MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.08.1991 |
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Com. Reg. No.: |
04-016151 |
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Capital Investment
/ Paid-up Capital : |
Rs. 276.700 millions |
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CIN No.: [Company Identification
No.] |
L15140GJ1991PLC016151 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00194F |
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PAN No.: [Permanent Account No.] |
AAACG3980A |
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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
: |
Manufacturer, Export and Importer of Agriculture Products like
Soyabean, Maize, Cotton Yarn etc |
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No. of Employees
: |
4000 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
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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 22190000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having good track record. These
appear sharp dip in the profitability recorded by the company. However, Fundamental
seems healthy and strong. Trade relations are reported to be fair. Business
is active. Payment are reported to be regular and as per commitment. The company can be considered for 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 |
CRISIL |
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Rating |
A (Cash Credit) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation it carry low credit risk |
|
Date |
05.01.2012 |
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
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Registered Office : |
Ambuja Tower, Opposite Memnagar
Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat, India |
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Tel. No.: |
91-79-26423316/ 26405535 |
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Fax No.: |
91-79-26423079 |
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E-Mail : |
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Website : |
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PLANTS |
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Address: |
Cotton Spinning
Division Vil.Dalpur, Dist. Sabarkantha, Gujarat, India |
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Address: |
Bio-Chemical
Division (Maize Processing) Vil.Dalpur, Dist. Sabarkantha,Gujarat, India |
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Address: |
Edible Oil
Refineries and Vanaspati Ghee Unit Kadi, Dist. Mehsana,Gujarat, India |
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Address: |
Solvent
Extraction Unit-I Nani Kadi, Dist Mehsana, Gujarat, India |
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Address: |
Solvent
Extraction Unit-II Kadi, Dist. Mehsana, Gujarat, India |
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Address: |
Solvent
Extraction Unit-III Kadi, Dist.Mehsana, Gujarat, India |
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Address: |
Solvent Extraction
Unit-IV Pithampur, Dist. Dhar, Madhya Pradesh, India |
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Address: |
Solvent
Extraction Unit- V N.H. No.6, Akola-Balapur Road,Village Kanheri, Gawali, Tal.Balapur,
Dist Akola, Maharashtra, India |
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Address: |
Solvent Extraction
Unit VI Dist. Mandsour, Madhya Pradesh, India |
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Address: |
Wheat Processing
Unit Kadi, Dist Mehsana, Gujarat, India |
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Address: |
Cattle Feed Unit Kadi, Dist Mehsana, Gujarat, India |
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Address: |
Wheat Processing
Unit Pithampur, Dist Dhar Madhya Pradesh, India |
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Address: |
Maize Processing
Unit Plot C-50, ELDECO, SIDCUL Industrial Park, Sitarganj, Dist. Udham
Singh Nagar, Uttarakhand, India |
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Units : |
Wind
Mills (Gujarat) ·
B-87, R S No. 471 /P, Village Lamba,
Taluka Kalyanpur, Dist Jamnagar, Gujarat, India ·
WTG No. 1, Machine No.1, Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, Gujarat, India ·
WTG No. 2, Machine No.2 Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, Gujarat, India ·
WTG No. 3, Machine No. 6 – Survey No.
