MIRA
INFORM REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
GEMINI EDIBLES AND FATS INDIA PRIVATE LIMITED |
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Registered
Office : |
# 203, Diamond House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.04.2008 |
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Com. Reg. No.: |
01-58708 |
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Capital
Investment / Paid-up Capital : |
Rs.63.750
Millions |
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CIN No.: [Company Identification
No.] |
U15205AP2008PTC058708 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG09219A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Marketing of Edible Oils and Fats. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1900000 |
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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 a relatively new company having moderate track. The company
has incurred some loss in the year 2009-10. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
# 203, Diamond House, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
Freedom House, Opposite SBI Executive Enclave, 8-2-334/70 and 71, Road
No. 5, Banjara Hills, |
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Tel. No.: |
91-40-67357857 |
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Fax No.: |
91-40-23550522/67357878 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Pradeep Kumar Chowdhry |
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Designation : |
Director |
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Address : |
Flat No. S-5, Block-A, |
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Date of Birth/Age : |
20.08.1955 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
01154121 |
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Other Directorship:
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Name : |
Mr. Nitesh Shahra |
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Designation : |
Director |
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Address : |
29, Old Palasia, |
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Date of Birth/Age : |
10.11.1972 |
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Date of Appointment : |
09.01.2010 |
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DIN No.: |
00660362 |
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Other Directorship:
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Name : |
Mr. Sumant Razdan |
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Designation : |
Director |
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Address : |
Flat No. 702, Diu-2, Building 16, |
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Date of Birth/Age : |
11.12.1954 |
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Date of Appointment : |
29.05.2010 |
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DIN No.: |
03056549 |
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Name : |
Mr. Sanjeev Kumar Asthana |
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Designation : |
Director |
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Address : |
H. No. 363, Escape, |
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Date of Birth/Age : |
19.10.1964 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
00048958 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Pradeep Kumar Chowdhry |
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1312500 |
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Alka Chowdhry |
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1312500 |
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Ruchi Soya Industries Limited, |
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3750001 |
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Total |
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6375001 |
List of Allottee:
As on 15.03.2011
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Names of Shareholders |
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No. of Shares |
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Investment and Commercial Enterprise Pte Limited, |
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262500 |
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Charleston Holdings Pte Limited, |
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112493 |
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Secunderabad Oils Limited, |
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375000 |
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Total |
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749993 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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58.82 |
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Directors
or relatives of directors |
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41.18 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Edible Oils and Fats. |
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Products : |
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GENERAL INFORMATION
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No. of Employees
: |
Not Available |
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Bankers : |
·
ICICI Bank Limited, Land Mark Race, ·
Axis Bank Limited, Trishul 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellis Bridge, Ahmedabad-380006,
Gujarat, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of |
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Facilities : |
Note: The borrowing availed from the bank is secured / to be secured by (a)
way of first pari passu charge on the entire fixed assets of the company,
present and future, alongwith the other term lenders and collaterally secured
by way of second pari passu charge on the current assets, present and future
of the company, alongwith other term lenders and the personal guarantee of
one of the promoters director of the company. Amount repayable in respect of the credit facilities mentioned within
12 months in nil (previous year nil) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T.S. Ajai Chartered Accountant |
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Address : |
304, Minar Apartments, |
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Tel. No.: |
91-40-23212376/23231150 |
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E-Mail : |
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Holding Company: |
Ruchi Soya Industries Limited [L15140MH1986PLC038536] |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7124994 |
Equity Shares |
Rs.10/- each |
Rs.71.249
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6375001 |
Equity Shares |
Rs.10/- each |
Rs.63.750
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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63.750 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
406.348 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
470.098 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
|
200.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
200.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
670.098 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.647 |
0.000 |
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Capital work-in-progress |
|
658.779 |
0.444 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
2.668 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
7.498 |
0.000 |
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Sundry Debtors |
|
10.883 |
0.000 |
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Cash & Bank Balances |
|
13.322 |
1.017 |
|
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Other Current Assets |
|
0.005 |
0.000 |
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Loans & Advances |
|
279.037 |
22.983 |
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Total
