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|
|
MIRA INFORM REPORT
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Report No. : |
495877 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HARDCASTLE RESTAURANTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1001-1002, 10th Floor, Tower 3, Indiabulls Finance Centre, Senapati
Bapat Marg, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-49135000 / 49135045 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
07.08.1995 |
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|
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Com. Reg. No.: |
11-091422 |
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Capital
Investment / Paid-up Capital : |
INR 1747.630 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1995PTC091422 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0395032636 |
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|
|
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PAN No.: [Permanent Account No.] |
AACPK1950D |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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|
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|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
The Company is engaged in operating McDonalds' chain of restaurants in the West and South Regions of India. (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1995 and is a wholly owned subsidiary
of “Westlife Development Limited”. It operates a chain of Mc Donald’s
restaurants in West and South regions of India, having a master franchisee
relationship with Mc Donald’s Corporation. For the financial year 2017, the company achieved revenue growth of
11.70% as compared to the previous year but has incurred operational loss. The sound financial risk profile of the company is marked by adequate
networth base along with negligible debt balance sheet profile. Rating takes into account the subject’s long established track record
of business operations along with extensive experience of its promoters. Payment seems to be slow but correct. In view of aforesaid, 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
|
Rating Agency Name |
India Rating |
|
Rating |
Long-term bank facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
17.08.2017 |
|
Rating Agency Name |
India Rating |
|
Rating |
Short-term bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 07.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-22-49135000)
LOCATIONS
|
Registered Office : |
1001-1002, 10th Floor, Tower 3, Indiabulls Finance Centre, Senapati
Bapat Marg, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-49135000 / 49135045 |
|
Fax No.: |
91-22-49135001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Padmanabh Ramchandra Barpande |
|
Designation : |
Director |
|
Address : |
Saubhagya Society, Block 51, A-Wing Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
00016214 |
|
|
|
|
Name : |
Mr. Banwari Lal Jatia |
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Designation : |
Director |
|
Address : |
Avanti 67-A, |
|
Date of Birth/Age : |
08.12.1943 |
|
Qualification : |
B.Com, LLB |
|
Date of Appointment : |
07.08.1995 |
|
PAN No.: |
AAFPJ0367A |
|
Voter ID No.: |
MT 04/ 024/ 240817 |
|
DIN No.: |
00016823 |
|
|
|
|
Name : |
Mr. Om Prakash Adukia |
|
Designation : |
Director |
|
Address : |
701, Avarsekar Heights, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1937 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
26.12.2012 |
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PAN No.: |
AABPA4795M |
|
DIN No.: |
00017001 |
|
|
|
|
Name : |
Mr. Ranjit Ravindranathan Paliath |
|
Designation : |
Whole-time Director |
|
Address : |
B/108, Nirman Apartments, Rajemata Jijabai Rao Pump House, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Date of Birth/Age : |
08.07.1966 |
|
Qualification : |
Hotel Management graduate from IHM-Bangalore |
|
Date of Appointment : |
07.02.2014 |
|
PAN No.: |
ABPPP1699G |
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DIN No.: |
06805256 |
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|
|
|
Name : |
Ms. Seema Arora |
|
Designation : |
Whole-Time Director |
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Address : |
502, Jewel Mahal, Seven Bunglows, Versova, Andheri (West), Mumbai - 400061, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1970 |
|
Qualification : |
Hotel Management Graduate |
|
Date of Appointment : |
01.04.2015 |
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PAN No.: |
AADPK8262H |
|
DIN No.: |
06849038 |
KEY EXECUTIVES
|
Name : |
Mrs. Radha Jain |
|
Designation : |
Secretary |
|
Address : |
A – 401, DSK Harita CHS Limited, Near Cambridge School, Thakur Complex
Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1976 |
|
Date of Appointment : |
08.11.2013 |
|
PAN No.: |
AHEPJ3095K |
