MIRA
INFORM REPORT
|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI INFRASTRUCTURE LIMITED |
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Registered
Office : |
615 Tulsiani Chambers Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.08.1984 |
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Com. Reg. No.: |
11-033878 |
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Capital
Investment / Paid-up Capital : |
Rs.751.301 Millions |
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CIN No.: [Company Identification
No.] |
L65990MH1984PLC033878 |
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Legal Form : |
Public Limited Liability Company. The company shares are listed on the
stock exchange |
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Line of Business
: |
Manufacture of vegetable oils and fats |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46 ) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of the Ruchi Group of There appears huge dip in the profitability of the company during
2012. However, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
LONG TERM BANK FACILITIES : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
06.04.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
SHORT TERM BANK FACILITIES : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
06.04.2012 |
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 : |
615 Tulsiani Chambers Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22824851,52,53,57,59 |
|
Fax No.: |
91-22-22023160 |
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E-Mail : |
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Website : |
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Corporate Office : |
101, The Horizon, 1st Floor, Nath Mandir Road, 11/5 South Tukoganj,
Indore - 452 001, Madhya Pradesh, India |
|
Tel. No.: |
91-731- 4017979 |
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Fax No.: |
91-731- 4017980 |
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Factory 1 : |
Beach Road, Dummulpet, Kakinada - 533 008, Andhra Pradesh, India |
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Factory 2 : |
Village Sejwaya, Ghatabhillod, District Dhar - 454 773, Madhya Pradesh, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Dinesh Shahra |
|
Designation : |
Director |
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|
Name : |
Mr. Naveen Gupta |
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Designation : |
Director |
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Name : |
Mr. Dinesh Khandelwal |
|
Designation : |
Director |
|
Name : |
Mr. Kanta Prasad Mandhana |
|
Designation : |
Director |
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|
|
Name : |
Mr. Navamani Murugan |
|
Designation : |
Director |
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|
Name : |
Mr. Sajeve Deora |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vijay Kumar Jain |
|
Designation : |
Director |
|
Date of Appointment : |
10.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Mehta |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
51918581 |
25.30 |
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|
55405079 |
27.00 |
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|
107323660 |
52.29 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
107323660 |
52.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
29048885 |
14.15 |
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|
29048885 |
14.15 |
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|
|
|
|
|
60293788 |
29.38 |
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|
|
|
|
|
6304728 |
3.07 |
|
|
2208027 |
1.08 |
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|
60854 |
0.03 |
|
|
60854 |
0.03 |
|
|
68867397 |
33.55 |
|
Total Public shareholding (B) |
97916282 |
47.71 |
|
Total (A)+(B) |
205239942 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
Total (A)+(B)+(C) |
205239942 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of vegetable oils and fats |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Oils # |
MT/PA |
|
240000 |
165274 |
|
Vanaspati |
MT/PA |
|
120000 |
38136 |
|
Textured Soya Proteins |
MT/PA |
|
15000 |
-- |
|
Soap |
MT/PA |
|
6000 |
799 |
|
Power Generation (M Wh) |
MT/PA |
|
10.80 |
20848371 |
|
By Products |
MT/PA |
|
-- |
9128 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited · The Karur Vysya Bank Limited · ICICI Bank Limited ·
Corporation Bank |
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Facilities : |
(Rs.
