MIRA
INFORM REPORT
|
Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GODREJ AGROVET LIMITED |
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Formerly Known As : |
GODREJ SOAPS LIMITED |
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Registered Office : |
Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai –
400079, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.11.1991 |
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Com. Reg. No.: |
11-135359 |
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CIN No.: [Company
Identification No.] |
U15410MH1991PLC135359 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08309A |
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PAN No.: [Permanent
Account No.] |
AAACG0617Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Sale of Animal Feeds |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 3369220 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of highly respectable and resourceful Godrej Group.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are correct and as per commitments. The company is doing exceedingly well; Godrej Group is most reliable
and trustworthy. Hence it can be regarded as a promising business partner in a medium
to long run. |
LOCATIONS
|
Registered Office : |
Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai –
400079, Maharashtra |
|
Tel. No.: |
91-22-25188010, 25188020, 25188030, 25194803 |
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Fax No.: |
91-22-25188485 |
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E-Mail : |
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Website : |
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Factory : |
247 / 1, GIDC Industrial Estate, District Sachin, Surat – 394 230, Gujarat |
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Tel. No.: |
91-261-2872366, 2219544 |
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Fax No.: |
91-261-2872366 |
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E-Mail : |
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Branch : |
Flat A / 302, Kakadia Complex, G D Road, Surat, Gujarat |
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Tel. No.: |
91-261-2219544 |
DIRECTORS
|
Name : |
Mr. Nadir Burjorji Godrej |
|
Designation : |
Chairman |
|
Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
26.08.1951 |
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Date of Appointment : |
25.11.1991 |
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|
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|
Name : |
Mr. Jamshyd N. Godrej |
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Designation : |
Director |
|
Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1949 |
|
Date of Appointment : |
24.08.1992 |
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|
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|
Name : |
Mr. Ardeshir Burjorji Godrej |
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Designation : |
Director |
|
Address : |
Godrej House, 67-H, Walkeshwar Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
03.04.1942 |
|
Date of Appointment : |
25.11.1991 |
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|
Name : |
Mr. Chandrashekhar K. Vaidya |
|
Designation : |
Managing Director |
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|
Name : |
Dr. Sudheer L. Anaokar |
|
Designation : |
Director |
|
Address : |
A – 204 Centre Point, Panchpakhadi, Opposite thane Municipal
Corporation, Thane – 400602, Maharashtra, India |
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Date of Birth/Age : |
04.01.1943 |
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Date of Appointment : |
29.06.1998 |
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Name : |
Mr. Vijay M. Crishna |
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Designation : |
Director |
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Address : |
A – 261 Grand Paradi Apartments Dadyseth Hill Off Augustkranti Marg,
Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
08.03.1945 |
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Date of Appointment : |
24.08.1992 |
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Name : |
Mrs. Tanya A. Dubash |
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Designation : |
Director |
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Address : |
Benreeza Estates, 6th Floor, 91 Khan Abdul Gaffar Khan
Road, Worli Seaface, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1968 |
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Date of Appointment : |
10.04.2003 |
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|
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|
Name : |
Mr. Kavas N. Petigara |
|
Designation : |
Director |
|
Address : |
801Citadel 18-B, Ruparel Marg Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
10.07.1948 |
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Date of Appointment : |
24.08.1992 |
|
|
|
|
Name : |
Mr. Amit B. Choudhury |
|
Designation : |
Director |
|
Address : |
SPE 4/1 and 2, Godrej Hillside Colony, Vikhroli [West], Mumbai –
