MIRA INFORM REPORT

Report No. :	304253
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	WRIGLEY INDIA PRIVATE LIMITED
Registered Office :	206, Okhla Industrial Estate, Phase – III, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.10.1993
Com. Reg. No.:	55-132563
Capital Investment / Paid-up Capital :	Rs.1059.100 millions
CIN No.: [Company Identification No.]	U15434DL1993PTC132563
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELW01628E
PAN No.: [Permanent Account No.]	AAACW1789P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacture and sale of confectionery products, i.e. chewing gums, bubble gums, lollipops and toffees.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 650400
Status :	Moderate
Payment Behavior :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per available financial record of 2013, the rating is constrained on account of company’s weak financial risk profile marked by below average financial performance and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2014.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-124-3041901)

LOCATIONS

Registered Office :	206, Okhla Industrial Estate, Phase – III, New Delhi – 110 020, India
Tel. No.:	91-11-26933509/ 11/ 30831900/ 1901/ 30882951
Fax No.:	91-11-26839485/ 26933508
E-Mail :	wrigleyindia@wrigley.com
Website :	http://www.wringley.com
Head Office :’	Building 9B, 10^th Floor Cyber City Phase 3, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-3041901
Fax No.:	91-124-3041900

DIRECTORS

AS ON 24.09.2014

Name :

Mr. Anthony Geedeller Raymond

Designation :

Director

Address :

61, Flint Drive, Lake Barrington, United States of America 60010

Date of Birth/Age :

16.07.1967

Date of Appointment :

30.09.2009

DIN No.:

02629597

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Director	30/09/2009	11/05/2009	-	Active	NO

Name :

Mr. Deepak Iyer

Designation :

Managing Director

Address :

B-111, DLF Summit Apartments, Sector-54, Phase-5, Golf Course Road, Gurgaon – 122 011, Haryana, India

Date of Birth/Age :

01.11.1967

Qualification :

Master in Management Studies, Marketing

Date of Appointment :

25.09.2013

PAN No. :

AFEPD0277R

DIN No. :

06474773

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Managing director	25/09/2013	03/01/2013	-	Active	NO

Name :

Yanting Min

Designation :

Director

Address :

Room No.1004, No.10, You Dian Zhong San Street, Yuexiu Distrct, Guangzhou 510075

Date of Birth/Age :

15.10.1974

Date of Appointment :

24.09.2014

DIN No.:

06879670

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15434DL1993PTC132563	WRIGLEY INDIA PRIVATE LIMITED	Director	24/09/2014	15/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Selot
Designation :	Secretary
Address:	# 2265, B – 2, Vasant Kunj, New Delhi – 110 070, India
Date of Birth/Age :	11.09.1968
Qualification :	B.Com MBA, ACS, ICWA
Date of Appointment :	25.12.2009
PAN No.:	AIGPS1081B
Name :	Shashi Bhusan Mishra
Designation :	Director - Innovation and RIL
Name :	Mr. Himanshu Khanna
Designation :	Director - Marketing
Name :	Mr. Sanjay Gopinath
Designation :	Director - PLD
Name :	Mr. Rajendra Singhal
Designation :	Director – Business Development

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2014

Names of Shareholders	No. of Shares
WM. Wrigley Jr. Company, USA	3485297
Wrigley Enterprises Inc., USA	1
Wrigley International Holding Company, USA	1
Total	3485299

AS ON 24.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture and sale of confectionery products, i.e. chewing gums, bubble gums, lollipops and toffees.

Products :

Item Code No. (ITC Code)	Product Description
17041000	Chewing Gum W/N Sugar Coated
21069099	Other Food Preparation NES
30049011	Medicaments of Ayurvedic System

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Not Divulged
Branch Address	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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cyber City. Gurgaon – 122 002, Haryana, India
PAN No.:	AAAFP8828M
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Wm Wrigley Jr. Company, Chicago, USA
Ultimate holding company :	Mars Incorporated, USA (with effect from October 6, 2008)
Enterprises under Common Control :	· Wrigley Company Limited, Plymouth · Wrigley Co. SLU Barcelona · Wrigley GmbH, Germany · Wrigley France S.N.C, Biesheim · Wrigley Israel Limited · Wrigley Middle East FZCO · Wrigley Confectionery China Limited · Wrigley Canada · WRIGLEY s.r.o. · Wrigley Philippines Inc. · North Western Flavors LLC, Chicago · Wrigley, Moscow · Wrigley Taiwan Limited · Wrigley Company East Africa, Kenya · Wrigley Indonesia · The Wrigley Co (HK) Limited · Wrigley Confectionary (Shanghai) company Limited · Wrigley Asia Pacific Limited · Cafosa Gum S.A · Wrigley Poland Spolka Zoo · Wrigley Puerto Rico Inc · Wrigley Georgia Limited · The Wrigley Co South Africa (Pty) Limited · Chicago Chain LLC · Mars Chocolate NA, USA · Mars IS UK Limited · Mars International India Private Limited (CIN No.: U74899DL1994PTC059114)

