MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SATYA SAI AGROILS PRIVATE LIMITED |
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Registered
Office : |
Soya Copmplex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.11.1998 |
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Com. Reg. No.: |
10-013182 |
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Capital
Investment / Paid-up Capital : |
Rs.80.000 Millions |
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CIN No.: [Company Identification
No.] |
U15143MP1998PTC013182 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLS07269D |
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PAN No.: [Permanent Account No.] |
AAECS9603E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company produces vide range of Soya product viz. Soya Refined Oil-Soya Meal (Extraction)-Soya Flour-Texurise Vegetable Protein(TVP) and Soya Lecithin. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca [17] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate traxk. Profitability
of the company is under severe pressure. However, trade relations are reported
to be slow. The company can be considered for business dealings on a secured 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
Soya Copmplex, |
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Tel. No.: |
91-7592-409043 / 322888 |
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Fax No.: |
91-7592-404607 |
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E-Mail : |
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Factory : |
Plot No.474, Road No.34, Opp. Emco Transformer, Wagle Industrial
Estate, Thane – 400604, Maharashtra, India |
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Tel. No.: |
91-22-25838211 – 15 |
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Fax No.: |
91-22-25838210 |
DIRECTORS
As on 15.05.2010
|
Name : |
Mr. Sandeep Bhandari |
|
Designation : |
Director |
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Address : |
A 3, Payal Apartments, 20 |
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Date of Birth/Age : |
15.10.1972 |
|
Date of Appointment : |
09.03.2010 |
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DIN : |
02961467 |
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|
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Name : |
Mr. Bipra Buddha Chaterjee |
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Designation : |
Director |
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Address : |
P 201, Indraprasth 6, |
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Date of Birth/Age : |
04.04.1960 |
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Date of Appointment : |
09.03.2010 |
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DIN : |
02961516 |
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Name : |
Mr. Sunil Chiplunkar |
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Designation : |
Managing Director |
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Address : |
17- Type C Sector A, Slice – 5, Scheme 78, Vijay Nagar, |
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Date of Birth/Age : |
02.06.1962 |
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Date of Appointment : |
15.03.2010 |
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DIN : |
03025598 |
KEY EXECUTIVE
|
Name : |
Mr. Udit Sanat Sharma |
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Designation : |
Secretary |
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Address : |
D-102, |
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Date of Birth/Age : |
01.12.1986 |
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Date of Appointment : |
14.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Adani Wilmar Limited, |
|
7999994 |
|
Shri Pranav V Adani |
|
1 |
|
Smt. Namrata P. Adani |
|
1 |
|
Ranjan V. Adani |
|
1 |
|
Vinod S. Adani |
|
1 |
|
Shilin Adani |
|
1 |
|
Priti G. Adani |
|
1 |
|
Total |
|
8,000,000 |
As on 15.05.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company produces vide range of Soya product viz. Soya Refined Oil-Soya Meal (Extraction)-Soya Flour-Texurise Vegetable Protein(TVP) and Soya Lecithin. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Soya Meal and Soya bean Products |
M.T. |
-- |
96000 |
-- |
|
Edible Oil |
M.T. |
-- |
15000 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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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 : |
D.K. Upendra and Company Chartered Accountant |
|
Address : |
No.16, Shiva Krupa, Siddaiah Complex, Mount Joy Road, Hanumanth Nagar,
Bangalore – 560019, Karnataka, India |
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|
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Holding company : |
Adani Wilmar Limited CIN : U15146GJ1999PLC035320 |
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Associate Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/-each |
Rs.80.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/-each |
Rs.80.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.800 |
0.800 |
11.333 |
|
|
4] (Accumulated Losses) |
(253.913) |
(73.582) |
0.000 |
|
|
NETWORTH |
(173.113) |
(22.782) |
61.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
79.721 |
66.068 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
79.721 |
66.068 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
(173.113) |
56.939 |
127.401 |
|
|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.381 |
83.586 |
91.766 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.641
|
10.190 |
87.376 |
|
|
Sundry Debtors |
0.000 |
1.003 |
7.487 |
|
|
Cash & Bank Balances |
1.134
|
3.674 |
7.984 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
18.343
|
197.583 |
35.984 |
|
Total
Current Assets |