400, Village Kuranga, Taluka Dwarka, Dist Jamnagar, Gujarat, India ·
Survey No.213/2, Village: Satapar,
Tal: Kalyanpur, Dist. Jamnagar, Gujarat, India ·
WTG No.1, V-4, Survey No. 43/1/P
Village: Moti Sindhodi, Tal: Abdasa, Dist. Kutch, Gujarat, India ·
WTG No.2, V-7, Survey No. 36/2/P
Village: Moti Sindhodi, Tal: Abdasa, Dist. Kutch, Gujarat, India ·
Survey No. 115/P, Village Mindiyali,
Tal : Anjar, Dist. Kutch, Gujarat, India |
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Branch Office: |
Located
at: ·
Mumbai ·
New Delhi ·
Indore ·
Akola ·
Vietnam |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
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Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
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Qualification : |
B.Ds |
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Date of Appointment : |
18.04.1988 |
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Name : |
Mr. Manish V. Gupta |
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Designation : |
Managing Director |
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Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
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Qualification : |
B.Com |
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Date of Appointment : |
28.12.1998 |
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Name : |
Mohit V. Gupta |
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Designation : |
Joint Managing Director |
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Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
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Date of Birth/Age : |
20.11.1981 |
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Qualification : |
B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information
Systems |
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Name : |
Mr. Sandeep N. Agrawal, |
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Designation : |
Whole Time Director |
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Address : |
402, Gold Residency, 7/2, Manotamaganj, |
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Date of Birth/Age : |
12.12.1971 |
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Qualification : |
B. Com. [Hons], MBA |
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Name : |
Mrs. Sulochana V. Gupta |
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Designation : |
Director |
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Address : |
8, Pratima Society, Near Dada Sahebna Pagla, Navrangpura, Ahmedabad –
380009 |
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Date of Birth/Age : |
01.11.1953 |
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Qualification : |
Under Graduate |
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Name : |
Mr. Sudhin B. Choksey |
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Designation : |
Director |
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Name : |
Mr. Chaitan M. Maniar |
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Designation : |
Director |
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Address : |
Garden House, Dadyseth, 2nd cross Lane, Chowpatty
Bandstand, Mumbai – 400007 |
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Date of Birth/Age : |
04.12.1935 |
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Qualification : |
B. Com. LLB, MA |
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Name : |
Mr. Prakash G. Ramrakhiani |
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Designation : |
Director |
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Address : |
Block No. 154, Sector – 8, Gandhinagar – 382008 |
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Date of Birth/Age : |
25.11.1940 |
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Qualification : |
B.A. [Hons], M.A. [Eco], IAS |
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Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
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Address : |
2, Prabhat Society, Paldi, Ahmedabad – 380007 |
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Date of Birth/Age : |
04.12.1939 |
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Qualification : |
B. Com. LLB |
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Name : |
Mr. Rohit J. Patel |
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Designation : |
Director |
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Address : |
22.02.1946 |
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Date of Birth/Age : |
7, Anand park Society, Near Naranpura Bus Stand, Nanarnpura, Ahmedabad
– 380013 |
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Qualification : |
B. E. [Electrical] |
KEY EXECUTIVES
|
Name : |
Mr. N. Giridhar |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Manan C. Bhavsar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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|
|
As a % of (A+B) |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
94701205 |
68.45 |
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|
94701205 |
68.45 |
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Total
shareholding of Promoter and Promoter Group (A) |
94701205 |
68.45 |
|
(B) Public
Shareholding |
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|
2644085 |
1.91 |
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|
11450 |
0.01 |
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|
203523 |
0.15 |
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|
2859058 |
2.07 |
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|
3329352 |
2.41 |
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Individual shareholders holding nominal
share capital up to Rs. 0.100 Million |
34542889 |
24.97 |
|
Individual shareholders holding nominal
share capital in excess of Rs. 0.100 Million |
2916871 |
2.11 |
|
Any Others
(Specify) |
2500 |
0.00 |
|
Directors & their Relatives &
Friends |
2500 |
0.00 |
|
Sub Total |
40791612 |
29.48 |
|
Total Public
shareholding (B) |
43650670 |
31.55 |
|
Total (A)+(B) |
138351875 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
138351875 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Export and Importer of Agriculture Products like
Soyabean, Maize, Cotton Yarn etc |
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Products as on: |
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GENERAL INFORMATION
|
No. of Employees : |
4000 (approximately) |
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Bankers : |
·
Bank of India ·
Punjab National Bank ·
Union Bank of India ·
HDFC Bank Limited ·
State Bank of Mysore ·
Yes Bank Limited |
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Facilities : |
Note: Working Capital
and Short term loan from banks is secured by a hypothecation of current
assets and certain tangible movable plant and machinery and joint equitable
mortgage of certain immovable fixed assets of the Company, personal guarantee
of three promoter directors and lien on certain fixed deposits of the
company. |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
M/s. Kantilal Patel and Company (A member firm of Polaris
International, USA). Chartered Accountants |
|
Address : |
2nd Floor, |
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Tel. No.: |
91-79-27551333 / 27552333 |
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Fax No.: |
91-79-27550538 |
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E-Mail : |
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Wholly Owned Subsidiary: |
Gujarat Ambuja International Pte.Limited, Singapore |
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Associates/ Subsidiaries: |
Jay Infrastructure and Properties Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138351875 |
Equity Shares |
Rs.2/- each |
Rs.276.700 Millions |
|
|
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|
a. Reconciliation of
the Shares Outstanding at the Beginning and at the end of the Reporting Period
Equity Shares
|
|
31.03.2012 |
|
|
|
Nos. Share |
Amount |
|
At the beginning of the period |
138351875 |
276.700 |
|
Outstanding at the end of the period. |
138351875 |
276.700 |
b. Terms/rights attached to Equity Shares
i) The company has only one class of equity shares carrying par value of
` 2 per share, carrying equal rights as to
dividend, voting and in all other respects.
