Sip Project

PARAG MILK FOODS PVT LTD

SELLING AND DISTRIBUTION OF PARAG MILK FOODS PRODUCTS UNDER HORECA SEGMENT

Submitted By : Chintan Bharat Vora

Date:15th July’2015

Project put across in detail introduction on NBFC, their types, and rules and regulations regarding raising funds through private placement .Structured product which still underrated, less known and

tagged as black box is revealed in this project by in-depth explanation in order to create awareness on this platform which is outperforming still unknown to many of us.

STRUCTURED PRODUCTS: BLACK BOX OR PLATFORM TO RAISE FUNDS THROUGH PRIVATE PLACEMENT BY NBFCs

ACKNOWLEDGEMENT

If words are considered as a symbol of approval and token of appreciation then let the words play the

heralding role expressing my gratitude.

During the perseverance of this Project, I was supported by different people, whose names if not

mentioned would be inconsiderate on my part. I take this opportunity to express my profound gratitude

and deep regard to my mentor Mr.SANDEER NAIR – sales mangager for his exemplary guidance,

valuable feedback and constant encouragement throughout the duration of the project. His valuable

suggestions were of immense help throughout my project work. His perceptive criticism kept me

working to make this project in a much better way. Working under him was an extremely

knowledgeable experience for me.

I would also like to give my sincere gratitude to MR.KIRAN MAV because of whom I am able to

complete my project.

Last but not least, I would like to thank my parents and my friends for their support and feelings without

which this project would have not been possible.

Chintan vora

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DECLARATION

I, chintan bharat vora hereby declare that this project report is the record of authentic work carried out

by me during the period from 28th April to 30th June 2015 for which I have got the certificate from the

company for the project which was based on selling and distribution of parag milk foods products in

HORECA Segment.

Signature

Chintan vora

Roll no- 115

PGDM Marketing

Date

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Executive Summary :

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Table of Content:

Sr. No. Content Pg No.

1 Introduction 5

1.1. Introduction of Non-Banking Financial Companies (NBFCs) 6

1.2. NBFC v/s Bank 7

1.3. Guidelines to set up NBFCs 11

1.4. Avenues available for NBFCs to raise funds 13

1.5. Top NBFCs in India 17

1.6. FDI in NBFCs 19

1.7. Future prospects 24

2. Research Methodology

2.1. Research Objective 29

2.2. Sample size and type 29

2.3. Data collection and Analysis 30

2.4. Findings and conclusion 34

3. Private wealth management concept 35

3.1. Structured products 37

3.2. Derivatives 38

3.3. Structured products at Anand Rathi 42

3.4 Conclusion 48

4. Bibliography 49

5. Appendix 50

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THE OBJECTIVES OF THE PROJECT

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PARAG MILK FOODS PVT LTD

Parag Milk Foods Pvt. Ltd was established in the year 1991 in the city Mumbai, Maharashtra. It was set

up by the ever inspiring and devoted owner Mr. Devendra Prakash Shah. With the hard work and

commitment of their dedicated owner and their entire team they have emerged as the major

Manufacturer, Exporter and Supplier of the 100% natural Dairy Products. Parag milk foods pvt ltd is an

ISO, HACCP and EIA certified company and they have also received many awards from the Dairy

Sectors.

Parag milk foods pvt ltd is renowned as the chief Manufacturer, Exporter and Supplier of the premium

quality Dairy products. They offer a great variety of products made from the 100% pure cow milk from

our own farm, at very competitive prices. They also provide the customized production and packaging

services to the clients to meet their specific requirements. Parag milk foods pvt ltd believe in

establishing long term relationships with our clients rather than becoming their mere business associates.

Parag milk foods is a prominent name in the entire industry because of the quality of the products they

offer to the clients. A great care is taken to assure the best quality of products for which company have

established a separate and complete QC Lab. Their experts carry out the task of quality checking in

accordance with the set industrial standards.

Their peerless success is greatly dependent upon the high tech manufacturing plant spread over an area

of about 50 acres. They make use of the technically advanced equipments and machinery to carry out the

varying process like manufacturing, packaging, etc. The company is also backed up by the separate

R&D and QC labs to deliver the exclusive range Dairy Products to the clients.

