MIRA
INFORM REPORT
|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.12.1992 |
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Com. Reg. No.: |
04-018745 |
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Capital
Investment / Paid-up Capital : |
Rs. 263.790 Millions |
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CIN No.: [Company Identification
No.] |
L15142GJ1992PLC018745 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is primarily engaged in the business of Solvent
Extraction, refining of Edible oils and Vanaspati manufacturing. |
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No. of Employees
: |
478 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 17000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed 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 regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
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
|
Registered Office : |
State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, |
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Tel. No.: |
91-2767-222075 |
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Fax No.: |
91-2767-223475 |
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E-Mail : |
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Website : |
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Corporate Office : |
"Gokul House" 43, Shreemali Co-Operative Housing Society
Limited, Opposite Shikhar Building, Navrangpura, Ahmedabad-380 009, Gujarat,
India. |
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Tel. No.: |
91-79-66304555 / 66615253 / 54 / 55 |
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Fax No.: |
91-79-66304543 |
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E-Mail : |
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Sidhpur Unit : |
State Highway No. 41, Near Sujanpur Patia, Sidhpur -384 151, Gujarat, India
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Tel. No.: |
91-2767-222075 |
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Fax No.: |
91-2767-223475 |
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E-Mail : |
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Gandhidham Unit : |
89, Meghpar-Borichi, Galpadar Road, Near Sharma Resort, Taluka Anjar,
District Kutch-370 110, Gujarat, India. |
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Tel. No.: |
91-2836-247075 to 79 |
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Fax No.: |
91-2836-247080 |
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N.H No. 8, Near Kamrej
Sugar Factory, At Navi Pardi, Taluka Kamrej, District Surat, Gujarat, India. |
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Tel. No.: |
91-2621-234845 |
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Haldia Unit |
J.L.No-149 Plot, Near Essar Petrol Pump, Way to HFCL, Near Renuka Sugar
Factory, Haldia Development Authority Area, P.O. Debhog, Haldia.-721657,
District Purba Medinipur, West Bengal, India. |
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Tel. No.: |
91-3224-252839 |
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Fax No.: |
91-3224-252939 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Balvantsinh C Rajput |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Independent Director |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Independent Director |
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Name : |
Dr. Dipuba H Devada |
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Designation : |
Independent Director |
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Name : |
Mr. Jayant Parimal |
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Designation : |
Independent Director |
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Name : |
Mr. Dineshkumar Sharma |
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Designation : |
Whole time Director- Legal |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Managing Director |
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Name : |
Mr. Gyan Chordia |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Kalpesh Desai |
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Designation : |
Company Secretary and Compliance Officer |
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AUDIT COMMITTEE |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Chairman |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Member |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Member |
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Name : |
Mr. Jayant Parimal |
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Designation : |
Member |
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REMUNERATION
COMMITTEE |
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Name : |
Dr Dipuba H Devada |
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Designation : |
Chairperson |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Member |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Member |
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SHAREHOLDERS /INVESTORS GRIEVANCES COMMITTEE |
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Name : |
Dr. Dipuba H Devada |
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Designation : |
Chairperson |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Member |
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Name : |
Mr. Dineshkumar Sharma |
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Designation : |
Member |
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MANAGEMENT TEAM |
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Name : |
Mr. Hitesh Thakkar |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Prakash Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Shrikant Shah |
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Designation : |
Sr. VP Commercial |
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Name : |
Mr. Rajendra Khiani |
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Designation : |
Sr. VP Banking and Finance |
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Name : |
Mr. Praveen Khandelwal |
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Designation : |
VP Corporate Strategy |
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Name : |
Mr. Jayant Joshi |
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Designation : |
VP Sales & Marketing |
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Name : |
Mr. Joseph Chettiar |
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Designation : |
VP Exports |
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Name : |
Mr. Praveen Nehete |
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Designation : |
VP Technical |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
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(1) Indian |
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|
74947500 |
56.82 |
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Bodies Corporate |
17062500 |
12.94 |
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Sub Total |
92010000 |
69.76 |
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(2) Foreign |
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Total
shareholding of Promoter and Promoter Group (A) |
92010000 |
69.76 |
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(1) Institutions |
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Financial Institutions / Banks |
1624200 |
1.23 |
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|
12722477 |
9.65 |
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Sub Total |
14346677 |
10.88 |
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(2)
Non-Institutions |
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Bodies Corporate |
18169167 |
13.78 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
1712262 |
1.30 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
3829323 |
2.90 |
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Any Others
(Specify) |
1827571 |
1.39 |
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|
18580 |
0.01 |
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Clearing Member & Market Maker |
487339 |
0.37 |
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Non Resident Indians |
1321652 |
1.00 |
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Sub Total |
25538323 |
19.36 |
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Total Public
shareholding (B) |
39885000 |
30.24 |
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Total (A)+(B) |
131,895,000 |
100 |
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|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
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|
- |
- |
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Sub Total |
- |
- |
|
Total
(A)+(B)+(C) |
131,895,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the business of
Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Seed Processing* |
Metric Tons
(Signal Shift) |
984000 |
482205 |
|
Oil Refining* |
Metric Tons (Signal Shift) |
990000 |
516144 |
|
Cake Extraction* |
Metric Tons (Signal Shift) |
300000 |
220526 |
|
Vanaspati Plant |
Metric Tons (Signal Shift) |
120000 |
34916 |
Notes:
* production
includes seed processing MT 5,637, oil refining MT 2,347 and Cake Extraction 3,918
MT (Previous year seed processing 63,733 MT, oil refining 30,176 MT and cake
extraction 36,676 MT) done by other.
** Seed processing
capacity includes 300000 not available during the whole year, 60000 MT
production commenced on 17/05/2010, 120000 MT production commenced 01/09/2010,
120000 MT production commenced on 31/01/2011
*** Cake
extraction capacity includes 120000 not available during the whole year,
production commenced on 01-09-2011.