ii) During the year ended 31 March 2012, the amount of per share
dividend recognized as distributions to
equity shareholders was Rs.0.60 (31 March 2011: Rs.0.60).
c. During the period of five years from 01.04.2006 to 31.03.2012, in the
year 2007-08 company bought back 9,66,615 equity shares out of 13,93,18,490
equity shares as per the Board resolution passed by the company at its Board
Meeting held on 16th January 2007
d. Details of shareholders holding more than 5% shares in the company.
|
|
31.03.2012 |
|
|
|
No.Shares Held |
% Holding in the
class |
|
Equity shares of
Rs.2 each fully paid |
|
|
|
Name of the
Shareholder |
|
|
|
Mr.Vijay Kumar Gupta |
39023083 |
28.206 |
|
Mr.Manish V Gupta |
34236594 |
24.746 |
|
Mr.Mohit V Gupta |
9017095 |
6.517 |
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 |
276.700 |
276.700 |
276.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5271.000 |
4787.100 |
3925.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5547.700 |
5063.800 |
4202.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3589.400 |
2264.600 |
1781.800 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
8.500 |
|
|
TOTAL BORROWING |
3589.400 |
2264.600 |
1790.300 |
|
|
DEFERRED TAX LIABILITIES |
493.200 |
492.100 |
502.400 |
|
|
|
|
|
|
|
|
TOTAL |
9630.300 |
7820.500 |
6495.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2889.000 |
2985.900 |
2970.600 |
|
|
Capital work-in-progress |
1690.600 |
452.200 |
139.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
443.500 |
783.000 |
408.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3711.000
|
3646.200 |
2609.500
|
|
|
Sundry Debtors |
1730.900
|
1148.700 |
726.100
|
|
|
Cash & Bank Balances |
224.000
|
173.000 |
281.600
|
|
|
Other Current Assets |
61.000
|
90.400 |
81.800
|
|
|
Loans & Advances |
638.800
|
665.900 |
470.200
|
|
Total
Current Assets |
6365.700
|
5724.200 |
4169.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1378.500
|
1706.500 |
828.900
|
|
|
Other Current Liabilities |
351.900
|
263.500 |
296.300
|
|
|
Provisions |
28.100
|
154.800 |
67.400
|
|
Total
Current Liabilities |
1758.500
|
2124.800 |
1192.600 |
|
|
Net Current Assets |
4607.200
|
3599.400 |
2976.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9630.300 |
7820.500 |
6495.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21140.900 |
19409.000 |
14085.100 |
|
|
|
Other Income |
55.100 |
168.500 |
61.300 |
|
|
|
TOTAL |
21196.000 |
19577.500 |
14146.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14290.100 |
|
12971.400 |
|
|
|
Purchase of Traded Goods |
2587.900 |
3892.100 |
|
|
|
|
(Increase)/ Decrease in Inventories of Finished Goods,
Work-in-Progress and Traded Goods |
232.800 |
(1172.400) |
|
|
|
|
Employee Benefits Expense |
471.800 |
510.400 |
|
|
|
|
Other Expenses |
2500.700 |
2185.800 |
|
|
|
|
TOTAL |
20083.300 |
18010.300 |
12971.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1112.700 |
1567.200 |
1175.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
208.900 |
125.500 |
87.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
903.800 |
1441.700 |
1087.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
298.600 |
292.300 |
279.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
605.200 |
1149.400 |
808.500 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS |
0.000 |
0.000 |
0.200 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF DEPRECIATION FOR PREVIOUS YEARS WRITTEN BACK |
0.000 |
41.900 |
91.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX
|
114.400 |
253.800 |
300.900 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX FOR EARLIER YEARS WRITTEN BACK |
6.200 |
3.500 |
0.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER
TAX |
497.000 |
941.000 |
600.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3141.200 |
2397.000 |