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BACKGROUND AND HISTORY

The size of the Indian dairy industry is approximately US$70bn. The Indian Dairy Industry has been

growing @ 5% per annum.

The average per capita consumption of dairy products in India is around 300 gm compared to the global

average of 700 gm per day.

In 1992, Parag Milk Foods Pvt. Ltd. was founded by Mr. Devendra Shah at Manchar (in the milk belt of

Maharashtra). In earlier co-operative times, there were milk holidays and the farmers had to dump their

milk into garbage as co-operatives didn’t take milk from them on holidays.

Mr. Shah tapped this opportunity and started processing milk collected from farmers during holidays

and thus was born Parag Milk Foods Pvt Ltd.

From 1992 to 1998, we were primarily into collection and processing of milk. After that, we started

manufacturing dairy products such as Ghee and Milk Powders. Simultaneously, we were exporting these

dairy commodities too.

In 2008, we established one of India’s largest cheese plants and started manufacturing value added milk

products. We also own one of the largest and modern dairy farms in India with rotary milk parlour.

Today, we are the youngest, strongest and one of the largest private dairy players in India.

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INTRODUCTION :

Indian Dairy Industry:

India has tremendous milk production in 40years and has become the world largest milk

producing nation with a gross output of 54.6millions in 2001.

The Indian dairy has achieved this strength of a producer-owned and professionally managed co-

operative system.

More than 10milion dairy farmers belong to 96,000 local dairy cooperatives,who sell their

products to 170 milk producer cooperative unions.

Rising consumption coupled with better margins in the value added dairy products (VADPs) are

driving the dairy players to get into the growth and higher profitable trajectory

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Change in demographics and rapid urbanization have resulted into manifold surge in the demand

for VADPs

Milk products such as curd which were largely home products are currently available under

various brands. Due to convenience, health benefits and increased consumerism, milk derivatives

like buttermilk, low fat yogurt and flavored milk are nowadays part of regular consumption.

The traditional way….

For decades, dairy players in India have been engaged in the liquid milk processing activity only.

Backed by operation White Flood in 1970s, the milk industry in India witnessed the first wave of

development in the milk production which gave India its status of the largest milk producer in the world.

This was spearheaded by the ‘Co-operatives model’ which was supported by the GoI. Ownership being

with the farmers instilled trust among the member milk producers in the cooperative model, which also

ensured transparent returns. In addition, cooperatives also provided various services like cattle

vaccination, cattle insurance, artificial insemination, installation of coolers at village level etc to improve

productivity.

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Further, there was minimal involvement of private players in the industry as approximately 80% of the

retail price of the liquid milk went back to the farmers leading to low operating margins (4-5%). This

was despite the consistent upsurge in the retail prices of the liquid milk. Consequently, the dairy

companies were left with insufficient internal funds to plough back into the operations for adoption of

modern technologies or development of milk variants.

The above reasons coupled with factors such as evolving tastes and preferences, higher affordability,

etc, lead to the entities venturing into the VADP segment for better profitability.

Going the creamy way….

Over the past decade, significant transformation took place in the Indian demographic space which led

to heightened consumer interest in VADPs. This shift in the dynamics of the industry proved beneficial

for the manufacturers since margins in VADPs are more than double the margins in the liquid milk

segment. The profitability in liquid milk space ranges from 4-5%, whereas the profitability in VADPs

ranges from12% to 18%, attracting private participation in the industry.

As per the industry estimates, the share of VADP in the milk and milk derivatives segment is growing

currently at around 25% every year and is expected to grow at the same rate until 2019-20.

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Product innovations are likely to accelerate India’s dairy market which is anticipated to improve

industry margins by attaining greater scale, higher capacity use and an increasing contribution from new

milk variants. Further, the development of processing and packaging technology along with

improvement in retail and cold storage infrastructure has increased the shelf life of dairy products

The growth trajectory

As per NDDB, the Indian dairy industry is all set to experience high growth rates in the next eight years

with demand likely to reach 200 million tonnes by 2022 from 132 million tonnes in 2013. Presently,

only 20% of the milk production comes from the organized sector comprising co-operatives and private

dairies. The paramount factors driving the growth in the dairy sector include rising disposable incomes,

advent of nuclear families and fast/instant food gaining ground in India. Other factors such as structural

changes in food habits, expansion of fast food chains and popularity of pizzas and pastas aided the usage

of milk variants of mozzarella cheese, processed cheese and flavored milk etc.

