MIRA
INFORM REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Name : |
LIBERTY OIL MILLS LIMITED |
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Registered
Office : |
Village Banme Taluka Shahanpur, Thane – 421602, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.04.1978 |
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Com. Reg. No.: |
11-020274 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U15140MH1978PLC020274 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer of Nutritional Dietary Supplements and Edible Oil Allied Products. |
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No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3700000 |
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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 records.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Agarwal |
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Designation : |
Finance Manager |
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Date : |
06.09.2011 |
LOCATIONS
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Registered Office/Factory : |
Village Banme Taluka Shahanpur, Thane – 421602, |
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Tel. No.: |
95-2527-274000 |
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Fax No.: |
95-2527-274050 |
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E-Mail : |
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Head Office : |
D Wing, |
DIRECTORS
As on : 29.09.2010
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Name : |
Mr. Parvez H. Kader |
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Designation : |
Chairman and Managing Director |
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Address : |
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Date of Birth/Age : |
02.06.1959 |
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Date of Appointment : |
03.04.1978 |
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Name : |
Mr. Esmail A Kader |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.06.1927 |
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Date of Appointment : |
03.04.1978 |
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Name : |
Mr. Ibrahim A Kader |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.07.1936 |
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Date of Appointment : |
27.07.1987 |
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Name : |
Mr. Afzal E. Kader |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.10.1953 |
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Date of Appointment : |
30.01.2003 |
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Name : |
Mr. Najib H Kader |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.11.1967 |
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Date of Appointment : |
30.01.2003 |
KEY EXECUTIVES
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Name : |
Mr. Gyan Chordia |
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Designation : |
VP Finance |
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Name : |
Mr. S Swaminathan |
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Designation : |
VP Sales and Marketing |
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Name : |
Mr. anwar Habib |
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Designation : |
VP Works and Production |
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Name : |
Mr. N Chalapathi |
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Designation : |
VP Technical and Business Process Re- Engineering |
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Name : |
Mr. C. Divakaran |
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Designation : |
VP HR and Corporate Affairs |
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Name : |
Mr. J. B. Doshi |
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Designation : |
HOD Commodity |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 13.10.2010
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Names of Shareholders |
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No. of Shares |
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Zaid Afzal Kader |
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992650 |
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Roshana Parvez Kader |
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925200 |
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Afzal Esmail Kader |
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887850 |
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Asma Afzal Kader |
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857050 |
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Parvez Hamza Kader |
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815650 |
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Najib Hamza Kader |
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805450 |
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Zebunissa Hamza Kader |
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795050 |
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Esmail Abdul Kader |
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755000 |
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Ibrahim Abdul Kader |
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582550 |
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Farahana Najib Kader |
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510000 |
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Zubeda Ibrahim Kader |
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320000 |
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Ali Parvez Kader |
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172300 |
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Hamida Abdul Kader |
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11350 |
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Zubeda Ibrahim |
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2500 |
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Bhupendra S Thakker |
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1300 |
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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0.22 |
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Directors or relatives of directors |
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12.31 |
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Other top fifty shareholders |
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8.33 |
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Others |
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1.14 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
edible oil categories, special products for specialized applications, food
industry and consumer pack segments as well |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
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Facilities : |
Security for: i)
Working capital demand loans, cash credit and
packing credit facilities from banks are secured against first charge on companys
current assets (stocks, book debts) and collateral first charge on immovable
assets situated at shahapur ranking paripassu with consortium banks. ii)
Term loan
from banks are secured against movable properties related to wind power
project and equitable mortgage by deposit of title deeds of land at wind
power project site at satara.
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
B. M Mehta and Company Chartered Accountant |
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Address : |
11 A, Keval Mahal, 5th floor Near Vankhade Stadium, Netaji
subhash Chandra road, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
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(Out of these 2772000 Equity Shares of Rs.10/- each are allotted as fully
paid up by way of Bonus shares by capitulation of General Reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
819.939 |
800.756 |
774.374 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
919.939 |
900.756 |
874.374 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
75.363 |
240.658 |
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2] Unsecured Loans |
1171.740 |
697.150 |
523.997 |
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TOTAL BORROWING |
1171.740 |
772.513 |
764.655 |
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DEFERRED TAX LIABILITIES |
72.815 |
95.265 |
118.768 |
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TOTAL |
2164.494 |
1768.534 |
1757.797 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
622.575 |
711.298 |
733.750 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
28.937 |
28.927 |
29.219 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3068.915
