MIRA INFORM REPORT

 

 

Report Date :

23.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT COOPERATIVE MILK MARKETING FEDERATION LIMITED

 

 

Registered Office :

Amul Dairy Road, Post Box No. 10, Anand-388001, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Year of Establishment :

1973

 

 

Capital Investment / Paid-up Capital :

Rs. 400.000 Millions

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDG00866F

 

 

PAN No.:

[Permanent Account No.]

AAACG7189H

 

 

Legal Form :

A Cooperative Society registered under the Cooperative Society’s Act in the year 1973.

 

 

Line of Business :

Sole marketer of the original range of Amul Products including milk powder and butter.

 

 

No. of Employees :

Information not given by the management. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (81)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 3450000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Unknown

 

 

Comments :

Subject is a well established and a reputed society having excellent brand image. Trade relations are reported as fair. Financial position is sound. Business is active. Payments are regular and as per commitments.

 

Society can be considered good for normal business dealings at usual tread terms and conditions.

 

It can be regarded as a promising business partner in medium to long run.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Jatin

Designation :

Accounts Department

Contact No.:

91-2692-258506

Date :

20.04.2012

 

 

LOCATIONS

 

Registered Office :

Amul Dairy Road, Post Box No 10, Anand – 388001, Gujarat, India

Tel. No.:

91-2692-258506 / 258507/ 258508/ 258509 / 241621 and 23

Fax No.:

91-2692-240208 / 240185

E-Mail :

Corporate: gcmmf@amul.com
Exports: exports@amul.com
Careers: careers@amul.com

Website :

http://www.amul.com

 

 

Product Feedback:

 

 

 

Milk Powders:

milkpowders@amul.com

Amulya:

amulya@amul.com

Infant Milk Formula I & II:

babycare@amul.com

Butter:

butter@amul.com

Amullite:

amullite@amul.com

Ghee:

ghee@amul.com

Cheese Range:

cheese@amul.com

Indian Sweets:

mithaee@amul.com

Milk:

milk@amul.com

Chocolates:

chocolates@amul.com

Pizza:

pizza@amul.com

Mastidahi:

Mastidahi@amul.com

Shrikhand:

shrikhand@amul.com

Icecreams:

icecream@amul.com

Nutramul:

nutramul@amul.com

Paneer:

paneer@amul.com

 

 

DIRECTORS

 

Name :

Shri Ramsinhbhai P. Parmar

Designation :

Director

 

 

Name :

Shri Jethabhai P. Patel

Designation :

Director

 

 

Name :

Shri Ajitsinh R. Thakor

Designation :

Director

 

 

Name :

Shri Bhupendrasinh P. Solanki

Designation :

Director

 

 

Name :

Shri Govindbhai S. Ranpariya

Designation :

Director

 

 

Name :

Shri Sardarsinh K. Desa1

Designation :

Director

 

 

Name :

Shri Vipulbha M. Chaudhary

Designation :

Director

 

 

Name :

Shri Parthibhai G. Bhatol

Designation :

Director

 

 

Name :

Shri Manubhal A. Patel

Designation :

Director

 

 

Name :

Shri Mohanbhai R. Bharwad

Designation :

Director

 

 

Name :

Shri Moghabhai M. Desai

Designation :

Director

 

 

Name :

Shri Babuji U. Thakor

Designation :

Director

 

 

Name :

Shri Babuji U. Thakor

Designation :

Director

 

 

Name :

Shri Babuji U. Thakor

Designation :

Director

 

 

KEY EXECUTIVE

 

Name :

Mr. Kalpesh Rana

Designation :

Junior Executive – Accounts Department

 

 

Name :

Mr. Ajay Sheth

Designation :

Deputy Manager – Accounts and Finance

 

 

Name :

Mr. Jatin

Designation :

Accounts Department

 

 

BUSINESS DETAILS

 

Line of Business :

Sole marketer of the original range of Amul Products including milk powder and butter.

 

 

Products :

 
·                Milk
·                Milk Powder 
·                Health Beverages
·                Ghee
·                Butter
·                Cheese
·                Pizza Cheese
·                Ice Cream
·                Paneer Chocolate
  • Traditional Indian Sweets
  • Edible Oils.
  • Bread Spreads
  • Mithaee
  • Infant Milk
  • Sweetened condensed Milk
  • Curd products
  • Chocolate and Confectionery Brown Beverage

 

 

Brand Names :

v      Sagar

v      Dhara

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not given by the management

 

 

Bankers :

v      State Bank of India, Anand

v      State Bank of Saurashtra, Anand 

v             Bank of Baroda,

v      State Bank of India, Kaira District Central

v      Co-Operative Bank Limited

 

 

Facilities :

Secured Loan

 

From Banks – Overdrafts against Fixed Deposit – Rs. 78.891 Millions 

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

S. R. Batliboi and Company

Chartered Accountants

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

50000000

Equity Shares

Rs.10/- each

Rs.  500.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

 
40000000

Equity Shares

Rs.10/- each

Rs. 400.000 millions

 
 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

400.000

400.000

400.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

462.520

438.100

416.800

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

862.520

838.100

816.800

LOAN FUNDS

 

