MIRA
INFORM REPORT
|
Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOKUL REFOILS AND SOLVENT LIMITED |
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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) : |
31.03.2012 |
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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 Shares 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 : |
Ba (52) |
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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 13000000 |
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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 reputed company having good track
record. There appears loss in the current year. However, the general financial position of the company seems to be
good. Performance capacity is high. Trade relations are reported to be fair.
Business is active. Payments are reported to be regular and as per
commitment. The company can be considered for normal business dealing at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based = BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
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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National
Highway 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 |
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Regional Office : |
Block No. 1, 17th Floor, Cheterjee
International Centre, 33A,
Jawaharlal Nehru Road, Kolkata-700071. West Bengal, India |
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Tel. No.: |
91-80010-12511 |
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Fax No.: |
91-33-22884127 |
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Branch Office : |
Office No. E/1, Nisarg Heaven CHS Limited, Mahavir Nagar, |
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Tel. No.: |
91-22-40140967 |
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Fax No.: |
91-22-28675772 |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Balvantsinh C Rajput |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Managing Director |
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Name : |
Mr. Piyushchandra R Vyas |
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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. Karansinhji Mahida |
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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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Date of Birth/Age : |
13.06.1965 |
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Qualification : |
Metric |
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Date of Appointment : |
05.03.1999 |
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 : |
Dr. Dipuba H Devada |
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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. Praveen Khandelwal |
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Designation : |
VP Corporate Strategy |
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Name : |
Mr. Rajendra Khiani |
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Designation : |
Sr. VP Banking and Finance |
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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 |
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Name : |
Mr. Atul Shah |
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Designation : |
VP Asudit and Risk Management |
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Name : |
Mr. Vinod Rajput |
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Designation : |
CEO procurement (Sidhpur) |
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Name : |
Mr. Ajit Rajput |
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Designation : |
VP Operations (Gandhidham) |
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Name : |
Mr. Vinod Rajput |
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Designation : |
Director operations (East) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
75501881 |
57.24 |
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|
17062500 |
12.94 |
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|
92564381 |
70.18 |
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Total shareholding of Promoter and Promoter Group (A) |
92564381 |
70.18 |
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(B) Public Shareholding |
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|
1624200 |
1.23 |
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|
12189364 |
9.24 |
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|
13813564 |
10.47 |
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|
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|
17705766 |
13.42 |
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|
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|
1824670 |
1.38 |
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|
3117690 |
2.36 |
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|
2868929 |
2.18 |
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|
18559 |
0.01 |
|
|
497601 |
0.38 |
|
|
2352769 |
1.78 |
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|
25517055 |
19.35 |
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Total Public shareholding (B) |
39330619 |
29.82 |
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Total (A)+(B) |
131895000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
131895000 |
0.00 |
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 : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M R Pandhi and Associates Chartered Accountant |
|
Address : |
101, Panchdeep Complex, Near Mithakhali Six Road, Navrangpura,
Ahmedabad-380009, Gujarat, India |
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A Firm in which
some of the Directors and Company are partners : |
Gokul Overseas |
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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 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 2/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131895000 |
Equity Shares |