1907.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.000 |
100.000 |
45.500 |
|
|
|
Dividend |
83.000 |
83.000 |
55.300 |
|
|
|
Tax on Dividend |
13.500 |
13.800 |
9.400 |
|
|
BALANCE CARRIED
TO THE B/S |
3486.700 |
3141.200 |
2397.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
5384.827 |
5472.393 |
4129.226 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Components |
6.800 |
12.600 |
19.700 |
|
|
|
Capital Goods |
234.600 |
55.400 |
15.000 |
|
|
|
Raw material and Trading Goods |
2556.400 |
3128.900 |
2738.200 |
|
|
TOTAL IMPORTS |
2797.800 |
380.900 |
2772.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.60 |
6.80 |
4.34 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
5558.640 |
6190.130 |
|
Total Expenditure |
5076.990 |
5884.790 |
|
PBIDT (Excl OI) |
481.650 |
305.340 |
|
Other Income |
9.830 |
216.300 |
|
Operating Profit |
491.480 |
521.640 |
|
Interest |
60.590 |
42.340 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
430.890 |
479.300 |
|
Depreciation |
81.580 |
81.560 |
|
Profit Before Tax |
349.310 |
397.730 |
|
Tax |
82.190 |
98.640 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
267.120 |
299.090 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
267.120 |
299.090 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.34
|
4.81 |
4.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.86
|
5.92 |
5.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
|
13.20 |
11.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.87 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.62
|
2.69 |
3.50 |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF GUJARAT TAX APPEAL No.
886 of 2011 To Tax Appeal No.887 of 2011 |
|||||||
|
Status: PENDING (Converted
from: ST/1607/2011)
CCIN No:001092201100886 Last Listing Date: 21/06/2012 Coram:
HONOURABLE MR. JUSTICE VIJAY MANOHAR HONOURABLE MS
JUSTICE N.V.ANJARIA |
|||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||
|
1 |
COMMISSIONER OF INCOME TAX |
MRS MAUNA M BHATT for: PETITIONER(s) 1 |
|||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||
|
1 |
GUJARAT AMBUJA EXPORTS LTD |
MR B S SOPARKAR for: RESPONDENTS (s) 1 |
|||||
|
Presented On : 02/05/2011 Registered
On : 02/05/2011 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 1 times Stage Name : BOARD NO. I-A Classification -
DB – OJ- TAX APPEAL – INCOME TAX ACT, 1961 –
APPEAL TO HIGH COURT – U/S 260 OF IT ACT – LONG TERM CAPITAL GAIN – U/S 54EA
Act - INCOME – TAX ACT, 1961 |
|||||||
|
Office Details |
|||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||
|
1 |
02/05/2011 |
MEMO OF APPEAL/ PETITION/ SUIT |
MRS. MAUNA M BHATT for PETITIONER (s) 1 |
20 |
- |
||
|
2 |
17/07/2012 |
VAKALATNAMA |
MRS BS SOPARKAR ADVOCATE for RESPONDENT (s)
1 |
5 |
- |
||
|
Court
Proceedings |
|||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
|
1 |
17/05/2011 |
3 |
- |
OFFICE OBJECTION |
NEXT DATE |
ADDITIONAL REGISTRAR |
|
BUSINESS
OPERATIONS
A. Operational
Performance
The Company
recorded a turnover of Rs.21140.000 Millions as compared to Rs.19410.000
Millions during the previous financial year registering growth of more than 8.9
% compared to previous financial year. The export sales was more or less at the
same level. Export sales (F.O.B. Value) for the year 2011-12 was Rs.5603.800
Millions as compared to Rs.5568.000 Millions for the year 2010-11. The various
profit parameters were marginally down due to various factors. However, the
Company has been able to maintain it at a decent level at the end of the year.
The Company achieved Earning before Interest, Depreciation and Tax (EBIDTA) of
Rs.1112.700 Millions for the year 2011-12 against that of Rs.1567.200 Millions
for the year 2010-11. The Cash Profit, Profit after tax and EPS for the year
remained Rs.903.800 Millions, Rs.497.000 Millions and Rs.3.60 per share
respectively.