**** Refinery
capacity includes 60000 not available during the whole year, production
commenced on 01-09-2011.
|
Production |
Unit |
Actual
Production |
|
Refined Edible /
Non Edible Oil* |
(IN MT) |
505895 |
|
De-oiled Cake* |
(IN MT) |
202356 |
|
Unrefined Oil* |
(IN MT) |
141664 |
|
Vanaspati oil |
(IN MT) |
34810 |
|
Oil Cake* |
(IN MT) |
338818 |
* Production of refined edible/non edible oil includes done by others
12,390 MT (Previous year 29,992 MT)
GENERAL INFORMATION
|
No. of Employees : |
478 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M R Pandhi and Associates Chartered Accountant |
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Address : |
101, Panchdeep Complex, Near Mithakhali Six Road, Navrangpura,
Ahmedabad-380009, Gujarat, India |
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Wholly Owned Subsidiary : |
·
Maurigo International Limited ·
Maurigo Pte Limited ·
Professional Commodity Services Private Limited |
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Charitable Trust
where Key Management Personnel (KMP) are Trustees : |
·
Gokul Foundation ·
Shree Bahuchar Jan Seva Trust |
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Associates : |
Gujarat Gokul Power Limited |
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A Firm in which
some of the Directors and Company are partners : |
Gokul Overseas |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 2/- each |
Rs. 350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131895000 |
Equity Shares |
Rs. 2/- each |
Rs. 263.790
Millions |
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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 |
263.790 |
263.790 |
263.790 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4114.655 |
3543.953 |
3160.594 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4378.445 |
3807.743 |
3424.384 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2849.646 |
3187.181 |
1871.698 |
|
|
2] Unsecured Loans |
1001.151 |
0.000 |
225.000 |
|
|
TOTAL BORROWING |
3850.797 |
3187.181 |
2096.698 |
|
|
DEFERRED TAX LIABILITIES |
321.500 |
294.302 |
167.015 |
|
|
|
|
|
|
|
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TOTAL |
8550.742 |
7289.226 |
5688.097 |
|
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APPLICATION OF FUNDS |
|
|
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|
|
|
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|
FIXED ASSETS [Net Block] |
3350.936 |
3244.671 |
1766.082 |
|
|
Capital work-in-progress |
122.841 |
104.013 |
965.490 |
|
|
|
|
|
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|
INVESTMENT |
503.765 |
164.011 |
210.447 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4754.457
|
5661.695
|
3124.270 |
|
|
Sundry Debtors |
3698.362
|
1863.157
|
851.736 |
|
|
Cash & Bank Balances |
129.942
|
69.286
|
791.830 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1951.379
|
1501.139
|
1178.103 |
|
Total
Current Assets |
10534.140
|
9095.277 |
5945.939 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2874.116
|
1417.812
|
1072.763 |
|
|
Other Current Liabilities |
2994.233
|
3852.423
|
2080.710 |
|
|
Provisions |
92.591
|
48.511
|
46.388 |
|
Total
Current Liabilities |
5960.940
|
5318.746 |
3199.861 |
|
|
Net Current Assets |
4573.200
|
3776.531
|
2746.078 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8550.742 |
7289.226 |
5688.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45340.475 |
28162.840 |
27316.265 |
|
|
|
Other Income |
47.351 |
40.880 |
58.226 |
|
|
|
TOTAL (A) |
45387.826 |
28203.720 |
27374.491 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
40445.000 |
25138.149 |
24744.466 |
|
|
|
Payment
to and Provisions for Employees |
186.410 |
116.638 |
82.906 |
|
|
|
Manufacturing
and other Expenses |
3095.157 |
1746.579 |
1583.975 |
|
|
|
TOTAL (B) |
43726.567 |
27001.366 |
26411.347 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1661.259 |
1202.354 |
963.144 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
459.491 |
325.395 |
407.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1201.768 |
876.959 |
555.160 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
301.865 |
250.864 |
177.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
899.903 |
626.095 |
377.570 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
285.459 |
200.577 |
120.766 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
614.444 |
425.518 |
256.804 |
|
|
|
|
|
|
|
|
|
|
SHORT (EXCESS)
PROVISION OF TAXATION OF EARLIER YEARS |
(5.364) |
(3.982) |
21.950 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1861.051 |
1527.692 |
1388.011 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Interim Dividend |
15.381 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
29.017 |
39.569 |
39.569 |
|
|
|
Tax on Dividend |
4.707 |
6.572 |
5.604 |
|
|
BALANCE CARRIED
TO THE B/S |
2381.754 |
1861.051 |
1527.692 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9063.130 |
4152.819 |
5037.383 |
|
|
|
Interest for Subsidiaries |
4.717 |
5.721 |
0.000 |
|
|
TOTAL EARNINGS |
9067.847 |
4158.540 |
5037.383 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17893.428 |
15816.491 |
9580.755 |
|
|
|
Capital Goods |
2.174 |
0.000 |
9.195 |
|
|
|
Others |
5.823 |
104.704 |
0.000 |
|
|
TOTAL IMPORTS |
17901.425 |
15921.195 |
9589.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.66 |
3.23 |
2.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
13794.260 |
17513.800 |
17210.980 |
|
Total Expenditure |
13481.420 |
17960.280 |
17761.960 |
|
PBIDT (Excl OI) |
312.840 |
(446.480) |
(550.980) |
|
Other Income |
0.000 |
0.060 |
9.400 |
|
Operating Profit |
312.840 |
(446.420) |
(541.580) |
|
Interest |
219.050 |
201.140 |
90.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
93.790 |
(647.560) |
(632.130) |
|
Depreciation |
80.260 |
82.270 |
82.470 |
|
Profit Before Tax |
13.530 |
(729.830) |
(714.600) |
|
Tax |
2.410 |
(2.410) |
(321.500) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
11.120 |
(727.420) |
(393.100) |
|
Extraordinary Items |
(0.010) |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
11.110 |
(727.420) |
(393.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.35
|
1.51
|
0.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.98
|
2.22
|
1.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.48
|
5.07
|
4.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.16
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
2.23
|
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.71
|
1.86 |
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 |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
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 |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
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 |
Yes |
|
30. Major Shareholders, if available |
No |
OPERATIONAL PERFORMANCE
During this year,
turnover has increased to Rs. 45340.500 millions as compared to Rs. 28162.800
millions which has significantly increased by 61% as compared to previous year.
