MIRA
INFORM REPORT
|
Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.08.1991 |
|
|
|
|
Com. Reg. No.: |
04-016151 |
|
|
|
|
Paid-up Capital
: |
Rs. 276.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15140GJ1991PLC016151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00194F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG3980A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Export and Importer of Agriculture Products like
Soyabean, Maize, Cotton Yarn etc |
|
|
|
|
No. of Employees
: |
4000 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well 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 correct and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ashok K. P. |
|
Designation : |
Assistant Accounts and Finance Manager |
|
Contact No.: |
91-99205006942 |
LOCATIONS
|
Registered/ Corporate Office: |
|
|
Tel. No.: |
91-79-26405535/ 36/ 37/ 38/ 39/ 26423316 (5 Lines) |
|
Mobile No.: |
91-9925006942 (Mr. Ashok) |
|
Fax No.: |
91-79-26423079/ 26423079 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
PLANTS |
|
|
Address: |
Cotton Spinning
Division 1, |
|
Tel. No.: |
91-2772-226252 / 54 |
|
Fax No.: |
91-2771-226250 / 52 |
|
E-Mail : |
|
|
|
|
|
Address: |
Soya Processing
Unit Plot No. 414/417, Sector-III, Pithampur Industrial Area,
District:Dhar, |
|
Tel. No.: |
91-7292-256790/256264 |
|
Fax No.: |
91-7292-256199 |
|
E-Mail : |
|
|
|
|
|
Address: |
Maize Processing
Unit 1, |
|
Tel. No.: |
91-2772-226252/ 53/ 54 |
|
Fax No.: |
91-2772-226252 |
|
E-Mail : |
|
|
|
|
|
Address: |
Solvent
Extraction, Refinery, Wheat Flour, Cattle Feed Units Kadi Complex Kadi – |
|
Tel. No.: |
91-2764-264013/14/15/16/17 |
|
Fax No.: |
91-2764-264012 |
|
E-Mail : |
|
|
|
|
|
Address: |
Village |
|
Tel. No.: |
91-7257-285026/285027 |
|
Fax No.: |
91-7257-285025 |
|
E-Mail : |
|
|
|
|
|
Address: |
14th Floor, |
|
Tel. No.: |
84-45771711 |
|
Fax No.: |
84-45771720 |
|
|
|
|
Address: |
Maize Processing
Unit C-50, |
|
Tel. No.: |
91-5948-260564 |
|
Fax No.: |
91-5948-260564 |
|
Email: |
|
|
|
|
|
Address: |
Mandsaur
Division Survey No. 41, Village Sondhani, Near Railway, |
|
Email: |
|
|
|
|
|
Address : |
Madli Cross, P.B. Road, 37 km from Hubli Towards
Bangalore Village Hulsoggi, P.O. Manakatti, Taluka Shiggoan, Dist. Haveri
Karnataka – 581 205, Banaglore, India |
|
Tel. No.: |
91-836-2382432 |
|
Fax No.: |
91-836-2382433 |
|
E-mail : |
|
|
|
|
|
Units : |
Wind
Mills ( ·
B-87, R S No. 471 /P, Village Lamba,
Taluka Kalyanpur, Dist Jamnagar, ·
WTG No. 1, Machine No.1, Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, ·
WTG No. 2, Machine No.2 Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, Gujarat, India ·
WTG No. 3, Machine No. 6 – Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, Gujarat, India ·
Survey No.213/2, Village: Satapar, Tal:
Kalyanpur, Dist. ·
WTG No.1, V-4, Survey No. 43/1/P
