MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ AGROVET LIMITED |
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Registered Office : |
Pirojsha Nagar, Eastern |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 11489168 |
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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 Godrej Group, a highly respectable and
resourceful business group. Financial position of the company appears to be
sound. Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-operative Name not disclosed
LOCATIONS
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Registered Office / Head Office : |
Pirojsha Nagar, Eastern |
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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, |
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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 Office : |
Flat A / 302, Kakadia Complex, |
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Tel. No.: |
91-261-2219544 |
DIRECTORS
As on 14.07.2010
|
Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Chairman cum Managing Director |
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Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, |
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Date of Birth/Age : |
26.08.1951 |
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Date of Appointment : |
25.11.1991 |
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Name : |
Mr. Jamshyd N. Godrej |
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Designation : |
Director |
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Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, |
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Date of Birth/Age : |
24.01.1949 |
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Date of Appointment : |
24.08.1992 |
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Name : |
Mr. Ardeshir Burjorji Godrej |
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Designation : |
Director |
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Address : |
Godrej House, 67-H, |
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Date of Birth/Age : |
03.04.1942 |
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Date of Appointment : |
25.11.1991 |
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Name : |
Dr. Sudheer L. Anaokar |
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Designation : |
Director |
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Address : |
A – 204 Centre Point, Panchpakhadi, Opposite thane Municipal
Corporation, Thane – 400602, |
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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, |
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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 |
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Date of Birth/Age : |
14.09.1968 |
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Date of Appointment : |
10.04.2003 |
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Name : |
Mr. Kavas N. Petigara |
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Designation : |
Director |
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Address : |
801Citadel 18-B, Ruparel Marg Malabar Hill, Mumbai – 400006, |
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Date of Birth/Age : |
10.07.1948 |
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Date of Appointment : |
24.08.1992 |
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Name : |
Mr. Amit B. Choudhury |
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Designation : |
Director |
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Address : |
SPE 4/1 and 2, Godrej Hillside Colony, Vikhroli [West], Mumbai –
400079, |
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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 |
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Designation : |
Director |
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Address : |
Aashraye Godrej House, |
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Date of Birth/Age : |
12.02.1978 |
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Date of Appointment : |
24.07.2006 |
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Name : |
Mr. Balram Singh Yadav |
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Designation : |
Managing Director |
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Address : |
Bunglow No. G9/ 1, Godrej Hillside Colony, LBS Marg, Vikhroli (West),
Mumbai – 400 079, |
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Date of Birth/Age : |
15.07.1964 |
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Date of Appointment : |
20.05.2009 |
KEY EXECUTIVES
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Name : |
Mr. Vilas Vasant Chaubal |
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Designation : |
Company Secretary |
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Address : |
Flat No. 302, Laburnum, |
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Date of Birth/Age : |
03.05.1958 |
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Date of Appointment : |
14.06.1993 |
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Email : |
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Name : |
Mr. Nathan |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ardeshir B. Godrej |
|
396 |
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Nadir B. Godrej |
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586080 |
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Godrej Industries Limited, Mumbai
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9112951 |
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Rishad K Naoroji |
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586080 |
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Pirojsha J Godrej |
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195360 |
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Navroze J Godrej |
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293040 |
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Raika J Godrej |
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293040 |
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Nyrika Vijay Crishna |
|
293040 |
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Freyan Mohan Crishna |
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293040 |
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Swadeshi Detergents Limited, Mumbai |
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66900 |
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Godrej Industries Limited Joint With Satbir Singh, Mumbai |
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1 |
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Godrej Industries Limited Joint With Subramanian Varadaraj |