In Millions)
Notes : a) Foreign Currency Term Loan from Axis Bank Limited The loan is secured by pari passu first charge on the fixed assets of the refinery at Kakinada, Andhra Pradesh. The loan is repayable in two installments of USD 4 mn each starting from quarter ending December 2010. Last installment is due in quarter ending March, 2012. Rate of interest as at year end is Nil (Precious year 2.46% p.a.). b) Term Loan from State Bank of India Term Loan from State Bank of India is secured by (a) exclusive first charge on the fixed assets of the Company created at various locations under the Rural Warehouses and Agri Marketing Infrastructure Facility project of the Company (b) personal guarantee of a Director of the Company. The Term loan is repayable in 27 scattered quarterly instalments starting from quarter ending June 2009 and last instalment of Rs.184.900 Millions is payable in December 2015. Rate of interest is 13.62% p.a. as at the year end (Previous Year 11.43% p.a.) c) Foreign Currency Term Loan from Standard Chartered Bank PLC Foreign Currency Term L an from Standard Chartered Bank PLC (SCB) is to be secured by First Charge by way of hypothecation/mortgage charge on movable and immovable fixed assets at specified locations. Pari passu first charge on agri warehouses, if provided as security and first charge on escrow account opened with SCB where lease payments received will be deposited. The Term loan is repayable in 18 scattered quarterly instalments starting from quarter ending November 2012 and last instalment in February 2017. Rate of interest as at year end is 3.95% p.a. (Previous Year Nil). The Company has availed Buyers Credit from Banks during the year. The outstanding amount as on March 31, 2012 is Rs.1898.100 Millions (Previous Year Rs.1119.548 Millions) is guaranteed by Banks against lien on Fixed Deposits amounting to Rs.1912.100 Millions (Previous Year Rs.1178.285 Millions). |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
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Cost Auditors : |
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|
Name : |
K.G. Goyal and Company Chartered Accountants |
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Associates: |
· Narang and Ruchi Developers · Shubhdeep Habitants LLP |
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Subsidiaries : |
· Peninsular Tankers Private Limited · Ruchi Green Energy Private Limited · Ruchi Resources Pte. Limited · Mangalore Liquid Impex Private Limited · Union Infrastructure Solutions Private Limited |
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Related Parties : |
· Aaradhya Buildtech Private Limited · Alison Builders and Construction Private Limited · Ankesh Resorts and Hotels Private Limited · Aparaa Biuldtech Private Limited · Arav Construction and Developers Private Limited · Archer Construction and Builders Private Limited · Aseem Infracon Private Limited · Avid Constructions Private Limited · Bright Star Buildtech Private Limited · Bright Star Housing Private Limited · Deepti Housing Private Limited · Deepti Properties Private Limited · Delite Ventures Private Limited · Great Eastern Infrastructure Corporation Private Limited · Hightech Realties Private Limited · I Farm Equity Advisors Private Limited · Indivar Wellness Private Limited · Mahadeo Shahra Sukrut Trust · Mahakosh Amusement Private Limited · Mahaodeo Shahra and Sons · Mahaodeo Shahra and Sons Private Limited · Navaagat Infratech Private Limited · Navodit Infracon Private Limited · Neha Resorts and Hotels Private Limited · Neha Securities Private Limited · Nibodh Infradevelopers Private Limited · Nirvana Housing Private Limited · Nischit Intratech Private Limited · RSIL Benificiary Trust · Ruchi Marketrade Private Limited · Ruchi Bio-fuels Private Limited · Ruchi Corporation Limited · Ruchi Multitrade Private Limited · Ruchi Realty Private Limited · Ruchi Soya Industries Limited · Sadashay Construction Private Limited · Saharsh Brokers Private Limited · Sakushal Buildtech Private Limited · Sanchit Buildtech Private Limited · Shahra Brothers Private Limited · Shahra Estate Private Limited · Shahra Sons Private Limited · Shalin Infratech Private Limited · Sharsha Infracon construction and Developers Private Limited · Shiva Foundation (Trust) · Soyumm Marketing Private Limited · Spectra Realties Private Limited · Suramya Infratech Private Limited · Vishal Warehousing Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000 Millions |
|
20000000 |
Non Convertible
Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.2000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
205239942 |
Equity Shares |
Rs.1/- each |
Rs.205.240
Millions |
|
5460613 |
6% Non Convertible
Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.546.061
Millions |
|
|
Total |
|
Rs.751.301 Millions |
NOTE:
The company has one
class of equity shares having a par value of Rs.1/- per share. Each shareholder
is eligible for one vote per share. The dividend proposed by the Board of
directors is subject to the approval of Shareholders, except in case of interim
dividend. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their shareholding.
The preference
shares have a par value of `100/- per share. Each preference shareholder is
eligible for one vote per share only on resolutions affecting their interest.
The Shareholders are entitled to dividend at the rate fixed at the time of the
issue of such preference shares, which is cumulative. The preference shares are
redeemable and the shareholders have a preferential right of repayment of
capital over the equity shareholders in case of winding up.