Village: Moti Sindhodi, Tal: Abdasa, Dist. Kutch, ·
WTG No.2, V-7, Survey No. 36/2/P
Village: Moti Sindhodi, Tal: Abdasa, Dist. Kutch, ·
Survey No. 115/P, Village Mindiyali,
Tal : Anjar, Dist. Kutch, |
|
|
|
|
Branch Office : |
Located at: · Mumbai ·
·
·
· Karnataka |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
|
Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
|
Date of Birth/Age : |
01.07.1949 |
|
Qualification : |
B.DS |
|
Experience : |
39 Years |
|
Date of Appointment : |
18.04.1998 (As M.D.) |
|
Last Employment : |
Erstwhile Gujarat Ambuja Cotspin Limited (As Managing Director) |
|
|
|
|
Name : |
Mr. Manish V. Gupta |
|
Designation : |
Managing Director |
|
Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
|
Date of Birth/Age : |
18.09.1971 |
|
Qualification : |
B. Com. |
|
Experience : |
20 Years |
|
Date of Appointment : |
28.12.1998 |
|
Last Employment : |
Erstwhile Gujarat Ambuja Proteins Limited (As Managing Director) |
|
|
|
|
Name : |
Mrs. Sulochana V. Gupta |
|
Designation : |
Director |
|
Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
|
Date of Birth/Age : |
01.11.1953 |
|
Qualification : |
Under Graduate |
|
|
|
|
Name : |
Mr. Jagdish Sharan Varshneya |
|
Designation : |
Director |
|
Address : |
21, Jayshree, 75 |
|
Date of Birth/Age : |
08.07.1929 |
|
Qualification : |
M. Com. LLB |
|
|
|
|
Name : |
Mr. Chaitan M. Maniar |
|
Designation : |
Director |
|
Address : |
Garden House, Dadyseth, 2nd cross Lane, Chowpatty
Bandstand, Mumbai – 400007 |
|
Date of Birth/Age : |
04.12.1935 |
|
Qualification : |
B. Com. LLB, MA |
|
|
|
|
Name : |
Mr. Prakash G. Ramrakhiani |
|
Designation : |
Director |
|
Address : |
Block No. 154, Sector – 8, Gandhinagar – 382008 |
|
Date of Birth/Age : |
25.11.1940 |
|
Qualification : |
B.A. [Hons], M.A. [Eco], IAS |
|
|
|
|
Name : |
Mr. Ashok C. Gandhi |
|
Designation : |
Director |
|
Address : |
2, Prabhat Society, Paldi, Ahmedabad – 380007 |
|
Date of Birth/Age : |
04.12.1939 |
|
Qualification : |
B. Com. LLB |
|
|
|
|
Name : |
Mr. Sandeep N. Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
402, Gold Residency, 7/2, Manotamaganj, |
|
Date of Birth/Age : |
12.12.1971 |
|
Qualification : |
B. Com. [Hons], MBA |
|
|
|
|
Name : |
Mr. Rohit J. Patel |
|
Designation : |
Director |
|
Address : |
22.02.1946 |
|
Date of Birth/Age : |
7, Anand park Society, Near Naranpura Bus Stand, Nanarnpura, Ahmedabad
– 380013 |
|
Qualification : |
B. E. [Electrical] |
|
|
|
|
Name : |
Mr. Mohit V. Gupta |
|
Designation : |
Joint Managing Director |
|
Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
|
Date of Birth/Age : |
20.11.1981 |
|
Qualification : |
B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information
Systems |
KEY EXECUTIVES
|
Name : |
Mr. Manan C. Bhavsar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. N. Giridhar |
|
Designation : |
Vice President w.e.f.
