MIRA
INFORM REPORT
|
Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
AGRO TECH FOODS LIMITED |
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Registered Office : |
31, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.11.1986 |
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Com. Reg. No.: |
01-6957 |
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CIN No.: [Company
Identification No.] |
L15142AP1986PLC006957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA03400F |
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PAN No.: [Permanent
Account No.] |
AAECA0303M |
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Legal Form : |
Public Limited Liability Company. Company’s Shares are listed on Stock Exchange. |
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Line of Business : |
Manufacturer and Distribution of Edible Oils. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 DENIED BY
|
Name : |
Mr. Sidhique Aadil |
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Designation : |
Accounts Department |
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Date : |
22.01.2011 |
LOCATIONS
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Registered / Head Office : |
31, |
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Tel No.: |
91-40-66650240 |
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Fax No.: |
91-40-27800947 |
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E-Mail : |
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Website : |
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Corporate Office : |
Tower C, 15th Floor, Building NO. 10, DLF Phase II, |
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Tel. No.: |
91-124-4593700 |
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Fax No.: |
91-124-4593799 |
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Regional Office : |
Mumbai: 510 – 511, Swatik Chambers, 5th Floor, Tel No.: 91-22-25226967 / 25245005 Fax No.: 91-22-25223213 Kolkata: 7/1, Lords Building, Lord Sinha Road, Room No. 402, 4th
Floor, Kolkata – 700071, West Bengal, India Tel No.: 91-33-22810301 / 22810739 Fax No.: 91-33-22810301 / 22810739 M 26, 1st Floor, Grater Kailash – II, M Block Market, Tel No. : 91-11-29219116 / 29219117 Fax No.: 91-11-29219115 |
DIRECTORS
As On 31.03.2010
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Name : |
Mr. Greg Carl Estep |
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Designation : |
Chairman |
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Name : |
Mr. Alejandro Castro |
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Designation : |
Director |
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Name : |
Mr. Michael D Walter |
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Designation : |
Director |
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Name : |
Mr. Lt Gen D B Singh |
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Designation : |
Director |
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Name : |
Mr. Sanjaya Kulkarni |
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Designation : |
Director |
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Name : |
Mr. Nihal Kaviratne |
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Designation : |
Director |
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Name : |
Mr. Satish Lai Tandon |
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Designation : |
Director |
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Name : |
Mr. Pradip Ghosh Chaudhuri |
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Designation : |
Director |
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Name : |
Mr. Arin Bewoor |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sachin Gopal |
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Designation : |
President & CEO |
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Name : |
Mr. Asheesh Sharma |
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Designation : |
Head of Marketing |
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Name : |
Mr. Dharmesh K Srivastava |
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Designation : |
General Manager - Supply Chain & Procurement |
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Name : |
Mr. Hemant Kumar Ruia |
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Designation : |
CFO and Head of IS & Legal |
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Name : |
Mr. N Narasimha Rao |
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Designation : |
Vice President - Human Resources |
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Name : |
Mr. Pradip Ghosh Chaudhuri |
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Designation : |
General Manager - Manufacturing |
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Name : |
Mr. Raj Kanwar Singh |
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Designation : |
Head of Sales |
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Name : |
Mr. Satish Kumar Singh |
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Designation : |
Head of Research, Quality & Innovation |
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Name : |
Mr. Sidhique Aadil |
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Designation : |
Accounts Department |
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Name : |
Mr. R Gopalakrishnan |
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Designation : |
Head of Sales |
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Name : |
Phani K Mangipudi |
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Designation : |