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Increasing participation from the private sector

Consumer preference towards VADPs is taking forward the dairy sector. Besides brown-field/ green-

field expansion, global dairy companies too are venturing into milk derivatives business in this part of

the world.

The most recent one is the 100% acquisition of Tirumala Milk Products Pvt Ltd by Groupe Lactalis SA,

France, one of the largest dairy players in the world. Another French dairy major Danone has also

increased its presence in the Indian dairy sector with slew of product launches such as flavored curd,

yoghurt etc.

Other investments include Nestle India’s acquisition of 26% stake in Indocon Agro and Allied Activities

Pvt

Ltd and Hatsun Agro Products Ltd acquiring 100% stake in Jyothi Dairy Pvt Ltd.

Companies such as Parag Milk Foods Pvt Ltd, Prabhat Dairy Pvt Ltd have augmented their capacities in

the recent past to meet the increased demand of milk products.

DRAWING INVESTORS’ ATTENTION

India consumption story and diversification by dairy players into VADPs are drawing interests of

investors which have led to surge in the PE deals.

The prominent deals include investment by IDFC and Motilal Oswal in Parag Milk Food Pvt Ltd,

Rabobank group and India Agribusiness Fund in Prabhat Dairy Pvt Ltd, IFC into Modern Dairies Ltd

and Blackriver Investment in Dolda Dairy Ltd.

In one of the most recent investments, Fidelity Growth Partners, India, along with participation of the

existing social venture investor, Aavishkaar, have invested in Odisha-based Milk Mantra Dairy Pvt Ltd.

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Recent deals in the sector are the indication that the investors perceive value in the deals and see growth

prospects in the Indian dairy space.

Right product mix likely to have a positive impact on the credit profile of dairy companies Traditionally,

the credit risk profile of dairy companies was characterized by low profitability and moderate liquidity.

The dairy companies rated by CARE are largely in the BBB or BB category (refer the graph below)

primarily on account of moderate solvency profile.

However, Mother Dairy Fruit And Vegetable Private Ltd, Co-operatives associated with Gujarat

Cooperative Milk Marketing Federation and some private dairies are in the ‘AA’ and ‘A’ rating category

on account of their superior procurement and marketing channels and high share of VADPs in product

portfolio. During FY14, the credit profile of CARE rated dairy companies have broadly remained stable.

PRODUCT LINE AND FEATURES

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Parag milk foods pvt ltd offer an exclusive range of Dairy Products to the widely spread clients. The

product range includes a vast variety of Milk, Milk Powder, Dahi, Ghee, Butter, Cheese, Cheese

Powder, Cheese Spread and Gulab Jamun Instant Mix. Their products are manufactured from the

premium quality and 100% pure cow milk, procured from our own cow farm. They never leave a gap to

satisfy our clients fully with our top quality DairyProducts.

The company also provide the customized production and packaging services to our clients to meet their

specific requirements. Their products serve the purposes of various industries like retail industry,

hospitality. Our products are highly appreciated for their vast features like quality, purity, range, superb

taste, etc. They offer the Dairy products at really affordable prices to the clients, spread across the globe.

CHEESE

FEATURES

CHEAP QUALITY

BETTER QUALITY

SUPERB TASTE

RANGE

CHEDDAR CHEESE

MOZZARELLA CHEESE

PIZZA CHEESE

PROCESSED CHEESE

AVAILABLE IN VARIOUS PACKAGING

1. CHEDDAR CHEESE

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The Cheddar Cheese Manufactured, Exported and Supplied by them is of the best quality. The demand

for Cheddar Cheese has increased to a large extent due to its great quality and other excellent features.

They deliver the Cheddar Cheese to the clients with good packaging and company also offer a

customized packaging to meet their specific requirements

FEATURES

made from mature cheddar cheese

traditionally aged over 6 months

rich and natural taste

store under refrigerator 4˚c

2. MOZZORELLA CHEESE

Company experts thrive hard to Manufacture, Export and Supply the premium quality Mozzarella

Cheese to the clients, widely spread all over the world. The Mozzarella Cheese, manufactured by the

company is highly prized, due to its peerless quality and enormous features.