04.07.2008 (Finance and Accounts) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
88,489,060 |
63.96 |
|
|
88,489,060 |
63.96 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
88,489,060 |
63.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9,257,745 |
6.69 |
|
|
12,950 |
0.01 |
|
|
399,941 |
0.29 |
|
|
9,670,636 |
6.99 |
|
|
|
|
|
|
2,631,307 |
1.90 |
|
|
|
|
|
|
34,387,488 |
24.86 |
|
|
3,168,884 |
2.29 |
|
|
4,500 |
- |
|
|
4,500 |
- |
|
|
40,192,179 |
29.05 |
|
Total Public
shareholding (B) |
49,862,815 |
36.04 |
|
Total (A)+(B) |
138,351,875 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
138,351,875 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Export and Importer of Agriculture Products like
Soyabean, Maize, Cotton Yarn etc |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Products : |
|
||||||||||
|
Countries : |
|
||||||||||
|
|
|
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Products : |
·
Edible Oil |
||||||||||
|
Countries : |
·
·
·
|
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
L/C, Cash and Credit |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
|
|
Solvent Extraction Unit |
TPA |
|
1320000 |
|
Vanaspati Unit |
TPA |
|
30000 |
|
Refining of any kind of oil |
TPA |
|
393000 |
|
Maize Based Starch, Seed Crushing |
TPA |
|
355000 |
|
Wheat Products |
TPA |
|
112500 |
|
Cotton Spinning Unit Ring Spun Yarn |
TPD |
|
44 |
|
Power generation Unit [Wing Mills] |
M W |
|
8.45 |
|
Note: i) Licensed capacity
not indicated due to the abolition of industrial licenses as per notification
No.S.O.477CE dated 25.07.1991 and capacity registered with SIA and DGTD not
being License is not indicated. ii) The above
Capacity is as at the last date of the Accounting year. |
|||
|
Particulars |
Unit |
Actual Production |
|
|
|
|
|
|
|
Agro Processing
Division |
|
|
|
|
Food Products |
M.T. |
|
188312 |
|
Chemicals and Allied products |
M.T. |
|
147098 |
|
Extractions and Derivatives |
|
|
278793 |
|
Others |
|
|
0.000 |
|
|
|
|
|
|
Cotton Yarn
Division |
|
|
|
|
Cotton Yarn |
M.T. |
|
11907 |
|
Others (Cotton Waste) |
|
|
0.00 |
|
|
|
|
|
|
Windmill
Division |
|
|
|
|
Power Generation Unit |
Unit |
|
12389492 |
GENERAL INFORMATION
|
Suppliers (As On 31.03.2010) : |
·
Concordia Trading BV ·
Bunge Agribusiness Singapore Pte Limited ·
Glencore International AG ·
Noble Grain Pte Limited ·
Swiss ·
Agritrade International Pte Limited ·
Inter Continental Oils and Fats Pte Limited
·
Cargill Cotton ·
Ecom ·
Dunavant Enterprises Inc. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers (As On 31.03.2010): |
·
Wholesalers and Retailers ·
Hans Company Limited ·
Yangtex S. A. ·
Shinsung Tongsang Company Limited ·
Chutey TIV Limited ·
·
B. J. Hong ·
·
Proactive Synegies ·
Cargill International Trading Pte Limited ·
Toepfer International Asia Pte Limited ·
Bung Agribusiness Singapore Pte Limited ·
Pt. Nakita ·
Com Inter Company Limited ·
Hayleys Industries ·
House of Chemicals ·
United Feed Industries |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
4000 (approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Total Facility enjoyed including fund and non fund base – Rs. 7300.000
Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kantilal Patel and Company Chartered Accountants |
|
Address : |
2nd Floor, |
|
Tel. No.: |
91-79-27551333 / 27552333 |
|
Fax No.: |
91-79-27550538 |
|
E-Mail : |
|
|
|
|
|
Wholly Owned Company : |
Phone:
00-65-63243701,
63243702 |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/-each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138351875 |
Equity Shares |
Rs.2/-each |
Rs.276.700
Millions |
NOTE:
Notes:
i. Includes
31500000 (P.Y.31500000) Equity shares of Rs.2/- each issued at a premium of
Rs.0.20 per share on conversion of Optionally Convertible Unsecured Debentures.
ii. Includes
82188910 (P.Y.82188910) Equity shares of Rs.2/- each fully paid allotted on
30.04.1999 in exchange of shares on amalgamation for consideration other than
cash.
