MIRA
INFORM REPORT
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Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
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Registered Office : |
Ambuja Tower, Opp. Memnagar Fire Station, Post Navjivan, Ahmedabad –
380014, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.1991 |
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Com. Reg. No.: |
016151 |
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CIN No.: [Company
Identification No.] |
L15140GJ1991PLC16151 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00194F |
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PAN No.: [Permanent
Account No.] |
AAACG3980A |
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Legal Form : |
A public limited liability company, The company’s shares are listed on
the stock exchanes. |
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Line of Business : |
Manufacturer and Supplier of products of cotton yarn. |
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 12137600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. Financial
position is satisfactory. The company can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered/CorporateOffice |
Ambuja Tower, Opp. Memnagar Fire Station, Post Navjivan, Ahmedabad –
380014, Gujarat, India |
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Tel. No.: |
91-79-26405535/37/39 |
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Fax No.: |
91-79-26423079 |
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E-Mail : |
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Website : |
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Branch Office 1: |
Mumbai 17, Anjani Complex, Ground Floor, Pereira Hill Road, Opp. Gurunanak Petrol
Pump, Chakala, Off. Andheri – Kurla Road, Andheri (E), Mumbai – 400099,
Maharashtra, India |
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Tel. No.: |
91-22-28356497 |
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Fax No.: |
91-22-28356493 |
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E-Mail : |
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Branch Office 2: |
New Delhi 208, Deep Shikha Building, Rajendra Place, New Delhi – 110008, India |
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Tel. No.: |
91-11-25745761 |
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Fax No.: |
91-11-25763819 |
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E-Mail : |
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Branch Office 3: |
Indore 126/129, Starlit Tower, 29 Y.N.Road, Opp. State Bank Of Indore (H.O.),
Indore – 452001 |
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Tel. No.: |
91-731-4040225/26/27 |
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Fax No.: |
91-731-2436477 |
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E-Mail : |
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Branch Office 4: |
Akola Narmada Sadan, 1st Floor, New Radhekrishna Plot, Gurudwara
Road, Akola – 444001, Maharashtra, India |
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E-Mail : |
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Branch Office 5: |
Vietnam Mr. Nguyen Quoc Tuan Business Development Officer, Rmmo 420, Hanoi
Press Club Building, 59 A, Ly Thai to Street, hanoi S. R. Vietnam |
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Tel. No.: |
91-84-4-9364590 |
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Fax No.: |
91-84-4-9364577 |
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PLANTS |
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Address: |
100% EOU Cotton
yarn Division 1, Vrindavan Road, Village:Dalpur, Taluka:Prantij,
District:Sabarkantha, Gujarat |
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Tel. No.: |
91-2772-226252/54 |
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Fax No.: |
91-2771-226250 |
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E-Mail : |
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Address: |
Soya Processing
Unit Plot No. 414/417, Sector-III, Pithampur Industrial Area,
District:Dhar, Madhya Pradesh, |
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Tel. No.: |
91-7292-256790/256264 |
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Fax No.: |
91-7292-256199 |
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E-Mail : |
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Address: |
Maize Processing
Unit 1, Vrindavan Road, Village:Dalpur, Taluka:Prantij,
District:Sabarkantha, Gujarat |
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Tel. No.: |
91-2772-226252/54 |
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Fax No.: |
91-2772-226252 |
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E-Mail : |
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Address: |
Solvent
Extraction, Refinery, Wheat Flour, Cattle Feed Units Kadi Complex Kadi – Thore Road, Kadi, Dist. Mehsana, Gujarat |
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Tel. No.: |
91-2764-264013/17 |
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Fax No.: |
91-2764-264012 |
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E-Mail : |
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Address: |
Akola Soya
Processing and Refinery Village Kanheri-Gawali, N.H. No.: 6, Akola-Balapur Road, District –
Akola, Maharashtra, India |
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Tel. No.: |
91-7257-285026/285027 |
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Fax No.: |
91-7257-285025 |
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E-Mail : |
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Address: |
Wholly Owned
Subsidiary Gujarat Ambuja International Private Limited 11/11 Tong Eng. Building, 101-Cecill Street Singapore - 069533 |
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Tel. No.: |
91-65-63243701/63243702 |
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Fax No.: |
91-65-63243701/63243702 |