Company Secretary |
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Name : |
Mr. K Prem Kumar |
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Designation : |
Head of Food Services |
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Name : |
Mr. Mehul Pathak |
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Designation : |
Head of Sourcing – Emerging Markets |
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Name : |
Ms. Shalini Srivastava |
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Designation : |
GM – Human Resources |
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Name : |
Mr. Syed Azizur Rahman |
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Designation : |
GM – Sourcing and Institutional Business |
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Name : |
Mr. Chetankumar D Borkar |
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Designation : |
Financial Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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11,723,154 |
48.11 |
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|
11,723,154 |
48.11 |
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Total shareholding of Promoter and Promoter Group (A) |
11,723,154 |
48.11 |
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(B) Public Shareholding |
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1,340,918 |
5.50 |
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|
854 |
- |
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|
476,978 |
1.96 |
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|
900 |
- |
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|
900 |
- |
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1,819,650 |
7.47 |
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3,738,716 |
15.34 |
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2,796,303 |
11.47 |
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3,830,919 |
15.72 |
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460,522 |
1.89 |
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410,894 |
1.69 |
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2,706 |
0.01 |
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46,922 |
0.19 |
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10,826,460 |
44.43 |
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Total Public shareholding (B) |
12,646,110 |
51.89 |
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Total (A)+(B) |
24,369,264 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
24,369,264 |
- |
(1) Indian
Bodies Corporate
Foreign BankBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distribution of Edible Oils. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity @ |
Actual
Production |
|
Edible Oils |
MT |
-- |
-- |
-- |
|
Refined Edible Oils |
MT |
-- |
24000 |
38836+ |
|
De Oiled Cake |
MT |
-- |
-- |
-- |
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Others |
MT |
-- |
-- |
6714+ |
Note:
@ Licensed and installed capacities are as certified by Management and have not been verified by the auditors as this is a technical matter.
+ Actual production includes quantities produced out of capacity taken on lease and third party operations.
* Includes captive consumption of Nil (Previous year - 1431
M T)
GENERAL INFORMATION
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No. of Employees : |
80 (approximately) |
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Bankers : |
· Canara Bank ·
Bank of ·
Bank of ·
Central Bank of · Citibank NA. · Hongkong and Shanghai Banking Corporation Ltd. · Punjab National Bank · Standard Chartered Bank ·
State Bank of · ICICI Bank Limited · HDFC Bank Limited · IDBI Bank Limited · American Express Bank · Corporation Bank · Indian Overseas Bank · Punjab National Bank · Societe Generale Bank ·
State Bank of · Indusind Bank Limited ·
Centurion Bank of · U C O Bank ·
United Bank Of · Allahabad Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and
Associates Chartered
Accountants |
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Address : |
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Subsidiary Company : |
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Entity which has significant influence over the company : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
1000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
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Total |
|
Rs. 350.000
Millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
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24372139 |
Equity Shares |
Rs.10/- each |
Rs. 243.720 Millions |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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24369264 |
Equity Shares |
Rs.10/- each |
Rs. 243.690 Millions |
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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 |
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1] Share Capital |
243.690 |
243.690 |
243.690 |
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2] Share Application Money |
0.000 |
0.000 |
0.990 |
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3] Reserves & Surplus |
1262.940 |
1054.300 |
874.320 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1506.630 |
1297.990 |
1119.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
112.740 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
112.740 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
1506.630 |
1297.990 |
1231.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
410.100 |
368.190 |
363.280 |
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Capital work-in-progress |