iii. Includes
20490000 (P.Y.20490000 ) Equity Shares of Rs.2/- each fully paid, allotted on
31.01.2004 in exchange of shares on amalgamation for consideration other than
cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
276.700 |
276.700 |
276.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4787.100 |
3925.700 |
2745.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5063.800 |
4202.400 |
3022.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2323.700 |
1781.800 |
903.200 |
|
|
2] Unsecured Loans |
10.100 |
8.500 |
7.700 |
|
|
TOTAL BORROWING |
2333.800 |
1790.300 |
910.900 |
|
|
DEFERRED TAX LIABILITIES |
492.100 |
502.400 |
431.500 |
|
|
|
|
|
|
|
|
TOTAL |
7889.700 |
6495.100 |
4364.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2985.900 |
2970.600 |
2434.100 |
|
|
Capital work-in-progress |
598.200 |
139.900 |
53.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
770.900 |
408.000 |
319.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3646.200
|
2609.500
|
1993.800
|
|
|
Sundry Debtors |
1148.700
|
726.100
|
629.100
|
|
|
Cash & Bank Balances |
213.500
|
281.600
|
245.200
|
|
|
Other Current Assets |
96.100
|
81.800
|
57.100
|
|
|
Loans & Advances |
485.800
|
470.200
|
617.300
|
|
Total
Current Assets |
5590.300
|
4169.200
|
3542.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1563.000
|
828.900
|
963.100
|
|
|
Other Current Liabilities |
415.700
|
296.300
|
915.700
|
|
|
Provisions |
76.900
|
67.400
|
105.300
|
|
Total
Current Liabilities |
2055.600
|
1192.600
|
1984.100
|
|
|
Net Current Assets |
3534.700
|
2976.600
|
1558.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7889.700 |
6495.100 |
4364.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19494.300 |
14085.100 |
16016.200 |
|
|
|
Other Income |
43.500 |
61.300 |
42.700 |
|
|
|
TOTAL |
19537.800 |
14146.400 |
16058.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumption |
12535.400 |
8919.100 |
10521.400 |
|
|
|
Manufacturing Expenses |
1384.800 |
1072.200 |
1247.700 |
|
|
|
Employee Cost |
510.400 |
394.400 |
320.700 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1172.400) |
82.000 |
863.000 |
|
|
|
Selling and Administration Expenses |
836.300 |
588.800 |
771.900 |
|
|
|
Purchase of Trading Goods |
3892.100 |
1914.900 |
1413.700 |
|
|
|
TOTAL |
17986.600 |
12971.400 |
15138.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1551.200 |
1175.000 |
920.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
109.500 |
87.400 |
110.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1441.700 |
1087.600 |
810.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
292.300 |
279.100 |
363.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1149.400 |
808.500 |
446.900 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS |
0.000 |
0.200 |
1.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF DEPRECATION FOR EARLIER YEARS WRITTEN BACK |
41.900 |
91.500 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
253.800 |
300.900 |
212.200 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
OF TAX FOR EARLIER YEARS |
2.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX EARLIER YEARS WRITTEN BACK |
6.200 |
0.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
941.000 |
600.200 |
235.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2397.000 |
1907.000 |
1754.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
45.500 |
18.000 |
|
|
|
Interim Dividend |
83.000 |
55.300 |
55.300 |
|
|
|
Dividend Distribution Tax on Dividend |
13.800 |
9.400 |
9.400 |
|
|
BALANCE CARRIED
TO THE B/S |
3141.200 |
2397.000 |
1907.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5472.400 |
4129.200 |
6186.000 |
|
|
TOTAL EARNINGS |
5472.400 |
4129.200 |
6186.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Components |
12.600 |
19.700 |
46.100 |
|
|
|
Capital Goods |
55.400 |
15.000 |
0.000 |
|
|
|
Raw material and Trading Goods |
312.900 |
2738.200 |
1810.200 |
|
|
TOTAL IMPORTS |
380.900 |
2772.900 |
1856.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.80 |
4.34 |
1.70 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
3696.820 |
4765.110 |
|
Total Expenditure |
3389.680 |
4717.270 |
|
PBIDT (Excl OI) |
307.140 |
47.840 |
|
Other Income |
9.830 |
10.010 |
|
Operating Profit |
316.970 |
57.850 |
|
Interest |
40.710 |
36.730 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
276.260 |
21.130 |
|
Depreciation |
75.540 |
76.280 |
|
Profit Before Tax |
200.720 |
(55.150) |
|
Tax |
48.490 |
(36.960) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
152.230 |
(18.180) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.82
|
4.24
|
1.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.90
|
5.74
|
2.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.40
|
11.32
|
7.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.19
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
0.71
|
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
3.50
|
1.79 |
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF SUNDRY
CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
For Capital Goods |
63.100 |
37.800 |
7.600 |
|
For Goods and Expenses |
|
|
|
|
a) Micro, small and medium enterprises |
2.500 |
3.500 |
|
|
b) Others |
1497.400 |
787.600 |
955.500 |
|
Total |
1563.000 |
828.900 |
963.100 |
HISTORY:
Subject incorporated in August 1991 and was promoted by Vijaykumar Gupta
is engaged in the manufacture of refined castor oil, hydrated castor oil and
hydrogenated castor oil. These products have extensive usage in industries
manufacturing detergents, lubricants and chemicals. The promoters also have
interests in Ambuja Agro, Gujarat Ambuja Soya Products, Ambuja Flour Mills,
etc.