CAPITAL STRUCTURE

AS ON 24.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
16956166	Equity Shares	Rs.100/- each	Rs.1695.617 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3485299	Equity Shares	Rs.100/- each	Rs.348.530 millions

AS ON 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
16956166	Equity Shares	Rs.100/- each	Rs.1695.617 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10590997	Equity Shares	Rs.100/- each	Rs.1059.100 millions

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	1059.100	988.186	988.186
(b) Reserves & Surplus	(831.444)	(652.005)	(290.917)
(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)	227.656	336.181	697.269
(3) Non-Current Liabilities
(a) Long-term borrowings	879.200	620.280	542.520
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	116.065	69.340	72.645
(d) Long-term provisions	173.674	85.614	113.048
Total Non-current Liabilities (3)	1168.939	775.234	728.213
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	407.330	424.053	232.159
(c) Other current liabilities	458.427	558.917	421.362
(d) Short-term provisions	56.753	43.666	36.034
Total Current Liabilities (4)	922.510	1026.636	689.555
TOTAL	2319.105	2138.051	2115.037
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	972.031	891.026	905.890
(ii) Intangible Assets	0.000	0.000	21.852
(iii) Capital work-in-progress	120.762	96.185	44.605
(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	463.321	386.595	314.778
(e) Other Non-current assets	0.435	0.411	0.406
Total Non-Current Assets	1556.549	1374.217	1287.531
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	512.464	478.958	408.850
(c) Trade receivables	58.738	104.509	58.169
(d) Cash and cash equivalents	92.443	74.590	277.965
(e) Short-term loans and advances	98.849	105.744	82.368
(f) Other current assets	0.062	0.033	0.154
Total Current Assets	762.556	763.834	827.506
TOTAL	2,319.105	2,138.051	2,115.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3481.406	3824.388	3200.105
		Other Income	55.392	23.986	75.853
		TOTAL	3536.798	3848.374	3275.958
Less	EXPENSES
		TOTAL	3999.893	4209.462	3362.709
	PROFIT/ (LOSS) BEFORE TAX		(463.095)	(361.088)	(86.751)
Less	TAX		0.000	0.000	0.019
	PROFIT/ (LOSS) AFTER TAX		(463.095)	(361.088)	(86.732)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(835.901)	(474.813)	(388.081)
	BALANCE CARRIED TO THE B/S		(1298.996)	(835.901)	(474.813)
	EARNINGS IN FOREIGN CURRENCY		272.808	345.433	232.533
	IMPORTS
		Raw Materials			316.907
		Stores & Spares			4.319
		Capital Goods			93.634
	TOTAL IMPORTS		609.423	470.355	414.860
	Earnings/ (Loss) Per Share (Rs.)		(43.73)	(48.05)	(8.78)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	(13.30)	(9.44)	(2.71)
Return on Total Assets (PBT/Total Assets}	(%)	(21.07)	(17.68)	(4.19)
Return on Investment (ROI) (PBT/Networth)		(2.03)	(1.07)	(0.12)
Debt Equity Ratio (Total Debt/Networth)		3.86	1.85	0.78
Current Ratio (Current Asset/Current Liability)		0.83	0.74	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	988.186	988.186	1059.100
Reserves & Surplus	-290.917	-652.005	-831.444
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	697.269	336.181	227.656
Long Term borrowings	542.520	620.280	879.200
Short Term borrowings	0.000	0.000	0.000
Total borrowings	542.520	620.280	879.200
Debt/Equity ratio	0.778	1.845	3.862

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales	3,200.105	3,824.388	3,481.406
		19.508	(8.968)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Net Sales	3,200.105	3,824.388	3,481.406
Profit	(86.732)	(361.088)	(463.095)
	(2.71%)	(9.44%)	(13.30%)

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	-----
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
External commercial borrowing from Wm. Wrigley Jr. Co. Limited, the Holding Company	879.200	620.280
Total	879.200	620.280

INDEX OF CHARGES

No Charges Exist for Company.

GENERAL INFORMATION ABOUT COMPANY

The Company is engaged in the manufacture and sale of confectionery products, i.e. chewing gums, bubble gums, lollipops and toffees. The Company was incorporated on October 5, 1993 and is a wholly owned subsidiary of Wm Wrigley Jr. Co., Chicago, USA. Subsequent to acquisition of the holding Company by Mars Incorporated, USA and with effect from October 6, 2008, Mars Incorporated, USA has become the ultimate holding Company.

OPERATIONS

During the current financial year Company witnessed tough market conditions and degrown by 8.7%. Directors and management has taken corrective steps and are confident at growth prospect in coming years.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Buildings

· Leasehold Improvements

· Plant and Machinery

· Molds

· Furniture and Fitting

· Office and Other Equipment

· Vehicle

Intangible Assets

· Computer Software

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.