MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNIQUE ORGANICS LIMITED |
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Registered Office : |
E-521, Sitapura Industrial Area, Jaipur – 302022,Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.01.1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRU02376D |
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PAN No.: [Permanent
Account No.] |
AAACU2216R |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchange. |
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Line of Business : |
Manufacturing and Exporting of spices, oil seeds and other
products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 11920 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability
is under severe pressure having good amount of amounted losses. The company concern can be for small mediocre business dealings. With
slight caution initially. |
LOCATIONS
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Registered Office / Works : |
E-521, Sitapura Industrial Area, Jaipur – 302022,Rajasthan, India |
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Tel. No.: |
91-141-2770315 / 2771100 |
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Fax No.: |
91-141-2770219 / 2553071 |
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E-Mail : |
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City Office : |
O-407, Arihant Plaza, Near Ajit Petrol Pump, Calgiri Eye hospital
Road, malviya Nagar, Jaipur , Rajasthan, India. |
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Tel. No.: |
91-141-4020626 / 3106382 |
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Fax No.: |
91-141-2523653 |
DIRECTORS
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Name : |
Mr. J P Kanodia |
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Designation : |
Managing Director |
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Name : |
Ms.Madhu Kanodia |
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Designation : |
Director |
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Name : |
Ms. Vinita Mishra |
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Designation : |
Director |
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Name : |
Mr. Sajjan K Gupta |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of spices, oil seeds and other
products. |
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Products : |
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Exports : |
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Countries : |
USA, Poland, Czech Republic, Romania, Korea, UAE and Turkey |
GENERAL
INFORMATION
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Bankers : |
NOT AVAILABLE |
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Banking
Relations : |
-- |
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Auditors : |
Gupta Abhishek & Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,968,300 |
Equity Shares |
Rs. 10/-
each |
Rs. 69.683 millions |
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 |
69.700 |
69.700 |
67.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(39.900) |
(40.500) |
(39.100) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.800 |
29.200 |
30.600 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.600 |
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TOTAL BORROWING |
0.000 |
0.000 |
1.600 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.800 |
29.200 |
32.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.400 |
29.100 |
31.500 |
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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 |
0.500
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0.000 |
0.000 |
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Sundry Debtors |
13.800
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7.000 |
0.200 |
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Cash & Bank Balances |
1.600
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0.100 |
0.100 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.300
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0.600 |
0.600 |
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Total
Current Assets |
17.200
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7.700 |
0.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.800
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7.600 |
0.200 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
14.800
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7.600 |
0.200 |
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Net Current Assets |
2.400
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0.100 |
0.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.800 |
29.200 |
32.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
45.800 |
15.200 |
1.200 |
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Other Income |
0.700 |
0.100 |
1.400 |
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Total Income |
46.500 |
15.300 |
2.600 |
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Profit/(Loss) Before Tax |
0.600 |
(1.400) |
(1.700) |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
0.600 |
(1.400) |
(1.700) |
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Expenditures : |
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Excise Duty |
0.000 |
0.000 |
0.000 |
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Other Manufacturing Expenses |
0.100 |
0.000 |
0.000 |
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Employee Cost |
0.200 |
0.100 |
0.100 |
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Raw Material Consumed |
37.200 |
11.300 |
0.900 |
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Selling and Administration Expenses |
4.000 |
2.300 |
0.200 |
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Miscellaneous expenses |
0.800 |
0.100 |
0.700 |
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Interest and Financial Charges |
1.100 |
0.300 |
0.000 |
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Power & Fuel |
0.100 |
0.100 |
0.000 |
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Depreciation & Amortization |
2.400 |
2.500 |
2.400 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
45.900 |
16.700 |
4.300 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2008 FULL YEAR |
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Sales Turnover |
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201.800 |
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Other Income |
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5.200 |
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Total Income |
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207.000 |
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Total Expenditure |
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197.700 |
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Operating Profit |
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9.300 |
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Interest |
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0.000 |
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Gross Profit |
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9.300 |