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1 |
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Godrej Industries Limited Joint With Vilas Chaubal, Mumbai |
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1 |
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Godrej Industries Limited Joint With Balram Yadav, Mumbai |
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1 |
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Godrej Industries Limited Joint With Pitambar Narkhede, Mumbai |
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1 |
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Tanya Dubash |
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195360 |
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Nishaba Godraj |
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195360 |
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Godrej Industries Limited Joint With Govind Ramakrishna
Rishinaradamangalam, Mumbai |
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1 |
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Ensemble Holding and Finance Limited, Mumbai |
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8100 |
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Total
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12118753 |
As on 14.07.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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|
Bodies corporate |
|
75.82 |
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Directors or relatives of directors |
|
19.34 |
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Other top fifty shareholders |
|
4.84 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010):-
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Particulars |
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Registered
Capacity (MT)
|
Installed
Capacity (MT) |
Actual
Production (MT) |
|
Animal Feeds |
|
NA |
350000 |
233991 |
|
Tissue Culture Plants |
|
4.25 million
plants |
5 million plants
|
3 million plants
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Agri Inputs |
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|
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- Plant Growth Promoter Liquids |
|
500 KL |
500 KL |
500 KL |
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- Plant Growth Regulator Granules |
|
5000 MT |
5000 MT |
4063 MT |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 127, |
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Subsidiaries : |
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Fellow Subsidiaries : |
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Joint Ventures : |
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Associates : |
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Holding Company: |
Godrej Industries Limited (GIL) holds 75.19% (Previous
year 75.19%) in the Company. GIL is the subsidiary of Godrej and Boyce
Manufacturing Company Limited, the ultimate Holding Company. |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
12118752 |
Equity Shares |
Rs.10/- each |
Rs.121.188
millions |
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|
(a) 9112956 Equity shares of Rs. 10/- each
are held by Godrej Industries Limited the Holding Company.
(b) 5247600 Equity Shares of Rs.10/- each
have been issued as fully paid bonus shares by capitalizing Securities Premium
Account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
121.188 |
121.188 |
121.188 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2751.104 |
2562.392 |
2112.681 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2872.292 |
2683.580 |
2233.869 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
580.675 |
290.294 |
559.567 |
|
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2] Unsecured Loans |
400.263 |
2036.165 |
1652.999 |
|
|
TOTAL BORROWING |
980.938 |
2326.459 |
2212.566 |
|
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DEFERRED TAX LIABILITIES |
102.004 |
124.050 |
113.770 |
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TOTAL |
3955.234 |
5134.089 |
4560.205 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
754.307 |
671.443 |
1256.952 |
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Capital work-in-progress |
76.054 |
41.523 |
25.408 |
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INVESTMENT |
1949.717 |
1663.714 |
1092.531 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1334.991
|
1198.601
|
1136.552
|
|
|
Sundry Debtors |
935.349
|
868.572
|
578.586
|
|
|
Cash & Bank Balances |
92.384
|
311.922
|
299.166
|
|
|
Other Current Assets |
0.055
|
0.060
|
9.319
|
|
|
Loans & Advances |
1490.590
|
1890.640
|
2134.578
|
|
Total
Current Assets |
3853.369
|
4269.795
|
4158.201
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1177.799
|
1062.442
|
1377.766
|
|
|
Other Current Liabilities |
1441.577
|
409.174
|
543.104
|
|
|
Provisions |
58.837
|
40.770
|
52.017
|
|
Total
Current Liabilities |
2678.213
|
1512.386
|
1972.887
|
|
|
Net Current Assets |
1175.156
|
2757.409
|
2185.314
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3955.234 |
5134.089 |
4560.205 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
14077.595 |
12935.470 |
11588.626 |
|
|
|
Other Income |
53.042 |
271.418 |
321.019 |
|
|
|
TOTAL (A) |
14130.637 |
13206.888 |
11909.645 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
11418.404 |
10512.600 |
9345.625 |
|
|
|
Expenses |
2248.445 |
2093.989 |
2536.499 |
|
|
|
TOTAL (B) |
13666.849 |
12606.589 |
11882.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
463.788 |
600.299 |
27.521 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.082 |
259.668 |
232.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
312.706 |
340.631 |
(204.626) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.384 |
72.185 |
143.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
249.322 |
268.446 |
(347.850) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.254 |
135.281 |
42.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
217.068 |
133.165 |
(390.532) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7.320 |
15.173 |
8.223 |
|
|
TOTAL EARNINGS |
7.320 |
15.173 |
8.223 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
295.178 |
326.518 |
399.196 |
|
|
|
Stores & Spares |
18.832 |
4.804 |
1.927 |
|
|
|
Capital Goods |
0.000 |
0.940 |
9.030 |
|
|
TOTAL IMPORTS |
314.010 |
332.262 |
410.153 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.91 |
10.99 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.54 |
1.01 |
(3.28) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.77 |
2.08 |
(3.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.41 |
5.43 |
(6.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
10.00 |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27 |
1.43 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
2.82 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS:
|
Particulars
|
Rs.