The net profit of the Company has increased to Rs. 614.400 millions as compared
to Rs. 425.500 millions which has significantly increased by 44% as compared to
previous year. Their export turnover has also been increased to Rs. 9227.100
millions as compared to Rs. 4211.600 millions with record growth of 119% as
compared to previous year.
In 2010-11,
Subject attained two landmarks viz. It’s highest ever record turnover and
highest net profit. This landmark performance is a result of better penetration
in new and existing markets with new capacities; higher consumer demand for
FMCG products due to growing affluence and higher disposable income in the
hands of consumers linked to better quality of life and best in class
manufacturing performance at all their plants. Record performance is also
attributed to volume growth and better margin in branded products. The growth
in export turnover is due to capture more market share of meal and castor oil
well supported by capacity additions during the year.
The year 2010-11
experienced the Indian economy battle with out of control, upward spiraling
food prices and uncontrollable inflation. Indian industries fought a long drawn
battle between falling profits and consumer benefit. In this dismal scenario,
where on one end World recession kept global sentiments low and on the other
end domestic inflation impacted household spending, edible oils brought much
needed relief to the Indian agri basket by maintaining level prices. In view of
unstable economic environment, capacity expansion, increased efficiency led
optimum capacity utilization and an increased share from branded sales helped
the Company successfully tide over difficult times.
STATUS OF NEW PROJECTS AND EXPANSION OF EXISTING
PROJECTS
During this year,
they strengthened their manufacturing facilities by enhancing their castor seed
processing capacity from 300 TPD to 1100 TPD, castor solvent extraction
capacity from 200 TPD to 600 TPD and castor refining capacity from 200 TPD to
400 TPD.
To meet India’s
oil deficit and growing demand, the Company is making all efforts to run its
facilities at optimum levels. Better efficiencies have come into the production
process with the commencement of their ultra modern chillex plant at Sidhpur
with a capacity of 500 TPD. The Chillex technology is the latest technology
available across the globe and they believe, among few of the best
state-of-the-art edible oil plants in Asia today.
Gearing to meet
the growing demand the Company has increased its production capacity from
19,14,000 MT in
FY10 to 23,94,000 MT in FY11.
Further, they have
successfully run their new Haldia plant on optimum capacity utilization. This
has led to enhanced access and logistics efficiency in markets of the North
East, West Bengal, Bihar, Jharkhand, Orissa and Uttar Pradesh. The refinery
with 1,100 TPD capacity has given boost to the top line and bottom line of
Company.
The Company is
further expanding its solvent extraction capacity at Sidhpur plant by 300 TPD
to meet out growing export demand of Rapeseed meal. Further, they are
increasing capacity of Castor BSS plant (Castor Refining) at Gandhidham by 200
TPD to capture more market share of castor oil.
Today, with four
manufacturing plants spread over strategic geographic locations, they are the
one of the top edible oil companies in India as well as top castor oil companies
in the world – giving us economies of scale, reduced input costs and ability to
serve large number of customers.
BRAND BUILDING –
GOKUL AND ZAIKA
It is imperative
to create top of mind recall amongst the consumers such that the product and
the brand become synonymous. Gokul Refoils’ two flagship brands Gokul and Zaika
performed exceptionally well in the current year. Today, Gokul is positioned as
the premium brand for the loyal housewife while Zaika is the affordable brand
and more popular in vanaspati. All major brands of Gokul Refoils reported
robust growth for the year. Today, nearly 50% of the Company’s edible oil sales
come from the branded segment and retail sales are also significantly
increasing in the proportion.
The Company has
developed a two pronged strategy to address both the urban and rural markets.
As an initiative to increase its branded sales proportion and visibility of
products in the market, the Company has placed its products in Big Bazaar,
Spencer, Star Bazaar and National Handloom and is in talks with other retail
outlets like Reliance Retail and D-Mart.
The Company is
reaching out to the discerning housewife and family shopper through these
retail chains where its products are well stocked and displayed in front
shelves. Regular promotions and discounts help in increasing new consumer
trials and repeat sales.
The semi urban and
rural markets are under-penetrated, scattered and operate through “mom and pop”
stores. Thus, distribution and reach are critical to ensure products reach the
consumers. Deepening their retail penetration they increased their C and
F/depots to 50 in FY11 from 41 in FY10. A small but a substantial step towards
dedicated retails sales was undertaken by widening their distribution network
to more than 1,000 distributors this year from around 400 in FY10. Giving a
major push to its retailing efforts, the Company doubled its retailers from
approx 1,00,000 in FY10 to approx 2,00,000 in FY11.
Regular
advertisements in print and electronic media at local and national level,
sponsoring local events to create brand visibility, outdoor hoardings and radio
advertisement are just some of the activities undertaken by the Company in a
dedicated effort towards brand building.
MANAGEMENT DISCUSSION AND ANALYSIS
Despite continued
inflation and rising food prices, the Company continued its growth momentum in
2010-11. The challenging environment faced by the Industry, the global business
trend and the volatile commodity prices during the year have impacted the
domestic industry, having a large number of small players. It is expected that,
given the changing business dynamics, the need for integrated operations,
economies of scale etc. The industry is poised for greater consolidation in the
years to come. It is believed that there is a great scope for organized players
to strengthen the presence in future.
The domestic
edible oil growth in retail segment is growing faster than the overall growth. Raw
material sourcing has become important in the context of short supplies and
spiraling prices. Integration of complete value chain will facilitate capturing
the growing business opportunities with better margins.
During this year,
turnover has increased to Rs. 45340.500 Millions as compared to Rs. 28162.800
Millions which has significantly increased by 61% as compared to previous year.
The net profit of the Company has increased to Rs. 614.400 Millions as compared
to Rs. 425.500 Millions which has significantly increased by 44% as compared to
previous year. Their export turnover has also been increased to Rs. 9227.100
Millions as compared to Rs. 4211.600 Millions with record growth of 119% as
compared to previous year. Aggressive capacity expansion plans, better capacity
utilization and an increased focus on improving contribution of branded sales
to total revenue have led to strong growth during this year. Additionally,
logistics advantage and the tax benefit at Haldia plant resulted in significant
cost saving and an increase in the Company’s margin.