|
|
|
|
Name : |
Mr. Suresh Lakshminarayanan |
|
Designation : |
Chief Financial Officer |
|
Address : |
H4-201A Riddhi Gardens, Gen A.K. Vaidya Marg, Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
18.06.1965 |
|
Date of Appointment : |
09.05.2014 |
|
PAN No.: |
AAAPL4908N |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Westlife Development Limited, India |
|
402624 |
|
Amit Jatia Jt. Westlife Development Limited, India |
|
1 |
|
Banwari Lal Jatia Jt. Westlife development Limited, India |
|
1 |
|
Smita Jatia Jt. Westlife development Limited, India |
|
1 |
|
Ushadevi Jatia Jt. Westlife development Limited, India |
|
1 |
|
Total |
|
402628 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Westlife Development Limited, India |
|
1345000 |
|
Total |
|
1345000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in operating McDonalds' chain of restaurants in the West and South Regions of India. (Registered Activity) |
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Products / Services
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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 : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S R B C and Company LLP Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Westlife Development Limited CIN No.: L65990MH1982PLC028593 |
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Enterprises which
are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Vishwas Investment and Trading Company Private Limited · Ronald Mcdonald House Charities Foundation India (RMHC India) · Hardcastle Petrofer Private Limited |
CAPITAL STRUCTURE
As on 20.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
410000 |
Equity Shares |
INR 1000/- each |
INR 410.000 Million |
|
1355000 |
Preference Shares |
INR 1000/- each |
INR 1355.000 Million |
|
|
Total |
|
INR 1765.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
402628 |
Equity Shares |
INR 1000/- each |
INR 402.628 Million |
|
1345000 |
Preference Shares |
INR 1000/- each |
INR 1345.000 Million |
|
|
Total |
|
INR 1747.628
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1747.630 |
1655.000 |
1655.000 |
|
(b) Reserves and Surplus |
2966.360 |
(947.840) |
(980.640) |
|
(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) |
4713.990 |
707.160 |
674.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
4200.000 |
4125.000 |
|
(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 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
4200.000 |
4125.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1829.020 |
1232.540 |
729.390 |
|
(b) Trade
payables |
782.490 |
676.820 |
567.520 |
|
(c) Other
current liabilities |
887.970 |
968.780 |
1056.740 |
|
(d) Short-term
provisions |
68.460 |
73.260 |
61.620 |
|
Total Current
Liabilities (4) |
3567.940 |
2951.400 |
2415.270 |
|
|
|
|
|
|
TOTAL |
8281.930 |
7858.560 |
7214.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4400.260 |
4150.030 |
3790.150 |
|
(ii)
Intangible Assets |
441.180 |
408.590 |
385.770 |
|
(iii) Tangible assets
capital work-in-progress |
171.570 |
184.310 |
209.050 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
595.960 |
250.000 |
97.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
946.220 |
874.130 |
829.380 |
|
(e) Other
Non-current assets |
0.770 |
0.090 |
1.880 |
|
Total Non-Current
Assets |
6555.960 |
5867.150 |
5313.460 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1053.280 |
1264.510 |
1338.890 |
|
(b)
Inventories |
302.390 |
278.230 |
240.830 |
|
(c) Trade
receivables |
49.220 |
42.040 |
42.370 |
|
(d) Cash and
bank balances |
68.390 |
67.220 |
72.060 |
|
(e)
Short-term loans and advances |
199.530 |
328.180 |
190.760 |
|
(f) Other
current assets |
53.160 |
11.230 |
16.260 |
|
Total
Current Assets |
1725.970 |
1991.410 |
1901.170 |
|
|
|
|
|
|
TOTAL |
8281.930 |
7858.560 |
7214.630 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
9305.900 |
8331.170 |
7640.330 |
|
|
Other Income |
198.820 |
94.630 |
162.090 |
|
|
TOTAL |
9504.720 |
8425.800 |
7802.420 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3661.130 |
3329.880 |
3176.970 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employee benefit expense |
1407.340 |
1240.230 |
1136.610 |
|
|
CSR expenditure |
0.000 |
0.170 |
4.480 |
|
|
Other expenses |
3763.430 |
3330.290 |
3167.620 |
|
|
Exceptional items |
0.000 |
(234.010) |
0.000 |
|
|
TOTAL |
8831.900 |
7666.560 |
7485.680 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
672.820 |
759.240 |
316.740 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
153.750 |
149.910 |
102.170 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
519.070 |
609.330 |
214.570 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
637.240 |
576.530 |
504.370 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(118.170) |
32.800 |