In millions 31.03.2010 |
Rs.
In millions 31.03.2009 |
Rs.
In millions 31.03.2008 |
|
Sundry
Creditors |
|
|
|
|
Dues to Micro, Small and Medium enterprises |
0.057 |
0.000 |
0.000 |
|
Others |
1177.742 |
1062.442 |
1377.766 |
Review of Operations
The year saw the core businesses of Animal Feeds and Agricultural Inputs returning an extremely good performance, both in revenue and profitability. This represents the fulfillment of the strategy kicked off in FY2008 to refocus Godrej Agrovet on its core competency of selling highquality, yield-improving inputs to Indian farmers. Since then we have divested, partially or fully, their non-core businesses in areas such as rural retail (Aadhaar), poultry integration/processing (Godrej Tyson Foods), and gourmet food retail (Nature’s Basket). Going forward, we remain steadfastly committed to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields.
The business-wise performance is reviewed hereunder:
ANIMAL FEEDS:
The Animal Feed business recorded a good growth of 16% in revenue and 31% in profitability. Despite almost-flat sales volumes, profitability grew due to expansion of contribution margins and control over fixed overheads.
Cattle Feed volumes rose modestly year-on-year, arresting the persistent trend of falling sales volumes in that category. We attribute this success to their decision to divide the Animal Feed sales force into separate teams for Cattle, Poultry and Aqua, which came into effect in September 2009.
Poultry Feed had a more difficult year, suffering de-growth in some regions. This was mostly due to market conditions, where industry growth stalled from lower placement of chicks. The situation is expected to be corrected in the coming year, and with more beaks to feed, sales volumes are projected to rise again.
Expansion of contribution margins was possible due to
efficient sourcing, improved formulation, and successful R&D efforts. The
Central Buying Organization (CBO) was successful in forecasting the soya meal
market, as well as in their positions in imported amino acids and fish meal.
Aggressive efforts to stock raw materials for Cattle Feed also paid off. The
AGRICULTURAL INPUTS:
The Agricultural Inputs business grew by 19% in revenue and 22% in profitability. This success is even more impressive in light of the failed monsoon, and the drought conditions which followed. Sales growth was fueled by innovative products from in-house R and D (HBR, Hitweed and Zymegold) in addition to growth in more commoditized pesticides and OMM.
Contribution margins remained relatively steady at the product level. Working capital requirements for the business increased due to rising trade receivables and the interest cost on the same impacted profitability. Going forward, greater efforts will be made to grow the business aggressively while keeping working capital requirements in check.
Agricultural Inputs R&D continued their focus on the development of innovative agrochemicals this year. Key projects include the development of crop-specific selective herbicides, synthesis of intermediates, and innovation of a next generation PGR for cereals.
FINANCE AND
INFORMATION SYSTEMS:
The Company managed treasury operations very efficiently.