FEATURES

made from pasteurized cow milk

using Italian technology

excellent stretch ability

high melt ability

3. PIZZA CHEESE

To make Pizza tastier, you can definitely count upon the finest Pizza Cheese Manufactured, Exported

and Supplied by the company. Their Pizza Cheese is highly appreciated and demanded by the clients,

because of its peerless quality and taste.

FEATURES

high melting property

firm and smooth texture

excellent stretch ability

blend of mozzarella and cheddar cheese

4. PROCESSED CHEESE

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Over the years, the company have succeeded in developing a great clientele base for the premium

quality Processed Cheese,Manufactured, Exported and Supplied by our prominent company. The

Processed Cheese is manufactured from the blend of Cheddar and it is available to the clients at really

affordable prices.

FEATURES

made from blend of cheddar

cheese of different ages

easy to shred

5. SHREDDED CHEESE

They manufacture, export and supply tasty Shredded Cheese that is an excellent addition to any type of

dish. Made from the finest milk, the Shredded Cheese is contains a number of essential nutrients. They

can offer different varieties of Shredded Cheese that can be melted or just sprinkled over any dish.

FEATURES

great taste

superior quality

highly nutritious

low fat content

6. CHEESE SLICE

Cheese Slice can be used in pastas as well as other vegetarian and non-vegetarian dishes to add a

special taste. Made from processed cheddar cheese, the Cheese Slice is offered in different variants to

suit different tastes. Moreover, the Cheese Slice is processed under completely hygienic conditions to

preserve its quality. World’s best German UHT technology ensures longer shelf life of Cheese Slice.

FEATURES

longer shelf life

rich and natural taste

high calcium content

BUTTER

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The company is a Manufacturer, Exporter and Supplier of the premium quality Butter. The demand for

our Butter has gradually increased over the years, because of its better quality and taste. We offer a

varying range of Butter at really affordable prices to the buyers.

FEATURES

pasteurized table butter and unsalted butter

mild taste and firm consistency

made by modern continuous butter making machine

GHEE

They are a prominent Manufacturer, Exporter and Supplier of the preeminent quality Ghee. Their top

quality Ghee is made from the natural or pure clarified milk fat and it is available at very economical

prices. Their Ghee is highly appreciated amongst our clients, owing to its enormous features.

FEATURES

100% pure clarified milk fat

Sweet aroma of pure ghee

No added colour

Store at ambient temperature

DAHI

The best quality Dahi Manufactured, Exported and Supplied by their company is highly appreciated

amongst the buyers. The demand for the Dahi has increased to a great extent over the years, owing to its

superb quality and cost effectiveness. Their Dahi is manufactured by the natural cow milk and it is full

of nutrients.

FEATURES

Economical

Natural

Superb taste

Great nutritional value

MILK

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They thrive hard to Manufacture, Export and Supply fresh Milk. Their Milk is highly appreciated

because of its best quality and nutritional contents. The Milk offered by the company is 100% pure milk

and it is available at really affordable prices.

FEATURES

Pure milk

Top quality

High nutritional value

economical

COMPETITORS

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1. AMUL

When its about dairy company in India, the first thing that comes in mind is Amul. Amul is the oldest

and largest dairy company in India, which was founded in the year 1946 by “Verghese Kurien”.

Amul operates more than 50 milk processing plants in India and planned for investment of Rs 5,000

Crore for set up of 10 more milk processing plants in the country. Amul has shown a tremendous growth

rate of 32.1% and turnover of more than Rs 18,000 Crore during the financial year 2013-14. Amul is a

name of quality and trust in India and holds the major part of milk products in India. Some of its popular

products include Milk, Butter, Ghee, Milk Powder, Chocolate, Paneer, etc. Brown Ghee, Cheese Spread

and Whipping Cream are some of the newly launched products of Amul.

2. MOTHER DAIRY

Mother Dairy was founded in the year 1974 and it is owned

by the National Dairy Development Board (NDDB). Mother Dairy collects milk from

Dairy Cooperatives, test for its quality, process in its state-of-the-art milk

processing plants and supply the processed milk products in the market.