(289.800) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(118.170) |
32.800 |
(289.800) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(380.26) |
105.81 |
(934.84) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
75.000 |
187.500 |
612.920 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
655.580 |
803.750 |
189.460 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
1.93 |
1.84 |
2.02 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
189.07 |
198.17 |
180.32 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
78.01 |
74.19 |
65.20 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.23 |
2.73 |
1.32 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.13 |
0.16 |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.44 |
0.93 |
0.99 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.40 |
7.95 |
8.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.76 |
4.17 |
3.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.06 |
6.71 |
6.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.38 |
5.06 |
3.10 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(1.27) |
0.39 |
(3.79) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(1.43) |
0.42 |
(4.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(2.51) |
4.64 |
(42.97) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.48 |
0.67 |
0.79 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.40 |
0.58 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.57 |
0.09 |
0.09 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.09 |
3.40 |
3.30 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.48 |
0.67 |
0.79 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1655.000 |
1655.000 |
1747.630 |
|
Reserves & Surplus |
(980.640) |
(947.840) |
2966.360 |
|
Net
worth |
674.360 |
707.160 |
4713.990 |
|
|
|
|
|
|
long-term borrowings |
4125.000 |
4200.000 |
0.000 |
|
Short term borrowings |
729.390 |
1232.540 |
1829.020 |
|
Current maturities of
long-term debts |
612.920 |
187.500 |
75.000 |
|
Total
borrowings |
5467.310 |
5620.040 |
1904.020 |
|
Debt/Equity
ratio |
8.107 |
7.947 |
0.404 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7640.330 |
8331.170 |
9305.900 |
|
|
|
9.042 |
11.700 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7640.330 |
8331.170 |
9305.900 |
|
Profit/ (Loss) |
(289.800) |
32.800 |
(118.170) |
|
(3.79%) |
0.39% |
(1.27%) |
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 |
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 |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
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 |
GENERAL INFORMATION
The Company was incorporated on August 7, 1995. The Company is engaged in operating McDonalds' chain of restaurants in the West and South Regions of India
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Intercorporate deposits |
0.000 |
4125.000 |
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
167.230 |
152.540 |
|
Loans repayable on demand from banks |
580.000 |
0.000 |
|
Total |
747.230 |
4277.540 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G34554436 |
10587614 |
AUSTRALIA AND NEW ZEALAND BANK |
21/08/2015 |
19/11/2016 |
- |
1775000000.0 |
CYNERGY 6TH FLOORAPPASAHEB MARATHE MARG PRABHADEVIMUMBAIMH400025IN |
|
2 |
C35904721 |
10534803 |
HDFC BANK LIMITED |
14/10/2014 |
- |
- |
750000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
G78402872 |
10470000 |
HDFC BANK LIMITED |
13/11/2013 |
22/02/2018 |
- |
200000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G06042675 |
10375677 |
ING VYSYA BANK LIMITED |
25/08/2012 |
07/05/2013 |
22/06/2016 |
200000000.0 |
MITTAL TOWERS,A-WING,GROUND FLOOR,210 NARIMAN POINT,MUMBAIMH400021IN |
|
5 |
C64046923 |
10388682 |
Citi Bank N.A. |
03/10/2012 |
20/11/2014 |
30/08/2015 |
171800000.0 |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E)MUMBAIMH400051IN |
|
6 |
C63832224 |
10434254 |
Citi Bank N.A. |
26/05/2013 |
20/11/2014 |
30/08/2015 |
171800000.0 |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E)MUMBAIMH400051IN |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against company not acknowledged as debt |
983.080 |
983.080 |
|
Total |
983.080 |
983.080 |
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
WEBSITE DETAILS:
NEWS/ PRESS RELEASES
GST rate cuts: HUL
offers INR 1190.000 Million as penalty for not passing benefits to customers
05 March 2018
Hindustan Unilever Limited (HUL) has offered to pay INR 1190.000 Million to the government for not passing benefits of goods and service tax (GST) to consumers. This, however, has put the government in a fix, as there is no provision for accepting suo moto penalty under the GST. In addition, the question is when HUL is offering Rs119 crore as penalty, why no other company, especially peers of HUL from the fast moving consumer goods (FMCG) space are not doing the same when the GST change would have affected them as well.
