
189.492 |
232.626 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
31.623 |
18.447 |
37.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
197.880 |
171.045 |
195.124 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
705.860 |
534.815 |
339.691 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
903.740 |
705.860 |
534.815 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
247.256 |
300.881 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.99 |
16.42 |
18.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.84 |
15.00 |
19.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.91 |
1.88 |
2.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.38 |
4.53 |
3.92 |
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 |
104.170 |
104.170 |
104.170 |
|
Reserves & Surplus |
6055.760 |
7766.204 |
9745.003 |
|
Net worth |
6159.930 |
7870.374 |
9849.173 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1198.416 |
1263.383 |
1362.889 |
|
|
|
5.421 |
7.876 |
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 |
1198.416 |
1263.383 |
1362.889 |
|
Profit |
195.124 |
171.045 |
197.880 |
|
|
16.28% |
13.54% |
14.52% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90356467 |
25/08/1998 |
40,000,000.00 |
CITI BANK |
JEEVAN VIHAR, SANSAD MARG, NEW DELHI, Delhi, INDIA |
- |
REVIEW OF OPERATIONS
FY13 Performance
Sales for the year grew by 7.9% over last year driven mainly by summer brands (Glucon-D and Nycil) thanks to an extended summer in 2012 and aggressive trade initiatives. Complan sales was under pressure due to intense competition and softening category growth.
Higher Nycil sales coupled with softer commodity prices helped Gross Profit margin improve by 220bps. Increase in Depreciation was mainly on account of accelerated depreciation on discontinued asset of value Rs.25.8 MM.
Net profit margins to sales improved by 100bps due to higher GP margins partly offset by increase in Income Tax due to higher profits from taxable location.
OUTLOOK FOR FY14
Sales for the period April - Aug.13 is facing some headwind. Early onset of an intense monsoon has impacted the sales. Complan sales volumes show marginal recovery driven by competitive pricing and consumer promotion initiatives. Commodity price increase lead by milk and DMH which could not passed on to consumers pose a huge challenge.
New initiatives such as Zero Based Budgeting and Productivity Projects have been undertaken to cut down costs and improve overall increase in EBIDTA margins.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Trade Marks
- Computer Software
PRESS RELEASE:
HEINZ INDIA LOOKS TO
FOCUS ON CORE BRANDS, BUY LOCAL FOOD FIRMS TO BOOST BUSINESS
Currently, the
US-based company gets almost a quarter of its total revenue of $12 billion
from Markets like
The US-based food processing company HJ Heinz Co is looking
to focus on its core brands and acquire local food companies in
Heinz, which is known for its flagship health drink Complan, is also aiming to reposition the brand to bolster its business in India. Currently, Complan accounts for over 60 per cent of Indian arm’s Rs 1,400 crore sales.
“When we visited the Market a few months ago, we found out that over 45% of the Complan bought were consumed by adults. Hence, we are now positioning the brand for the entire family and even done away with kids’ picture on the pack," Heinz India managing director Seema Modi told the newspaper. Modi became Heinz India’s first woman MD in July 2012.
GlaxoSmithKline's brands Horlicks and Boost control the milk-based health beverage Market with over 65 per cent share, while Complan has a share of just around 20 per cent.
In the fiscal ended March 31, 2013, Heinz India’s business grew 7.9 per cent with sales of Rs 1,366.3 crore. Though, the company managed to increase Market share of its two major brands Complan and Glucon-D by around 1 per cent since then, the smaller food business of the company like muesli, biscuits and south Indian mixes contributed to less than 5 per cent to its portfolio.
However,
Heinz entered in India in 1994 and has strong portfolio of products like Complan, Glucon-D, Nycil (prickly heat powder), and Sampriti Ghee, apart from its iconic Heinz Tomato Ketchup.
FMCG COMPANIES FACE
THE HEAT OF A SLOWING ECONOMY
Mumbai: Heinz India Pvt. Ltd, the maker of Complan nutritional drink and Heinz ketchup, has exited its unprofitable business segments of biscuits, ready-to-eat packaged foods and talcum powder to focus on its core products as the economic downturn forces households to cut spending.
“The external environment is difficult and there is a general pressure on people’s budget,” said Seema Modi, managing director of Heinz India who came to the helm 18 months ago with a clear mandate to help key brands gain MARKET share and to get out of unprofitable businesses.