124.000 |
7.060 |
2.100 |
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INVESTMENT |
14.000 |
14.000 |
14.110 |
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AMOUNT RECOVERABLE FROM EMPLOYEE STOCK OPTION TRUST |
81.450 |
62.410 |
33.110 |
|
|
DEFERREX TAX ASSETS |
13.940 |
16.880 |
41.880 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
574.070
|
435.740 |
745.050 |
|
|
Sundry Debtors |
178.170
|
159.360 |
344.820 |
|
|
Cash & Bank Balances |
890.310
|
876.760 |
164.820 |
|
|
Other Current Assets |
32.630
|
16.140 |
5.740 |
|
|
Loans & Advances |
164.350
|
156.790 |
258.790 |
|
Total
Current Assets |
1839.530
|
1644.790 |
1519.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
798.810 |
646.470 |
569.820 |
|
|
Other Current Liabilities |
111.890
|
112.670 |
130.320 |
|
|
Provisions |
65.690
|
56.190 |
10.410 |
|
Total
Current Liabilities |
976.390
|
815.330 |
710.550 |
|
|
Net Current Assets |
863.140
|
829.450 |
808.670 |
|
|
DEFERRED PAYMENT LIABILITY |
0.000 |
0.000 |
(5.480) |
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1506.630 |
1297.990 |
1231.740 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6495.710 |
7736.100 |
10084.380 |
|
|
|
Other Income |
105.360 |
111.050 |
32.860 |
|
|
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TOTAL (A) |
6601.070 |
7847.150 |
10117.240 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
4596.450 |
6052.220 |
8801.820 |
|
|
|
Manufacturing,
Administrative and Selling Expenses |
1642.340 |
1528.970 |
1065.500 |
|
|
|
Exceptional Items |
0.000 |
(40.170) |
0.000 |
|
|
|
TOTAL (B) |
6238.790 |
7541.020 |
9867.320 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
362.280 |
306.130 |
249.920 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.760 |
5.360 |
12.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
361.520 |
300.770 |
236.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.400 |
24.420 |
23.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
331.120 |
276.350 |
213.440 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
79.720 |
67.860 |
50.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
251.400 |
208.490 |
162.580 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
333.010 |
153.030 |
(9.550) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.570 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
36.550 |
24.370 |
0.000 |
|
|
|
Dividend Distribution Tax |
6.210 |
4.140 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
529.080 |
333.010 |
153.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2.200 |
0.090 |
5.380 |
|
|
|
Others |
12.830 |
15.930 |
16.110 |
|
|
TOTAL EARNINGS |
15.030 |
16.020 |
21.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
297.500 |
233.800 |
141.270 |
|
|
|
Finished Goods |
42.450 |
28.980 |
501.290 |
|
|
|
Capital Goods |
7.280 |
1.390 |
0.000 |
|
|
TOTAL IMPORTS |
347.230 |
264.170 |
642.560 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.32 |
8.56 |
6.67 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1584.900 |
1889.300 |
1953.100 |
|
Total Expenditure |
1523.200 |
1787.200 |
1978.400 |
|
PBIDT (Excl OI) |
61.700 |
102.100 |
(25.300) |
|
Other Income |
13.100 |
13.200 |
14.300 |
|
Operating Profit |
74.800 |
115.300 |
(11.000) |
|
Interest |
0.400 |
0.100 |
1.000 |
|
Exceptional Items |
0.000 |
00 |
174.500 |
|
PBDT |
74.400 |
115.200 |
162.500 |
|
Depreciation |
10.800 |
12.300 |
13.100 |
|
Profit Before Tax |
63.600 |
102.900 |
149.400 |
|
Tax |
22.600 |
33.600 |
51.700 |
|
Profit After Tax |
41.000 |
69.300 |
97.700 |
|
Net Profit |
41.000 |
69.300 |
97.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.81
|
2.66 |
1.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.10
|
3.57 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.72
|
13.73 |
11.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.21 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.65
|
0.63 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.02 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Dues to micro and small enterprises |
- |
- |
- |
|
- others |
798.810 |
646.470 |
569.820 |
|
Total |
798.810 |
646.470 |
569.820 |
PERFORMACE OF THE
COMPANY:
Net Sales for the year at Rs. 6496.000 Million are lower than Prior Year by 16% reflecting the impact of (a) lower unit price realization on the Rath and Crystal brands where lower commodity prices were passed on to the consumer and (b) a mix of price and volumes for the Sundrop oils portfolio as a consequence of there margin improvement program. This was offset in part by robust growth in Act II popcorn. Steady improvement in profitability continued with profit after tax up by 21% versus previous year and Profit before tax up by 20% versus the previous year.
Gross Margin of the Company improved from Rs. 1310.000 Million to Rs. 1505.000 Million driven by improved mix and pricing recovery. The incremental Gross Margin earned during the year was partly invested in increased AandP (supporting new product launches, volume growth in Act II popcorn and margin improvement) and partly used to improve profitability.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The year saw a gradual improvement in the economy with an improved economic outlook for the country. However, while consumer confidence returned there was still considerable uncertainty, necessitating that while they could continue to be aggressive in driving the growth and testing of new categories there should also be a sense of caution in pricing in existing categories. Together with a steady hardening of commodity prices, this caution resulted in an increasing pressure on margins as the year progressed.