Rs. 2/- each |
Rs.263.790
Millions |
|
|
|
|
|
Reconciliation of
Number of shares outstanding and the amount of share capital
|
Particulars |
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
131,895,000 |
263.790 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
131,895,000 |
263.790 |
Shareholders holding
more than 5% equity share capital in the Company
|
Name of Shareholder |
No. of Shares held |
% of holding |
|
Mrs. Bhikhiben Rajput |
18952500 |
14.37 |
|
Mr. Balvantsinh Rajput |
18742500 |
14.21 |
|
Mr. Kanubhai Thakkar |
18517500 |
14.04 |
|
Mrs. Manjulaben Thakkar |
18465000 |
14.00 |
|
Cresta Fund Limited |
11675000 |
8.85 |
|
Profitline Securities Private Limited |
9187500 |
6.97 |
|
Shantiniketan Financial Services Private Limited |
7875000 |
5.97 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
263.790 |
263.790 |
263.790 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3043.793 |
4114.655 |
3543.953 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3307.583 |
4378.445 |
3807.743 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1001.151 |
3187.181 |
|
|
2] Unsecured Loans |
17139.528 |
4345.178 |
0.000 |
|
|
TOTAL BORROWING |
17139.528 |
5346.329 |
3187.181 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
321.500 |
294.302 |
|
|
|
|
|
|
|
|
TOTAL |
20447.111 |
10046.274 |
7289.226 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3357.405 |
3350.936 |
3244.671 |
|
|
Capital work-in-progress |
278.216 |
122.841 |
104.013 |
|
|
|
|
|
|
|
|
INVESTMENT |
2229.895 |
503.765 |
164.011 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5818.275
|
4754.457 |
5661.695
|
|
|
Sundry Debtors |
4180.436
|
3731.764 |
1863.157
|
|
|
Cash & Bank Balances |
15949.893
|
856.542 |
69.286
|
|
|
Other Current Assets |
525.879
|
324.316 |
0.000
|
|
|
Loans & Advances |
2306.256
|
1609.001 |
1501.139
|
|
Total
Current Assets |
28780.739
|
11276.080 |
9095.277 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13257.310
|
4498.360 |
1417.812
|
|
|
Other Current Liabilities |
612.895
|
579.911 |
3852.423
|
|
|
Provisions |
328.939
|
129.077 |
48.511
|
|
Total
Current Liabilities |
14199.144
|
5207.348 |
5318.746 |
|
|
Net Current Assets |
14581.595
|
6068.732 |
3776.531
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20447.111 |
10046.274 |
7289.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
64871.716 |
45363.155 |
28162.840 |
|
|
|
Other Income |
662.121 |
107.904 |
40.880 |
|
|
|
TOTAL (A) |
65533.837 |
45471.059 |
28203.720 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
51344.784 |
|
|
|
|
|
Purchases of Stock-in-Trade |
8635.875 |
6756.914 |
|
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in-Trade |
103.599 |
(184.008) |
27001.366 |
|
|
|
Employee benefits expense |
250.973 |
207.704 |
|
|
|
|
Other expenses |
4777.798 |
2847.853 |
|
|
|
|
TOTAL (B) |
65113.029 |
43511.008 |
27001.366 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
420.808 |
1960.051 |
1202.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1496.290 |
758.282 |
325.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1075.482) |
1201.769 |
876.959 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
328.967 |
301.865 |
250.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1404.449) |
899.904 |
626.095 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(333.587) |
280.097 |
200.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1070.862) |
619.807 |
425.518 |
|
|
|
|
|
|
|
|
|
|
SHORT (EXCESS) PROVISION
OF TAXATION OF EARLIER YEARS |
NA |
NA |
(3.982) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
1527.692 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
50.000 |
|
|
|
Interim Dividend |
NA |
NA |
0.000 |
|
|
|
Proposed Dividend |
NA |
NA |
39.569 |
|
|
|
Tax on Dividend |
NA |
NA |
6.572 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1861.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14603.271 |
9063.130 |
4152.819 |
|
|
|
Interest for Subsidiaries |
7.633 |
4.717 |
5.721 |
|
|
TOTAL EARNINGS |
14610.904 |
9067.847 |
4158.540 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
30293.962 |
17893.428 |
15816.491 |
|
|
|
Capital Goods |
0.000 |
2.174 |
0.000 |
|
|
|
Others |
4.556 |
5.823 |
104.704 |
|
|
TOTAL IMPORTS |
30298.518 |
17901.425 |
15921.195 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.12) |
(4.70) |
3.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.20112 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
17863.240 |
14756.280 |
|
Total Expenditure |
|
17775.720 |
14734.110 |
|
PBIDT (Excl OI) |
|
87.520 |
22.170 |
|
Other Income |
|
464.230 |
522.140 |
|
Operating Profit |
|
551.750 |
544.310 |
|
Interest |
|
660.930 |
351.710 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(109.180) |
192.600 |
|
Depreciation |
|
86.400 |
92.250 |
|
Profit Before Tax |
|
(195.580) |
100.350 |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(195.580) |
100.350 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(195.580) |
100.350 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.63)
|
1.36 |
1.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.16)
|
1.98 |
2.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.37)
|
6.15 |
5.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.42)
|
0.21 |
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.47
|
2.41 |
2.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.17 |
1.71
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONAL
PERFORMANCE
During this year, the Company has achieved turnover of Rs.64070.916 Millions as compared to Rs.44645.396 Millions of the previous year, which shows increase of 43.51 % as compared to the previous year. Their export turnover has also been increased to Rs.14603.271 Millions as compared to Rs.9063.130 Millions with record growth of 61.13 % as compared to previous year. Though the volume and performance improved compared to previous year, the Company made a net loss after tax of Rs.1070.862 Millions as compared to previous year net profit after tax of Rs.619.807 Millions, primarily due to increase in material cost and foreign exchange loss.