|
2455.629
|
2824.597 |
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Sundry Debtors |
299.617
|
357.314
|
911.851 |
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Cash & Bank Balances |
10511.505
|
8289.778
|
7303.888 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
307.822
|
251.058
|
273.942 |
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Total
Current Assets |
14187.859
|
11323.779
|
11314.278 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12618.381
|
10276.610
|
10280.946 |
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Other Current Liabilities |
55.292
|
42.286
|
31.940 |
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Provisions |
1.204
|
6.574
|
6.564 |
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Total
Current Liabilities |
12674.877
|
10325.470
|
10319.450 |
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Net Current Assets |
1512.982
|
998.309
|
994.828 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2164.494 |
1738.534 |
1757.797 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income and Other Income |
16389.530 |
21969.036 |
16876.677 |
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TOTAL (A) |
16389.530 |
21969.036 |
16876.677 |
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Less |
EXPENSES |
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Cost of Materials/Traded Goods |
15133.688 |
19979.817 |
16695.841 |
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Manufacturing and other Expenses |
1447.409 |
1617.916 |
1183.200 |
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Increase/Decrease in Stock |
(436.801) |
84.776 |
(1361.391) |
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TOTAL (B) |
16144.296 |
21682.509 |
16517.650 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
245.234 |
286.527 |
359.027 |
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Less |
FINANCIAL
EXPENSES (D) |
98.794 |
135.131 |
81.638 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
146.440 |
151.396 |
277.389 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
113.711 |
111.834 |
112.660 |
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PROFIT BEFORE
TAX (E-F) (G) |
32.729 |
39.562 |
164.729 |
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Less |
TAX (I) |
9.550 |
9.184 |
55.424 |
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PROFIT AFTER TAX
(G-I) (J) |
23.179 |
30.378 |
109.305 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
111.187 |
130.808 |
71.502 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
10.000 |
50.000 |
50.000 |
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BALANCE CARRIED
TO THE B/S |
124.366 |
111.186 |
130.807 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
NA |
55.822 |
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TOTAL EARNINGS |
NA |
NA |
55.822 |
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IMPORTS |
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Raw Materials |
NA |
NA |
18138.577 |
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TOTAL IMPORTS |
NA |
NA |
18138.577 |
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Earnings Per
Share (Rs.) |
2.31 |
3.04 |
10.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.14 |
0.14
|
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.19 |
0.18
|
0.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.22 |
0.33
|
1.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.04
|
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
15.05 |
12.32
|
12.68 |
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Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.10
|
1.10 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors For Goods and Expenses |
12618.381 |
10276.610
|
10280.946 |
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PERFORMANCE :
During the year, the company reported a sales
turnover and other income for Rs. 16389.500 millions as against Rs. 21969.000 millions
of corresponding last financial year. Profit before tax is Rs. 3272.900
millions as against previous year’s figure of Rs3955.900 millions while Profit
after tax is Rs. 2317.900 millions, as against previous year’s figure of Rs.
3037.800 millions.
PROSPECTS :
During the year the local prices remained
subdued due to central Government intervention to ensure availability of oil
mainly Refined Palmolein through state public distribution systems at
subsidized rates. This put pressure on Company’s margins. However the Company
put in extra efforts in marketing its Branded products specially Refined
Sunflower oil, as a result of which Company gained additional volumes. The
product is now well accepted by the consumers. The company’s additional packing
facilities are fully operational and continuing to give additional volumes in
consumer packs.
The thrust on consumer packs will continuous
in future also. There was a fire incident at our Shahapur plant in April 2010.
There was no loss of human life and the property was properly insured.
Insurances claim is lodged with Insurance Company. The Company appreciates the
efforts of the staff and cooperation by government authorities in putting off
the fire.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
(Rs. In millions)
|
|
As at 31.03.2010 |
As at 31.03.2009 |
|
Guarantee issued by banks |
50.636 |
87.243 |
|
Letter of Credit |
518.417 |
234.755 |
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FORM : 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90151288 |
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Corporate
identity number of the company |
U15140MH1978PLC020274 |
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Name of the
company |
LIBERTY OIL MILLS LIMITED |
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Address of the
registered office or of the principal place of business in |
Villgae Banmetaluka Shahanpur, Thane – 421602, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Indentuire of
Mortgage and Hypothecation |
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Date of
instrument Creating the charge |
20.03.2009 |
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Amount secured by
the charge |
Rs. 7262.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– the rate of interest charged is as per applicable terms and conditions
which are described in more detail in the indentuire of mortgage and
hypothecation dated 20.03.2009 and as notified by the bank from time to time Terms of
Repayment – as per applicable terms and condtions which are described in more
detail in the indentuire of mortgage and hypothecation dated 20.03.2009 and
as notified by the bank from time to time Margin – as per
applicable terms and condtions which are described in more detail in the
indentuire of mortgage and hypothecation dated 20.03.2009 and as notified by
the bank from time to time Extent and
Operation of the charge - as per applicable terms and condtions which are
described in more detail in the indentuire of mortgage and hypothecation dated
20.03.2009 and as notified by the bank from time to time Others - as per
applicable terms and condtions which are described in more detail in the
indentuire of mortgage and hypothecation dated 20.03.2009 and as notified by
the bank from time to time |
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|
Short particulars
of the property charged |
1) immoveable
properties 2) plant and machinery etc and other moveable assets 3) current
assets of the mortgager in respect of the project of oil mills at village
bamne, Taluka shahapur, dist. Thane, maharashtra which is more particulary
described in first, second and third schedule respectively of indenture of
mortgage and hypothecation dated 20.03.2009 4P irrevocable joint and several
personal guarantees of directors. |
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Date of latest
modification prior to the present modification |
28.03.2008 |
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|
Particulars of
the present modification |
Total financial
limit (FB and NFB) enhanced from Rs. 4722.000 millions to 7262.500 millions and
the security as first charge by company’s current assets(stock, book debts
etc) on pari passu and further security by equitable mortgage of land and
buildings both are extended to enhanced limit as stated in indenture of
mortgage and hypothecation dated 20.03.2009. Axis bank is also entered into
consortium through this indenture |
FIXED ASSETS:
- Land
- Building
- Plant and machinery
- Furniture and Office Equipments
- Vehicles
- Speed Boats
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] 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. 46.02 |
|
|
1 |
Rs. 73.60 |
|
Euro |
1 |
Rs. 64.77 |
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.