B. Capital
Projects for the year 2011-12
During the year,
the Company has completed the project to produce high value added derivatives
i.e. Dextrose Anhydrate for both its corn processing units. Apart from these,
the Company has also carried out modernization and improvements at all of its
solvent extraction and refining projects. Inspired from the success of its
maiden renewable energy forward integration projects of generating power from
bio gas, the Company has also decided to put one more such forward integration
project at both the corn processing units. The projects are expected to start
functioning commercially by the end of first quarter. Apart from these, the
lignite based power generation project has also been put in place and started
functioning from April 2012. The Company also has substantial amount of capital
WIP at the end of FY 2011-12. The major portion of it is for new state of art
750 TPD corn processing unit in the state of Karnataka. This project is also
expected to function commercially by second quarter of current F.Y. The Board
of Directors is proud to inform that the Company is ploughing back the retained
earnings for the future growth.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
CAUTIONARY
STATEMENT
Statements on the Management
Discussion and Analysis and current year’s outlook are management’s perception
at the time of drawing this report. Actual results may be materially different
from those expressed in the statement. Important factors that could influence
the Company’s operations includes demand and supply conditions, availability of
inputs and their prices both domestic and global, changes in government
regulations, tax laws, economic developments within the country and other
factors such as litigation and industrial relations.
GLOBAL BUSINESS
ENVIRONMENT
The overall global
economic environment have faced merry- go- round situation in the last
financial year. The last financial year has seen good and bad face of global
business environment. As noted in the last year report, the first quarter was
subdued on account of natural tragedy in Japan. The crisis in EU countries
added further woes in the global economic scenario during the year. The result
of it have seen the various economic fundamentals at its high and its low. The
negative sentiments are still alive at least for EU countries, with marginal
recovery in US and other economic majors. However, the situation on global
business front would not as bad as it was in last Financial Year. The present
turmoil is more of emotional reaction as the countries affected are having
negligible say in global business.
INDIAN ECONOMY and
INDUSTRY and SCENARIO
The impact of
global turmoil on Indian economy has also been felt during the last financial
year. The impact however was more due to lack of political will to address the
requirement to correct the business related gravity rather than the impact of
global turmoil. The lack of political will resulted in huge volatility in
commodities, currency, investment in India and domestic inflation. The
sentiments for Indian economy are still negative largely due to political will.
INDUSTRY STRUCTURE
and DEVELOPMENTS and COMPANY’S PERFORMANCE
The Company is
engaged in various agro based products with corn processing as its core operational
area. Historically the core operation area of the Company was solvent
extraction activity; however looking to the potential of growth in corn
processing activity the Company has adopted this segment as its core activity
segment. The Company is hopeful that this decision would give strength to its
position. During the last Financial Year, the topline has increased by 8%.
However there is marginal reduction in the profitability parameters, due to
loss in Cotton Yarn segment. The Company is engaged in manufacturing and
exports of various agro based “products”. The Company has also investment and
contribution in environment friendly power generation through windmills and non
conventional source of energy. The core activity of the company has gradually been
shifted from oil seed extraction to corn processing activities over a period of
last few years. The Company has acquired sufficient expertise in this segment
and looking to the growth potential of this segment, the Company is putting one
more corn processing plant. This would eventually replace this segment as the
core segment instead of agro processing segment.
SEGMENT WISE
PERFORMANCE
The Company’s
presence is in the segments of Agro Processing, Cotton Yarn, Maize processing
and Windmills Power generation.
AGRO PROCESSING
SEGMENT
The performance of
this segment has improved significantly. The parity in respect of main product
deoiled cake was at decent level compared to last Financial Year. The crop of
oil seed was good; the volatility in the prices was also under check during the
majority part of the year. Apart from this, the USD/INR Exchange rate also gave
additional margins during the season. The refining activity also was more or
less in line with the solvent extraction activity. Revenue from this Segment
increased from Rs.13112.500 Millions to Rs.14338.900 Millions registering
growth of 9.35 % as compared to previous financial year. Earning before
interest and tax increased from Rs.483.100 Millions to Rs.611.700 Millions
registering growth of 26.62 % as compared to previous financial year.
COTTON YARN
SEGMENT
The performance in
this segment is largely due to unprecedented volatility in both cotton and yarn
prices. The performance of cotton yarn segment has not been up to the mark
during the year due to many adverse factors. The ban of cotton yarn export
which was imposed in end 2010 has its impact on profitability in current
financial year. The segment has huge carried forward finished goods in 2011-12,
which was produced during high price of cotton during the last quarter of
2010-11. This ultimately resulted in high value of stock which sold in the
current financial year during the decontrolled export of cotton yarn.