GLOBAL SCENARIO
World’s
consumption of edible oil was to the tune of 82 million MT in 1990-91 and has
doubled in the two decades. Palm, Soya and Rapeseed oil/ Mustard oil are
expected to constitute 64% of the total global oil consumption. From the last
two decade, global Palm oil consumption is growing faster than the global
edible oil consumption. Global palm oil consumption has grown by 8.7%
Cumulative Annual Growth Rate (CAGR) from 1999 to 2008, where as global edible
oil consumption has grown by 4.4% only.
Palm oil is the
more popular oil because of its lowest production cost per ton as well as its
worldwide acceptability. The proportion of Palm oil out of total world’s oil
consumption has increased from 13.8% in 1990-91 to 29% in 2009-10. More than
85% of global palm oil is produced by Malaysia and Indonesia.
India is the 4th
largest edible oil economy after U.S, China and Brazil. As they can see that
Asian Industries are emerged as the most promising industry at the world and
the Global cues suggest that the next round of growth will come from Asian
economies like China and India which have a growing population to feed, younger
demographics, better lifestyle choices and increased purchasing power due to
local development.
The future for
food companies will be fortified by giving the discerning consumer a
sustainable, healthy and value added choice to create a better life. Edible oil
companies will create customer loyalty through sustained brand building efforts
by catering to the local tastes of the consumers. Increased R and D spend for
value added, healthier innovation and reduced input costs by owning the backend
supply chain will be critical to create value for customers and shareholders
alike.
THE PROMISING INDIAN MARKET- INCREASING DEMAND OF
PALM OIL
The Indian market
presents a significant growth opportunity for edible oil players owing to a
growing population, income growth, low current per capita consumption, low
penetration and the fact that edible oils are a necessary part of the daily
diet for a majority of Indian consumers. India accounts for a major part of
global edible oil demand, which has grown over the years but the Indian oilseed
crop has historically been insufficient to match oil demand.
The Indian edible
oil market is currently at Rs. 750 billion and is currently growing at a rate
of 5% to 6% per annum but still India’s total requirement of edible oils for
projected population of 1.25 billion is at the projected per capita consumption
of about 15 kg per annum, which is very low as compared to the world average of
21 kg/ annum.
Nevertheless,
factors such as strong GDP growth contributed by the manufacturing and service
sectors and favorable demographics are expected to increase the demand for
edible oils and other food products. As per Solvent Extractors’ Association of
India, demand for edible oil is expected to increase to 22.5 million tonnes by
2015 and import is expected to rise to 10 million tonnes (44% of consumption).
The edible oil
sector in India is largely unorganized with a few organized players. There is a
lot of potential and opportunity for organized players in Indian market because
of growing population to feed, younger demographics, better lifestyle choices
and increased purchasing power due to local development. Integrated players
typically operate at higher capacity utilizations and enjoy better price
realizations and margins in addition to being more equipped to deal with
fluctuation in prices and availability of raw materials.
Palm oil has the
highest consumption in India followed by soybean oil and mustard oil. Palm oil
is the cheapest and hence most affordable. The very fact that a large number of
Indians have included palm oil in their regular dietary pattern and eating
habits shows that oil is being accepted as a regular nutrient to healthy
living. Lower prices and comparable benefits make Palm Oil a popular choice in
India. India is one of the largest buyer of Indonesian Crude Palm Oil (CPO)
with over 80% imported from Indonesia.
INDIA- LEADER IN
CASTOR OIL
India is leader in
production of castor seeds in the world and also leading exporter of castor
oils, globally. Currently India exports castor oil and derivatives worth Rs. 20000.000
Millions annually in which Gujarat accounts for 85% of India’s castor seed
production followed by Andhra Pradesh and Rajasthan. Majority of the castor oil
produced in India is exported through the Kandla port in Gujarat. India has the
lowest effective manufacturing cost of castor oil due to large acreage and
production. Castor oil demand is growing at 3-5% p.a. with E.U., U.S.A and
Japan being major importers.
CHANGE IN INDIAN CULTURE- FOCUS ON BRANDED SEGMENT
With increasing
quality consciousness, rising incomes and consolidation, branded sales are
likely to grow at 25-30% over the next few years.
The Indian
housewife, both in the urban and rural sector is becoming increasingly
conscious about quality and purity, thus demanding branded edible oil products.
This has resulted in a shift of the Indian consumer from loose and adulterated
edible oils to branded offerings.
Today, Subject is
positioned as the premium brand for the loyal housewife while Zaika is the
affordable brand and more popular in vanaspati. All major brands of Subject
reported robust growth for the year. Today, nearly 50% of the Company’s edible
oil sales come from the branded segment and retail sales are also significantly
increasing in the proportion.
GOKUL REFOILS’
PERFORMANCE IN FY 2010-11
The year 2010-11
has been very productive in terms of business growth and profitability.
In 2010-11 Subject
attained two landmarks viz. Its highest ever record turnover of Rs. 45340.500
Millions (Previous year Rs. 28162.800 Millions) and highest net profit of Rs.
614.400 Millions (Previous year Rs. 425.500 Millions). This landmark
performance is a result of better penetration in new and existing markets with
new capacities; higher consumer demand for FMCG products due to growing
affluence and higher disposable income in the hands of consumers linked to
better quality of life and best in class manufacturing performance at all their
plants. Record performance is also attributed to volume growth and better
margin in branded products.
Subject is
following a threefold strategy of increasing sales, penetrating newer markets
and strengthening the market share and brands in its current markets. Its
flagship brands Gokul and Zaika have performed exceptionally well among the
consumer class. Integrated manufacturing facilities supported by a strong
distribution network would allow the Company to increasingly focus on branded
retail sales.
The Company
continued to strengthen its position in areas of sourcing raw materials,
capturing value in supply chain and logistics, expanding manufacturing
capabilities and increasing sales of branded products. It has a good presence
being a serious player in the Palm Oil, Soya Oil, Mustard Oil and Cotton oil
sectors in India.