EXPANSION OF EXISTING
PROJECTS AND STATUS OF NEW PROJECTS
The Company has strengthened manufacturing facilities by enhancing castor seed processing capacity from 1100 TPD to 2000 TPD, castor solvent extraction capacity from 600 TPD to 1200 TPD and castor refining capacity from 400 TPD to 600 TPD at Gandhidham Plant.
The capacity for Bakery shortening added by 100 TPD at Gandhidham Plant in addition to Vanaspati / IEF capacity increased from 200 TPD to 300 TPD. At Sidhpur plant Mustared Solvent extraction capacity increased from 400 TPD to 700 TPD. At Haldia plant Fractionation capacity increased from 600 TPD to 800 TPD.
To meet Company requirement of power, Company is in process of installing wind turbine generators at Porbander with an installed capacity of 2.5 MW. After the installation the Company will have wind power generation capacity of 7.5 MW which is meant for captive use.
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS:
GLOBAL OUTLOOK
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.
OVERVIEW OF 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.820 (16.30 million tonnes) billion and is currently growing at a rate of 6%-8% 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 24 kg/ annum. 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 tones (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 material.
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. India is one of the largest buyers 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 approx. Rs.40000.000 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, China and Japan being major importers. The company has significantly increased castor manufacturing capacities in last two years to capture more market share of castor oil and castor derivatives.
PERFORMANCE -
FINANCIAL YEAR 2011-12
The year 2011-12 has been very productive in terms of business growth but was very challenging for profitability due to heavy fluctuation in foreign exchange.
In 2011-12 Subject attained two landmarks viz. Its highest ever record turnover of Rs.64070.916 Millions (PY: Rs.44645.396 Millions) and highest export turnover Rs.14603.271 Millions (PY: Rs.9063.130 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.
Though the volume and performance improved compared to previous year, the Company made a net loss after tax of Rs.1070.862 Millions as compared to previous year net profit after tax of Rs.619.807 Millions, primarily due to increase in material cost and foreign exchange loss.
MARKETING AND
DISTRIBUTION STRATEGY
The Company is following a threefold strategy for increasing sales, penetrating newer markets and strengthening the market share and brands in its current markets. Integrated manufacturing facilities supported by a strong distribution network would allow the Company to increasingly focus on branded retail sales.
The FMCG edible oil market can be divided in two Sections in India - urban and rural. During the year, Gokul Refoils developed a twin strategy for both these markets. Also, it sees significant growth opportunity coming from urban areas which are currently underpenetrated 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, National Handloom and Reliance Retail.
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. Gokul Refoils 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.
With a well spread and intricately connected distribution network the Company has a well established presence in the states of North East states , West Bengal, Bihar, Jharkhand, Orissa, Maharashtra, Uttar Pradesh, Uttaranchal, Madhya Pradesh, Delhi, Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Rajasthan and Gujarat.
CONTINGENT
LIABILITIES:-
Rs.
In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
(a) For letter of credit opened for which goods were in transit |
1520.091 |
683.687 |
|
(b) Guarantee given to banks. |
93.880 |
147.084 |
|
(c) For Corporate guarantee given |
2292.160 |
2036.725 |
|
(d) Claims against the company not acknowledged as debts |
100.815 |
78.316 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
Rs
in Millions
|
|
Particulars |
Quarter ended |
||||
|
|
As on 30.06.2012 |
|||||
|
|
(Unaudited) |
|||||
|
1 |
(a) Net Sales/Income from Operations |
17741.167 |
||||
|
|
(b)Other Operating Income |
1,22.074 |
||||
|
|
Total income from
operations (net) |
17863.241 |
||||
|
2 |
Expenditure |
|
||||
|
|
(a) |
Cost of Materials consumed |
14921.251 |
|||
|
|
(b) |
Purchase of Stock-in-Trade |
946.877 |
|||
|
|
(c) |
Changes in inventories of finished goods, work in progress and stock in trade |
529.607 |
|||
|
|
(d) |
Employee benefits expense |
58.074 |
|||
|
|
(e) |
Depreciation and amortisation expense |