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E-Mail : |
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Address: |
Vietnam Office 14th Floor, Suite 1420, Level 13F-14F, North Asia Tower,
No.9 Dao Duy Anh Street, Dong Da District Hanoi, Vietnam |
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Tel. No.: |
91-84-45771711 |
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Fax No.: |
91-84-45771720 |
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Address: |
Maize Processing
Unit C-50, Eldeco Sidcul Industrial Park, Sitargang District:Udhamsingh
Ngar – 263153, Uttranchal |
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Tel. No.: |
91-5948-260564 |
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Fax No.: |
91-5948-260564 |
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Email: |
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DIRECTORS
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Name : |
Mr. Vijay Kumar Gupta |
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Designation : |
Managing Director and Chairman |
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Name : |
Mr. Manish V. Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. Parshottam G. Makhija |
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Designation : |
Executive Director |
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Name : |
Mrs. Sulochana V. Gupta |
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Designation : |
Director |
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Name : |
Mr. Jagdish Sharan Varshneya |
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Designation : |
Director |
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Name : |
Mr. Chaitan M. Maniar |
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Designation : |
Director |
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Name : |
Mr. Prakash G. Ramrakhiani |
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Designation : |
Director |
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Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
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Name : |
Mr. Sandeep N. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Rohit J. Patel |
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Designation : |
Director |
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Name : |
Mr. Mohit V. Gupta |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. Kaushik C. Khona |
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Designation : |
Chief Financial Officer and Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters/Directors and relatives |
87930320 |
63.115 |
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Financial
Insti/ Mutual Fund/ Bank |
5722719 |
4.107 |
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Non – Residents/FIIs/OCBs |
6346664 |
4.555 |
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Other Corporated Bodies |
2320380 |
1.666 |
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Indian Public |
36998407 |
26.557 |
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Total |
139318490 |
100.000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of products of cotton yarn. |
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Products: |
Iteam Code
No.(ITC Code)
Products Depreciation |
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150790.10
Refined Soyabeanoil |
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110812.00
Maize Starch |
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110100.00 Wheat Flour |
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520523.10
Cotton Yarn |
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Exports : |
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Products : |
Cotton Yarn |
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Imports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
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Facilities: |
SECURED
LOANS Rs.in Millions Terms
Loan
(31.03.2007) (I) from Indian Renewable Energy Development Agency, 34.900 New Delhi (secured by hypothecation of Wind Mills, mortgage of related land & personal guarantee ol three ' promoter Directors.) (II) from Bank of India, under TUF scheme secured 237.500 by hypothecation of specific movable Plant 8 Machinery & personal guarantee ol three promoter Direciors. Total
272.400 |
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Other
Loans - Working Capital Secured by a hypothecation o! current assets 8 certain tangible movable plant & machinery and joint equitable mortgage of certain immovable fixed assets of the Company and personal guarantee, mortgage and security of certain personal assets of three promoter directors and againsl lien on Fixed Deposits of Ihe Company. - From Banks
1557.500
1829.900 UNSECURED
LOANS Dealers' 8 Distributors' Deposits
7.900
7.900 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kantilal Patel and Company Chartered Accountants |
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Associates/Subsidiaries : |
Gujarat Ambuja International Private Limited, Singapore |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000000 |
Equity shares |
Rs.2/-each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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139318490 |
Equity shares |
Rs.2/-each |
Rs.278.636Millions |
Notes:
i. Includes 31500000 Equity shares of Rs.2/- each issued at
a premium of Rs.0.20 per'share orvconversion of Optionally Convertible
Unsecured Debentures
ii. Includes 82188910 Equity shares of Rs.2/- each fully
paid alloted on 30.4.99 in exchange of shares on amalgamation lor consideration
other than cash,
iii. 31085420 Equity shares of Rs.2/-each reduced as per
Scheme of arrangement approved by Honourable Gujarat High Court order dated
17th February 2003.
iv. Includes 20490000 Equity Shares of Rs.2/- each fully
paid, alloted on 31 1.2004 in exchange of shares on amalgamation for
consideration other than cash.