MARKETING AND
DISTRIBUTION STRATEGY
The FMCG edible
oil market can be divided in two sections in India - urban and rural. During
the year, Subject developed a twin strategy for both these markets. Also, it
sees significant growth opportunity coming from urban areas which are currently
under- penetrated and not exposed to its brands and products in the future. As
an initiative to increase its branded sales proportion and visibility of
products in the urban markets, the Company has placed its products in Big
Bazaar, Spencer, Star Bazaar and National Handloom and is in talks with other
retail outlets like Reliance Retail and D-Mart.
The Company is
reaching out to the discerning housewife and family shopper through these
retail chains where its products are well stocked and displayed in front
shelves. Regular promotions and discounts help in increasing new consumer
trials and repeat sales.
The semi urban and
rural markets are under-penetrated, scattered and operate through “mom and pop”
stores. Thus distribution and reach are critical to ensure products reach the
consumers. Subject is creating a pan-India distribution and retail network both
in cities and in the interior heartlands through a combination of C and F
agents, distributors and local retailers deepening their retail penetration
they increased their C and F/depots to 50 in FY11 from 41 in FY10. A small but
a substantial step towards dedicated retails sales was undertaken by widening
their distribution network to more than 1000 distributors this year from around
400 in FY10. Giving a major push to its retailing efforts, the Company doubled
its retailers from approx 1,00,000 in FY10 to approx 2,00,000 in FY11.
Semi-urban and
rural India is riding on a good harvest and informed and effluent middle class consumers.
With a growth in infrastructure and the government’s thrust on connecting rural
India, physical infrastructure is available to players like them to ensure
reach and distribution.
With a well spread
and intricately connected distribution network the Company has a well
established presence in the states of North East, West Bengal, Bihar,
Jharkhand, Orissa, Maharashtra, Uttar Pradesh, Uttaranchal, Madhya Pradesh,
Delhi, Punjab and Haryana, Himachal Pradesh, J and K, Rajasthan and Gujarat
FINANCIAL
PERFORMANCE - A ROBUST GROWTH STORY
The Company
reported a net profit of Rs. 614.400 Millions as compared to Rs. 425.500
Millions in the previous year, an increase of 44 %. The net sales also grew to
Rs. 45340.500 Millions from Rs. 28162.800 Millions as reported in the previous
year. The Company reported an EPS of Rs. 4.66 for the year ended 31st March,
2011 as compared to Rs. 3.23 in the previous year. All major brands of Subject
reported robust growth for the year. Today, nearly 50% of the Company’s edible
oil sales come from the branded segment and retail sales are also significantly
increasing in the proportion.
Integrated
manufacturing facilities, capacity addition plans and expanding distribution
and retail network, position GRSL as a strong player in the Indian edible oil
sector. Strategically located plants, streamlined raw material sourcing and
purchasing policies and systems provided the Company with a strong competitive
advantage.
Another factor
that worked to their advantage is that their facilities are located in close
proximity to end-use markets for edible oils as well as the key oilseed growing
regions/major ports in India and are well equipped to switch to processing of
any crude edible oil, giving the Company a unique advantage in flexibility.
Due to their
economies of scale in import oil purchases, their raw material costs are one of
the lowest in the industry. With one of the best procurement teams in place,
they have developed deep relationships with the suppliers, farmers, intermediaries,
and other market participants to ensure lowest cost, long term contracts and
best quality of raw material. During the year, they also initiated several cost
rationalization and optimization measures, which resulted in savings in
operation costs, leading to bottom line improvement.
FINANCIAL REVIEW
STANDALONE
Subject delivered
superior financial performance with improvements across key parameters.
Turnover achieved for the year ended 31st March, 2011 was Rs. 45340.500
Millions a growth of 61 % over previous year.
Consumption of raw
materials as compared to sales has been 89.20% to 89.25% as compared to
previous year. The consumption of raw materials as compared to sales has been
in line with previous year.
Employee cost was
Rs. 186.400 Millions for the year 2010-11 as against Rs. 116.600 Millions for
the year 2009-10. The increase is on account of the staff employed at the
Haldia unit of the Company and increase in year to year employee cost of the
Company.
Earning Before
Interest, Tax, Depreciation and Amortization (EBITDA) increased by 38 % from
Rs. 1202.400 Millions to Rs. 1661.300 Millions.
The interest cost
of the Company has increased by 41% from Rs. 325.400 Millions to Rs. 459.500
Millions. This is on account of continuous increase in the interest rates
during the year as well as higher utilisation of facilities due to increase in
the turnover.
Depreciation
(including amortization) was higher at Rs. 301.900 Millions as against Rs.
250.900 Millions in the previous year primarily on account of addition of
Haldia Plant and other assets in the total assets of the Company.
Profit after tax
was Rs. 614.400 Millions as against Rs. 425.500 Millions for the previous year,
an increase of 44%.
Earning per share
(EPS) for the year has increased from Rs. 3.23 to Rs. 4.66 per share.
BUILDING FUTURE SCALE AND CAPABILITIES
–MANUFACTURING PLANTS
Gearing to meet
the growing demand the Company has increased its production capacity from
19,14,000 MT in FY10 to 23,94,000 MT in FY11. Fighting all odds and overcoming
the impact of inflation the Company successfully completed its expansion
initiatives.
To meet India’s
oil deficit and growing demand, the Company is making all efforts to run its
facilities at optimum levels. Better efficiencies have come into the production
process with the commencement of their ultra modern chillex plant at Sidhpur
with a capacity of 500 TPD.
Giving a push to
their expansion activity they have enhanced their castor seed processing
capacity from 300 TPD to 1100 TPD, Castor solvent extraction capacity from 200
TPD to 600 TPD and Castor refining capacity from 200 TPD to 400 TPD during FY
11.
The Company has
always believed in going the extra mile and being ahead of the growth curve.
They gauged that only increasing existing capacities will not ensure growth of
the Company. There is a huge unmet demand which is an opportunity in disguise.
Further, in order
to ensure preparedness for plan to set up a port based refinery at Maharashtra,
the Company has already started a packaging facility at Mumbai to capture more
market share in the region and use the opportunity to study the market dynamics
in the region.