 

 

1] Secured Loans

78.891

73.800

168.000

2] Unsecured Loans

0.000

675.500

0.000

TOTAL BORROWING

78.891

749.300

168.000

DEFERRED TAX LIABILITIES

41.397

0.000

0.000

 

 

 

 

TOTAL

982.808

1587.400

984.800

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1286.197

1116.700

1015.300

Capital work-in-progress

0.000

0.000

21.200

 

 

 

 

INVESTMENT

7.291

3.300

3.300

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2270.092
1268.500

2001.800

 

Sundry Debtors
265.781
195.000

322.100

 

Cash & Bank Balances
803.758
672.100

729.800

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
113.681
658.100

173.700

Total Current Assets
3453.312
2793.700

3227.400

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
3639.083
2030.000

3203.300

 

Provisions
124.909
296.300

79.100

Total Current Liabilities
3763.992
2326.300

3282.400

Net Current Assets
(310.680)
467.400

(55.000)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

982.808

1587.400

984.800

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2005

31.03.2004

31.03.2003

 

SALES

 

 

 

 

 

Income

29209.972

27667.700

23807.100

 

 

Other Income

 

 

 

 

 

TOTAL                                    

29209.972

27667.700

23807.100

 

 

 

 

 

 

PROFIT BEFORE TAX

76.120

164.500

93.000

 

 

 

 

 

 

TAX                                                                 

0.000

51.100

25.000

 

 

 

 

 

 

PROFIT AFTER TAX

76.120

113.400

68.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003

PAT / Total Income

(%)
0.26

0.41

0.29

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.61

4.21

2.19

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.09

0.20

0.11

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.46

3.67

4.22

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.92

1.20

0.98

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1.       Year of Establishment

Yes

2.       Locality of the firm

Yes

3.       Constructions of the firm

Yes

4.       Premises details

No

5.       Type of Business

Yes

6.       Line of Business

Yes

7.       Promoter’s background

No

8.       No. of Employees

No

9.       Name of person contacted

Yes

10.   Designation of contact person

Yes

11.   Turnover of firm for last three years

Yes

12.   Profitability for last three years

Yes

13.   Reasons for variation <> 20%

-------

14.   Estimation for coming financial year

No

15.   Capital in the business

Yes

16.   Details of sister concerns

No

17.   Major suppliers

No

18.   Major customers

No

19.   Payments terms

No

20.   Export / Import details

No

21.   Market information

------

22.   Litigations that the firm / promoter involved

Yes

23.   Banking Details

Yes

24.   Banking facility details

No

25.   Conduct of the banking account

------

26.   Buyer visit details

------

27.   Financials, if provided

Yes

28.   Incorporation details, if applicable

Yes

29.   Last accounts filed at ROC

No

30.   Major Shareholders, if available

No

 

Note:

 

Sundry Creditors Details is not Available

 

SALES

 

During the year, the Federation's sales registered a growth of 1.4 per cent to reach Rs. 29225.300 Millions (Rs. 29.22 billion) including consignment sales of Rs. 15.300 Millions (Rs. 0.02 billion). This lower than expected overall growth was owing firstly to low procurement of milk during the first half of the year, and secondly to unfavourable commodity market prices when procurement normalized. Commodities—to achieve power in the market. Thus, the dairy line in consumer packs grew by 11.8 per cent during the year. Sales of Amul Milk in pouches increased by 36 per cent in value terms. A notable development in the area of liquid milk in pouches has been the successful launch of Amul Milk in the Kolkata market during December 2004- UHT Milk has grown in value terms by 23 per cent. Amul Ice cream achieved a sales value growth of 10 per cent, and has strengthened its position as the undisputed market leader. Despite intense competition, sales value of Amul Butter grew by 4-5 per cent. The sales of the Amul Cheese range increased by 21 percent. Products like Flavoured Milk, Amul Fresh Cream, Paneer, Mithaimate, Softy Mix and fresh curd demonstrated their potential to become dominant brands in the coming few years. They have launched a promising new product called Amul Masti Spiced Buttermilk during the year.

 

POUCH MILK

 

Amul pouch milk has become the largest contributor to their turnover with annual sales of about Rs. 6260.000 Millions (Rs. 6.26 billion) during 2004-2005 as against Rs. 4620.000 Millions (Rs. 4.62 billion) during the previous year implying a growth of about 36 per cent. During last year they had surveyed major markets for exploring possibility of opening new markets. Taking into consideration their strong brand equity, experience of milk marketing and their association with milk in the consumer's mind, they are planning to open several new markets and will focus on distribution expansion in the existing metro markets.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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. 51.99

UK Pound

1

Rs. 83.53

Euro

1

Rs. 68.39

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

YES

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

81

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.