MIRA INFORM REPORT
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Report No. : |
325374 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
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Name : |
NUTRICIA INTERNATIONAL PRIVATE LIMITED |
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Formerly Known
As : |
G AND K BABY CARE PRIVATE LIMITED |
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Registered
Office : |
11th Floor, Building 8C, DLF Cybercity, DLF Phase 2, Gurgaon - 122002
Haryana |
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Tel No.: |
91-22-66696740 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.05.2011 |
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Com. Reg. No.: |
05-042913 |
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Capital
Investment / Paid-up Capital : |
Rs.1811.910 Million |
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CIN No.: [Company Identification
No.] |
U15400HR2011PTC042913 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing
Baby Nutrition and Medical Nutrition Products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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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Maximum Credit Limit : |
USD 25078000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Subject was incorporated in 2011. Subject is engaged in manufacturing
of food products. Subject is a part of DANONE GROUP: the French-based multinational
specialized in Healthy Food and Beverages. Company has reported huge loss during FY 2014. However rating also
takes into consideration strong net worth and healthy liquidity position of
the company. Subject has strong managerial and financial support from the group. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In the view of strong support from group, the subject 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.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Mithun |
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Designation : |
Accountant |
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Contact No.: |
91-22-66696740 |
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Date : |
01.06.2015 |
LOCATIONS
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Registered Office : |
11th Floor, Building 8C, DLF Cybercity, DLF Phase 2, Gurgaon - 122002
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch Office : |
1F, Raheja Centre Point, 294, C.S.T Road, Kalina, Santacruz, Mumbai –
400098, Maharashtra, India |
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Tel No.: |
91-22-66696740 |
DIRECTORS
As on 30.09.2014
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Name : |
Kollangudraman Ramachandran Sundar |
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Designation : |
Whole-time director |
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Address : |
No 125, Ramakrishnappa Road, Cox Town, Bangalore - 560005, Karnataka, India |
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Date of Birth/Age : |
12.02.1969 |
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Date of Appointment : |
16.04.2012 |
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DIN No. : |
05217770 |
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Other Directorship :
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Name : |
Laurent William Gabriel Marcel |
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Designation : |
Director |
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Address : |
Flat No. 701, 7th Floor, Wilomono Building, Pali Hill, Bandra, Mumbai - 400050, Maharashtra, India |
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Date of Birth/Age : |
06.03.1972 |
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Date of Appointment : |
14.05.2012 |
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DIN No. : |
05265708 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Ms. Rita Rupchand Paryani |
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Designation : |
Secretary |
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Address : |
B-207, Shiv Dhara Complex, Plot No 39, 40 and 41, Shiv Ganga Nagar, Ambernath (East), Thane - 421501, Maharashtra, India |
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Date of Appointment : |
24.03.2015 |
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PAN No.: |
AULPP5203D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
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Names of Shareholders |
No. of Shares |
|
Danone Asia Pacific Holding Pte. Limited, Singapore |
188274336 |
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Danone Asia Pte. Limited, Singapore |
10 |
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As on 17.02.2015
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Names of Allottees |
No. of Shares |
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Danone Asia Pacific Holding Pte. Limited, Singapore |
2833333 |
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Total |
2833333 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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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
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Line of Business : |
Manufacturing
Baby Nutrition and Medical Nutrition Products. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252,
Veer Savarkar Marg, Next to Mayor’s Bungalow, Shivaji Park, Dadar, Mumbai –
400 028, Maharashtra, India |
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PAN
No. : |
AAHFP0187A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Fellow
Subsidiary company : |
v Danone Information Services Asia Pacific SDN BHD v Danone Trading BV v Danone Dumex (Malaysia) SDN BHD v Danone Asia Pte Limited v Nutricia Infant Nutrition Limited v Nutricia Middle East DMCC v Danone Foods and Beverages India Private Limited v Danone India Private Limited v PT TIRTA Investama v CLF
Central Laboratories Friedrichsdorf GmbH |
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Ultimate
Holding Company : |
v Danone SA (formerly known as 'GROUPE DANONE') |
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Intermediate Holding Company: |
v Danone Holding v Nutricia International BV v Danone Baby and Medical
Nutrition BV v Danone Baby and Medical