Excellent treasury management resulted in the Company procuring funds at a
significantly lower pricing. The Company continues to enjoy the apex rating of A1+
from ICRA for its Commercial Paper Programme of Rs.150.000 millions and for its
short-term borrowing program of Rs.2300.000 millions. The Company also
continues to enjoy the rating
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U15410MH1991PLC135359 |
|
Name of the
company |
GODREJ AGROVET LIMITED |
|
Address of the
registered office or of the principal place of business in |
Pirojsha Nagar, Eastern |
|
Type of charge |
Movable Property Others (Plant and
Machinery) |
|
Particular of
charge holder |
CIN No.: U72900MH2001PLC132441 3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India E-Mail: prashant.joshi@3i-itsl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
06.04.2009 |
|
Amount secured by
the charge |
Rs.950.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
The rate of interest for each tranche of the facility will be stipulated by
ICICI Bank at the time of disbursement of each tranche on the basis of the
repayment schedule for that drawal plus applicable interest tax or other
statutory levy, if any. Terms of
Repayment: Line of credit for short term loans Rs.700 millions and Rs.250
millions: Maximum tenor of each tranche: 180 days or 90 days respectively up
to validity period of facility, whichever is earlier. Minimum tenor of each
tranche 7 days. Principal amount of each tranche is to be repaid as bullet
payment on the maturity date or in installments as agreed upon, but within
the validity period of the facility. Margin: Not
Applicable Extent and
Operation of the charge: The facilities will be secured by exclusive charge
on plant and machinery situated at Chennai, Miraj, Sachin, Kolkata and |
|
Short particulars
of the property charged |
The facilities
will be secured by exclusive charge on plant and machinery situated at
Chennai, Miraj, Sachin, Kolkata and |
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
10090611 |
||||||
|
Corporate
identity number of the company |
U15410MH1991PLC135359 |
||||||
|
Name of the
company |
GODREJ AGROVET LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Pirojsha Nagar, Eastern |
||||||
|
Type of charge |
Immovable
Assets |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
The memorandum of
entry dated 26.02.2008 for creating of equitable mortgage as an additional security
for the corporate loan of Rs.400.000 Millions already by deed of
hypothecation dated October 3, 2007. |
||||||
|
Date of
instrument Creating the charge |
26.02.2008 |
||||||
|
Amount secured by
the charge |
Rs.400.000
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable
rate of interest in respect of the first interest period shall be 2.50% below
state bank advance rate (SBAR), present effective rate being 10.25% with
reset as per sanction letter acceptable by the company Terms of
Repayment The borrower
shall repay the principle amount of the loan in six equal consecutive half
yearly installments. The first installment will fail due for payment on 1st
January 2008 and the last installment on 1st July 2010. Margin There is no
margin. Extent and
Operation of the charge Collateral
security- equitable mortgage charge on the land bearing Industrial plot No.C-
41- 46 situated at Focal Point, Khana, Dist. Ludhiana, Admeasuring about
15000 sq yards together with all superstructures (ie. Building, godown,
sheds, etc.) constructed thereon and plant and machinery. |
||||||
|
Short particulars
of the property charged |
Khanna ( All that piece and
parcel of land bearing Industrial plot No.C- 41- 46 situated at Focal Point,
Khana, Dist. Ludhiana, Admeasuring about 15000 sq yards together with all
superstructures (ie. Building, godown, sheds, etc.) constructed thereon
bonded by – East By: Guru Industries
West By: Markfed North By: South By: Avinash
Industries Together with all
the right appurtenants thereto. |
|
Corporate
identity number of the company |
U15410MH1991PLC135359 |
|
Name of the
company |
GODREJ AGROVET
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Pirojshanagar,
Eastern Express highway, Vikhroli East,
Mumbai – 400079, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
CENTRAL BANK OF |
|
Nature of
instrument creating charge |
1.Fourth
Supplemental Joint Deed of Hypothecation In Favour of Central Bank of
India,State Bank of India And Union Bank of India |
|
Date of
instrument Creating the charge |
28/06/2010 |
|
Amount secured by
the charge |
Rs. 800.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest In Terms of
Sanction Letters of The Banks And As Advised From Time To Time Terms of
Repayment In Terms of
Sanction Letters of The Banks And As Advised From Time To Time Margin In Terms of
Sanction Letters of The Banks And As Advised From Time To Time Extent and
Operation of the charge First Paripassu
Charge(Present & Future)=Total Limit Rs.800.000 millions (Central Bank Of
India =Fund Based Rs.252.000 millions, Non Fund Based=Rs.170.000 millions
=Total 422.000 millions State Bank Of Union Bank Of India=Fund Based=Rs.60.000
millions and Non Fund Based =Rs.14.000 millions=Total Rs.74.000 millions Untied Portion
=Fund Based -Rs.48.000 millions, Non Fund Based Rs.16.000 millions =Total
Rs.64.000 millions Others As Per Fourth
Supplemental Joint Deed of Hypothecation Dt.28/06/2010 Attached And As Per
Sanction Letters of The Banks |
|
Short particulars
of the property charged |
First Paripassu
Charge(Present & Future)-Hypothecation Of All Types Of Stock/ Goods/ Inventories/ Spares/ Fuel/
Loose Tools /Products Such As Animal Feed, Agri Products Etc Kept At Borrower
Various Premises , Godowns
,Factories Or Wherever Else Or In Transit Hypothecation Of All Book Debts And
Receivables, Claims Bills Etc In Terms Of The Fourth Supplemental Joint Deed
Of Hypothecation Dt. 28/06/2010 Attached. |
Fixed Assets:
tangible Assets
- Building
- Staff Quarter
- Plant and
Machinery
- Furniture and
Fixture
- Leasehold
Improvement
- Office and
Other Equipment
- Vehicle
Intangible
Assets
- Trade Marks
- Technical
Know-How Fees
WEBSITE DETAILS:
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 10000 millions (US $ 250 million - FY 2007).