The details of shareholders’ holding more than 5% of Equity Shares in
the Company:
|
Name of
shareholder |
As at March 31, 2012 |
|
|
|
No.
of Shares held |
%
of holding |
|
Bunkim Finance and Investments Private Limited |
2,89,86,321 |
14.12 |
|
Ruchi Soya Industries Limited |
2,73,24,239 |
13.31 |
|
Mahakosh Holding Private Limited |
1,50,57,840 |
7.34 |
|
Mavi Investment Fund Limited |
1,47,04,752 |
7.16 |
|
Jayati Finance and Investments Private Limited |
1,21,86,791 |
5.94 |
Aggregate number of Equity Shares allotted as fully paid up on conversion
of Foreign Currency Convertible Bonds during the period of five years
immediately preceeding the current year - 22,57,142 equity shares.
The reconciliation of the number of shares outstanding is set out below:
|
|
As at March 31, 2012 |
|
|
|
No.
of Shares |
Rs.
In Millions |
|
Equity Shares at the beginning of the year |
20,52,39,942 |
205.240 |
|
Add: Shares issued during the year on conversion of FCCB |
-- |
-- |
|
Equity Shares at
the year end |
20,52,39,942 |
205.240 |
The Company had allotted 6% Non Convertible Cumulative Redeemable Preference Shares of Rs.100/- each as under:
17,33,345 Shares were allotted on March 31, 2006
37,27,268 Shares were allotted on October 9, 2006
The aforesaid Preference Shares are redeemable as under:
Rs.34/- to be redeemed after 14 years from date of allottment
Rs.33/- to be redeemed after 13 years from date of allottment
Rs.33/- to be redeemed after 12 years from date of allotment
The Company at its sole discretion has an option to prematurely redeem the Preference Shares in full or in part after completion of three years from the date of allottment.
The following shareholders’ hold more than 5% of Preference Shares in the Company:
|
Name of shareholder |
As at March 31, 2012 |
|
|
|
No of Shares held |
% of holding |
|
Wellway Development Limited |
27,96,281 |
51.21 |
|
Everlead Trading Limited |
17,33,345 |
31.74 |
|
Blairs Finance Group Limited |
9,30,987 |
17.05 |
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 |
751.301 |
751.301 |
749.721 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1612.191 |
1572.063 |
1372.206 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2363.492 |
2323.364 |
2121.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1145.036 |
444.674 |
1073.118 |
|
|
2] Unsecured Loans |
2136.905 |
1380.452 |
2310.836 |
|
|
TOTAL BORROWING |
3281.941 |
1825.126 |
3383.954 |
|
|
DEFERRED TAX LIABILITIES |
18.121 |
49.555 |
76.013 |
|
|
|
|
|
|
|
|
TOTAL |
5663.554 |
4198.045 |
5581.894 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2290.048
|
2409.744 |
2625.138 |
|
|
Capital work-in-progress |
44.259 |
31.617 |
44.653 |
|
|
|
|
|
|
|
|
INVESTMENT |
1107.527 |
1071.624 |
1043.303 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
29.966 |
7.995 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1608.523
|
2308.809
|
1506.449 |
|
|
Sundry Debtors |
1366.997
|
1125.706
|
659.104 |
|
|
Cash & Bank Balances |
2111.942
|
1383.455
|
1631.444 |
|
|
Other Current Assets |
65.852
|
11.857
|
0.000 |
|
|
Loans & Advances |
345.513
|
597.864
|
1043.153 |
|
Total
Current Assets |
5498.827
|
5427.691
|
4840.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2963.905
|
3667.251
|
2645.881 |
|
|
Other Current Liabilities |
287.923
|
1024.181
|
94.695 |
|
|
Provisions |
55.245
|
59.194
|
246.759 |
|
Total
Current Liabilities |
3307.073
|
4750.626
|
2987.335 |
|
|
Net Current Assets |
2191.754
|
677.065
|
1852.815 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
15.985 |
|
|
|
|
|
|
|
|
TOTAL |
5663.554 |
4198.045 |
5581.894 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29642.713 |
17526.264 |
14667.520 |
|
|
|
Other Income |
272.603 |
138.907 |
12.276 |
|
|
|
TOTAL (A) |
29915.316 |
17665.171 |
14679.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13245.200 |
10190.144 |
4089.592 |
|
|
|
Purchases of stock-in-trade |
14768.835 |
6050.719 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(60.489) |
(169.655) |
9163.441 |
|
|
|
Employee benefits expense |
74.280 |
67.638 |
898.600 |
|
|
|
Other expenses |
1113.762 |
872.310 |
0.000 |
|
|
|
Extraordinary Items |
0.000 |
(11.614) |
|
|
|
|
TOTAL (B) |
29141.588 |
16999.542 |
14151.633 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
773.728 |
665.629 |
528.163 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
379.725 |
160.065 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
394.003 |
505.564 |
528.163 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
260.003 |
261.817 |
239.796 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIODS
ADJUSTMENT |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
134.000 |
243.747 |
288.367 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
41.481 |
40.365 |
(57.161) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
92.519 |
203.382 |
345.528 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
275.644 |
229.423 |
41.288 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
100.000 |
100.000 |
|
|
|
Proposed Dividend – Preference |
32.800 |
32.764 |
32.764 |
|
|
|
Proposed Dividend – Equity |
12.300 |
16.419 |
16.293 |
|
|
|
Tax on Dividend |
7.300 |
7.978 |
8.337 |
|
|
BALANCE CARRIED
TO THE B/S |
368.100 |
275.644 |
229.423 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
129.334 |
318.833 |
28.314 |
|
|
TOTAL EARNINGS |
129.334 |
318.833 |
28.314 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5892.988 |
5261.400 |
4553.633 |
|
|
|
Stores & Spares |
1.466 |
2.744 |
NA |
|
|
|
Capital Goods |
0.693 |
7.321 |
NA |
|
|
TOTAL IMPORTS |
5895.147 |
5271.465 |
4553.633 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.27 |
0.80 |
1.51 |
|
QUARTERLY
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
3839.300 |
4574.400 |
|
Total Expenditure |
|
3735.600 |
4492.800 |
|
PBIDT (Excl
OI) |
|
103.700 |
81.600 |
|
Other Income |
|
46.100 |
70.200 |
|
Operating
Profit |
|
149.800 |
151.800 |
|
Interest |
|
64.300 |
67.200 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
85.500 |
84.600 |
|
Depreciation |
|
55.700 |
59.100 |
|
Profit Before
Tax |
|
29.800 |
25.500 |
|
Tax |
|
9.500 |
2.000 |
|
Provision and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
20.300 |
23.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
20.300 |
23.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.31
|
1.15
|
2.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
1.39
|
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72
|
3.11
|
3.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.10
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.79
|
2.83
|
3.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.14
|
1.62 |
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 |
No |
|
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 |
OPERATIONS:
During the year, the total revenue of the Company increased to Rs.29642.700 Millions from Rs.17526.300 Millions in the previous year, recording a growth of over 69%. The Profit before depreciation and tax decreased to Rs.394.000 Millions from Rs.493.900 Millions in the previous year, primarily due to higher cost of raw materials and unfavourable foreign exchange fluctuations. Profit after tax of Rs.92.500 Millions was recorded during the year as against Rs.203.400 Millions in the previous year.
FUTURE OUTLOOK:
The existing infrastructure for storage facilities for edible oils, petroleum, liquid bulk chemicals etc., has the propensity to scale up in the long run. The long term potential for growth in this sector is, therefore, promising and the demand for infrastructural requirements is likely to grow in future.
Keeping in view the demand for liquid storage at port based areas, the Company is examining the possibilities of expanding capacities at existing locations and is exploring new locations to cater to the growing requirements.
The demand for quality warehouses has been high. The business of good quality warehousing for agri-commodities has a good future. Having established ourselves as one of the major players of quality warehousing in Madhya Pradesh, them are examining the possibility of further extension and diversification of services.
According to the industry estimates, the consumption of edible oil is expected to increase from the current level of approximately 17 Million MT to over 21 Million MT by the year 2015. Due to lower domestic supply, the import of edible oil will rise to meet the demand-supply gap, offering good business opportunities for the edible oil refinery of the Company.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Company is primarily engaged in the businesses of storage infrastructure viz (a) storage facilities for handling bulk storage of liquid commodities such as edible oils, petroleum products, liquid chemicals etc and (b) agricultural warehousing facilities for storing commodities such as, wheat, cotton, soybean etc., infrastructure development, refining of edible oils and manufacture of vanaspati.
In view of the growing integration of Indian economy with the global economy, the volumes of external trade have been showing an uptrend. The demand for bulk liquid storage handling facilities, more particularly in port based areas, has been rising.