400079, Maharashtra, India |
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Date of Birth/Age : |
26.12.1942 |
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Date of Appointment : |
08.12.2004 |
|
|
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Name : |
Ms. Nisaba Adi Godrej |
|
Designation : |
Director |
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Address : |
Aashraye Godrej House, 67 H Walkeshwar Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1978 |
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Date of Appointment : |
24.07.2006 |
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|
|
|
Name : |
Mr. Chandrashekhar K Vaidya |
|
Designation : |
Managing Director |
|
Address : |
J – 148, Lokmanya Nagar, T H Kataria Marg, Mahim, Mumbai – 400016,
Maharashtra, India |
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Date of Birth/Age : |
21.02.1950 |
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Date of Appointment : |
01.04.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Vilas Vasant Chaubal |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 302, Laburnum, Mahindra Gardens, Goregaon [West], Mumbai –
400062, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1958 |
|
Date of Appointment : |
14.06.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2006
|
Names of Shareholders |
|
No. of Shares |
|
Ardeshir B. Godrej |
|
396 |
|
Nadir B. Godrej |
|
586080 |
|
Godrej Industries Limited |
|
4112951 |
|
Rishad K Naoroji |
|
586080 |
|
Pirojsha J Godrej |
|
195360 |
|
Navroze J Godrej |
|
293040 |
|
Raika J Godrej |
|
293040 |
|
Nyrika Vijay Crishna |
|
293040 |
|
Freyan Mohan Crishna |
|
293040 |
|
Swadeshi Detergents Limited |
|
73000 |
|
Godrej Industries Limited Joint With Vijay Rajinder Singh |
|
1 |
|
Godrej Industries Limited Joint With Vaidya K Chandrashekhar |
|
1 |
|
Godrej Industries Limited Joint With Chaubal Vasant Vilas |
|
1 |
|
Ensemble Holdings and Finance Limited
|
|
2000 |
|
Godrej Industries Limited Joint With Yadav Singh Balram |
|
1 |
|
Godrej Industries Limited Joint With Subba Rao R Appemane |
|
1 |
|
Dubash Arvind Tanya |
|
195360 |
|
Godrej A Nisaba |
|
195360 |
|
Total |
|
7118752 |
As on 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
71.04 |
|
Directors or relatives of directors |
|
23.17 |
|
Other top fifty shareholders |
|
5.79 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Animal Feeds |
GENERAL
INFORMATION
|
Bankers : |
|
|
|
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Banking
Relations : |
Good |
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|
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Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400001,
Maharashtra, India |
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|
|
|
Associates/Subsidiaries : |
[CIN No.: U15339MH2003PLC140599]
[CIN No.: U15100MH1974PLC017887] |
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|
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|
Parent Company: |
(Formerly Known As Godrej Soaps Limited) [CIN No.: L24241MH1988PLC097781] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10118752 |
Equity Shares |
Rs.10/- each |
Rs.101.188
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
101.188 |
71.188 |
71.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
741.117 |
554.821 |
519.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
842.305 |
626.009 |
590.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
494.469 |
1.259 |
139.600 |
|
|
2] Unsecured Loans |
1216.638 |
1333.526 |
180.200 |
|
|
TOTAL BORROWING |
1711.107 |
1334.785 |
319.800 |
|
|
DEFERRED TAX LIABILITIES |
49.139 |
50.556 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2602.551 |
2011.350 |
910.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1077.109 |
755.368 |
651.480 |
|
|
Capital work-in-progress |
50.176 |
146.415 |
08.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
524.060 |
515.868 |
335.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1179.630
|
698.849 |
549.700 |
|
|
Sundry Debtors |
587.792
|
639.825 |
504.800 |
|
|
Cash & Bank Balances |
92.271
|
267.412 |
82.900 |
|
|
Other Current Assets |
0.092
|
0.059 |
0.000 |
|
|
Loans & Advances |
605.799
|
338.914 |
184.200 |
|
Total
Current Assets |
2465.584
|
1945.059 |
1321.600 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1497.124
|
1303.021 |
1293.300 |
|
|
Provisions |
17.254
|
48.339 |
112.800 |
|
Total
Current Liabilities |
1514.378
|
1351.360 |
1406.100 |
|
|
Net Current Assets |
951.206
|
593.699 |
(84.500) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
00.02 |
|
|
|
|
|
|
|
|
TOTAL |
2602.551 |
2011.350 |
910.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
6809.791 |
5942.820 |
5671.800 |
|
|
Other Income |
318.726 |
112.770 |
40.200 |
|
|
Total Income |
7128.517 |
6055.590 |
5712.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
37.266 |
76.123 |
194.900 |
|
|
Provision for Taxation |
9.764 |
7.870 |
53.200 |
|
|
Profit/(Loss) After Tax |
27.502 |
68.253 |
141.700 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
13.867 |