Explanation
to Notes :
Til! 16th January 2006, the Company's paid up Capital was
made up of Equity Shares of Rs. 10/- each which was then split into Equity
Shares ol Rs.2A each. In the above notes the number of shares and premium is
restated as related to Equity shares of Rs. 2/- each.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
278.600 |
278.600 |
278.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2755.800 |
2346.900 |
2081.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3034.400 |
2625.500 |
2360.500 |
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LOAN FUNDS |
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1] Secured Loans |
1829.900 |
2110.700 |
1172.800 |
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2] Unsecured Loans |
7.900 |
8.200 |
9.600 |
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TOTAL BORROWING |
1837.800 |
2118.900 |
1182.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4872.200 |
4744.400 |
3542.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2347.800 |
2191.400 |
1708.400 |
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Capital work-in-progress |
277.000 |
2.800 |
1.500 |
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INVESTMENT |
91.800 |
68.700 |
72.300 |
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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 |
2170.700
|
2271.500 |
1284.700 |
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Sundry Debtors |
666.600
|
660.300 |
609.400 |
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Cash & Bank Balances |
144.100
|
45.400 |
671.500 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
102.400
|
33.500 |
80.100 |
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Total
Current Assets |
3083.800
|
3010.700 |
2645.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
838.800
|
447.400 |
830.700 |
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Provisions |
89.400
|
81.800 |
54.300 |
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Total
Current Liabilities |
928.200
|
529.200 |
885.000 |
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Net Current Assets |
2155.600
|
2481.500 |
1760.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4872.200 |
4744.400 |
3542.900 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
14104.400 |
12873.400 |
11257.600 |
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Other Income |
21.900 |
53.100 |
24.500 |
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Stock Adjustment |
306.300 |
241.200 |
(282.000) |
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Total Income |
14432.600 |
13167.700 |
11000.100 |
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Profit/(Loss) Before Tax |
698.200 |
455.000 |
309.800 |
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Provision for Taxation |
230.700 |
151.900 |
40.700 |
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Profit/(Loss) After Tax |
467.500 |
303.100 |
269.100 |
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Earnings in Foreign Currency : |
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Export Earnings |
5109.700 |
3873.800 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
5109.700 |
3873.800 |
0.000 |
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Imports : |
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Stores & Spares |
7.800 |
3.100 |
0.000 |
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Capital Goods |
39.500 |
329.700 |
0.000 |
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Others |
771.400 |
3343.400 |
0.000 |
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Total Imports |
818.700 |
3676.200 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
11532.000 |
10874.900 |
8879.500 |
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Excise Duty |
115.200 |
51.900 |
116.000 |
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Power and Fuel Cost |
526.500 |
434.200 |
399.500 |
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Other Manufacturing Expenses |
153.200 |
146.000 |
166.300 |
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Employee Cost |
211.600 |
196.900 |
161.000 |
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Selling and Administration Expenses |
845.200 |
638.600 |
643.700 |
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Micellaneous Expenses |
0.500 |
10.200 |
4.700 |
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Interest and Financial Charges |
99.200 |
122.300 |
83.800 |
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Depreciation |
251.000 |
237.700 |
235.800 |
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Other Expenditure |
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|
|
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Total Expenditure |
13734.400 |
12712.700 |
10690.300 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.09.2007 |
30.06.2007 |
|
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|
2nd
Quarter |
1st
Quarter |
|
|
|
|
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Sales Turnover |
|
3749.400 |
3539.900 |
|
Other Income |
|
6.500 |
0.000 |
|
Total Income |
|
3755.900 |
3539.900 |
|
Total Expenditure |
|
3371.600 |
3224.700 |
|
Operating Proft |
|
384.300 |
315.200 |
|
Interest |
|
23.400 |
21.100 |
|
Gross Profit |
|
360.900 |
294.100 |
|
Depriciation |
|
80.100 |
79.800 |
|
Tax |
|
30.400 |
30.400 |
|
Reported PAT |
|
185.800 |
141.100 |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
|
0.70
|
0.66 |
0.72 |
|
Long Term Debt-Equity Ratio |
|
0.07
|
0.03 |
0.02 |
|
Current Ratio |
|
1.21
|
1.25 |
1.27 |
|
Turnover Ratio |
|
|
|
|
|
Fixed Assets |
|
3.77
|
4.01 |
4.42 |
|
Inventory |
|
6.35
|
7.24 |
6.60 |
|
Debtors |
|
21.26
|
20.28 |
16.28 |
|
Interest Cover Ratio |
|
8.04
|
4.72 |
4.70 |
|
Operating Profit Margin(%) |
|
7.43
|
6.33 |
5.59 |
|
Profit Before Interest And Tax Margin(%) |
|
5.65
|
4.48 |
3.50 |
|
Cash Profit Margin(%) |
|
5.09
|
4.20 |
4.48 |
|
Adjusted Net Profit Margin(%) |
|
3.31
|
2.35 |
2.39 |
|
Return On Capital Employed(%) |
|
16.58
|
13.93 |
10.21 |
|
Return On Net Worth(%) |
|
16.52
|
12.16 |
12.00 |
LOCAL AGENCY
FURTHER INFORMATION
DIVIDEND
Considering improving performance, the board has decided to
recommend a higher dividend of 18% p.a. (Rs.0.36 per share of Rs. 2 each) as against
dividend paid Rs. 0.24 per share (12% p.a.) last year.
