MIRA
INFORM REPORT
|
Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOUIS DREYFUS COMMODITIES INDIA PRIVATE LIMITED (w.e.f. 22.12.2006) |
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|
|
Formerly Known
As : |
LOUIS DREYFUS INDIA PRIVATE LIMITED |
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Registered
Office : |
G-9, Pratap Bhavan, 5, Bahadurshah Zafar Marg, New Delhi-110002 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.06.1997 |
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Com. Reg. No.: |
55-126131 |
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CIN No.: [Company Identification
No.] |
U51909DL1997PTC126131 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELL01598C |
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PAN No.: [Permanent Account No.] |
AAACL7361E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading the agricultural commodities and processing edible oils and
coffee. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1900000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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) |
|
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
G-9, Pratap Bhavan, 5, Bahadurshah Zafar Marg, |
|
Tel. No.: |
91-11-23724116 |
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E-Mail : |
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Corporate Office : |
648/L, 3rd Floor, 1st Main, Indiranagar, |
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Tel. No.: |
91-80-40437700 |
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Fax No.: |
91-80-40437729 |
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Factory : |
Survey No. 310/2/B, 312/B, 314/1/B, Village Bhimasar, Anjar, Kutch –
310160, |
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Tel. No.: |
91-2836-285265 |
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Fax No.: |
91-2836-285267 |
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|
|
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Branch Office : |
2nd Floor, Building No 9-B, |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Hemant Kumar Bhatt |
|
Designation : |
Director |
|
Address : |
4, Hacienda Grove # 01-02, |
|
Date of Birth/Age : |
04.12.1963 |
|
Date of Appointment : |
19.06.1997 |
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|
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|
Name : |
Mr. Tan Boon Chng |
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Designation : |
Director |
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Address : |
75, |
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Date of Birth/Age : |
20.04.1961 |
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Date of Appointment : |
04.07.1997 |
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|
|
|
Name : |
Mr. Govind Ambady |
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Designation : |
Director |
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Address : |
Flat No. 5/55, |
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Date of Birth/Age : |
29.05.1964 |
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Qualification : |
MBA |
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Experience : |
21 Years |
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Date of Appointment : |
12.11.2007 |
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Name : |
Mr. Thirumalai Anandanpillai Kishen |
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Designation : |
Director |
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Address : |
M-9, 36A, |
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Date of Birth/Age : |
14.11.1965 |
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Qualification : |
|
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Experience : |
20 Years |
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Date of Appointment : |
12.11.2007 |
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|
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|
Name : |
Mr. Adrian Gustavo Isman |
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Designation : |
Director |
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Address : |
B, |
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Date of Birth/Age : |
30.09.1962 |
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Date of Appointment : |
30.05.2008 |
|
Date of Ceasing : |
26.11.2009 |
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|
|
|
Name : |
Andreasjan Mikael Morn |
|
Designation : |
Director |
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Address : |
30 Mount |
|
Date of Appointment : |
02.12.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Aggarwal |
|
Designation : |
Company Secretary |
|
Address : |
A-75/II, DDA Residential Area, Nraina Vihar, |
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Date of Birth/Age : |
01.11.1962 |
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Date of Appointment : |
17.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Louis Dreyfus Commodities Asia Pte Limited, |
|
6959393 |
|
Louis Dreyfus |
|
1 |
|
|
|
|
|
Total |
|
6959394 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading the agricultural commodities and processing edible oils and
coffee. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Refined Oils |
MT |
300000 |
102893 |
|
Hydrogenated Oils |
MT |
60000 |
256 |
|
Clean Coffee |
MT |
-- |
587 |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Tower B, Building No. 10, |
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|
|
|
Holding Company: |
Louis Dreyfus Commodities Asia Pte Limited |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6959394 |
Equity Shares |
Rs.10/- each |
Rs.69.594
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 [12 Months] |
31.03.2009 [15 Months] |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
69.594 |
69.593 |
13.418 |
|
|
2] Share Application Money |
0.000 |
0.000 |
170.076 |
|
|
3] Reserves & Surplus |
407.684 |
393.230 |
112.424 |
|
|
4] (Accumulated Losses) |
0.000 |
(30.664) |
0.000 |
|
|
NETWORTH |
477.278 |
432.159 |
295.918 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2991.501 |
620.656 |
305.550 |
|
|
TOTAL BORROWING |
2991.501 |
620.656 |
305.550 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3468.779 |
1052.815 |
601.468 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
1073.669 |
887.036 |
15.531 |
|
|
Capital work-in-progress |
31.645 |