The Company responded to this challenging environment by on the one hand working to reduce the cost of entry into new categories and on the other introducing variants to cover more price points
in existing categories. This was accompanied by a continued
strengthening of retail coverage in line with the goal of being amongst
Finance and Accounts:
Segment Wise Results:
The Company continued to see steady improvement in profitability driven by focus on the Branded Foods Business. The audited financial results of the two segments for the year ended 31.03.2010 are:
Rs. In Millions
|
Sr. No |
Particulars |
2009-10 |
|
1. |
Segment Revenue |
|
|
|
a) Branded Foods |
5534.000 |
|
|
b) SIB |
962.000 |
|
|
Sales from Operation |
6496.000 |
|
2. |
Segment Results |
|
|
|
Profit / Loss before Tax and interest from each segment |
|
|
|
a) Branded Foods |
511.000 |
|
|
b) SIB |
9.000 |
|
|
Less: |
|
|
|
i) Interest |
1.000 |
|
|
ii) Other Un-allocable Expenditure
net off un-allocable Income |
188.000 |
|
|
Total Profit Before
Tax |
331.000 |
|
3. |
Capital Employed |
|
|
|
Segment Assets-Segment Liabilities |
|
|
|
a) Branded Foods |
581.000 |
|
|
b) SIB |
2.000 |
|
|
c) Other un-allocable net assets |
923.000 |
|
|
Total Capital
Employed |
1506.000 |
Outlook
The Company had a strong performance in Financial Year ‘10, with Gross Margin improving from Rs. 1310.000 millions to Rs. 1500.000 millions and GM percentage improving from 16.9% to 23.2%. They did however see margin pressure in the last quarter of the year and expect to continue to face this in the near term. They will seek to mitigate this through profitable volume growth in the Oils category driven by a wider variant range, while they continue to invest behind the key growth driver of Act II popcorn and lay the foundation for future growth by working on localization of the new products already launched and increased A and P efficiencies for future new products.
SUBSIDIARY COMPANY
There has been no business activity during the year by Heera Seeds Trading and Warehousing Limited, a non-material unlisted subsidiary of the Company.
Commitments and
Contingent Liabilities:
Rs. In Millions
|
|
31.03.2010 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) |
110.480 |
|
Contingent liabilities: Guarantees given by bank * |
6.950 |
|
Claims against the Company not acknowledged as debts in respect of : |
|
|
Sales tax matters, under dispute ** |
615.210 |
|
Other matters, under dispute |
44.410 |
The amounts included above, represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.
* Represent guarantees given in the normal course of the Company’s operations and are not expected to result in any loss to the Company on the basis of the beneficiaries fulfilling their ordinary commercial obligations.
** No provision has been made in the books as in the opinion of the management the outflow of resources required to settle the obligation is not probable given the merits of the case.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 (Unaudited) |
Nine Months ended 31.12.2010 (Unaudited) |
|
a) Net Sales / Income from Operations |
1949.600 |
5414.500 |
|
b) Other Operating Income |
3.500 |
12.800 |
|
Total |
1953.100 |
5427.300 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(127.000) |
(71.800) |
|
(b) Consumption of Raw Materials and packing materials |
1132.200 |
2667.800 |
|
(c) Purchase of traded goods |
478.100 |
1382.600 |
|
(d) Employees Cost |
77.400 |
226.600 |
|
(e) Depreciation / amortization |
13.100 |
36.200 |
|
(f) Advertisement and promotion |
182.000 |
443.100 |
|
(g) Other Expenditure |
235.700 |
640.500 |
|
Total |
1991.500 |
5325.000 |
|
Profit From Operations before other Income Interest & Exceptional Items |
(38.400) |
102.300 |
|
Other Income |
14.300 |
40.600 |
|
Profit before Interest and Exceptional items |
(24.100) |
142.900 |
|
Interest |
1.000 |
1.500 |
|
Profit after interest before Exceptional items |
(25.100) |
141.400 |
|
Exceptional Items |
174.500 |
174.500 |
|
Profit / (Loss) From
Ordinary activities before Tax |
149.400 |
315.900 |
|
Tax Expenses |
|
|
|
- Current (Not of MAT Credit Rs. Nil; Q.E 31.12.2009: Rs. Nil, Y.E 31.03.2010: Rs. 31.800 Millions) |
73.300 |
124.900 |
|
- Fringe benefit tax |
- |
- |
|
- Deferred tax expense / (benefit) |
(21.600) |
(17.000) |
|
Net Profit/(Loss) From Ordinary activities after Tax |
97.700 |
208.000 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
97.700 |
208.000 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
243.700 |
243.700 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earning per shares
(EPS) |
|
|
|
-Basic and Diluted |
4.01 |
8.54 |
|
Public Share Holding |
|
|
|
- Number of Shares |
12646110 |
12646110 |
|
- Percentage of shareholding |
51.89% |
51.89% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
11723154 |
11723154 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
48.11% |
48.11% |
Notes:
- Net Sales / Income from operations has grown by 12% as compared to corresponding quarter of previous year.