The Indian subsidiary of US-based H.J. Heinz Co. has
tightened its portfolio to focus on larger, profitable segments such as malted
and milk beverage with Complan, cooling powder with Nycil, and glucose water and refreshments with Glucon D. It has exited the ready-to-eat and ready-to-cook
segments, biscuits and talcum powder where it had brands such as Kitchen Klassics, Complan Cream Biscuits
and Nycil De-O Fresh talcum powder. For Heinz, its
ketchup brand, the company is maintaining status quo, with not much advertising
support.
“These segments are very tiny and distracting us from the big opportunity,”
said Modi, while explaining that malted beverages
make up a Rs.5,500 crore category and Glucose
beverages and cooling powders are Rs.1,000 crore
segments and offer a better return on INVESTMENTS for the company.
Between FINANCIAL years 2006 and 2011 (May to April) Heinz India grew at an average of about 26% per annum. In FY12, the pace of growth declined sharply to 5%, said Modi who did not reveal the profit number or the latest numbers for FY13. Heinz India is a privately held entity and is not required to publish such information.
Heinz is not alone in trimming its product portfolio.
Faced with declining sales, a depreciating local CURRENCY,
slowing economic growth, higher input costs and rising domestic competition,
Nestle India Ltd also revisited its strategy to cater to more affluent Indians
whose household budgets are relatively immune to the country’s rising inflation
and faltering economy, Nandu Nandkishore,
deputy executive and vice-president, Nestlé SA, told the FINANCIAL Times on 14
January.
Nestle India’s growth slowed from an average of 20% a year in the three years
to 2011 to 8% in the third quarter of 2013. The maker of Kit Kat chocolate bars
and Nescafe coffee powder also withdrew price-sensitive products such as the
Rs.5 Kit Kat as it focused on profitability.
GlaxoSmithKline (GSK) Consumer Healthcare India Ltd, the maker of Horlicks malted milk drink, which had diversified into flavoured milk, nutribars and instant noodles under the Horlicks brand, is now no longer actively supporting these segments, according to the TRADE distributors and analysts.
The company has “taken off shelves NutriBar cereal bars, Horlicks flavoured milk, Lucozade sports drink and Glaxose-D glucose powder,” The Economic Times had reported on 13 September.
Earnings for the December quarter showed that GSK Consumer Healthcare is still finding it difficult to sustain both growth and profitability, as the company saw its operating profit margin decline by 23 basis points from the year-ago period. One basis point is one-hundredth of a percentage point.
Unilever Plc, the parent of India’s largest consumer goods company Hindustan Unilever Ltd (HUL), had also announced portfolio rationalization by about 40% on its portfolio of 50,000 STOCK keeping units, the FINANCIAL Times reported on 5 December.
Emerging MARKETS contribute 57% of Unilever’s overall sales and HUL contributes 7% to the parent. The portfolio rationalization could have an impact on markets such as India as well, analysts said.
COMPLAN IS FOR ADULTS
TOO: HEINZ
After nearly forty years of Marketing Complan solely to children, brand owner Heinz
“What some of our research tells us is that close to 35-40 per cent of the Complan that was bought was consumed by adults,” said Abishek Prasad, General Manager- Marketing , Heinz India, Pvt Ltd. “Furthermore, our packaging, which previously had photos of children on it, made adults feel like it was only for children. So, we changed it. Our TV advertisements still retain a child focus, however,” he added.
With a 12-13 per cent share of the Rs. 5,000-croremarket for the milk-based health drink segment, which includes malted drinks, Complan is quite behind GlaxoSmithKline-owned Horlicks.
Heinz India’s decision to double down on the Complan brand, which is its mainstay product, comes after it burnt its hands by entering the biscuit and ready-to-eat meal categories. It has since shed such unprofitable segments.
The company’s decision to rope in Tamil actor Suriya, who will be one of three brand ambassadors, gels well with its new brand proposition of bestowing overall health benefits with an emphasis on ‘strength’.
By focussing on how Complan helps children build stronger bones and muscles, Heinz India is also moving away from its previous advertising campaigns that promised to make children taller. These “height” campaigns drew outrage from certain quarters, with the Maharashtra Food and Drug Administration taking the company to court over what it described as “exaggerated claims.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 judgment 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.61.02 |
|
UK Pound |
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.