Holding SAS |
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Immediate Holding Company : |
v Danone Asia Pacific
Holdings Pte. Limited |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
193000000 |
Equity Shares |
Rs.10/- each |
Rs.1930.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
188274336 |
Equity Shares |
Rs.10/- each |
Rs.1882.743 Million |
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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183000000 |
Equity Shares |
Rs.10/- each |
Rs.1830.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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181191003 |
Equity Shares |
Rs.10/- each |
Rs.1811.910 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders'
Funds |
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(a) Share Capital |
1811.910 |
1728.577 |
32.141 |
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(b) Reserves & Surplus |
6965.634 |
7372.040 |
0.000 |
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(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 |
53.200 |
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Total
Shareholders’ Funds (1) + (2) |
8777.544 |
9100.617 |
85.341 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
35.068 |
19.589 |
0.000 |
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Total Non-current
Liabilities (3) |
35.068 |
19.589 |
0.000 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
139.952 |
0.000 |
0.000 |
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(b) Trade
payables |
536.801 |
562.130 |
4.100 |
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(c) Other
current liabilities |
218.355 |
175.960 |
17.639 |
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(d) Short-term
provisions |
30.986 |
44.259 |
0.000 |
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Total Current
Liabilities (4) |
926.094 |
782.349 |
21.739 |
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TOTAL |
9738.706 |
9902.555 |
107.080 |
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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 |
896.776 |
563.110 |
0.000 |
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(ii)
Intangible Assets |
7483.023 |
8382.662 |
0.000 |
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(iii)
Capital work-in-progress |
125.256 |
15.689 |
3.240 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
97.865 |
53.943 |
6.300 |
|
(e) Other
Non-current assets |
34.435 |
34.335 |
1.355 |
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Total Non-Current
Assets |
8637.355 |
9049.739 |
10.895 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
772.093 |
568.699 |
0.000 |
|
(c) Trade
receivables |
161.403 |
128.181 |
0.000 |
|
(d) Cash and
cash equivalents |
68.606 |
60.889 |
23.798 |
|
(e)
Short-term loans and advances |
96.613 |
94.417 |
6.325 |
|
(f) Other
current assets |
2.636 |
0.630 |
66.062 |
|
Total
Current Assets |
1101.351 |
852.816 |
96.185 |
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|
|
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TOTAL |
9738.706 |
9902.555 |
107.080 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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TOTAL |
3759.376 |
2145.801 |
NA |
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Less |
EXPENSES |
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TOTAL |
4582.440 |
2989.940 |
NA |
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NET LOSS |
(823.064) |
(844.139) |
NA |
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CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Liability /Networth) |
|
0.02 |
0.00 |
0.00 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.09 |
4.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
32.141 |
1728.577 |
1811.910 |
|
Reserves & Surplus |
0.000 |
7372.040 |
6965.634 |
|
Net worth |
32.141 |
9100.617 |
8777.544 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
139.952 |
|
Total borrowings |
0.000 |
0.000 |
139.952 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.016 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2145.801 |
3759.376 |
|
|
75.197 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2145.801 |
3759.376 |
|
Profit |
(844.139) |
(823.064) |
|
|
(39.34%) |
(21.89%) |
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 |
---------------- |
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6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
22 |
Conduct of the banking account |
No |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
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 |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
No |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
139.952 |
0.000 |
|
|
|
|
|
Total |
139.952 |
0.000 |
INDEX OF CHARGED
No Charges Exist for Company
BACKGROUND
The Company was
incorporated in the State of Haryana, India on May 11, 2011 as “G & K Baby
Care Private Limited”. Thereafter during the previous period, Danone Group
entities acquired the stake from the erstwhile shareholders of 'G&K Baby
Care Private Limited' and changed the name to 'Nutricia International Private
Limited' (Nutricia/Company). The Company has been established to carry on the
business of manufacturing baby nutrition and medical nutrition products.
On August 2, 2011, the
Company along with its holding company (forming part of Danone Group) entered
into Business Transfer Agreements (BTA's) with Wockhardt Limited and its
subsidiary to acquire their nutrition business on a slump sale basis. On July
26, 2012, the Company announced the completion of its acquisition of the
nutrition business. With the completion of the deal, Danone entered India's
baby food and medical nutrition market through Nutricia.
FIXED ASSETS
v Land
v Buildings
v Plant and equipment
v Furniture and fixtures
v Office equipment
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.64.18 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
ANK |
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 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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--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 |
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TOTAL |
|
50 |
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.