In a regulatory filing, the FMCG company said, "Effective 15 November 2017, GST rates were reduced for some of our categories from 28% to 18%. While the implementation of this change was initiated immediately, it was not possible to pass on the entire benefit of this rate reduction on some of the pipeline stocks during the transition. An estimated value of Rs119 crore was proactively disclosed to the CBEC on this count and we have offered to pay this amount suo moto to the Government. This amount is not recognised as revenue and is accounted as a liability as on 31 December 2017."
Earlier, in January, the Directorate General of Safeguards (DGS) has slapped a notice for profiteering on HUL for allegedly not passing on price reduction benefit to consumers after GST rollout. This is the sixth notice issued by DGS, the investigative arm of the Ministry of Finance, to entities for not reducing prices post GST implementation. Gaziabad-based Lifestyle International Private Limited, Mumbai-based Hardcastle Restaurants Private Limited, a franchisee of McDonalds, Sharma Trading Company, Uttar Pradesh-based Vrandavanesharee Automotive Private Limited, authorised dealer of Honda Cars and Gurugram-based Pyramid Infratech are the other entities that had received notices from DGS for not passing GST rate cut benefits to customers.
The Standing Committee had referred the matter to DGS, which in turn has issued queries to HUL seeking a response on whether the benefit of tax rate reduction after GST is passed on to consumers. As part of its investigation, the DGS usually calls for a company's balance sheet, profit and loss account, GST returns and details of invoice wise outward taxable supplies. It also scrutinizes the price list prior to and after GST rollout. After studying the documents, the DGS gives its report to the Anti-Profiteering Authority for further action, which may include fine and extreme penalty like the cancellation of registration.
As per the structure of the anti-profiteering mechanism in the GST regime, complaints of local nature are first sent to the state-level 'screening committee', while those of national level are marked for the 'standing committee'. If the complaints have merit, the respective committees refer the cases for further investigation to the DGS. DGS is mandated to complete its investigation within three months and may seek an extension of a further three months from the standing committee.
However, the offer from HUL to pay INR 1190.000 Million raise several questions like whether all FMCG companies are passing the benefits of tax cut to consumers and if not, then are they offering similar penalty to the government.
According to a report from Business Standard, HUL is in the process of offering another tranche to the government but is still awaiting instructions from the authorities on how to deposit the allegedly profiteered sum in the consumer welfare fund. Quoting officials, the report says, “…the current guidelines allow the government to accept penalties in the said fund after an investigation by DGS and then an order from the anti-profiteering authority. However, HUL waited for neither; it did the calculation on its own and, in effect, told the government it was penalising itself.”
Responding to a query from the newspaper, an official from HUL had said, “In the absence of clear legal provisions on this subject, officials had forwarded our request to DGS. We are awaiting advice from the officials, so that we can deposit the cheques at the earliest.”
Companies like Dabur Limited, Godrej Consumer Products Limited, Marico Limited and Procter and Gamble Hygiene & Health Care Limited also operate in FMCG space. The rate cuts in GST applies to all. However, other than HUL, no other company has offered to pay penalty for not passing on benefits of rate cut to customers.
We contacted officials from HUL and Dabur. However, till writing this report, there was no response. We will updated this story as and when we receive a response from them.
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
UK Pound |
1 |
INR 80.03 |
|
Euro |
1 |
INR 89.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·