It came out with a public issue aggregating Rs.37.800 millions in April 1992.
The issue was to part-finance a project for crushing castor seed, setting up a
refinery and to meet working capital requirements.
The company has formed a strong technical department to continuously
monitor energy consumption and plan and execute energy conservation schemes.
Effective steps are being taken for overall technological upgradation of the
plant and machinery.
The company's soya flakes plant commenced commercial production in Dec'95 and
the vanaspati ghee project in the year 1996-97. During 1998-99, Gujarat Ambuja
Cotspin and Gujarat Ambuja Proteins were amalgamated with the company. The
company converted its two Solvent Extraction Plants at Kadi into 100% EOU. It
also received ISO 9000 certification for the above two plants.
The company has expanded the installed capacity of Solvent Extraction unit
during the year 2000 by 30000 tonnes and with this expansion the total capacity
has been increased to 450000 tonnes.
The company continued its journey to growth. The Soya DOC exports won the
company the coveted recognition of being Second Largest manufacturer Exporter
in
The amalgamation of the company with Jupiter Biotech Limited was approved by
the Hon'ble High Court of Gujarat. The exchange ratio is fixed as 1:1.
With effect from 30.01.2004, Jupiter Biotech Limited was merged with the
company.
BUSINESS
OPERATIONS
OPERATIONAL
PERFORMANCE
The Company
recorded a turnover of Rs. 19490.000 millions as compared to Rs. 14080.000
millions during the previous financial year registering growth of more than 38
% compared to previous financial year. Export sales (F.O.B. Value) for the year
2010-11 was Rs. 5472.400 millions as
compared to Rs. 4129.200 millions for the
year 2009-10. In respect of operating and cash profits, the Company has preformed
on better scales as compared to previous financial year. The Company achieved
Earning before Interest, Depreciation and Tax (EBIDTA) of Rs. 1551.200 millions for the year 2010-11
against that of Rs. 1175.000 millions
for the year 2009-10 i.e. an increase of 32%.
The Cash Profit,
Profit after tax and EPS for the year remained Rs. 1441.700 millions, Rs.
941.000 millions and Rs. 6.80 per share respectively.
CAPITAL PROJECTS FOR THE YEAR 2010-11
The Board of Directors
is glad to inform that the Company successfully completed projects of
generating power from Bio Gas for its Corn processing units at Himatnagar and
Sitarganj. The Company has installed Bio Gas Engine at both the units for power
generation. This initiative also takes care of carbon reduction and
environmental friendly approach of the Company. The project is forward
integration of the Bio Gas generation from the Corn processing effluent. With
the success of these projects, the Company has put additional infrastructure
for the bio gas generation at both the units. The generation of additional bio
gas has already begun in F.Y. 2010-11 and the Company is also putting engine at
each unit for forward integration of bio gas into power in the current F.Y. Such
projects are capital incentive and their sustainability is based on CDM/ VCS
revenue from such project. Other than above, the Company has made further
investment at existing units of all segments for new plant and machinery,
upgrading the technology and revamping the existing production facilities to
increase the productivity and yield. During the year under report, new fixed
assets totaling Rs. 296.200 millions were bought. Above all, the Company is now
expanding its geographical presence in
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL BUSINESS
ENVIRONMENT
The overall Global
Economic outlook remained “positive for the
INDIAN ECONOMY AND INDUSTRY AND SCENARIO
Indian economy
continued its growth story and performed well on all the fronts. The growth
estimates and measures to achieve it by the government are also with the
positive frame of the mind and are with the business friendly attitude. The
revival process of
INDUSTRY STRUCTURE
AND DEVELOPMENTS AND COMPANY’S PERFORMANCE
The Company is
engaged in manufacturing and exports of various agro based “products”. The
Company has also investment and contribution in environment friendly power
generation through windmills and non conventional source of energy. The core
activity of the company has gradually been shifted from oil seed extraction to
corn processing activities over a period of last few years.