Apart from this, segment
also continued to operate the FO based captive power plant which resulted in
continued high power and fuel cost.
The present
situation in this segment has now been stabilized. The price of raw material
and finished goods are at realistic level. We have also started operating
lignite based power plant in April, 2012 which would result in reduction in
power cost significantly. We hope that this segment would generate profit and
contribute positively in this Financial Year. Revenue from this Segment increased
from Rs.2073.800 Millions to Rs.2201.500 Millions registering growth of 6.16 %
as compared to previous financial year.
MAIZE PROCESSING
SEGMENT
The Corn
Processing Segment has performed with more stability than the two other major
segments. The topline has increased by about 10%. The returns for these
segments are now at realistic level of around 15 % to 18 %, which was at 22% to
20% during last year.
The various
returns of this segment are lower compared to last financial year. However, the
last financial year was an abnormal year in respect to returns for this segment
due to high sugar price which resulted in abnormal return for the sugar
substitute Corn Starch Derivatives. With the stability in sugar price, the
returns on such Derivatives have also been corrected at realistic level of
about 15%.
The Company has
added Dextrose Anhydrate under their Derivative product which has application
in Pharmaceutical Industries and decent return of around 30%. Apart from this,
the Company is also adding Sorbitol production line at the Uttaranchal unit.
The commercial production of new corn processing unit at Karnataka is expected
by second quarter of 2012-13. These would help the Company to further improve
the performance of its core segment for both in top as well as in bottom line.
Revenue from this Segment increased from Rs.3999.000 Millions to Rs.4387.900
Millions registering growth of 9.72 % as compared to previous financial year.
WIND MILLS
DIVISION AND CONTRIBUTION TO RENEWABLE ENERGY
The Company has
presence in environment friendly renewable energy and has total investment in 8
wind turbines with total capacity of 8.45 MW. Over all performance of all wind
turbines during the F.Y. 2011-12 was satisfactory and the same has contributed
to reduction in power cost for both agro processing and maize processing
divisions.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE and OVER ALL ANALYSIS
The performance
during the last financial year as a whole is satisfactory considering the
decent topline under present economic scenario.
OUTLOOK FOR THE YEAR 2012-13
In the financial
year 2011-12, the performance of various segments of the company was
satisfactory. The Company is also setting up new state of art plant for maize
processing, derivatives and other value added products in the state of
Karnataka. The total capital outlay for this project is estimated at around
Rs.1500.000 Millions. The commercial production from the said plant is expected
to start by second quarter of current F.Y. This new project will help the maize
processing division to gain more market share and will help the Company by
improving overall financial performance.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER 2012
(Rs. in Millions)
|
Sr. No. |
Particulars |
Quarter ended 30.09.2012 (Unaudited) |
Quarter ended 30.06.2012 (Unaudited) |
Half Year Ended
30.09.2012 (Unaudited) |
|
1 |
Income From
Operations a) Net Sales /
Income from operations (Net of Excise Duty) b) Other
Operating Income |
6177.620 12.508 |
5535.035 23.598 |
11704.740 36.107 |
|
|
Total Income
from Operations (Net) |
6190.129 |
55588.633 |
11740.847 |
|
2 |
Expenses: a) Cost of
materials consumed b) Purchases of
stock-in-trade c) Changes in
inventories of finished goods, work in progress and stock-in-trade d) Employee
benefits expense e) Depreciation
and amortisation expense f) Exchange
Fluctuation (Gain) / Loss h) Other
Expenditure |
2427.080 1507.202 1242.238 151.220 81.562 (188.547) 557.052 |