The total cash outflow would be Rs. 58.778Millions
(including Rs.8.524millions l of dividend distribution tax) as against cash
outflow of Rs. 38.126Millions (including Rs. 4.689Millions of dividend
distribution tax) paid last year.
The dividend will be paid to the members whose names appear
on the register of members on 25th September, 2007 and for those members
holding shares in the dematerialized form, as per data of beneficiary
shareholders for the said purpose provided by depositories, subject to the
approval at the ensuing Annual General meeting.
BUY-BACK
OF EQUITY SHARES FROM OPEN MARKET
The Board of Directors at its meeting held on 16th
January,2007, approved the buy back of equity shares of the Company from Open
Market through Stock Exchange Method for an amount not exceeding
Rs.262.500Millions ('Offer size") i.e. 10% of Issued, Subscribed and Paid
up equity share capital of Rs. 278.600Millions and Free Reserves of Rs.2346.900
Millions which aggregates to Rs.2625.500 Millions based on the audited accounts
as on March 31, 2006 at the maximum price not exceeding Rs.38/- ("Maximum
Buy-Back Price") per Equity Share of Rs.2/- each from existing
shareholders and Beneficial owners of the shares of the Company from the Open
Market through stock exchanges pursuant to Article 4 of the Articles of
Association of the Company and in accordance with the provisions of Sections
77A, 77AA, 77B and other applicable provisions of the Companies Act, 1956 ("the
Act") and Securities and Exchange Board of India (Buy back of Securities)
Regulations, 1998 ("the Regulations"). The Buy-back is with a view to
reduce outstanding Equity Shares, to optimize the return on Equity, to optimize
the EPS and to enhance overall shareholders' value.
The buy-back of equity shares from open market through stock
exchange route through bombay stock exchange Limited ("BSE") and the
national stock exchange of India limited ("NSE") (together the
"stock exchanges") using their nationwide electronic trading
facilities, after, undergoing required formalities for
sanctions/approvals/exemptions and after giving required public notice and
public announcement, commenced from 16th April,2007. The last date for the
present buy-back is the earliest of January 15, 2008 or when the company has
completed Buy back to the extent of Rs. 262.500 Millions under the buy back or
such other date as may be determined by the company at anytime even if the
maximum limit of buy back of shares
has not been reached (by giving appropriate notice for such
earlier date, if any).
Upto the date of this report, the company has bought back
1,88,692 equity shares of Rs..2/- each out of which 1,80,959 equity shares of
Rs.2/- each have been extinguished by following required formalities and
procedure and thereby reducing the paid up capital of the company from
13,93,18,490 equity shares of Rs.2/- each aggregating to Rs. 278.6,369 Millions
to 139.137Millions equity shares of Rs.2/- each aggregating to Rs.278.275
Millions
PERFORMANCE
REVIEW FOR THE YEAR 2006-07
During the year 2006-07 the company has been able to achieve
Earning Before Interest Depreciation and Taxation (EBITDA) of Rs.
1030.000Millions for the first time in its history. The company expects to
improve this
performance in the coming years.
The top line of the company has improved from Rs. 12870.000
Millions last year to Rs. 14100.000 Millions registering a growth of more than
9%.
While EBIDTA of the company has improved from Rs. 770.000
Millions to Rs. 1030.000 Millions registering a growth of almost 34%. The
profit after tax and corresponding EPS has registered a growth of 54%.
The above improvement in the performance is backed by
improvement in operations in all segments.