Agricultural marketing has assumed increasing importance. Keeping in view the focus of the Indian Government on the rural economy and the farm sector, the demand for storage facilities in rural areas is also increasing. Connectivity of rural and urban areas enhances the demand for quality storage infrastructure for better aggregation, supply chain and consumption with low wastages and costs, offering better value for consumers. The availability of good storage facilities in the rural areas facilitate better quality retention and consequently better sales realization of products for the farming community, apart from enabling funding needs. Thus the storage infrastructure facilities have vast potential to cater to the growing needs of various stakeholders.
The domestic edible oil consumption has been steadily growing and is estimated to be around 17 million MT with a per capita consumption of approx 13 kg (2011-2012) and the supply growth has been primarily lower due to relative stagnancy in the domestic oil seed output. In view of the demand- supply gap, around 53% of the domestic edible oil consumption is met by imports. Owing to the growing demand- supply gap in edible oil, the volumes of import of edible oil have gone up from 5.4 Million MT (2006-07) to 9.04 Million MT (2011-2012) over the last six years. During the year , the international economic and political situations coupled with monetary conditions have influenced domestic business sentiments. However, higher cost of imported raw materials due to the export duty regime changes by the Government of Indonesia relating to the palm segment and unfavourable foreign exchange fluctuations impacted the performance of their port based edible oil refinery units and profits during the year.
INDUSTRY OUTLOOK
Keeping in view the rural development and need for storage infrastructural needs to bring in efficiencies in the commodity value chain and linkage between the points of production and consumption with minimal wastage, the Government has accorded priority in framing appropriate policies and providing support mechanism for developmental activities in this regard. Also, the increasing volumes of global trade entail a strong demand for growing storage infrastructure needs, more particularly at the port based areas, for commodities such as petroleum products, edible oil, liquid chemicals etc. The long term potential for growth in this sector is, therefore, promising and the demand for storage infrastructural requirements is likely to grow in future.
The per capita edible oil consumption in India is low with reference to global average and also to comparable economies. Also, considering the very basic needs to cater to the varying cooking styles/patterns in India, large population, better disposable income etc, the demand for edible oil is expected to increase in future. Thus the size and the steady growth of the edible oil industry in India offer great potential for the company to proactively adopt strategies to sustain leadership position in the Industry. According to the industry estimates, the consumption of edible oil is expected to increase from the current level of approximately 17 Million MT to over 21Million MT by the year 2015. Due to lower domestic supply, the import of edible oil will rise to meet the demand-supply gap.
Pursuant to the various representations made by the industry associations to protect the domestic refinery industry (including the associated dependent sectors) against the adverse impact on account of export duty regime changes by the Government of Indonesia relating to the palm segment and to promote domestic value addition, the Government of India positively responded by making appropriate changes in the import duty structure in July 2012 for import of refined palm products to have a level playing field for the domestic industry and thus the industry is hopeful of better performance in the coming years. The industry desires that the Government would continue to take appropriate counter measures proactively to encourage domestic refining industry and domestic value addition.
BUSINESS STRATEGY
The demand for storage facilities at port based locations for storage of edible oils, petroleum products, liquid bulk chemicals etc., has been growing. The Company has storage infrastructure facilities in six port locations, strategically placed to cater to all major states in India. Further the Company also has storage terminals in five inland locations. Their storage facilities are well connected to the railways to enable long distance supply and the port based facilities are integrated with ports to facilitate transportation by pipelines. Keeping in view good demand for liquid storage facilities at port based areas, the Company is examining the possibilities of expanding the capacities at the existing locations and /or exploring in new locations to cater to the growing requirements.
Having established ourselves as one of the major players in offering state of the art agri warehousing storage facilities in Madhya Pradesh, them are also examining the possibility of further extension into other states and diversification into value added services to deepen and widen their business areas and presence to strengthen their leadership position.
The state of the art production facility of the Company for refining of edible oils and manufacture of vanaspati is located at Kakinada in the state of Andhra Pradesh. The Company has a significant market share in the states of Andhra Pradesh, Orissa and Chhatisgarh for Edible Oils and Vanaspati. The company has created a robust organizational structure to evolve appropriate response mechanisms closer to ground realities and faster to the consumer needs, in line with the emerging business needs and trends.