3870.175 1150.822 (750.833) 142.753 81.574 171.252 492.820 |
6289.340 2658.024 491.405 293.973 163.136 (17.295) 1049.872 |
|
|
Total Expenses |
5777.807 |
5158.563 |
10928.455 |
|
3 |
Profit / (-Loss)
from Operations before Other Income, Finance costs and Exceptional Items
(1-2) |
412.322 |
400.070 |
812.392 |
|
4 |
Other Income |
27.747 |
9.830 |
37.577 |
|
5 |
Profit / (-Loss)
from Ordinary Activities before Finance Cost & Exceptional Items (3+4) |
440.069 |
409.900 |
849.969 |
|
6 |
Finance costs |
42.340 |
60.589 |
102.929 |
|
7 |
Profit / (-Loss)
from Ordinary Activities after finance costs but before Exceptional Items
(5-6) |
397.729 |
349.311 |
747.040 |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit (+)/ Loss
(-) from Ordinary Activities before Tax (7+8) |
397.729 |
349.311 |
747.040 |
|
10 |
Tax expenses |
|
|
|
|
|
:Current tax |
96.274 |
81.103 |
177.377 |
|
|
:Add: MAT Credit
Entitlement |
0.000 |
0.000 |
0.000 |
|
|
:Deffered tax |
2.367 |
1.084 |
3.451 |
|
|
:(Excess)/ Short
Provision of tax of earlier years |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit (+)/
Loss(-) from Ordinary Activities after Tax (9±10) |
299.088 |
267.124 |
566.212 |
|
12 |
Extra Ordinary Items
(net of Tax Expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit (+) /
Loss (-) for the period (11±12) |
299.088 |
267.124 |
566.212 |
|
14 |
Paid-up Equity
Share Capital (Face Value of Re.2/-
each) |
276.704 |
276.704 |
276.704 |
|
15 |
Reserve excluding
Revaluation Reserves as per Balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earning per Share (EPS)
[Not annualised] Earning par share (before
extraordinary Items) (of Rs. 2/- each) (not annualised) Earning par share (after extraordinary
Items) (of Rs. 2/- each) (not annualised) |
2.16 2.16 |
1.93 1.93 |
4.09 4.09 |
|
|
PART II |
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDINGS |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
43650670 |
49460134 |
43650670 |
|
|
Percentage of shareholding |
31.55% |
35.75% |
31.55% |
|
2 |
Promoters and promotor group shareholding a) Pledged/Encumbered -Number of Shares -Percentage of shares (as a % of the total
shareholding of promoter and promoter group) -Percentage
of shares (as a % of the total share capital of the company) b) Non-encumbered -Number of Shares -Percentage of shares (as a % of the total
shareholding of promoter and promoter group) -Percentage of shares (as a % of the total
share capital of the company) |
0 0.00% 0.00% 94701205 100.00% 68.45% |
0 0.00% 0.00% 88891741 100.00% 64.25% |
0 0.00% 0.00% 94701205 100.00% 68.45% |
B. INVESTOR
COMPLAINTS FOR THE QUARTER ENDED SEPTEMBER 30, 2012
|
Particulars |
Quarter
Ended 30.09.2012 |
|
|
|
INVESTOR
COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
- 2 2 - |
NOTES :
1. The above standalone
unaudited financial results have been reviewed by the Audit Committee of the
Board and approved by the Board of Directors of the Company at its meeting held
on 3rd November, 2012 and also reviewed by the Auditors as per their Limited
Review Report dated 3rd November’ 2012.
2. The forward
exchange contracts (shortterm and longterm) outstanding at the quarter/year end
have been marked to market and has been adjusted to Hedge Reserve as per the
accounting policy followed by the Company. The balance in Hedge Reserve at
quarter end September, 2012 is Rs. 21.116 (Debit) Millions, as compared to Rs.
5.472 Millions (Debit) at year ended March, 2012.
3. Effective on
01.04.2012, the Company has reorganised its reportable segments by creating a
new segment, Power Division comprising operations of captive power plant and
wind mills. Segment information in respect of each previous period has been
regrouped to conform to the current reportable segments.
4. The Current period
figures in this statement have been reported in the format recommended as per
the SEBI circular dated 16th April, 2012.
5. Figures for the
previous period have been regrouped / rearranged wherever necessary to make
them comparable with current figures.
