MIRA
INFORM REPORT
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Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
POONA DAL AND OIL INDUSTRIES LIMITED |
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Registered Office : |
103/104, Hadapsar Industrial Estate, Pune-411013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.01.1993 |
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Com. Reg. No.: |
70263 |
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CIN No.: [Company
Identification No.] |
L15313PN1993PLC070263 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP02881E |
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PAN No.: [Permanent
Account No.] |
AABCP2950L |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
Stock Exchanges. |
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Line of Business : |
Manufacturing of Vegetable Oil and Fats. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 310000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
103/104, Hadapsar Industrial Estate, Pune-411013, Maharashtra, India |
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Tel. No.: |
91-020-26816020/ 6816024 |
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Fax No.: |
91-020-26816021 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sunil D Parakh |
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Designation : |
Chairman |
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Name : |
Mr. Pradip P Parakh |
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Designation : |
Managing Director |
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Name : |
Mr. Jitendra H Palnitkar |
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Designation : |
Director |
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Name : |
Mr. Mahendra S Mehta |
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Designation : |
Director |
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Name : |
Mr. Pankaj C Baldota |
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Designation : |
Director (Works) |
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Name : |
Mr. Rajendra D Shetia |
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Designation : |
Director (Works) |
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Name : |
Mr. Shailesh C Doshi |
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Designation : |
Director (Works) |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Vegetable Oil and Fats. |
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Products : |
v Pulses v Oil |
GENERAL
INFORMATION
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No. of Employees : |
About 250 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M Z Gandhi & Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5708000 |
Equity Shares |
Rs.10/- each |
Rs.57.080
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
57.100 |
57.100 |
57.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.300 |
17.500 |
17.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
79.400 |
74.600 |
74.300 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.100 |
36.200 |
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2] Unsecured Loans |
40.000 |
40.000 |
70.200 |
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TOTAL BORROWING |
40.000 |
40.100 |
106.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.400 |
114.700 |
180.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
68.600 |
79.000 |
95.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
134.000
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59.600 |
211.200 |
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Sundry Debtors |
105.400
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32.300 |
131.500 |
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Cash & Bank Balances |
57.300
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40.600 |
146.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
13.500
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30.000 |
75.200 |
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Total
Current Assets |
310.200
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162.500 |
563.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
251.100
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117.100 |
468.100 |
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Provisions |
8.300
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9.700 |
10.300 |
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Total
Current Liabilities |
259.400
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126.800 |
478.400 |
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Net Current Assets |
50.800
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35.700 |
85.500 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.400 |
114.700 |
180.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1912.000 |
2665.900 |
3220.700 |
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Other Income |
60.200 |
(25.300) |
46.200 |
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Total Income |
1972.200 |
2640.600 |
3266.900 |
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Profit/(Loss) Before Tax |
14.700 |
10.500 |
9.300 |
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Provision for Taxation |
2.500 |
2.000 |
1.600 |
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Profit/(Loss) After Tax |
12.200 |
8.500 |
7.700 |
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Expenditures : |
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Manufacturing Expenses |
40.700 |
88.000 |
9.900 |
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Administrative Expenses |
3.000 |
3.800 |
3.300 |
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Raw Material Consumed |
1875.900 |
2485.400 |
3115.500 |
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Salaries, Wages, Bonus, etc. |
9.200 |
8.600 |
7.600 |
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Interest |
3.300 |
7.200 |
8.700 |
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Power & Fuel |
14.400 |
16.400 |
13.100 |
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Depreciation & Amortization |
11.000 |
20.700 |
23.200 |
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Other Expenditure |
0.000 |
0.000 |
76.300 |
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Total Expenditure |
1957.500 |
2630.100 |
3257.600 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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Sales
Turnover |
505.900 |
581.800 |
1486.000 |
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Other Income |
0.200 |
0.800 |
2.700 |
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Total Income |
506.100 |
582.600 |
1488.700 |
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Total
Expenditure |
495.400 |
572.400 |
1477.800 |
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Operating
Profit |
10.700 |
10.200 |
10.900 |
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Interest |
0.500 |
0.600 |
0.000 |
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Gross Profit |
10.200 |
9.600 |
10.900 |
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Depreciation |
2.500 |
2.900 |
5.000 |
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Tax |
1.200 |
1.000 |
0.800 |
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Reported PAT |
6.500 |
5.700 |
5.100 |
200606 Quarter 1
Notes
Expenditure Includes (Increase)/Decrease in Stock in Trade Rs 2.630 million Consumption of Raw Materials Rs 477.677 million Staff Cost Rs 1.224 million Other Expenditure Rs 13.863 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 02 Complaints disposed off during the quarter 02 Complaints unresolved at the end of the quarter Nil The audit committee has reviewed the unaudited financial results for the quarter ended June 30, 2006 and the same were taken on record and approved by the Board of Directors at its meeting held on July 29, 2006.
200609 Quarter 2
Notes
EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 03 Complaints disposed off during the quarter 03 Complaints unresolved at the end of the quarter Nil 1.The above results were considered and taken on record at the meeting of Board of Directors of the Company held on October 28, 2006. 2.The auditors has conducted a limited review with respect to the results for the half year ended September 30, 2006.
200612 Quarter 3
Notes:
Expenditure Includes (Increase)/Decrease in Stock in Trade Rs (95.882) million Consumption of Raw Materials Rs 1538.937 million Staff Cost Rs 1.837 million Other Expenditure Rs 32.968 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 03 Complaints disposed off during the quarter 03 Complaints unresolved at the end of the quarter Nil 1. The above results were considered and taken on record at the meeting of Board of Directors of the Company held on January 31, 2007. 2. The company has got its equity shares delisted from Ahmedabad Stock Excahged Ltd with effect from January 12, 2007, in accordance with the guidelines issued in this behalf.
KEY RATIOS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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Debt-Equity Ratio |
0.52 |
0.98 |
1.33 |
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Long Term Debt-Equity Ratio |
0.52 |
0.74 |
1.09 |
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Current Ratio |
1.22 |
1.13 |
1.12 |
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TURNOVER RATIOS |
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Fixed Assets |
9.38 |
13.25 |
17.09 |
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Inventory |
19.75 |
19.69 |
16.32 |
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Debtors |
27.77 |
32.55 |
17.86 |
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Interest Cover Ratio |
5.45 |
2.46 |
2.07 |
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Operating Profit Margin(%) |
1.52 |
1.44 |
1.28 |
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Profit Before Interest And Tax Margin(%) |
0.94 |
0.66 |
0.56 |
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Cash Profit Margin(%) |
1.21 |
1.10 |
0.96 |
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Adjusted Net Profit Margin(%) |
0.64 |
0.32 |
0.24 |
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Return On Capital Employed(%) |
15.38 |
11.98 |
10.47 |
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Return On Net Worth(%) |
15.84 |
11.42 |
10.45 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.35.35 |
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Low |
Rs.35.35 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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