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Guarantees issued by Bank |
331.028 |
301.335 |
|
Income Tax/Sales Tax/Customs Duty/ Excise Duty demands disputed in appeals |
178.691 |
182.831 |
FIXED ASSETS:
Tangible Assets
· Land - Freehold
· Land - Leasehold
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Jetty
Intangible Assets
· Computer Software
WEBSITE DETAILS
BOARD OF DIRECTORS
MR. DINESH SHAHRA
Mr. Dinesh Shahra aged 59 years is the Promoter Director of the company who is a qualified Engineer by profession. He is Director of the company since 1992. He is also the Managing Director of Ruchi Soya Industries Limited since 1986, being entrusted with entire management affairs of the company subject to supervision and direction of board of directors of the company. He has more than 38 years of industrial experience including Import, Export, Trading of edible, non-edible and other value-added Soya Products.
Under his able leadership, the company has come up with storage, jetty and other infrastructure related projects. He is also evaluating various investment opportunities infrastructure and other projects with a view to benefit the company in the long term.
He is the Chairman of the Finance, Executive and FCCB Committees and member in Investment Committee of the company.
MR. NAVEEN GUPTA
Mr. Naveen Gupta aged 62 years is the Non-Executive Director of the company who is a qualified Engineer and an Ex-banker. He is Director of the company since 1997. He has worked with State Bank of India at various senior managerial positions and has wide experience in many facets of banking. He has more than 31 years of experience in project management and techno commercial aspects of functioning of various industries.
All the jetty, storage tanks, edible oil refinery and Railway siding Terminals
projects that had come up in the last one decade was under the able supervision
of him. Under the able leadership of him, the company has completed various
infrastructure related projects and the future projects that are in the
pipeline are being well planned and shaping up under his dynamic leadership.
He is member of the Finance and Executive Committees of the company.
MR. DINESH KHANDELWAL
Mr. Dinesh Khandelwal aged 73 years is the Non-Executive Director of the company who is B.SC, D.M.I.T and B.L.. He is a Director of the company since 2002 and is looking after the day to day Administration and H.R related matters of the company. He has 6 years experience in Research & Development in Electronic Research & Development Organisation, Bangalore, under the Ministry of Defence. In addition to this he has 24 years of experience in Khandelwal Herrmann Electronics Ltd. He held the post of Chief Executive and was looking after the Administration, H.R, Material Management, Production and other matters. Besides the above he was also working as consultant in the field of H.R.
His association with the administration and H.R. in the previous companies gave
a new approach in various matters. Present association with the company has
seen various new innovative ideas for the betterment of the human resource
development.
He is the Chairman of the Investment Committee and Member in Finance,
Executive, Audit and FCCB Committees of the company.
MR. KANTA
PRASAD MANDHANA
Mr. Kanta Prasad Mandhana aged 49 years is an Independent
Non-Executive Director of the company who is a Fellow of Institute of Chartered
Accountants of India. He is Director of the company since 2002. He is a
practicing Chartered Accountant with 24 years of experience. He has got wide
experience in Accounts, taxation and finance. He has also experience in
Internal control procedures, IT system commensurate with the size of the
company.
Present association with the company has seen various efficient and cost
effective measures coming into effect. The company has benefited by his
experience.
He is the Chairman of the Audit Committee and Member in Investment and FCCB
Committees of
the company.
MR. NAVAMANI
MURUGAN
Mr. Navamani Murugan aged 62 years is an Independent Non-Executive Director of the company who is retired Indian Administrative Service Officer and has served the Government of India and the Government of Tamilnadu in various capacities. He retired as the Chairman & Managing Director of Tamilnadu Urban Finance & Infrastructure Development Corporation Limited. He has Masters in Science and a Masters in Business Administration. He is Director of the company since 2008.
He is member in the Audit Committee of the company.
MR. SAJEVE
DEORA
Mr. Sajeve Deora aged 52 years is an Independent Non-Executive Director of the company who is a Fellow of Institute of Chartered Accountants of India. He is a practising Chartered Accountant having expertise in financial re-constructions, acquisitions, mergers and corporate re-structuring. He is Director of the company since 2009.
MR. VIJAY KUMAR
JAIN
Mr. Vijay Kumar Jain aged 54 years is Non-Executive Director of the company. He is B.Sc. and Diploma in Business Management. He is among the senior management and is looking after the matters related to imports, exports and commercial activities of the company. He is appointed as additional director of the company on 10th November, 2010.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.