12.641 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
290.800 |
|
|
Administrative Expenses |
0.000 |
0.000 |
486.700 |
|
|
Raw Material Consumed |
4270.914 |
3821.484 |
4186.200 |
|
|
Purchases made for re-sale |
1086.306 |
648.921 |
64.500 |
|
|
Consumption of stores and spares parts |
66.439 |
55.783 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[183.509] |
[111.928] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
353.627 |
283.521 |
0.000 |
|
|
Managerial Remuneration |
6.858 |
6.780 |
0.000 |
|
|
Payment to Auditors |
2.130 |
1.929 |
0.000 |
|
|
Interest |
124.227 |
51.885 |
32.400 |
|
|
Insurance Expenses |
8.016 |
8.330 |
0.000 |
|
|
Power & Fuel |
165.740 |
141.032 |
119.000 |
|
|
Depreciation & Amortization |
58.223 |
73.626 |
65.600 |
|
|
Other Expenditure |
1132.280 |
998.104 |
271.900 |
|
Total Expenditure |
7091.251 |
5979.467 |
5517.100 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
0.39
|
1.13 |
2.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.55
|
1.28 |
3.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
|
2.82 |
9.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.83
|
4.29 |
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.44 |
0.94 |
LOCAL AGENCY
FURTHER INFORMATION
COMPANY PROFILE:
Subject was
formerly a division of Godrej Soaps Limited. It was set up as a separate
company with focus on the agri-sector. Over the years, the company has
developed and nurtured a close relationship with farmers. Providing them with
innovative Products, as well as educating them on world-class farming
practices.
Together with its
subsidiaries Goldmohur Foods and Feeds Limited and Golden Feed Products Limited
, subject has revenues close to Rs 8700.000 millions (US $ 200 million - FY
2006). The activities of the company are vast: Compound Animal feeds,
Agricultural Inputs, Integrated Poultry Business, Oil Palm Plantations, Plant
Biotech, Retailing of Fresh Farm Produce in urban areas, and rural retailing of
a wide range of products including Agricultural inputs.
Subject acquired
Goldmohur Foods and Feeds Limited from Hindustan Lever, a Unilever subsidiary
in India, in 2001.Goldmohur Foods and Feeds Limited enjoys strong brand equity
due to its poultry and cattle feed brands. Goldmohur Foods and Feeds Limited
have a state-of-the-art R&D centre in Bangalore named 'ANIC' (Animal
Nutrition Innovation Centre). This centre is devoted to development of
innovative animal feed products. Today, subject together with its subsidiaries
has manufacturing facilities spread over 40 strategic locations and a network
of over 10,000 distributors, dealers and C&F agents. In its journey of
growth, subject has set new standards of corporate performance, reliably
delivering quality products and services to all its customers at competitive
prices.
GODREJ
GROUP PROFILE:
Started in 1897 as
a locks manufacturing company, the Godrej Group is today one of the most
accomplished and diversified business houses in India. Godrej’s success has
been driven by the company’s commitment to delivering innovation and
excellence. Through the consistent application of this commitment and a century
of ethical business conduct, Godrej has earned an unparalleled reputation for
trust and reliability.
In 1930, Godrej
became the first company in the world to develop the technology to manufacture
soap with vegetable oils; that spirit of innovation has continued throughout
the organization’s history. Today Godrej is delivering consumers exciting
innovations across a spectrum of businesses. The company’s pursuit of
excellence is equally well established and enduring. In the 1944 Mumbai docks
blast, Godrej safes were the only security equipment whose contents were
unharmed; an equal level of product quality continues to be expected from every
product bearing the Godrej brand name. Godrej management understands that the
company’s greatest asset is the trust and faith that consumers have reposed in
it, and recognizes that the company must continue to earn this trust.
Godrej’s ethical
and visionary practices have allowed the company to successfully expand into a
number of businesses. Today Godrej is a manufacturer of goods and provider of
services in a multitude of categories: home appliances, consumer durables,
consumer products, industrial products, and agri products to name a few. A
recent estimate suggested that 400 million people across India use atleast one
Godrej product every day. The group has more recently entered the real estate
and information technology sectors, and management views these as avenues for
enormous growth.
The US $1.3 Billion Godrej Group is one of
India's largest professionally run private sector groups. It has a
well-established presence in varied businesses ranging from foods and consumer
durables to real estate and information technology. In 1997, Godrej completed
100 years of service to the nation. Today, the name Godrej is synonymous with
Quality and Trust.
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 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.40.53 |
|
UK Pound |
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|