The challenging
environment faced by the Industry, the global business trend and the volatile
commodity prices during the year have impacted the domestic industry, having a
large number of small players. It is expected that, given the changing business
dynamics, the need for integrated operations, economies of scale etc., the industry
is poised for greater consolidation in the years to come. It is believed that
there is a great scope for organized players to strengthen the presence in
future.
The domestic
edible oil growth in retail segment is growing faster than the overall growth.
Raw material sourcing has become important in the context of short supplies and
spiraling prices. Integration of complete value chain will facilitate capturing
the growing business opportunities with better margins.
The Company is
thus focusing on expansion of branded business, backward integration, and broad
basing of product port-folio. Active consideration is being accorded to promote
cost optimisation, to aim for optimum utilisation of production facilities to
provide opportunities to develop skills across levels, to identify business
opportunities in a challenging environment and to formulate integrated approach
in the decision making process.
During the year,
they have successfully run their new Haldia plant on optimum capacity
utilization. This has led to enhanced access and logistics efficiency in
markets of the North East, West Bengal, Bihar, Jharkhand, Orissa and Uttar
Pradesh. The refinery with 1100 TPD capacity has given boost to the top line
and bottom line of Company. The refinery is producing Palmolein and Soya
Refined Oil for Gokul and Zaika brands for the Eastern and North Eastern
market.
The Company is
further expanding its solvent extraction capacity at Sidhpur plant by 300 TPD
to meet out growing export demand of Rapeseed meal. Further they are increasing
capacity of Castor BSS plant (Castor Refining) at Gandhidham by 200 TPD to
capture more market share of castor oil.
Today, the Company
has two port based plants at Gandhidham and Haldia, along with mother plant at Sidhpur
and one other plant at Surat. The strategic location of Company’s plants
provides logistic advantages in procurement of raw material as well as in
distribution of its products. Gandhidham and Haldia plants have port based
advantage for import of crude oil and export of Company’s products while
Sidhpur enjoys advantage in procurement of Mustard seeds because of its
proximity to oil seed cultivation belts of Rajasthan and Gujarat
The Company looks
beyond immediate challenges to build up the business with long term goals based
on the Company’s intrinsic strength in terms of productions capacity, technical
capabilities, products quality and distribution strength.
They aim to bring
down their cost of inputs and raw materials. Continuous cost leadership in the
back end and profit margin expansion in the front end by building brands will
drive growth and profitability in the Company.
CONTINGENT
LIABILITIES:-
|
Particulars |
Rs
in Millions [as
on 31.03.2011] |
|
(a) For letter of credit opened for which goods were in transit |
683.687 |
|
(b) Guarantee given to banks. |
147.084 |
|
(c) For Corporate guarantee given |
2036.725 |
|
(d) Claims against the company not acknowledged as debts |
78.316 |
FIXED ASSETS
Tangible Assets
- Buildings
- Plant and
Machinery
- Furniture and
fixtures
- Vehicles
Intangible Assets
- Trade Marks
- Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2011
|
|
|
|
Rs in Millions |
Rs in Millions |
|
|
Particulars |
Quarter ended |
Six Months Ended |
|
|
|
As on 30.09.2011 |
As on 30.09.2011 |
||
|
|
(Unaudited) |
(Unaudited) |
||
|
1 |
(a) Net Sales/Income from Operations |
17508.494 |
31300.469 |
|
|
|
(b)Other Operating Income |
5.309 |
7.591 |
|
|
2 |
Expenditure |
|
|
|
|
|
(a) |
Increase/(Decrease) in Stock-in-trade and work in progress |
(1167.893) |
(901.670) |
|
|
(b) |
Consumption of raw materials |
14935.141 |
26534.600 |
|
|
© |
Purchase of traded Goods |
3054.276 |
3759.437 |
|
|
(d) |
Employees Cost |
58.616 |
115.932 |
|
|
(e) |
Depreciation |
82.269 |
162.527 |
|
|
(f ) |
Other Expenditure |
1080.144 |
1933.405 |
|
|
(g) |
Total (Any item exceeding 10% of the total Expenditure to be shown separately)
|
18042.553 |
31604.231 |
|
3 |
|
Profit from operation before other income, interest and other
exceptional items(1-2) |
(528.750) |
(296.172) |
|
4 |
|
Other Income |
0.055 |
0.057 |
|
5 |
|
profit before interest and exceptional items(3+4) |
(528.695) |
(296.115) |
|
6 |
Interest |
201.144 |
420.189 |
|
|
7 |
Profit after interest but before exceptional items(5-6) |
(729.839) |
(716.304) |
|
|
8 |
Exceptional Items |
-- |
-- |
|
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
(729.839) |
(716.304) |
|
|
10 |
Tax Expenses |
(2.414) |
-- |
|
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
(727.425) |
(716.304) |
|
|
12 |
Extra Ordinary Items |
-- |
0.005 |
|
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
(727.425) |
(716.309) |
|
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
263.790 |
263.790 |
|
|
15 |
Reserves excluding revaluation reserves |
-- |
-- |
|
|
16 |
Earning Per Share |
|
|
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
*(0.552) |
*(0.543) |
|
(b) |
Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year(not to
be annualised) |
*(0.552) |
*(0.543) |
|
17 |
Public Shareholding |
3985000 |
39885000 |
|
|
Number of Shares |
30.24% |
30.24% |
|
|
Percentage of Shareholding |
|
|
|
18 |
Promoters and Promoter group |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
Number of shares |
27200000 |
27200000 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
29.56% |
29.56% |
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
20.62% |
20.62% |
|
|
b) Non-encumbered |
|
|
|
|
Number of shares |
64810000 |
64810000 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
70.44% |
70.44% |
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
49.14% |
49.14% |
|
|
Notes: *not annualised |
|
|
|
|
|
1 |
The above standalone results were reviewed by the Audit Committee and
approved by the Board of Directors at the Meeting held on 3rd August,2010. |
||
|
|
2 |
Previous year's figures have been regrouped, reclassified and
rearranged whereever necessary for proper presentation |
||
