MIRA INFORM REPORT

 

 

Report No. :

357762

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KELLOGG INDIA PRIVATE LIMITED

 

 

Formerly Known As :

KELLOGG INDIA LIMITED

 

 

Registered Office :

Plot No. L2 and L3, MIDC, Taloja, Raigad – 410208, Maharashtra

Tel. No.:

91-22-66484000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.10.1990

 

 

Com. Reg. No.:

11-058489

 

 

Capital Investment / Paid-up Capital :

Rs. 757.960 Million

 

 

CIN No.:

[Company Identification No.]

U15490MH1990PTC058489

 

 

IEC No.:

0393032043

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK04930C

 

 

 

PAN No.:

[Permanent Account No.]

AAACK1748A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in Manufacturing and Selling of Processed Foods. (Registered Activity)

 

 

No. of Employees :

Information denied by Management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aaa (88)

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Kellogg's, United States and incorporated in the year 1990. It is engaged in the business of manufacturing and selling of processed Food Business. Some of its major products are Chocos, corn Flakes, Honey Loops and Oat-bites.

 

As per the Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any sources.

 

Kellogg's ranked 210 in the fortune 500 companies with brand value of USD 7,082 million and enterprise value of USD 22,530 million. In 2012, Kellogg's became the world's second-largest snack food company (after Pepsico) by acquiring the Pringles potato crisps brand from Procter and Gamble for $2.7 billion in a cash deal.

 

For the financial year ended 2014, Kellogg India has reported growth of 17.83% in total revenue at Rs. 6059.400 Million as against Rs. 5142.500 Million and net profit of company has registered a growth of 74.47% compared to that of previous year.

 

The company possesses strong financial risk profile marked by strong operating efficiencies. It has adequate net worth base, favorable liquidity profile along with zero debt balance sheet profile.

 

 

Further, it is also to be noted that the company has diversified business portfolio backed by its global footprints in food processing industry and decent brand recognition worldwide.

 

Trade relations are trustworthy. Payments are reported to be regular and as per commitment.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-22-66484000/ 30927074/ 30927081/ 00)

 

 

LOCATIONS

 

Registered Office/ Factory  :

Plot No L2 and L3, MIDC, Taloja, Raigad – 410208, Maharashtra, India

Tel. No.:

91-22-30927000

Fax No.:

91-22-30927001

E-Mail :

ala@ala-india.com

Website :

http://www.kelloggs.in

 

 

Corporate office / Regional Sales Office :

1001-1002, 10th Floor, Hiranandani Knowledge Park, Hiranandani Business Park, Powai, Mumbai-400076, Maharashtra, India

Tel. No.:

91-22-66484000

Fax No.:

91-22-66484008

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Ms. Sangeeta Sandeep Pendurkar

Designation :

Managing Director

Address :

3901-3902, 39, Aqua Planet Godrej, 30, K. Khadye Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India

Date of Birth/Age :

24.01.1966

Date of Appointment :

29.11.2010

DIN No.:

03321646

 

 

Name :

Mr. Tharakad Swaminathan Venkatram

Designation :

Director

Address :

RH-606, Purva Riviera, Airport Road, Marathahallai, Bangalore-560037, Karnataka, India

Date of Birth/Age :

27.08.1968

Date of Appointment :

24.04.2012

DIN No.:

05262277

 

 

Name :

Mr. Deepak Kumar Shrivastava

Designation :

Director

Address :

103/02, Silver OAK Apartments, DLF City Phase I, Gurgaon-122002, Haryana, India

Date of Birth/Age :

05.01.1971

Date of Appointment :

27.09.2013

DIN No.:

06628201

 

 

Name :

Mr. Kenny Abraham

Designation :

Additional director

Address :

3403, Octavius CHS Limited, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

16.07.1970

Date of Appointment :

18.06.2014

DIN No.:

06855150

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Names of Shareholders

 

No. of Shares

 

Kellogg Company, USA

 

76956329

Boston Scientific Group plc

 

1728

Total

 

76958057

 

 

AS ON 26.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Manufacturing and Selling of processed foods. (Registered Activity)

 

 

Brand Names :

·         Kellogg's All Bran

·         Kellogg's Chocos

·         Kellogg's Corn Flakes

·         Kellogg's Honey Loops

·         Kellogg's K-Pak

·         Kellogg's Muesli

·         Kellogg's Oat Bites

·         Kellogg's Oats

·         Kellogg's Special K

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Information denied by Management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans taken for vehicles

