MIRA INFORM REPORT
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Report No. : |
318768 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
DIAGEO INDIA PRIVATE LIMITED |
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Formerly Known
As : |
DIAGEO INDIA LIMITED (W.E.F. 11.02.2005) UDV INDIA LIMITED (W.E.F. 18.01.2000) INTERNATIONAL DISTILLER ( |
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Registered
Office : |
4th Floor, |
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Tel. No.: |
91-22-67542525 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.10.1993 |
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Com. Reg. No.: |
11-080795 |
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Capital
Investment / Paid-up Capital : |
Rs. 2010.356
Million |
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CIN No.: [Company Identification
No.] |
U99999MH1993PTC080795 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03508B |
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PAN No.: [Permanent Account No.] |
AAACI3378L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Manufacturing and Marketing of
various international and local brands of Alcoholic Beverages. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Selviac Nederlands B.V.” It is an established company having a satisfactory track record. The company has incurred some accumulated losses. However, the rating takes into consideration established market
position of the company supported by its strong brands and the operational
and financial support receives from Diageo. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong holding company support, the subject can be
considered normal for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = AA- |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
20.08.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Millien Commercial
Paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
20.08.2014 |
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 DECLINED
Management non co-operative
Contact No.: 91-22-67542525
LOCATIONS
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Registered Office : |
4th Floor, |
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Tel. No.: |
91-22-67542525 |
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Fax No.: |
91-22-24952671 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 21.09.2014
|
Name : |
Ms. Abanti Sankaranarayanan |
|
Designation : |
Managing director |
|
Address : |
6, Palm Court, 2nd Floor, 152, Maharshi Karve Road, Opposite Oval, Churchgate, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
14.08.1969 |
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Date of Appointment : |
24.07.2012 |
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PAN No.: |
AAOPS7530B |
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DIN No. : |
01788443 |
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Name : |
Mr. Prabhaharan Viswanathan |
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Designation : |
Director |
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Address : |
Sharaban, Plot 45. 2nd Fllor, 11th Road, Vithal Nagar Society, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
23.05.1972 |
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Date of Appointment : |
01.04.2013 |
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Date of cessation : |
15.09.2014 |
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DIN No. : |
06637265 |
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Name : |
Mr. Krishnan Ramesh |
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Designation : |
Additional director |
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Address : |
W163/3, Park Road, Annanagar (West), Extension, Chennai, Tamilnadu, India |
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Date of Birth/Age : |
22.08.1963 |
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Date of Appointment : |
24.07.2012 |
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Date of cessation : |
23.03.2014 |
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DIN No. : |
05340141 |
|
Name : |
Mohan Kumar |
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Designation : |
Director |
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Address : |
Caspia 1501, Joy Homes, Pioneer Compound, Near Dena Bank, LBS Marg,
Bhandup (West), Mumbai – 400078, Maharashtra, India |
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Date of Birth/Age : |
05.12.1976 |
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Date of Appointment : |
01.08.2014 |
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DIN No.: |
06993824 |
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Name : |
Bhavesh Somaya |
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Designation : |
Director |
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Address : |
305, Polaris Hiranandani Estate, Patlipada, Ghodbunder Road, Thane –
400607, Maharashtra, India |
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Date of Birth/Age : |
21.12.1976 |
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Date of Appointment : |
01.08.2014 |
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DIN No.: |
06993825 |
KEY EXECUTIVES
|
Name : |
Mr. Ankur Jolly |
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Designation : |
Secretary |
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Address : |
B/H-475, Poorvi Shalimar Bagh, New Delhi – 110088, India |
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Date of Birth/Age : |
20.09.1974 |
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Date of Appointment : |
16.07.2012 |
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PAN No.: |
AEFPJ8123G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2014
|
Names of Shareholders |
|
No. of Shares |
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Selviac Nederlands BV, Nederland |
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20103542 |
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Diageo Investment Holdings B.V., Nederland |
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13 |
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Total |
|
20103555 |
AS ON 21.09.2014
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing and Marketing of
various international and local brands of Alcoholic Beverages. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by 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 : |
B S R and Company Chartered Accountants |
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Address : |
1st Floor, Lodha Excelus Apoollo Mills Compound, N. M.