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
STRATEGIC TIE-UPS
Strategic tie-ups
and acquisitions have been a way of life at Subject. Meaningful alliances and
useful acquisitions have been providing impetus to its growth. The acquisition
of business have been in different segments ranging from Goldmohur Foods and
Feeds (Animal Feed), to India Poultry Farm (Poultry), Krithika (Oil Palm
Plantations), and Higashimaru (Marketing of Shrimp Feed). Strategic investments
have been made in business, which have a strategic fit and which complement the
business e.g. Creamline (Diary), Polchem (Bio-technology).
GLOBAL FORAYS
Having successfully
grown to be the leader in many segments, Subject feels confident to take on
global competition and has started making its presence felt in the international
arena too. A joint venture with ACI Group of
ANIMAL FEED DIVISION
Subject has a rich experience of over 3 decades in the business of Animal
Feeds. Starting from humble beginnings of a single feed mill in Mumbai, it has
grown into the largest producer of commercial Animal Feed in
Subject's success in
the livestock sector is based on a single guiding principle What's good
for the consumer is good for the business. A great example of this philosophy
in action is Manthan - a highly creative and effective demand creation model
that guides and provides customized solutions to help cattle farmers increase
milk output and also market the end produce. Such successful initiatives
have not only benefited the farmers, but have also made Subject the leader in
this business.
PRESS
RELEASES:-
Godrej
Agrovet launches New age cattle feed - ‘Bovino’
·
Bovino improves yield and quality of milk.
·
Developed in the state-of-the-art Animal Nutrition
and Innovation Centre (ANIC)
Pune, October 2009: Godrej Agrovet Limited (GAVL), a subsidiary of
Godrej Industries Ltd today announced the launch of a new compound cattle feed
– Bovino. The product has been developed after extensive research at GAVL’s
state-of-the-art R and D centre in
Bovino’s nutritionally advanced formula helps in utilizing the genetic
potential of animals and maintaining good health condition. The highly
palatable product is made up of bypass proteins, bypass fats, carbohydrates,
minerals, vitamins and other enriching nutrients. These nutrients are essential
for boosting productivity and ensuring good health of dairy cattle. As the
product is nutritionally superior, the quantity recommended is lower as
compared to other compound feeds. This makes Bovino cost effective
Speaking on the occasion, Mr. Balram Yadav, Managing Director, Godrej
Agrovet Ltd said, “Brighter Living is
our brand vision and it means enriching the quality of life for our farmers by
understanding their needs and meeting them on a continuous basis. Godrej
Agrovet is committed to building our business around the key tenet of
Farmer-centricity” The launch of Bovino is in line with this vision and
provides farmers with a cost effective feed. Alongside, we have also introduced
the Bovino program which will help farmers to get the best out of their cattle
business by providing service and technical inputs to the farmers through a
well trained technical team.”
The Bovino program targets at achieving better overall economics for
dairy farmers through service provided by experts from GAVL and ‘Animal Health’
check-up and de-worming help by qualified veterinarians.
The product is in premium category and offers to provide higher yield of
superior quality milk to the farmers.
Farmers expressed their happiness since the initial trials have shown
encouraging results.
The product will be available in Pune, Satara, Sangli, Ahmednagar,
Solapur and
About
Godrej Agrovet Ltd. GAVL is a diversified agribusiness with interests
in animal feed, oil palm plantations, agricultural inputs, and poultry. GAVL’s
Animal Feed division is the largest manufacturer of compound feed in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.