33.118
|
212.450 |
138.831 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
228.879
|
224.059 |
35.830 |
|
|
Other Current Liabilities |
40.485
|
13.954 |
65.293 |
|
|
Provisions |
0.248
|
1.084 |
2.073 |
|
Total
Current Liabilities |
269.612
|
239.097 |
103.196 |
|
|
Net Current Assets |
[236.494]
|
[26.647] |
35.635 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(173.113) |
56.939 |
127.401 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
147.760 |
1200.090 |
|
|
|
|
Other Income |
0.657 |
5.278 |
|
|
|
|
TOTAL (A) |
148.417 |
1205.368 |
886.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
88.446 |
1138.996 |
|
|
|
|
Operating Expenses |
226.020 |
50.119 |
|
|
|
|
Variations in Stock |
0.143 |
80.522 |
|
|
|
|
TOTAL (B) |
314.609 |
1269.637 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(166.192) |
(64.269) |
-- |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.878 |
10.044 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(173.070) |
(74.313) |
-- |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.261 |
9.520 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(180.331) |
(83.833) |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(0.282) |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(180.331) |
(84.115) |
4.522 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(73.582) |
10.533 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(253.913) |
(73.582) |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(27.55) |
(16.82) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[121.50]
|
[6.98] |
0.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[122.04]
|
[6.98] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[186.91]
|
[28.32] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[1.04]
|
[3.68] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[1.56]
|
[13.99] |
2.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.12
|
0.89 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office address
of the company has been shifted from 10/A, SBI Colony Zone – 2, M. P. Nagar,
PERFORMANCE:-
During the year, the performance of the Company was
drastically affected because of non-availability of working capital and
resources which has resulted in decline of the turn over to Rs.I47.76 Millions
during the year as against Rs.1200.09 Millions in the previous year.
The continued recession in the oil industry and reduction in
the trading margin also contributed to the lower turn over. The Soya plant also
could not be run through out the year on account of refurbishment and
maintenance works undertaken during the year. The loss before interest,
depredation and tax during the year amounts to Rs. 166.190 Millions as against
loss of Rs.64.270 Millions in the previous year. The loss during the year
includes the loss of Rs.122.350 Millions incurred on account of sale of
investment and miscellaneous assets consequent to the decision taken by the
Board to exit from all non core
activities.
The directors are confident that with rationalization
strategies now in vogue, the performance of the Company during the ensuing
period will be more positive and encouraging.
OUTLOOK FOR 2010-11:-
With the company becoming a wholly owned subsidiary of Adani
Wilmar Limited, a leading name in the Indian edible oil industry, the future
prospects of the company look bright and 2010-11 may well be the starting point
for the success path of the company.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U15143MP1998PTC013182 |
|
Name of the
company |
SATYA SAI AGROILS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Soya Complex, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
ICICI Bank Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed but on the 12 day of March, 2008 a mortgage was created by the
"Borrower" in favour of ICICI Bank by deposit of title deeds with
ICICI Bank in respect of immovable property. |
|
Date of
instrument Creating the charge |
12.03.2008 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Inland Bill Discounting - IBAR + Term premia - 12.5%. The facility is secured by immoveable
property mortgaged to ICICI Bank. Terms of
Repayment - One year Margin - Nil Extent and
Operation of the charge - Residential complex of Company situated at Vidisha,
M.P. |
|
Short particulars
of the property charged |
Residential
complex of C. situated at Vidisha, M.P |
FIXED ASSETS :
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Electrical
Installations
- Laboratory
Equipments
- Vehicles
- Trademark
As Per Website
Company Profile
The Company SATYA SAI AGROILS PRIVATE LIMITED establish in 1995 is a multi products, multi locational company having an sophisticated, integrated Soyabean Processing plant, located in Vidisha near Bhopal the State Capital of Madhya Pradesh.
The Company produces vide range of Soya product viz. Soya Refined Oil-Soya Meal
(Extraction)-Soya Flour-Texurise Vegetable Protein(TVP) and Soya Lecithin.
This product is processed from the state of the are plant imported from the
world under:
Soya bean preparation for crushing -
Soyameal Finishing -
Soyameal Extraction -
Soya Flour -
Texurised Vegetable Protein Products -
Refinery -
Alfa Laval, (
Lecithin -
Convap Contherm Corporation,
The company products are sold under the brand “VITAL”
The company has added SUnflower and Mustard Oil to its portfolio under the
brands.
The VITAL Brand Refined Soyabean Oil is an premium Brand oil available in North
- Central-East
and Western parts of
The Prime Life - Brand - SUnflower Oil and Sampoorna Mustard Oil is available
in Western and
The companies vision to be recognized as THE INDIAN MULTINATIONAL
REFINED COOKING OIL COMPNAY”
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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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.