Joshi Marg, Mahalakshmi, Mumbai - 400011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39896000 |
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PAN No.: |
AADFB6889R |
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Ultimate Holding
Company : |
Diageo Plc |
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Holding Company : |
Selviac Nederlands B.V |
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Fellow Subsidiary
Companies : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,500,000 |
Equity Shares |
Rs.100/- each |
Rs. 2250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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20,103,555 |
Equity Shares |
Rs.100/- each |
Rs. 2010.356 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 (12 Months) |
31.03.2013 (9 Months) |
30.06.2012 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2010.356 |
2010.356 |
2010.356 |
|
(b) Reserves & Surplus |
(1305.067) |
(968.153) |
(598.719) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
705.289 |
1042.203 |
1411.637 |
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(3)
Non-Current Liabilities |
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|
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(a) long-term borrowings |
12.770 |
10.972 |
7.021 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.538 |
1.566 |
1.395 |
|
(d) long-term
provisions |
213.459 |
252.563 |
83.129 |
|
Total Non-current
Liabilities (3) |
227.767 |
265.101 |
91.545 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
2617.218 |
1170.842 |
604.109 |
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(b) Trade
payables |
2519.611 |
1451.521 |
1409.480 |
|
(c) Other
current liabilities |
264.997 |
138.593 |
194.433 |
|
(d) Short-term
provisions |
44.713 |
50.060 |
56.985 |
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Total Current
Liabilities (4) |
5446.539 |
2811.016 |
2265.007 |
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TOTAL |
6379.595 |
4118.320 |
3768.189 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
93.146 |
100.371 |
101.556 |
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(ii)
Intangible Assets |
204.268 |
226.771 |
250.928 |
|
(iii)
Capital work-in-progress |
0.535 |
1.964 |
9.345 |
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(iv)
Intangible assets under development |
0.000 |
10.579 |
7.384 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
195.843 |
|
(d) Long-term Loan and Advances |
975.545 |
312.938 |
7.566 |
|
(e) Other
Non-current assets |
7.290 |
7.371 |
0.000 |
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Total Non-Current
Assets |
1280.784 |
659.994 |
572.622 |
|
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(2)
Current assets |
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|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1200.005 |
856.686 |
692.441 |
|
(c) Trade
receivables |
2959.484 |
1807.492 |
1593.374 |
|
(d) Cash
and cash equivalents |
38.358 |
72.471 |
55.140 |
|
(e)
Short-term loans and advances |
900.964 |
721.677 |
854.612 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5098.811 |
3458.326 |
3195.567 |
|
|
|
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|
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TOTAL |
6379.595 |
4118.320 |
3768.189 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (12 Months) |
31.03.2013 (9 Months) |
30.06.2012 (12 Months) |
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SALES |
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|
4970.257 |
5805.158 |
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Other Income |
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TOTAL |
8444.320 |
4970.257 |
5805.158 |
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Less |
EXPENSES |
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TOTAL |
8749.793 |
5404.206 |
5930.948 |
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PROFIT / (LOSS)
BEFORE TAX |
(305.473) |
(433.949) |
(125.790) |
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Less |
TAX |
31.442 |
(64.516) |
0.000 |
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PROFIT / (LOSS)
AFTER TAX |
(336.915) |
(369.433) |
(125.790) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(968.153) |
(598.720) |
(472.930) |
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BALANCE CARRIED
TO THE B/S |
(1305.068) |
(968.153) |
(598.720) |
|
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EARNINGS IN FOREIGN CURRENCY |
1498.799 |
842.245 |
NA |
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|
Earnings /
(Loss) Per Share (Rs.) |
(16.76) |
(18.38) |
(6.26) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (12 Months) |
31.03.2013 (9 Months) |
30.06.2012 (12 Months) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.79) |
(10.57) |
(3.54) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.43) |
(0.42) |
(0.09) |
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Debt Equity Ratio (Total Debt /Networth) |
|
3.73 |
1.13 |
0.43 |
|
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
0.94 |
1.23 |
1.41 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
2010.356 |
2010.356 |
2010.356 |
|
Reserves & Surplus |
(598.719) |
(968.153) |
(1305.067) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1411.637 |
1042.203 |
705.289 |
|
|
|
|
|
|
long-term borrowings |
7.021 |
10.972 |
12.770 |
|
Short term borrowings |
604.109 |
1170.842 |
2617.218 |
|
Total borrowings |
611.130 |
1181.814 |
2629.988 |
|
Debt/Equity ratio |
0.433 |
1.134 |
3.729 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
5805.158 |
4970.257 |
8444.320 |
|
|
|
(14.382) |
69.897 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
5805.158 |
4970.257 |
8444.320 |
|
Profit/loss |
(125.790) |
(369.433) |
(336.915) |
|
|
(2.17%) |
(7.43%) |
(3.99%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
|
Particular |
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
|
Rs. In Million |
||
|
Current maturities of long-term debt |
8.171 |
10.582 |
8.549 |
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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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
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Bench:- Bombay |
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Lodging No. : |
STRL/12/2014 |
Failing Date:- |
10/06/2014 |
Reg. No.:- |
STR/39/2014 |
Reg. Date:- |
05/09/2014 |
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Petitioner:- |
ADDITIONAL COMMISSIONER OF SALES TAX, VAT-III |
Respondent:- |
DIAGEO INDIA PRIVATE LIMITED |
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Petn.Adv:- |
GOVERNMENT PLEADER (0) |
Resp. Adv.: |
-- |
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District:- |
MUMBAI |
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Bench:- |
DIVISION |
Category:- |
SALES TAX REFERENCES. |
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Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
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Last Date:- |
12/08/2014 |
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Last
Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
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Act. : |
Sales Tax Act 1979 |
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UNSECURED LOAN
|
Particular |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
Short term
borrowings |
|
|
|
Working capital loans from banks |
2612.218 |
1167.161 |
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|
Total |
2612.218 |
1167.161 |
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INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80049507 |
24/11/2010 * |
5,000,000.00 |
STANDARD CHARTERED BANK |
90, MAHATMA GANDHI ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B01537117 |
* Date of charge modification
GENERAL INFORMATION
ABOUT COMPANY
The company was incorporated on 8 October 1993.
The Company’s key business activities comprise manufacturing and marketing of various international and local brands of alcoholic beverages for domestic consumption. Effective 1 April 2006, the Company has taken manufacturing license of the third parties on lease and thus, all purchases and sales are in the name of the Company. In 2007, the Company entered into arrangements with bottling units for production of Indian Made Foreign Liquor (‘IMFL’) brands. The production in the premises of third party units is carried out under close supervision of the Company. The Company is also required to ensure adequate finance to the third party bottling units.
Since 2010, the Company has been importing “Bottled In Origin” (BIO) products for its further sale in India Domestic market.
OPERATIONS AND
PROSPECTS
The aforementioned figures are self-explanatory. The director will continue their endeavour to improve the performance of the Company.
FIXED ASSETS
Tangible Assets
- Plant
- Furniture and fixture
- Leasehold building
- Car – owned
- Car – Leased
- Computers
Intangible
Assets
- Software
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.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.