MIRA
INFORM REPORT
|
Report Date : |
20.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Goldmohur Foods And Feeds Limited |
|
|
|
|
Formerly Known As : |
yankee doodle industries Limited |
|
|
|
|
Registered Office : |
Pirojsha Nagar, Eastern
Express Highway, Vikhroli ,Mumbai 40007 ,Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
02.11.1974 |
|
|
|
|
Com. Reg. No.: |
11-17887 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15100MH1974PLC017887 |
|
|
|
|
Legal Form : |
It is a closely held public limited liability company. Subject is a subsidiary of Godrej Industries Limited. |
|
|
|
|
Line of Business : |
Manufacturing and marketing of cattle feed, poultry feeds,
fish feed and other allied products including concentrates, feed supplements,
etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 commitment. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Pirojsha Nagar Eastern Express
Highway Vikhroli Mumbai 400079
Maharashtra India |
|
Tel. No.: |
91-22-22870622 |
|
Fax No.: |
91-22-22041920 / 2204 3117 |
|
E-Mail : |
Sp.karmarkar@godrejagrovet.com |
|
|
|
|
Administrative
Office : |
A/2-2, Ashiana Park, 31/1A, Ghorpadi, Koregaon Park, Taluka Haveli, Pune – 411 001, Maharashtra |
|
|
|
|
Research &
development centre : |
Bommanasandra, Bangalore, Karnataka |
DIRECTORS
|
Name : |
Mr. N. B. Godrej |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. S. L. Anaokar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subba Rao A. R |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. R. Subbarao |
|
Designation : |
Director |
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. C. K. Vaidya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Srinivasan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. P. Karmarkar |
|
Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of cattle feed, poultry feeds,
fish feed and other allied products including concentrates, feed supplements,
etc. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit
|
Actual
Production |
|
Aqua, Cattle and Poultry Feed |
M.T. |
267637 |
GENERAL
INFORMATION
|
No. of Employees : |
About 600 |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Ř State Bank of India, Mumbai Ř Standard Chartered Grindlays Bank Limited Ř Punjab National Bank, Mumbai Ř Indian Bank, Mumbai Ř Deutsche Bank, Mumbai |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwala & Mistry Chartered Accountant |
|
|
|
|
plants : |
Ř Rajpura, Punjab Ř Hubli, Karnataka |
|
|
|
|
Parent Company: |
Ř Godrej Industries Limited Ř Godrej Agrovet Limited |
|
|
|
|
Associates/Subsidiaries : |
Ř Godrej Tea Limited Ř Godrej & Boyce Manufacturing Company Limited Ř Wadala Investments Limited Ř Swadeshi Detergents Limited Ř Vora Soaps Limited Ř Lawkim Limited Ř Godrej Sara Lee Limited Ř Godrej Plant Biotech Limited Ř Godrej Properties & Investments Limited Ř Tahir Properties Limited Ř Girikandra Holiday Homes & Resorts Private Limited Ř Ensemble Holdings & Finance Limited Ř Godrej Capital Limited Ř Godrej Oil Palm Konkan Limited Ř Sahyadri Aerosols Limited Ř Godrej Global Mid East FZE Ř Puran Plastics & Chemicals Limited Ř Godrej
International Limited |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity shares |
Rs.10 /-each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
21,58,170 |
Equity shares |
Rs.10/- each |
Rs.21.582millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.400 |
18.400 |
21.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189.200 |
170.700 |
206.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
207.600 |
189.100 |
228.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.400 |
0.000 |
41.100 |
|
|
2] Unsecured Loans |
100.000 |
0.000 |
17.000 |
|
|
TOTAL BORROWING |
108.400 |
0.000 |
58.100 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
316.000 |
189.100 |
286.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
336.300 |
296.100 |
258.300 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
323.600
|
251.200 |
260.000 |
|
|
Sundry Debtors |
191.900
|
252.300 |
267.500 |
|
|
Cash & Bank Balances |
8.400
|
11.600 |
56.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
104.400
|
76.500 |
37.500 |
|
Total
Current Assets |
628.300
|
591.600 |
621.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
591.300
|
644.400 |
578.700 |
|
|
Provisions |
57.300
|
54.200 |
14.500 |
|
Total
Current Liabilities |
648.600
|
698.600 |
593.200 |
|
|