86.396 |
|||
|
|
(f ) |
Other Expenses (Any item exceeding 10% of the total expenses to be shown seperately) |
1319.909 |
|||
|
|
Other Expenses |
17862.114 |
||||
|
3 |
Profit from
operation before other income, interest and other exceptional items(1-2) |
1.127 |
||||
|
4 |
Other Income |
464.226 |
||||
|
5 |
Profit before
interest and exceptional items(3+4) |
465.353 |
||||
|
6 |
Finance Costs |
660.929 |
||||
|
7 |
Profit/(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
(195.576) |
||||
|
8 |
Exceptional Items |
|
||||
|
9 |
Profit/Loss from
Ordinary Activities before tax (78) |
(195.576) |
||||
|
10 |
Tax Expenses |
- |
||||
|
11 |
Net Profit/Loss from
Ordinary Activities after tax( 9-10) |
(195.576) |
||||
|
12 |
Extra Ordinary Items (net of tax expense) |
- |
||||
|
13 |
Net Profit/Loss for
the period |
(195.576) |
||||
|
14 |
share profit\(loss) of associates |
- |
||||
|
15 |
Minority Interest |
- |
||||
|
16 |
Net profit \(loss)
after tax. minority interest and share of profit \(loss) of
associates(13+14+15) |
(195.576) |
||||
|
17 |
Paid-up Equity Share Capital (Face Value of Rs..2/ per share) |
263.790 |
|||
|
18 |
Reserves excluding revaluation reserves |
|
|||
|
19(1) |
Earnings Per Share
of Rs. 2/- each (before extraordinary items) (not annualised) |
|
|||
|
|
(a) |
Basic |
(1.48) |
||
|
|
(b) |
Diluted |
(1.48) |
||
|
19(11 |
Earnings Per Share of
Rs. 21- each (after extraordinary items) (not annualised) |
|
|||
|
|
(a) |
Basic |
(1.48) |
||
|
|
(b) |
Diluted |
(1.48) |
||
|
|
|
|
|
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|||
|
1 |
Public Shareholding |
|
|||
|
|
Number of Shares |
39885000 |
|||
|
|
Percentage of Shareholding |
30.24% |
|||
|
|
|
|
|||
|
2 |
Promoters and
Promoter group Shareholding |
|
|||
|
|
a) Pledged/Encumbered |
|
|||
|
|
Number of shares |
12200000 |
|||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
13.26% |
|||
|
|
Percentage of Shares (as a % of the total share capital of the Company) |
9.25% |
|||
|
|
b) Non-encumbered |
|
|||
|
|
Number of shares |
79810000 |
|||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
86.74% |
|||
|
|
Percentage of Shares (as a % of the total share capital of the Company) |
60.51% |
|||
|
|
|
|
|||
|
B |
INVESTOR COMPLIANTS |
|
|||
|
|
Pending at the begining of the Quarter |
NIL |
|||
|
|
Received during the Qaurter |
NIL |
|||
|
|
Disposed during the Quarter |
NIL |
|||
|
|
Remaining unresolved at the end of the Quarter |
NIL |
|||
Note:
|
|
1 |
The above standalone results were reviewed by the Audit Committee and
approved by the Board of Directors at the Meeting held on 13th August,2012.
|
|
|
|
2 |
The Financial statement have been prepared as per the revised schedule
VI to the companies Act.1956 which had a significant impact on
presentation. Comparative figures have been regrouped or rearranged where considered
necessary. Due to this, the figures of the corresponding previous quartet
have been based on estimates the exact
details were not feasible to derive |
|
|
|
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) |
41.591 |
|
|
|
(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 |
1819.977 |
|
|
4 |
The unaudited results for the First Quarter ended 30th June.2012 are subject to Limited Review by Statutory Auditors |
|
SEGMENT
REPORT FOR THE SECOND QUARTER ENDED 30TH JUNE, 2012
Rs
in Millions
|
Sl. No. |
|
Particulars |
3 Months Ended |
|
|
30.09.2011 |
||
|
|
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
11741.167 |
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
17741.167 |
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
71.186 |
|
|
|
|
|
|
|
|
Less :Interest |
266.762 |
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
(195.576) |
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
Agro Based Commodities |
3112.007 |
|
|
|
|
|
|
|
|
Total |
3112.007 |
Notes:
As per Accounting Standard 17 on Segment Reporting (AS 17), the Company
has reported “Segment Information” as described below.
Due to changes in the internal reporting system and organization structure, based on the guiding principles given in Accounting standard on "Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the management classified its 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, de oiled 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
BOARD OF DIRECTORS
Mr. Balvantsinh
Rajput
Mr. Balvantsinh Rajput, a resident Indian national is the Chairman and Managing Director of GRSL. He started as a commodity trader and has an experience of more than two decades in edible oil industry. He is involved in overall management, forming business strategy and implementing strategic initiatives of the company.