SEGMENT-
WISE REVENUE RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED
30TH SEPTEMBER, 2012
(Rs. in Millions)
|
Particulars |
Quarter ended 30.09.2012 |
Quarter ended 30.06.2012 |
Half Year Ended
30.09.2012 |
|
(Net Sales/Income from each Segment) |
|
|
|
|
1) Segment Revenue |
|
|
|
|
(a) Cotton Yarn Division |
521.278 |
480.414 |
1001.692 |
|
(b) Maize Processing Division |
1364.118 |
1293.935 |
2654.471 |
|
(c) Other Agro Processing Division |
4274.850 |
3757.027 |
8027.544 |
|
(d) Power Division |
152.379 |
130.286 |
282.665 |
|
(e) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
6312.625 |
5661.662 |
11740.847 |
|
Less : Inter Segment Revenue |
122.496 |
103.029 |
225.525 |
|
Net Sales/ Income from Operations |
6290.129 |
5558.633 |
11740.847 |
|
2. SEGMENT
RESULTS |
|
|
|
|
(Profit Before Interest & Tax from
each Segment) |
|
|
|
|
(a) Cotton Yarn Division |
15.385 |
(44.313) |
(127.398) |
|
(b) Maize Processing Division |
231.643 |
180.257 |
411.898 |
|
(c) Other Agro Processing Division |
8.265 |
461.617 |
469.884 |
|
(d) Power Division |
46.828 |
38.386 |
85.214 |
|
(e) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
302.121 |
635.947 |
938.068 |
|
Less : I Inter Segment Profit / (Loss) |
18.001 |
17.648 |
35.649 |
|
Less : ii Finance Costs |
42.340 |
60.589 |
102.929 |
|
Less : iii Exchange Fluctuation (Gain)/
(Loss) |
(188.547) |
171.252 |
(17.295) |
|
Less : iv Net unallocable
(Income)/Expenditure |
32.598 |
37.147 |
69.745 |
|
Less : v Exceptional items |
0.000 |
0.000 |
0.000 |
|
Total Profit/(Loss) Before Tax |
397.729 |
349.311 |
747.040 |
|
3. CAPITAL
EMPLOYED |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
(a) Cotton Yarn Division |
1208.282 |
1307.816 |
1208.282 |
|
(b) Maize Processing Division |
4007.740 |
3828.402 |
2816.344 |
|
(c) Other Agro Processing Division |
1502.890 |
2174.157 |
1502.890 |
|
(d) Power Division |
541.066 |
670.295 |
541.066 |
|
(e) Unallocable Assets |
|
|
|
|
Less Unallocable Liabilities |
(1259.066) |
(2250.650) |
(1259.066) |
|
Net Total |
6000.912 |
5730.020 |
6000.912 |
STATEMENT OF STANDALONE ASSETS AND LIABILITIES
(Rs. in Millions)
|
Particulars |
30.09.2012 |
|
|
|
|
A. Equity and Liabilities |
|
|
|
|
|
1. Shareholders' Funds |
|
|
Share Caplital |
276.704 |
|
Reserves and Surplus |
5724.208 |
|
Sub-total – Shareholder’s Funds |
6000.912 |
|
|
|
|
2. Non-Current Labilities |
|
|
Long-Term Borrowings |
0.000 |
|
Deferred Tax Liabilities
(Net) |
496.599 |
|
Long-Term Provisions |
6.800 |
|
Sub-total – Non – Current Liabilities |
503.399 |
|
|
|
|
3. Current Liabilities |
|
|
Short-Term Borrowings |
2108.808 |
|
Trade Payables |
2441.551 |
|
Other Current Liabilities |
303.072 |
|
Short-Term Provisions |
118.253 |
|
Sub – Total Current Liabilities |
4971.684 |
|
|
|
|
TOTAL – EQUITY AND LIABILITIES |
11475.995 |
|
|
|
|
B. Assets |
|
|
|
|
|
1. Non-Current Assets |
|
|
Fixed Assets |
|
|
i) Tangible |
3056.320 |
|
ii) Intangible |
10.919 |
|
iii)Capital Work-in-progress |
1677.184 |
|
Total Fixed Assets |
4744.423 |
|
Non-Current Investments |
446.758 |
|
Long-Term Loans and Advances |
348.132 |
|
Other Non Current Assets |
3.861 |
|
Sub – Total Non – Current Assets |
5543.174 |
|
|
|
|
2. Current Assets |
|
|
Current
Investment |
569.100 |
|
Inventories |
3361.107 |
|
Trade Receivables |
1383.074 |
|
Cash end Cash Equivalents |
356.541 |
|
Short-Term Loans and Advances |
208.512 |
|
Other Current Assets |
54.487 |
|
Sub – Total Current Assets |
5932.821 |
|
|
|
|
TOTAL - ASSETS |
11475.995 |
FIXED ASSETS:
·
Free
·
·
·
Building
·
Plant and Machinery
·
Wind Mill
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Trade Mark
·
Computer Software
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.54.34 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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.