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Depreciation |
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2.400 |
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Tax |
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0.000 |
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Reported PAT |
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6.900 |
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Dividend (%) |
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0.00 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt- Equity Ratio |
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0.00
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0.03 |
0.7 |
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Long Term Dept- Equity Ratio |
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0.00
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0.03 |
0.7 |
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Current Ratio |
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11.1
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1.10 |
4.75 |
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TURNOVER RATIOS |
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Fixed Assets |
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0.83
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0.28 |
0.02 |
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Inventory |
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183.20
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0.00 |
0.00 |
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Debtors |
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4.40
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4.22 |
4.00 |
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Interest Cover Ratio |
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1.55
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-3.67 |
0.00 |
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Operating Profit Margin(%) |
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8.95
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9.21 |
58.33 |
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Profit Before Interest And Tax Margin (%) |
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3.71
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-7.24 |
-141.67 |
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Cash Profit Margin(%) |
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6.55
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7.24 |
58.33 |
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Adjusted Net Profit Margin(%) |
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1.31 |
-9.21
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-141.67 |
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Return on Capital Employed (%) |
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3.36 |
0.00
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0.00 |
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Return on Net Worth (%) |
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1.48 |
0.00
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0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY :
Promoted by Jyoti Prakash Kanoria, Madhu
Kanoria and S M Parekh, unique Organics (UOL) is engaged in the Manufacture and
export of spice Oil, spice oleoresins and spice powder.
The Company commenced exports from Dec.94.
main products of the company are chilli / paprika oleoresin and capsicum powder
of different colour values and pungency level. The production facility for the manufacture of spice oleoresion has
an installed capacity of 27 tap. In 1995, the company Proposed to undertake an
expansion programme, Which envisages capacity enhancement for processing 81 tpa
of spice oleoresins and an additional capacity of 1260 tpa for spice powder is
manufacturing facilities are located at Sitapura, Rajasthan. It come out with a
public issue in Jan. ’95.to part finance its expansion project. The project was
completed in Mar.’96.
UOL is the only company is northern India to
receive Spice House Certificate form Spice Board (Government of India), for their
processing facilities for spice oils and oleoresins.
In the year July 1999. all assets (entire
undertaking) of the company has been taken over by RIICO limited ,Jaipur.
OPRATIONS :
During the year, manufacturing of spice
continued despite stiff competition in the international Market. Major sales
were on account of exports. The working results would have been much better but
the high currently fluctuation has affected it adversely. The company hops to
achieve improved turnover and profitability by contacting large outlets within
India foe the quality spices required for their consumers during the current
year.
The
directors are glad to inform that company has been successful in
obtaining registration for processing of organic spice from USFDA for export of
organic spice ova near future. This would enable the company to achieve even
better work in results in near future.
MANAGEMENT DISCUSSION AND ANALYSIS :
The core business of the company is the
manufacture and marketing of all types of spice and oleoresins. The management
discussion and analysis is given as under :
Industry structure and development :
The spice and oleoresin industry continued to
pass through a difficult phase during the year due to general economic slow
down and unfavourable raw- material prices and high competition from the
manufactures in the world, many spices and oleoresin units in the country
closed It required some support / help form the Govt. if revival of this
industry is to be resorted to.
Opportunity and threats :
The local raw-material available are either
costly and of inferior quality as compared to the international standards.
Therefore, the processed and manufactured spices and oleoresins become
unremunereative and their supplies are
unviable.
Segment- wise performance :
The company has not Manufactured spice and
oleoresins during the year, some domestic demand was met by procurement locally
to avoid losses. Owing to abnormal cost of production, the oleoresins activity
was entirely closed.
Outlook :
The directors are confident to make
improvement in quality, price reduction to some extent, and exercise greater
control over the administrative cost , provided international market appear to be
somewhat favourable. Domestic market dose not seem to be attractive due to
established brand image of various products as the company originally has not
made any strategy for local sale.
Risk and Concerns :
Despite technological improvements needed to
be made, the company has found a banker to get the needed funds in the form of
working capital facilities to resume the manufacturing activity.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
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 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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35 |
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. |
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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