Mr. Rajput articulated, designed and implemented the growth story of Gokul Refoils. His vision to produce products of great taste and purity and reach it to each and every kitchen has shown the path of success to the company. He is co-chairman of the Vegetable Oil Processing Committee constituted by Solvent Extractors Association of India (SEA). He is also associated with various Trade Associations.
Mr. Kanubhai Thakkar
Mr. Kanubhai Thakkar, a resident Indian national, is the Managing Director of GRSL. He too started as commodity trader about two decades back. He is actively involved in the business development activities and major 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.
Mr. Dinesh H Sharma
Mr. Dinesh H Sharma is a Director of GRSL. He has experience of over fifteen years in the Edible Oil Industry. He is looking after legal and liaisoning functions of the company.
Dr. Dipuda Devada
Dr. Dipuda Devada is an independent Director of the Company. She is a qualified Post graduate in Science and Education and a Ph.D. She is currently the Principal of Dada Dukhayal College of Education and a life member of the All India Association of Educational Research, Gujarat Ganit Mandal and Gujarat Statistical Association.
Mr. Piyushchandra
Vyas
Mr. Piyushchandra Vyas is an independent Director of GRSL. He is a qualified Graduate in Commerce and L.L.B. He is professionally well experienced having worked with SBI for 6 years as a Grade I Officer, with Gujarat Industrial Investment Corporations Limited as Financial Controller for 17 years, Executive Director (Finance) with Gujarat State Police Housing and Corporation Limited for 5 years. He has also been associated with the Gujarat Chamber of Commerce as Dy. Secretary General and Indo American Chamber of Commerce as Secretary.
Mr. Karansinhji
Mahida
Mr. Karansinhji Mahida is an Independent Director of GRSL. He has 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.
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.”
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.”
GOKUL REFOILS WITH
GMDC TO SET UP RS 4600.000 MILLIONS, 80 MW THERMAL GOKUL REFOILS WITH GMDC TO
SET UP RS 4600.000 MILLIONS, 80 MW THERMAL
July 13, 2010,
Ahmedabad: Gokul Refoils and Solvent Limited today announced that the company along
with Gujarat Mineral Development Corporation (GMDC) is planning to set up a 80
MW lignite based thermal power station near Tadkeshwar district of Surat in the
equity stake ratio of 74:26.
The project is
being developed on 61 hectares land, which is already acquired and total
project cost is estimated at about Rs.4600.000 Millions. The project cost will be funded by combination of debt
and equity in the proportion of 70:30. The plant capacity is divided in parts
of 55 MW that would be supplied to GMDC (20 MW) and Gokul Group (35 MW) and the
balance 25 MW capacity will be available for sale to Gujarat Urja Vikas Limited
(GUVNL) and other parties.
GMDC has committed
100% raw material supply to the project which is the big advantage as other
future power projects are restricted by lack of fuel supply because of current
scarcity of domestic coal allocation. Gokul Refoils and Solvent limited and
GMDC both would be beneficial in terms of cost savings as the captive user
would derive power from the project at Rs.3.40 per unit as against the grid
rate of Rs.5.50 per unit.
As a step forward,
both Gokul Group and GMDC have principally agreed to enhance the size of power
project to 135 MW from 80 MW.
About Gokul
Refoils and Solvents Limited (BSE code: 532980, NSE: 16705)
Gokul Refoils and
Solvent Limited (GRSL) is one of India’s leading FMCG Companies with
international presence, dealing in edible oils such as Soya bean oil,
Cottonseed oil, Palm oil (Palmolein), Sunflower oil, Mustard oil, Groundnut
oil, Vanaspati and Industrial oils such as Castor Oil. It is an ISO 9001:2000
Certified Company with a wide customer base spread globally. The company has
set up offices in Singapore and Mauritius to facilitate its international
trading operations and has an extensive marketing and distribution network for
its popular brands “Gokul” and “Zaika” across 20 states in India. With a loyal
customer base in various countries across continents, GRSL supplies products to
United States, South Korea, European Union, China, Singapore, Indonesia,
Malaysia and Vietnam. The company owns four production plants equipped with
latest equipment and technology in the states of Gujarat and West Bengal in
India.
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 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 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.54.47 |
|
|
1 |
Rs.87.63 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.