The company has
acquired sufficient expertise in this segment and looking to the growth
potential of this segment, the company is putting one more corn processing
plant. This would eventually replace this segment as the core segment instead
of agro processing segment.
The shift has
positive impact on the top as well as bottom line in the FY 2010-11. In fact
the two corn processing units of the company are the top performers in FY
2010-11. The cotton yarn unit has also contributed significantly in spite of
various restrictions by the government on ring spinning industries. The agro
processing segment also consistently improved its performance during the year.
SEGMENT WISE
PERFORMANCE
The company’s
presence is in the segments of Agro Processing, Cotton Yarn, Maize processing
and Windmills.
AGRO PROCESSING
SEGMENT
The performance of
agro processing division showed recovery during the year. The oil import
trading activity also helped the segment to push forward its growth. The
negative impact of FY 09-10 largely vanished in FY 10-11 and the segment was
able to improve its profit margins and capacity utilization on account of good
monsoon resulting in better crop and yield. Solvent Extraction and in
particular Soyameal exports witnessed growth in the FY 10-11. The steady demand
from international market, good parity of oil seed crushing and steady INR
helped this activity to register the growth. The impact of high interest rates
has largely been off set by good forward premium of USD/INR. The down stream
activity of edible oil refining also has the impact of positive factors like
good domestic demand, continued duty exemption on import of crude edible oil
etc. The positive scenario of edible activity helped the Company to further
increase the trading activity. This activity has contributed significantly
during the FY 10-11. Revenue from this Segment increased from Rs. 8794.300
millions to Rs. 13256.900 millions registering growth of 50.74 % as compared to
previous financial year. Earning before interest and tax increased from Rs.
458.900 millions to Rs. 488.800 millions registering growth of 6.51 % as
compared to previous financial year.
COTTON YARN
SEGMENT
This was the first
full year of operation after exit from EOU status w.e.f. January 2010. From the
beginning of the year, high cotton prices had its impact on the prices of
cotton yarn. The international price of combed yarn has the monthly rise of
about 25% since the last quarter of FY 10-11. The ban on exports of cotton yarn
by
The measure
started with removal of post exports benefits of DEPB and Drawback for yarn in
April 2010, followed by compulsory registration of exports contract before
shipment with the office of textile commissioner, followed by final punch of
complete ban on the exports of yarn from November 2010 end. The government in
Mid March 2011 partially relaxed the export curb by allocating quota for FY
10-11 based on the past performance. In April 2011, the Government lift the
curb on exports of cotton yarn fully with a condition of pre registration with
DGFT of the yarn export contract to monitor the annual quantity of 845 Million
kg of cotton yarn exports.
In spite of the
above, the segment has registered reasonable growth in top and bottom lines in
the nine months operations. The growth in revenue terms is on account of
inflationary trend in the product price and good parity due to this on account
of holding of inventory of raw cotton procured before the setting of
inflationary pressure.
The current trend
is likely to return to be stabilising by end of first quarter. There would not
be restrictive measures in the current FY from the government side also as
MAIZE PROCESSING
SEGMENT
This segment has
two plants one is located at Himatnagar in the State of
This segment
continued to be the main contributory to the overall performance during the
year. Increased productivity, better price realization and increase in demand
of value added products of the Company made the maize processing segment to
register better top line and bottom line performance during F.Y. 2010-11 as
compared to F.Y. 2009-10.
The contribution
from export of this segment has also grown up marginally. The demand of Indian
corn products and other value added products is increasing both in domestic as
well as international market due to its competitive advantage over other corn
product supplier countries like US and China on account of lower cost of
production.
The performance of
this segment in current financial year 2011-12 is expected to be improving.
With its capacity to cater demands for value added maize derivatives such as
Dextrose Monohydrate, Malto Dextrin, Liquid Glucose and Sorbitol and increasing
presence in international market for this segment, the Company expects better
performance in F.Y. 2011-12 as compared to F.Y. 2010-11. Revenue from this
Segment increased from Rs. 3438.500 millions to Rs. 4063.000 millions
registering growth of 18.16 % as compared to previous financial year. Earning
before interest and tax increased from Rs. 445.200 millions to Rs. 806.500
millions registering growth of 81.15% as compared to previous financial year.