The performance of Maize Processing division, the Cotton
Yarn division, the windmills division as well as Agro Processing division has
been better.
CAPITAL
PROJECTS FOR THE YEAR 2006-07
Modernization
at Maize Processing Division at Himatnagar
The company carried out upgradation of the facilities at the
maize processing division at himatnagar by modernizing various sections
including major critical equipments, effluent treatment plants as well as
equipments in the derivative section. Besides investments have also been made
in improving micro biological laboratory and quality control equipments. All
this has improved operational performance of the division during the year under
consideration.
The company has been able to get its product approved by
many reputed FMCG and multinational companies for sorbitol, malto dextrine
powder, dextrose monohydrate, liquid glucose and starches.
Modernization
at various other locations
The company also improved its utilities by re-engineering, modernizing
and upgrading the effluent treatment plants, captive powerp and various
critical equipments at its solvent division at kadi in gujarat, pithampur in
madhya pradesh and akola in maharashtra as well as cotton yarn division at
himatnagar in gujarat.
The company has been able to improve the performance,
efficiency and productivity at all plants.
Windmills
During the financial year 2006-07, the company further
invested a sum of more than Rs. 158.300 Millions to set up 3 (three) Windmills
of the total installed capacity of 3.30 MW. All these windmills have become
operational and have started generating wind energy. With this investment, the
company has now total 7 (Seven) windmills with total installed capacity of 6.95
MW. All these windmills are set up in Gujarat. The company has projected a
total pay back period of less than 6 years for the above investments.
OPERATIONAL
PERFORMANCE
Maize
processing division
The year 2006-07 was a great year for the maize processing
industry. The company also witnessed improved performance.The demand for the
products witnessed significant growth and inspite of Maize prices increasing by
almost 30-35%, the company was able to pass on the burden to the end consumers.
The company has been able to get its product and quality, approved from many
multinational companies and also FMCG companies which has assured the growth in
the years to come.
The division witnessed growth of almost 25% on the top line.
The EBITDA margins of this division went up significantly high from 16% in last
year to almost 20% this year and these high margins are continuing even this
year. Considering the growing importance of this division and its contribution
to the top line and bottom line, the board decided to report this division as
separate segment from this year.
Agro
Processing Division
The company's agro processing division includes solvent
extraction of edible oil seeds, edible oil refining, wheat processing and
cattle feed manufacturing. During the year under consideration the company recorded
its highest crushing of edible oil seeds/ cakes and also witnessed its highest
export performance. The overall top line of this segment grew by only 5% but
the operation of solvent extraction was higher by almost 75%. The imports of
crude edible oils were lower as for most part of the year they were not
profitable.
There was overall improvement in the margins in view of the
improved plant efficiency and better export realization.
Cotton
Yarn Division
The company's cotton Yarn division has been a consistent
performer and it has registered an increase in volumes by almost 30% during the
year under consideration in view of additional 13000 spindles added in the
March, 2006. The over all top line.registered increase, of 27%. The margins
were in the range of 16% to 22% in the first three quarters. But the margins
fell sharply to 10% in the last quarter in view of the overall market
conditions.
Generally, the company was also able to improve its operational
efficiency by increasing productivity through modernization of plants
andequipments and the company was able to increase profitability by reducing
the cost of electricity by producing
more cost effective count of cotton yarn.
The margins for the 1st quarter in the year 2007-08 have
improved a bit but that is mainly due to better dollar realizations in view of
the exports booked in forward forex market last year when the rates were
better.
Windmills
The company has windmills with total installed capacity of
6.95 MW and the performance of the windmills has been satisfactory.
On
over all Analysis
On over all analysis, the performance of the company for the
year under consideration has been better as compared to that of last year. With
the increased profitability and the measures taken for reducing the cost and
also to improve realizations by way of improving product mix and quality
consciousness, the company hopes to improve its performance further for the
year 2007-08.
OUTLOOK
FOR THE YEAR 2007-08
The year has begun well and in the first quarter ended on
30th June, 2007, the company registered a turnover of Rs. 3540.000 Millions as
against the turnover of Rs. 3020.000 Millions of the corresponding period last
year registering a growth of 17%.
During this period the company has registered a EBITDA of
8.91% at Rs. 315.200 Millions as against EBITDA of 7.84% at Rs. 23690.000
Millions during the corresponding period last year. The cash profit was at Rs.