Mother Dairy holds a significant market share of dairy products in the Delhi-NCR

region and has 6 dairy manufacturing plants in the country.

Apart from dairy products, Mother Dairy also produces edible oils, processed foods,

fruit beverages, juices, etc. Some of its most selling products include Milk, Ice-

Creams, Dahi, Lassi and Flavoured Milk.

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http://listz.in/wp-content/uploads/2014/10/amul.jpg


3. KARNATAKA CO-OPERATIVE MILK FEDERATION (KMF)

Karnataka Co-Opeartive Milk Federation (KMF) is ranked 3rd in the list of

top 10 dairy companies in India. KMF is one of the largest Dairy Cooperatives in India and leader in

Dairy products in South India. KMF sells its Milk Products under the brand name of “Nandini”.

The product line of KMF is vast and consist of more than 60 Milk Products. Some of the products of

KMF include Toned Milk, Curd, Lassi, Ghee, Milk Powder, Ice Cream, Chocolates, etc.

4. KWALITY LIMITED

Kwality Limited is an ISO certified Dairy Company, which was established in the

year 1992. Kwality Limited has 6 Milk Processing Plants in the country and sells its milk products under

the brand name of “Dairy Best”.

Kwality produces various good quality milk products and export them to over 20 countries across the

globe. Some of its key products are Milk, Ghee, Curd, Lassi, Paneer and Ice Cream.

5. AAVIN

Aavin is a brand of milk products owned by Tamil Nadu Co-operative Milk

Producers’ Federation Limited. Aavin was established in the year 1958 and since its inception it has

continuously provided quality rich products.

Aavin holds a significant market share of milk products in South India and produces various products

like Toned Milk, Full Cream Milk, Flavoured Milk, Ghee, Cheese, Butter, etc.

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http://listz.in/wp-content/uploads/2014/10/kwality.jpg

http://listz.in/wp-content/uploads/2014/10/aavin.jpg


6. MILMA

MILMA stand at 6th in the list of top 10 dairy companies in India. Kerala Co-operative Milk Marketing

Federation is popularly recognized as MILMA was formed in the year 1980.

The product line of MILMA includes Milk, Curd, Paneer, Chocolate, Ice Cream, Ghee, etc.

7. OMFED

Orissa State Cooperative Milk Producers Federation, popularly termed as OMFED is a Dairy Company

in Odisha, which was started in the year 1985.

The main products of OMFED include Toned Milk, Ghee, Curd, Cheese, Lassi, Butter and Ice Cream.

Apart from milk products, OMPED also produces Fruit Juices, Jam, Pickle, Turmeric Powder, Cattle

Feed Products, etc

8. DUDHSAGAR DAIRY

Next on this list is Dudhsagar Dairy, a Dairy Company in Gujarat, which was started in the year 1963.

Dudhsagar Dairy is a fast growing dairy company and it achieved a growth rate of 25% in turnover

during the financial year 2013-14.

Milk, Ghee, Milk Powder, Yoghurt, Ice Cream and Flavoured Milk are the main products of Dudhsagar

Dairy.

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http://listz.in/wp-content/uploads/2014/10/milma.jpg

http://listz.in/wp-content/uploads/2014/10/omfed.jpg

http://listz.in/wp-content/uploads/2014/10/dudhsagar-dairy.jpg


9. AP DAIRY

Andhra Pradesh Dairy Development Cooperative Federation Ltd. (AP Dairy) has found 9th place in the

list of top 10 dairy companies in India. AP Dairy was started in the year 1960 and since its inception it

has continuously provided excellent quality milk products.

AP Dairy sells its milk products under the brand name of “Vijaya”. The key products of AP Dairy

include Milk, Curd, Paneer and Ghee.

10. DYNAMIX DAIRY

Dynamix Dairy is a Dairy Company in Maharashtra, which was started in the

year 1995. The main products of Dynamix Dairy are Milk, Milk Powder, Cheese, Butter and Ghee.