Considering the growth prospects of this segment, the Company has decided to
increase the capacity of this segment by setting up a new plant in the State of
WIND MILLS
DIVISION AND CONTRIBUTION TO RENEWABLE ENERGY
The Company has
presence in environment friendly renewable energy and has total investment in 8
wind turbines with total capacity of 8.45 MW. Over all performance of all wind
turbines during the F.Y. 2010-11 was satisfactory and the same has contributed
to reduction in power cost for both agro processing and maize processing
divisions.
The carbon credit
is vital part of the project and the company hopes to get recognition for the
carbon credits for its 1.5 MW wind turbine.
Further to the
Company’s objective to contribute to green environment, projects are undertaken
at plant level also to generate power through renewable resources. The Company
has taken initiative to install Bio-Digester, Bio-Gas Engine and Boiler using
rise husk as feed to contribute to environment friendly objective of the
Company. This will be an on going effort in future across all units.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE AND OVER ALL ANALYSIS
The performance
during the last financial year as a whole is satisfactory considering the
decent topline and improved bottomline under stable economic scenario. The
company has been able to achieve better EBIDTA margin as compared to that of
earlier year due to better price recovery and effective measures to control
variable cost. Though, the performance of the agro processing segment was
subdued, maize processing and cotton yarn segments have performed remarkably
well and has resulted into better earnings for the Company. The products of
various segments of the company are eligible for various export incentives.
OUTLOOK FOR THE
YEAR 2011-12
In the financial
year 2010-11, the performance of various segments of the company is satisfactory.
The company is also setting up new state of art plant for maize processing,
derivatives and other value added products in the state of Karnataka. The total
capital outlay for this project is estimated at around Rs. 1250.000 millions. The commercial production
from the said plant is expected to start before December, 2011. This new
project will help the maize processing division to gain more market share and
will help the company by improving overall financial performance.
The company has
de-bonded the cotton yarn unit during the year to be more competitive in
domestic as well as export markets. The Company has also gone for modernization
of plant by replacing spindles with new spindles and the same has started
working during second half of the year. The unit has shown considerably better
financial performance and outlook for this segment seems encouraging.
Contingent
liabilities not provided for in respect of
Rs.
In Millions
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
(a) |
Claims against the Company /disputed
liabilities not acknowledged as debts |
22.100 |
11.000 |
|
(b) |
Disputed Statutory Claims i) Excise, Customs and Service Tax ii) Income Tax iii) Sales Tax , VAT, Entry Tax and Mandi
Tax iv) Others |
60.400 288.300 22.600 12.500 |
47.400 36.000 17.600 12.300 |
|
|
TOTAL |
383.800 |
113.300 |
|
(c) |
Export obligation on duty free imports
(Differential amount of custom duty in respect of machinery and inputs imported
under EPCG and Advance License Scheme) |
0.800 |
NIL |
|
(d) |
Corporate guarantee in favour of Bank on
behalf of wholly owned subsidiary Gujarat Ambuja International Pte Limited
(Outstanding against this as at 31st March) |
111.500 (US $ 2.500
millions) Nil |
112.300 (US $ 2.500 Millions) Nil |
TRADE REFERENCE:
- Cadbury India
Limited
- Dabur India
Limited
- Heinz India
Private Limited
FIXED ASSETS:
·
Free
·
·
·
Building
·
Plant and Machinery
·
Wind Mill
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Trade Mark
·
Computer Software
WEBSITE DETAILS:
PROFILE:
Subject is principally involved in agro-processing and trading and has
focused on exports, competing in the global market.
With a humble beginning in 1983 and with just a textile processing unit,
the company has grown with the addition of numerous state-of-the-art- plants in
the agro-processing sector, After establishing its first edible oil refinery in
1986, the company set up its wheat flour mill and cattle feed mill in 1987.The
year 1993-1994 was a crucial period for the company, with major projects being
taken up like the most modern cotton yarn spinning project and the maize-based
starch project. Simultaneously the company also set up huge capacities in the
Solvent Extraction industry backed by vertically integrated projects of edible
oil refinery and vanaspati ghee.
The Company with its focus on international trade has setup a
wholly-owned subsidiary at
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.50.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.