|
|
3 |
The Details of Funds raised through IPO and utilisation of said funds
are as follows: |
|
|
|
|
|
Utilisation of Funds |
(Rs. In Millions) |
|
|
|
|
(a) Expenses for Setting up of a new 1500 TPD Soyabean processing plant
near Gandhidham, |
510.992 |
|
|
|
|
(b) Expansion of Existing edible oil refinery at |
68.500 |
|
|
|
|
(C )Further investment in wholly owned subsidiary in |
250.000 |
|
|
|
|
(d) Funding Part of their long term working capital |
606.986 |
|
|
|
|
(e) |
39.999 |
|
|
|
|
(f) Investment in increasing warehousing capacities and continuous
capex for existing units |
100.168 |
|
|
|
|
(g) General Corporate Purposes |
154.182 |
|
|
|
|
(h) Public Issue Expenses |
87.558 |
|
|
|
|
Total Fund utilised till 30th September, 2010 |
1818.385 |
|
|
|
4 |
Status of Investor complaints for the quarter ended 30th September,
2010 |
|
|
|
|
|
Complaints pending at the beginning of the quarter Nil, Complaints
received during the quarter Nil, |
||
|
|
|
Complaints disposed of during the quarter Nil, Complaints unresolved
at the end of the quarter Nil. |
||
|
|
5 |
The unaudited results for the first quarter ended 30th September, 2010
are subject to Limited Review by Statutory Auditors. |
||
SEGMENT
REPORT FOR THE SECOND QUARTER ENDED 30TH SEPTEMBER, 2011
(Rs. in millions)
|
Sl. No. |
|
Particulars |
3 Months Ended |
6 Months Ended |
|
|
30.09.2011 |
30.09.2011 |
||
|
|
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
17513.858 |
31308.117 |
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
17513.858 |
31308.117 |
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
(528.696) |
(296.115) |
|
|
|
|
|
|
|
|
|
Less :Interest |
201.144 |
420.189 |
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
(729.839) |
(716.304) |
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
3662.136 |
3662.136 |
|
|
|
|
|
|
|
|
|
Total |
3662.136 |
3662.136 |
Notes:
As per Accounting Standard 17 on Segment Reporting (AS 17), the Company
has reported “Segment Information” as described below.
1.
(a) Hitherto the management had identified two primary
business segments viz. Edible oil business and non-edible oil business. Edible
oil business included manufacturing, processing, marketing operations of edible
oil and related products namely imported and domestic edible oil, vanaspati,
oil cake, deoiled cake and it’s by products
(b) Non-edible oil business included
manufacturing, processing and marketing operations of castor oil, oilcakes etc.
2.
Due to changes in the internal reporting system and
organization structure, based on the guiding principal given in Accounting
standard on “Segment Reporting (AS-17) issued by the Institute of Chartered
Accountants of India, the management reviewed and reclassified it’s primary
business segment as “Agro based commodities” which incorporates product groups
viz. Soya bean, Palmolive, Cotton seed oil sunflower oil, mustard seed oil,
castor oil, oil cakes deoilded cakes, vanaspati, oil seeds, it’s bye products
and other agro-commodities which have similar production processes, similar
methods of distribution and have similar risks and returns. Hence the primary
segment information is being reported based on this classification from this
year.
WEBSITE DETAILS
Subject is an India-based company. The Company operates in two business segments:
edible oil business and non- edible oil business. Edible oil business includes
manufacturing, processing, marketing operation and income from derivatives
transactions of edible oil and related products/byproducts, which include
domestic and imported edible oil, vanaspati, oil cake, de-oil cake and its by
products. The non edible oil business includes manufacturing, processing and
marketing operation of non edible related product/byproducts namely castor oil,
castor oil cake. The Company has two brands in edible oil category and these
brands: Gokul and Zaika. These brands are available in different sizes. Its
subsidiaries include Maurigo International Limited and Maurigo Pte Limited. For
the fiscal year ended 31 March 2010, Subject revenues increased 3% to RS29.66B.
Net income increased 23% to RS381.8M. Revenues reflect an increase in income
from operations. Net income also reflects a decrease in expenditure on
consumption of raw materials, lower interest expense and improved operating and
gross profit margin. The company operates in two segments Edible and Non Edible
segments.
MANAGEMENT
BALVANTSINH C.
RAJPUT
Shri. Balvantsinh C. Rajput serves as Non-Independent Executive Chairman
of the Board, Managing Director of Gokul Refoils and Solvent Limited. He has an
experience of more than two decades in edible oil industry. He has been
involved in overall management, forming business strategy and implementing
strategic initiatives of the Company. Mr. Balvantsinh Rajput has articulated,
designed and implemented the growth story of the Company. His vision to produce
products of great taste and purity and reach it to each and every kitchen in
India has shown the path of success to the Company. He is cochairman of the
Vegetable Oil Processing Committee constituted by Solvent Extractors
Association of India (SEA). He is also associated with various Trade
Associations. He is Director of Gujarat Gokul Power Limited.
GYAN
CHORDIA
Shri. Gyan Chordia is Executive Director of Gokul Refoils And Solvent
Limited, since June15, 2011. He holds Company Secretary, ICWA, B. Com. He has
worked with Liberty Oil Mills Limited from 1986 to 2011 as the Chief Executive
Officer of the Company. He was overall in charge of the Company operations.
Directorship in other Indian public limited companies Ganesh Benzo Plast Limited. Rishabh Suitings
(Private) Limited.
DIPUBA H. DEVADA
Dr. Dipuba H. Devada serves as Non-Executive Independent Director of
Gokul Refoils and Solvent Limited. She holds a Master of Science, a Master of
Education and a Ph.D. She is presently the Principal of Dada Dukhayal College
of Education. She is a life Member of the All India Association of Educational
Research, Gujarat Ganit Mandal and Gujarat Statistical Association. She has
presented various papers in International Conferences held in Thailand,
Malaysia, Singapore and Nepal. She has taken part in many National and State
seminars. She has also written various books on Mathematics and Statistics.
KARANSINHJI D.