Current Assets |
|
310.745 |
24.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
39.075 |
0.000 |
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Other Current Liabilities |
|
301.602 |
23.944 |
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Provisions |
|
1.064 |
0.000 |
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Total
Current Liabilities |
|
341.741 |
23.944 |
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Net Current Assets |
|
(30.996) |
0.056 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
670.098 |
0.500 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
|
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115.618 |
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Less |
EXPENSES |
|
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Purchase |
|
|
117.460 |
|
|
|
Material Consumed |
|
|
0.000 |
|
|
|
Expenses |
|
|
14.095 |
|
|
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Increase / Decrease in Stocks |
|
|
(7.497) |
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|
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TOTAL (B) |
|
|
124.058 |
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|
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|
|
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Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(8.440) |
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|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
0.036 |
|
|
|
|
|
|
|
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PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(8.476) |
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|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.343 |
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|
|
|
|
|
|
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
|
|
(8.819) |
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Less |
TAX (H) |
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(2.667) |
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|
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PROFIT / LOSS
AFTER TAX (G-H) (I) |
|
|
(6.152) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
|
(6.152) |
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|
Earnings Per
Share (Rs.) |
|
|
(0.97) |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(5.32) |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.52) |
NA |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.02) |
NA |
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|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.15 |
47.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.91 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10219391 |
|
Corporate
identity number of the company |
U15205AP2008PTC058708 |
|
Name of the
company |
GEMINI EDIBLES
AND FATS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
# 203, Diamond House, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property Others |
|
Particular of
charge holder |
ICICI Bank Limited, Land Mark Race, |
|
Email |
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|
Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation
dated 02-08-2011 and Memorandum of deposit of title deeds dated 02-08-2011. |
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Date of
instrument Creating the charge |
02.08.2011 |
|
Amount secured by
the charge |
Rs.1810.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LC 2 Commission : For inland and Foreign LCs :
Usance period not exceeding 90 days : All inclusive charges of 0.50
p.c. p.a. for the utilized amt LOU for Buyers
credit -2: maximum of 6 months L+200bps Terms of
Repayment Validity of the
facility: 12 months. Margin Cash margin for
LC - 5.00% Extent and
Operation of the charge Pari passu charge
by way of hypothecation of the Company’s entire stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other
movables including book-debts, bills whether documentary or clean,
outstanding monies, receivables, both present and future. Pari passu Second
charge on all fixed assets of the company |
|
Short particulars
of the property charged |
I)
Pari
Passu charge in favor of ICICI Bank by Hypothecation of Co s entire Current
Assets both present and future. II)
Pari
Passu Second charge on all fixed assets of the company. |
|
Date of latest
modification prior to the present modification |
24.01.2011 |
|
Particulars of
the present modification |
Charge filed for enhancement
of facilities from Rs.1310.000 millions to Rs.1810.000 millions. All other
things remain unchanged except mentioned above. |
FIXED ASSETS
·
·
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer
·
Software
WEBSITE DETAILS
PROFILE
Subject is into the
business of manufacturing and marketing of edible oils and fats. The company is
promoted and headed by Mr. Pradeep Chowdhry who has over three decades of experience
and has worked with ICI, Britannia and ITC Agro Tech in leadership positions.
Before promoting this company, he headed Acalmar Oils and Fats Limited (JV of
Wilmar International,
The company has
built a plant at Krishnapatnam (near
BUSINESS
The Indian edible
oils and fats industry can be bifurcated into packaged and loose segment. The
packaged business is growing at 25% p.a. when compared to the overall industry
growth of around 5%. Hence, Subject India is focussing on the manufacturing and
marketing of packaged oils and fats. The company also has interest in bulk
trading of oils.
The consumer packs business contributes to 40% of the total edible oils market
today and it is expected to touch 80% by 2015. To seize this opportunity the
company is pursuing an aggressive marketing strategy. Initially we will be
marketing our products in the four southern states and Orissa and Chhattisgarh.
They are focusing on the manufacturing and marketing of Palmolein oil (which is
the fastest growing category and contributes to 40% of all oil consumed in the
country) and Sunflower oil (being the preferred oil among the household
consumers). In addition to this, the company is also investing in the areas of
manufacturing and marketing of specialty fats such as bakery fats,
confectionery fats and margarine.
After successfully
test marketing our brands in parts of Andhra Pradesh they have launched the
brands Freedom Refined Sunflower Oil and First Klass Refined Palmolein Oil in
February, 2010 in entire Andhra Pradesh. They plan to come up with an array of
stock keeping units (SKUs) to meet the diverse set of needs of our consumers.
The SKUs that have been currently planned are: 500ml Pouch, 1ltr Pouch, 5ltr
Jars, 15kg Tins and 15ltr Tins.
They have launched our brands in Andhra Pradesh, Orissa, Tamilnadu and
Karnataka. They would be expanding our footprint to Kerala by 2011. The company
expects to clock a turnover of INR 13000.000 millions in the financial year
2010-2011. They strive to set new benchmarks in the industry with their product
quality and punctual service levels.
EDIBLE OIL INDUSTRY IN
The Indian edible
oils and fats industry has a market size of 14 million tons annually and is
valued at Rs. 750000.000 millions. It is growing annually at 5% p.a. Within the
industry, 40% of oils and fats are sold in packaged form and this segment is
growing at 25% p.a. With this pace, the industry will get 80% packaged by 2015.
For last eight years, the Central Government is encouraging crude oil imports
by fixing lower customs duty rates. This is solely with the purpose to promote
domestic edible oil industry as is done by most of the countries
internationally. Presently, the customs duty on crude edible oils is Nil and on
refined oils it is as low as 7.5%. Hence, imports will increase continuously to
meet the growing demand.
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.50.07 |
|
|
1 |
Rs.79.15 |
|
Euro |
1 |
Rs.69.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.