147.618 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.106 |
0.020 |
0.023 |
|
|
DEFERREX TAX ASSETS |
46.033 |
33.958 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5613.192
|
775.107
|
396.302 |
|
|
Sundry Debtors |
700.104
|
409.626
|
51.777 |
|
|
Cash & Bank Balances |
82.310
|
52.781
|
184.942 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
709.547
|
283.938
|
77.213 |
|
Total
Current Assets |
7105.153
|
1521.452 |
710.234 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
234.559
|
|
|
|
Other Current Liabilities |
4772.240
|
1281.999
|
116.666 |
|
|
Provisions |
15.587
|
20.711
|
7.654 |
|
Total
Current Liabilities |
4787.827
|
1537.269
|
124.320 |
|
|
Net Current Assets |
2317.326
|
(15.817)
|
585.914 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3468.779 |
1052.815 |
601.468 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 [12 Months] |
31.03.2009 [15 Months] |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19216.798 |
13215.187 |
579.033 |
|
|
|
Other Income |
765.641 |
410.751 |
45.385 |
|
|
|
TOTAL (A) |
19982.439 |
13625.938 |
624.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed and purchase for resale |
18787.666 |
11998.078 |
488.116 |
|
|
|
Personnel expenses |
214.002 |
159.835 |
64.496 |
|
|
|
Manufacturing and other expenses |
796.073 |
1359.270 |
65.428 |
|
|
|
TOTAL (B) |
19797.741 |
13517.183 |
618.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
184.698 |
108.755 |
6.378 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
85.591 |
218.932 |
9.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.107 |
(110.177) |
(2.765) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.097 |
51.365 |
4.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.010 |
(161.542) |
(7.574) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(12.109) |
(18.453) |
2.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
45.119 |
(143.089) |
(10.283) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(30.665) |
81.364 |
91.647 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
(31.060) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
14.454 |
(30.665) |
81.364 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5663.081 |
3633.249 |
301.115 |
|
|
|
Income from service charges |
83.584 |
104.118 |
53.479 |
|
|
|
Profit on contract cancellation |
0.000 |
228.777 |
0.000 |
|
|
|
Other Earnings |
0.204 |
2.816 |
1.196 |
|
|
TOTAL EARNINGS |
5746.869 |
3968.960 |
355.790 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4254.458 |
180.135 |
NA |
|
|
|
Traded Goods |
4108.159 |
27.413 |
NA |
|
|
|
Store, Spares and Components |
18.016 |
0.000 |
NA |
|
|
|
Capital Goods |
6.223 |
2.019 |
NA |
|
|
TOTAL IMPORTS |
8386.856 |
209.567 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.48 |
(37.01) |
(7.66) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 [12 Months] |
31.03.2009 [15 Months] |
31.12.2007 |
|
PAT / Total Income |
(%) |
0.23
|
(1.05) |
(1.65) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.17
|
(1.22) |
(1.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40
|
(6.71) |
(1.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(0.37) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
16.30
|
4.99 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
0.99 |
5.71 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Louis Dreyfus Commodities one of the world’s leading commodity merchants
and processors of agricultural products, has merchandised and traded bulk soft
commodities in international markets since 1851. Louis Dreyfus Commodities is
controlled by the Louis Dreyfus Group.
Louis Dreyfus Commodities is a supplier of range of agricultural
commodities integrated from origin to destination. With strong positions at the
origination and the distribution ends of the value chain, supported by
strategic fixed assets, logistic and risk management, the group has reached a
global positioning and diversification to manage the commodities cycle.
The company was incorporated in
The company is into trading of agricultural commodities like wheat,
cotton, maize, coffee, sugar, oil and seeds and manufacturing / processing of
edible oils and coffee.
FINANCIAL RESULTS:
The Company has reported the turnover of Rs. 19,228.09 million (USD 428 million) during the current year ended March 31, 2010 as compared to Rs. 13,216.01 million (USD 261 million) in the previous period of fifteen months ended March 31, 2009. The Company has earned a profit before tax of Rs. 33.01 million and profit after tax of Rs. 45.12 during the current year as compared to net loss before tax of Rs.161.54 million and the Loss after tax of Rs.143.09 Millions in the previous period of fifteen months ended March 31, 2009.
MANAGEMENT ANALYSIS
OF OPERATIONS
Vegetable oils and
oilseeds:
Vegetable oil refinery at Kandla which was acquired last year has commenced production and achieved a production level of more than 30 % during the year. The company has completed expansion of oil storage capacity and commissioned Fractionation and Hydrogenation facilities for manufacture of Olein and Vanaspati oil. The Company has also started retail sale of vegetable oil through a team of Distributors and Agents under registered brand oil ‘Vibhor’. With these developments, next year the company is likely to further improve production from its oil refinery. The Company has also acquired Land for construction of Vegetable oil Refinery at Krishnapatnam in Andhra Pradesh.
The Company during the year actively traded in Soya seed and the traded volume was 30,826 Mt as against 5,659 Mt in the previous period.
Grains:
Wheat traded quantity during the year was higher by 13.70 %
to 185 thousand Mt as compared to Last year. Due to high domestic prices of corn
in the current year, export of Corn from
Cotton:
The company has recorded impressive growth of 253 % in the
Cotton business and traded 12,2671 Mt of cotton as against 34,741 Mt during
previous period. Cotton trades were active both domestically and in Export
markets. The company considering future volume growth prospects has
strengthened its position in Gurajat and
Sugar:
During the year Company imported sugar for
Others:
Apart from this, The
company also traded in shorgum, Mustard seed and coffee.
FIXED ASSETS
- Land
- Leasehold
Improvements
- Equipments
- Motor
Vehicles
- Computers
- Plant and
Machinery
- Furniture and
Fixture
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.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.