- Exceptional item for the quarter ended 31.12.2010 includes profit of Rs. 174.500 millions on sale of ‘Ruth’ Brand. This divestiture is consistant with ATFL’s long term strategy of focusing on value added products.
- The above results were duly reviewed by the audit committee and approved at the meeting of board of directors held on 19.01.2011.
- The entire operations refers to only one segment “Branded Foods”. Accordingly there are no reportable segment to be disclosed as required by accounting standard 17 segment reporting.
- The statutory auditors have carried out a limited review of the results of the company for the nine months ended 31.12.2010.
- During the quarter, 63 investor communications were reviewed and were disposed off. There was no complaints pending at the beginning and end of the quarter.
- Figures for previous period/year have been regrouped to conform to the current periods presentation.
- ITC Limited, has been re-classified under non-promoter group, having ceased to be a promoter.
Fixed Assets:
- Freehold land
- Leasehold land
- Buildings
- Plant and machinery
- Furniture and fittings
- Vehicles
- Trademarks
AS PER WEB SITE
DETAILS:
Profile:
Subject is a public limited company engaged in the business of marketing
food and food ingredients to consumers and institutional customers. They are
affiliated to ConAgra
Foods, Inc. of
There vision is to become the Best Performing Most Respected Foods Company in
There driving motto is that they should be "Nourishing families...
Enriching life"
There call to action - "ACT NOW" - and it means being
empowered, being agile and making a difference with a sense of urgency!
PRESS RELEASE:
Branded Foods
Sales Up 20%; Brand Investments up 35%
24th January, 2008, Hyderabad: Agro Tech Foods Ltd (ATFL) an affiliate
of ConAgra Foods, a leading FMCG company today announced the financial results
for the quarter ended 31st December 2007. The Company has reported a
20 per cent growth in turnover of the Branded Foods business. This reflects the
continued focus of the company on value added differentiated products in the
edible oils and foods portfolio as it continues to derisk the business by
reducing dependence on Commodities trading operations.
ATFL is one of the largest players in the Indian FMCG Foods business and
ConAgra Foods holds a 48% stake in this company.
Commenting on the performance, Utpal SenGupta, President and CEO of ATFL
said, "the results reflect the strategic focus of the company on value
added differentiated products as we continue to derisk our portfolio. We will
continue to maintain the focus on operating margins and increased investments
behind our people and our brands.”
Explaining the operating results, Sachin Gopal, Chief Operating Officer
said, "The strong results in the quarter are driven by a significant
increase in operating margin during the Quarter which has increased by 1.6%. The
key growth drivers, Sundrop Heart and Act II popcorn continue to perform
strongly, driven by distribution expansion and media investment."
About Agro Tech
Foods Limited
Agro Tech Foods Limited, (ATFL) is a Rs 10380.000 Millions company
engaged in the business of marketing food and food ingredients to consumers and
institutional customers. Sundrop, ACT II, Crystal, and Rath are some of the
Company’s brands. ATFL has a dominant market share and value leadership in the
premium refined oil segment.
ATFL is affiliated to ConAgra Foods Inc. of
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 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.45.58 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.