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http://listz.in/wp-content/uploads/2014/10/ap-dairyvijaya.jpg

http://listz.in/wp-content/uploads/2014/10/dynamix.jpg


LEARNING FROM INTERNSHIP

COMMUNICATION SKILL

NEGOTIATIONS SKILLS

SELLING SKILLS

PRESENTATION SKILLS

IMPROVMENT IN PATIENCE LEVEL

IMPORTANCE OF PUNCTUALITY IN WORK AREA

CONTRIBUTION TO THE ORGANISATION

CALLING - 85

QUOTES - 5

SAMPLES - 3

PRODUCTIVITY IN VALUE - 0

SUGGESTED 3BIG IDEAS TO THE ORGANISATION

1. MARKETING ,OPERATIONAL,BUSSINESS

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REFERENCE

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1.4. Conclusion: Structured product is not a black box, it may not be that simple but it’s not that complex either. Structured product is not an “Alternate asset class” like Mutual fund but, it’s a platform providing

participation to investor in debt (through debentures) and equity (Nifty) to help them to diversify portfolio and hedge risk against it.

Structure product also helps in making money like other asset class, as given above SENSEX and NIFTY are the best performing compare to gold, real estate, and FD in past 20 years and same is predicted in future.

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Structured Products aren’t very risky, the approximate size of Structured Products market in India today is Rs. 57.19 Billion and there is no single default or delay by any issuer is encountered till date, since the inception of structured products in India

Rating is important criteria but not the only criteria to evaluate risk of issuer of structured products. There are other criteria also which helps to determine risk of issuer like, Due diligence on balance sheet, Line of business activity, Parentage, Understand the risk mitigating measures of the options desk (% of OTC contracts.etc)

100% principal protection may not be necessary on all structure products, non principal protected or partial principal protected products can have better Risk Reward payoff ,3 Years Rolling Returns of nifty from 2004 to 2014 suggest that, Nifty has never dropped below 21% in any of the 3560 observations.

It’s a cost effective and easy exit mechanism as fees charged for total tenure is 2%. And exit is possible at any point of time.

Structured Products’ market in India is not developed because, Booming stock market Preference for traditional products Long term options not available (max 3months) OTC derivatives use by SP issuers is not permitted* In India there is a restriction on direct access to derivatives Size required for direct access is huge

As we can see above number of HNIs are increasing in India. By the year 2020 average age of Indians will be 29 years. As study shows young people are generally risk taking and experimental so India has potential market for structured products.

Glossary:

Floor: Present Value of desired capital to be preserved at maturity. If the product comes with an 80% capital guarantee, the floor is 80% of the initial capital.

Cushion: Portfolio value less Floor. In the above example cushion will be 100-80 i.e.20%

Multiplier: Leverage applied to cushion always expressed in terms of percentage.

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Decay multiple: It’s an indicator that denotes if market fall down by x% coupon will fall proportionately. for example if DM is 1time, it means if market fall by 2% then coupon will fall by 4%

Participation Rate: It indicates effect of % change in market on coupon. For example if PR is 100% then if market is up by 1% coupon will increase by 2%.

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2. Bibliography :

Indianmirror - https://www.indianmirror.com

Dairybiz - https://www.cii.in

Indian dairy industry report - https://www.indiamicrofinance.com

Economic Times website - http://economictimes.indiatimes.com

Paragmilkfoods.com - http://www.paragmilkfoods.com

Investopedia -http://www.investopedia.com

LinkedIn (fill up questionnaires) - www.linkedin.com

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http://www.linkedin.com/

http://www.investopedia.com/articles/optioninvestor/07/structured_products.asp

http://www.paragmilkfoods.com/

http://economictimes.indiatimes.com/

https://www.indiamicrofinance.com/

https://www.cii.in/

https://www.indianmirror.com/


3. Appendix : (Questionnaire)

1. Institutions name

2. institution canteen canteen resturant hotel

3. Which dairy products you use? (multiple options can be selected)

milk cheese paneer butter

dahi Others

4. Which company you prefer? (multiple options can be selected)

Parag milk foods

amul

britannia

mahananda

Others ( please specify)

5. name of your supplier from where you purchase your product other than parag milk foods?

6. If you are parag milk foods customer than give your review

good very good excellent not satisfied

7. Have you heard about our parag milk foods pvt ltd ?(Select any one option)

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a) Yesb) No

8. If yes,then what is the source? (Select any one option)

Friends neighbours newspaper

Tv ad hoardings

9. Samples required

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