MAHIDA
Shri. Karansinhji D. Mahida is Non-Executive Independent Director of
Gokul Refoils And Solvent Limited. He has BA, LLB degrees. He is having rich
experience of more than 30 years in Government and Government Corporations in
various capacities. In addition to this he has served as an Additional
Secretary to the Government of Gujarat (retired).
DINESHKUMAR H.
SHARMA
Shri. Dineshkumar H. Sharma is Non-Executive Non-Independent Director of
Gokul Refoils and Solvent Limited. He has experience of over fifteen years in the
Edible Oil Industry and presently looking after the legal and liasioning
functions of the Company.
KANUBHAI J.
THAKKAR
Shri. Kanubhai J. Thakkar serves as Managing Director, Non-Independent
Executive Director of Gokul Refoils and Solvent Limited. Mr. Thakkar has been a
commodity trader since two decades. He has been actively involved in the
business development activities and expansion initiatives undertaken by the
Company. He has been conferred the honor of “The Oil Man of the Year-2000” by
‘Globoil India’, one of world’s premier vegetable oil research organization. He
is also the Chairman of Western Zone Solvent Extractors Association of India
and office bearer of various committees like SEA international oil and Oil Meal
Traders Council, SEA Imports Vegetable Oil Processors Council, SEA Castor seed
and Oil Promotion Council. Directorship in other Indian public limited
companies: Gujarat Gokul Power Limited, Professional Commodity Services Private
Limited.
PIYUSHCHANDRA R.
VYAS
Shri. Piyushchandra R. Vyas is Non-Executive Independent Director of
Gokul Refoils and Solvent Limited. He holds a Bachelors degree in Commerce and
L.L.B. He has worked with SBI for 6 years as a grade I officer. He has worked
with the Gujarat Industrial Investment Corporations Ltd as Financial Controller
for 17 years. He has also worked as Executive Director (Finance) with Gujarat
State Police Housing and Corporation Limited for 5 years. He has held the post
of GM with the Mafatlal Finance Company also. He has also been associated with
the Gujarat Chamber of Commerce as Dy. Secretary General and Indo American
Chamber of Commerce as Secretary.
NEWS
PRESS RELEASE
GOKUL REFOILS BAGS
PRESTIGIOUS GLOBOIL INDIA AND SEA AWARDS 2011
September 27, 2011
Mumbai: Gokul Refoils and Solvent Limited (GRSL) today announced that the
company has bagged Globoil India’s 2011 Award for the fastest Growing Brand
2011.
In an another
development, GRSL also bagged three prestigious awards from the Solvent
Extractors’ Association (SEA) of India SEA Awards for the 2010-11 for second
year in a row. Thereby, exhibiting its leadership in the Indian edible oil
industry. The Solvent Extractors’ of India (SEA) is a broad-based all India
apex body of solvent extraction industry.
At the 40th Annual
General Meeting and the Award Function of SEA of India, the company has bagged
the award for ‘Second Highest Processor of Rapessed Oil-Cake’, ‘Second Highest
Exporter of Rapeseed Extraction’ and ‘Second Highest Exporter of Castorseed
Extraction’ for 2010-11.
Established in
1997 in India, GLOBOIL – the Premier International Conference and Exhibition on
Vegetable Oil, Feed and Feed Ingredients, and Oilseeds and Oleo Chemicals is an
established annual feature and is keenly looked forward to by the players in
the vegetable oil trade and industry.
Commenting on the
occasion Mr. Praveen Khandelwal, VP, Corporate Strategy, GRSL, said, “Receiving
these awards is an acknowledgement of our efforts and contribution to the industry
only serves as an incentive and a motivation towards that end.”
OUTCOME OF BOARD MEETING
15 June 2011
India, June 15 -- Gokul Refoils and Solvent Limited has informed BSE
that the Board of Directors of the Company at its meeting held on June 15,
2011, inter alia, has transacted and considered the followings;1. Considered
and approved the Appointment of Shri Gyan Chordia, as the Additional
Director.2. Considered and approved the Appointment of Shri Gyan Chordia as the
Executive Director, liable to retire by rotation subject to the approval of
Members.3. Considered and approved the borrowing of funds exceeding the
aggregate of the Paid up Capital and Free Reserves of the Company, subject to
the approval of Members.4. Considered and approved the re-appointment and
increase in the remuneration of Shri Balvantsinh Rajput as the Managing
Director, subject to the approval of Members.5. Considered and approved the
re-appointment and increase in the remuneration of Shri Kanubhai Thakkar as the
Managing Director, subject to the approval of Members.6. Considered and
approved the authorization of creating mortgage, charge over movable and
immovable properties of the Company, subject to the approval of Members.7. The
Board has also considered and approved the Notice of Annual General Meeting,
Directors Report, and Auditors Report with its annexure.
GOKUL REFOILS’
ASSOCIATE’S ENTITY – GOKUL OVERSEAS NAMED TOP EXPORTER OF KASEZ
Mumbai, March 14,
2011: Gokul Overseas, an associate entity of Gokul Refoils and Solvent Limited
(GRSL), has been selected as the ‘Top Exporter of KASEZ (Kandla Special
Economic Zone)’ for the year 2009-10. Gokul Overseas received this distinction
in ‘Agricultural Plantation and Food Products Sector’ at the 47th Foundation
Day Celebrations of the Kandla Special Economic Zone held at the Holiday
Village Resorts, Kutch. Gokul Overseas has been receiving this award since
2006-07.
Gokul Overseas has
Castor oil and its derivatives manufacturing unit in KASEZ, Gandhidham since
April 2006. The company exports these products to countries such as USA,
France, Italy, Germany, UK, South Africa, UAE, Japan, Korea, Netherland, China,
Thailand, Spain etc.
Commenting on the
occasion Mr. Praveen Khandelwal, VP, Corporate Strategy, GRSL, said, “We are delighted
to receive this award from KASEZ yet again. Our continuous efforts towards
tapping the international markets have been rewarding not only in terms of
increasing our revenues but also in terms of being a recognized company in the
Kandla Special Economic Zone.”
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. 52.68 |
|
|
1 |
Rs. 85.12 |
|
Euro |
1 |
Rs. 69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.