Net Current Assets |
(20.300)
|
(107.000) |
28.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
316.000 |
189.100 |
286.600 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
2944.400 |
3068.900 |
2994.800 |
|
|
Other Income |
14.400 |
17.200 |
51.100 |
|
|
Stock Adjustment |
(3.500) |
7.200 |
7.900 |
|
|
Total Income |
2955.300 |
3093.300 |
3053.80 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
61.800 |
51.500 |
105.000 |
|
|
Provision for Taxation |
8.000 |
17.000 |
38.900 |
|
|
Profit/(Loss) After Tax |
53.800 |
3.34.500 |
66.100 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
2480.600 |
2629.600 |
2539.100 |
|
Total Imports |
2480.600 |
2629.600 |
2539.100 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Power and Fuel Cost |
35.300 |
27.500 |
23.400 |
|
|
Other manufacturing Expenses |
96.600 |
97.000 |
99.800 |
|
|
Employee Cost |
88.000 |
76.900 |
74.000 |
|
|
Selling And Administration Expenses |
116.600 |
109.300 |
95.800 |
|
|
Miscellaneous Expenses |
40.900 |
69.300 |
75.200 |
|
|
Depreciation & Amortization |
28.300 |
24.600 |
24.700 |
|
Total Expenditure |
405.700 |
404.600 |
392.900 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
|
0.27
|
0.14 |
0.51 |
|
Long term Debt –Equity Ratio |
|
0.00
|
0.00 |
0.20 |
|
Current Ratio |
|
0.84
|
0.90 |
1.00 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
6.91
|
8.38 |
8.83 |
|
Inventory |
|
10.24
|
12.01 |
12.70 |
|
Debtors |
|
13.26
|
11.81 |
12.34 |
|
Interest Cover Ratio |
|
9.58
|
7.78 |
7.25 |
|
Operating Profit Margin |
% |
3.30
|
2.73 |
4.89 |
|
Profit Before Interest And Tax Margin |
% |
2.34
|
1.93 |
3.03 |
|
Cash Profit Margin |
% |
2.79
|
1.93 |
3.03 |
|
Adjustment Net Profit Margin |
% |
1.83
|
1.12 |
2.21 |
|
Return On Capital Employed |
% |
27.32
|
24.85 |
36.30 |
|
Return On Net Worth |
% |
27.12
|
16.52 |
29.75 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 2nd November, 1974 at Pune in Maharashtra under the name and style of Yankee Doodle Industries Limited having Company Registration Number 17887.
Subject was primarily engaged in manufacturing and selling of ice creams and frozen products and later on decided to diversify its business. In view of the foregoing, the company with the approval of the Central Government under Section 21 of the companies act, 1956 changed its name to the present to reflect the new identity of the company.
The holding company, Hindustan Lever Limited has entered into a joint venture with Godrej Agrovet Limited (GAVL), a subsidiary of Godrej Soaps Limited. Under the arrangement, GAVL has acquired a 74% stake in the company and the balance 26% stake will continue with Hindustan Lever Limited. This joint venture is effective from 1st January, 2001.
GAVL is a large and well known company in the animal feed business with complementary strengths. GAVL is also into forward integration with its retail branded "Real Good" chicken poised to grow rapidly. The investment by GAVL in the company is aimed at deriving considerably synergies as a group. The proposed investment in the company will give GAVL a strategic advantage and a strong position in the market.
BUSINESS
The company is engaged in manufacturing and marketing of cattle feed, poultry feeds, fish feed and other allied products including concentrates, feed supplements, etc. and to prepare, refine, buy, sell and deal in oil, cattle feed, manure and chemical substances of every description and the products obtained in the manufacture of oil, and to cultivate, crush, utilise, buy, sell and deal in oleaginous seeds and plants of every description, poultry farming, cattle rearing etc., processing, preserving, manufacturing, and marketing poultry, meat, fish etc. in the domestic and export markets.
REVIEW OF OPERATION:
The year 2005- 06 was a challenging year for your Company. The Prolonged monsoon had its Impact on key raw materials like de-oiled rice bran, maize, etc. Resulting in cost pressure for your Company. However, the Company got some respite in view of favourable price for certain raw materials like soya etc. The detection of Avian Influenza in certain pockets of the country impacted the poultry feed sales of your sales of your Company. The Company’s Aqua Feed Business suffered a setback due to postponements of the shrimp farming season.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.15 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|