6.558

4.723

 

 

 

Total

6.558

4.723

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lovelock and Lewes

Chartered Accountants

Address :

252, Veer Sawarkar, Marg, Shivaji Park, Dadar, Mumbai, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AABFL5878L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Kellogg Company, USA

 

 

Fellow Subsidiary Companies*:

(Subsidiaries of Kellogg Company, USA)

·         Kellogg (Aust) Pty Limited

·         Kellogg Marketing and Sales Company (UK) Limited

·         Kellogg Asia Marketing Inc

·         Kellogg Asia Sdn Bhd

·         Kellogg South Africa KEZA

·         Kellogg (Qingdao) Foods Company Limited

·         Kellogg Asia Pacific Pte Limited, Singapore

·         Kellogg (Thailand) Limited

·         Pringles International Operations SARL Singapore Branch

·         Kellogg De Centro America SA

·         Kellogg Company Mexico

·         Kellogg Asia Inc USA

 

NOTE: * The list of fellow subsidiaries has been limited to entities with whom transactions have taken place. Subsidiaries of the holding company, Kellogg Company, USA that are under common control with the reporting entity with whom there are no transactions, have not been disclosed.

 

 

CAPITAL STRUCTURE

 

AFTER 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

350000000

Equity Shares

Rs.10/- each

Rs. 3500.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

76958057

Equity Shares

Rs.10/- each

Rs. 769.581 Million

 

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

350000000

Equity Shares

Rs.10/- each

Rs. 3500.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75796047

Equity Shares

Rs.10/- each

Rs. 757.960 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

757.960

589.621

521.901

(b) Reserves & Surplus

3695.243

918.819

590.728

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

750.425

203.160

Total Shareholders’ Funds (1) + (2)

4453.203

2258.865

1315.789

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

6.558

4.723

5.048

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.452

0.000

Total Non-current Liabilities (3)

6.558

5.175

5.048

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

983.767

729.343

618.272

(c) Other current liabilities

378.550

188.145

68.366

(d) Short-term provisions

6.292

0.000

0.167

Total Current Liabilities (4)

1368.609

917.488

686.805

 

 

 

 

TOTAL

5828.370

3181.528

2007.642

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1114.506

978.342

528.119

(ii) Intangible Assets

39.511

40.696

31.733

(iii) Capital work-in-progress

2317.193

345.862

113.121

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

812.255

802.648

516.859

(e) Other Non-current assets

2.219

0.000

5.866

Total Non-Current Assets

4285.684

2167.548

1195.698

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

459.849

372.095

220.633

(c) Trade receivables

133.372

175.042

133.375

(d) Cash and cash equivalents

790.107

312.136

334.188

(e) Short-term loans and advances

134.620

143.777

120.849

(f) Other current assets

24.738

10.930

2.899

Total Current Assets

1542.686

1013.980

811.944

 

 

 

 

TOTAL

5828.370

3181.528

2007.642

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

6059.400

5142.400

3936.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

5635.500

4817.900

3691.300

 

 

 

 

 

 

PROFIT BEFORE TAX

423.900

324.500

244.800

 

 

 

 

 

Less

TAX                                                                 

88.400

132.000

55.100

 

 

 

 

 

 

PROFIT AFTER TAX

335.500

192.500

189.700

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

126.600

264.800

77.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.43

3.26

3.63

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operations

588.541

284.198

295.196

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

5.54

3.74

4.82

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.07

11.44

12.92

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.14

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.13

1.11

1.18

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

521.901

589.621

757.960

Reserves & Surplus

590.728

918.819

3695.243

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

203.160

750.425

0.000

Net worth

1315.789

2258.865

4453.203

 

 

 

 

Long-term borrowings

5.048

4.723

6.558

Short term borrowings

0.000

0.000

0.000

Total borrowings

5.048

4.723

6.558

Debt/Equity ratio

0.004

0.002

0.001

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3936.100

5142.400

6059.400

 

 

30.647

17.832

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3936.100

5142.400

6059.400

Profit

189.700

192.500

335.500

 

4.82%

3.74%

5.54%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY


FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

·         Leasehold Improvements

 

 

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 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. 66.42

UK Pound

1

Rs. 98.55

Euro

1

Rs. 72.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

10

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

10

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

10

--PROFITABILIRY

1~10

10

--LIQUIDITY

1~10

10

--LEVERAGE

1~10

9

--RESERVES

1~10

10

--CREDIT LINES

1~10

10

--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

 

88

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.