294.100 Millions
as against Rs. 216.700 Millions ring the corresponding
period last year.
Net profit profit after tax was at Rs.141.100 Miilions as
against Rs. 94.300 Millions in the corresponding period last year registering a
growth of 50% to clock the EPS at 1.01 for this period of 3 months on the
equity share of Rs. 2/- each.
With a good beginning the company expects to improve over
all operating margins and expects to report an improved performance for the
year 2007-08.
OTHER
INFORMATION
Contingent
liabilities not provided for in respect
|
Particulars |
2006-07 |
2005-06 |
|
Claims against the Company /disputed liabilities not acknowledged as debts |
69.900 |
65.400 |
|
Disputed Excise duty, Sales Tax.Motor Spirit Tax, Income Tax Claims |
214.600 |
138.100 |
|
Estimated Amount of Contract Pending execution on Capital Account [Net of Advances of Rs. 72.600 Millions (P.Y.Rs. 0.99 Crores)] |
431.400 |
14.600 |
|
Letter of Credit & Bank Guarantee [Net of Margin Money Rs. 102.200 Millions (P.Y. Rs. 58.17 Crores) and discharged since then) |
252.700 |
100.800 |
|
Corporate guarantee in favour of Bank on behalf of wholly owned subsidiary |
129.300 |
133.400 |
|
Gujarat Ambuja International Private Limited |
(US
$ 3Mn) |
(US
$ 3Mn) |
Note: Outflow in respect of above
disputes/Contingencies is dependent upon final outcome of the disputes or
ultimate agreement to resolve the differences.
Website details:
Cotton Yarn Exporter:
Subject Leading Cotton Yarn Exporter in India. They are one of the best
manufacturer and supplier of products of cotton yarn in India. They are
specialized in Gujarat and their services are in all the parts of India.
Subject is India's major manufacturer and exporter of maize starch, liquid
glucose, malto dextrin, dextrose monohydrate, sorbitol 70% solution,
white/yellow dextrines, non GMO liquid soya lecithin, defatted soya flour
toasted and untoasted, defatted soya flakes toasted and untoasted, full fat
soya flour enzyme active and inactive, hipro soyabean meal, deoiled cakes,
rapeseed meal, castor meal, groundnut meal, cotton cake, eedible oils, bakery
shortening, cotton yarn, wheat flour and cattle feeds from www.ambujagroup.com
Subject is principally involved in agro- processing and has
focused on exports, competing in the global market.
Their core competence is in exports and international
business. They are committed to be one of the largest exporter of quality
products. They are aware of India's locational and resource advantages and would
endeavtheir to turn them into opportunities to fuel the Group's growth.
The Vision
They foresee subject to be a leading Indian company
providing good quality products and world class services at affordable prices.
They shall therefore focus our efforts at minimising the costs and maximising
the customer satisfaction.
Excellent Projects
- 100% Export Oriented Unit for Cotton Yarn Spinning.
- ISO 9001 certification to Soya Processing plants at Kadi.
- All the plants are set up recently with latest technology and
state-of-the-art equipments and are fully equipped with complete
infrastructure.
- Sourcing requirement of all Important Inputs like Cotton, Maize
Grain by sourcing locally and by importing from various countries like
USA, China, Australia, Middle East and European countries.
- Captive Power generation ensuring affordable, uninterrupted and
good quality power at all manufacturing plants
- Soya Processing Plants having 2nd highest crushing capacity in
India
Excellent Corporate
- Net worth of more than Rs. 2600.000 Millions fully backed by Fixed
Assets of more than RS 3500.000 Millions
- No long term Debt.
- Young and Energetic Team led by CEO at each plant &
professional Board of Directors.
Fixed
Assets:
- Free Hold Land
- Lease Hold Land
- Factory Building
- Non factory Building and colony
- Plant and Machinery
- Wind Mill
- Electric Supply Systems
- Vehicles
- Furniture and Fixtures
- Office Equipments
- D. G. Set
- Temple
- Factory Road
- Effluent Treatment Plant
- Trade Mark
- Capital Work in Progress
- Capital Advance
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.39.43 |
|
UK Pound |
1 |
Rs.81.35 |
|
Euro |
1 |
Rs.57.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|