MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SANWARIA AGRO OILS LIMITED |
|
|
|
|
Registered
Office : |
E-1/1, Arera Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.04.1991 |
|
|
|
|
Com. Reg. No.: |
10-006395 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.174.025 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15143MP1991PLC006395 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLS01749G/ BPLS03902D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS1449N |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Refined Soya Oil and Edible Oil. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8710000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
There appears continues fall in the profitability. However financially company
seems strong. Trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CARE |
|
Rating |
Fundamental Grade: (GARDE)3 |
|
Rating Explanation |
Means having strong fundamentals. |
|
Date |
September 2011 |
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 : |
E-1/1, Arera Colony, |
|
Tel. No.: |
91-755-2567577/ 2561837/ 4294878 |
|
Fax No.: |
91-755-5295038 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office 1
: |
Room No. 19, 1st Floor, Hassan Ali House, 17, Jijabhoy Dadabhoy Lane, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-40026634 |
|
Fax No.: |
91-22-40026648 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 1/
Branch Office : |
Plot No-1, Flat no.2, Ground Floor , G-Sector, Town Centre, CIDCO, Aurangabad-431003, Maharashtra, India |
|
Tel. No.: |
91-240-2471584/ 2475284 |
|
Fax No.: |
91-240-2475284 |
|
|
|
|
Factory 1 : |
19-30, Industrial Area, Kheda, Itarsi – 461111, Madhya Pradesh, India |
|
Tel. No.: |
91-7572-407265/ 230045/ 230125 |
|
Fax No.: |
91-7572-406805 |
|
|
|
|
Factory 2 : |
Plot No. : 53A,53B and 55, Sector “ A”, Industrial Area, Mandideep -
462046 , Madhya Pradesh, India |
|
Tel. No.: |
91-7480-404758/ 404192/ 231051 |
|
Fax No.: |
91-7480-231586 |
|
|
|
|
Factory 3 : |
Kosmi, Industrial Area , Betul – 460001, Madhya Pradesh, India |
|
Tel. No.: |
91-7141-229130/ 229132/ 206955 |
|
Fax No.: |
91-7141-239860 |
|
|
|
|
Factory 4 : |
Pidgaon, Harda – 461331, Madhya
Pradesh, India |
|
|
|
|
Factory 5 : |
10,11,12,13,16,17,18,19,20, 21 and 23 Nagda Hill, Dewas, Madhya Pradesh, India |
|
|
|
|
Factory 6 : |
HT SC No.2613, 2614 and 2615, Madhya Pradesh, India |
DIRECTORS
As on: 31.03.2011
|
Name : |
Mr. R. N. Agrawal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anil Agrawal |
|
Designation : |
Whole Time Directors |
|
|
|
|
Name : |
Mr. Ashok Agrawal |
|
Designation : |
Whole Time Directors |
|
|
|
|
Name : |
Mr. Gulab Chand Agrawal |
|
Designation : |
Whole Time Directors |
|
|
|
|
Name : |
Mr. Satish Agrawal |
|
Designation : |
Whole Time Directors |
|
|
|
|
Name : |
Mr. Rajul Agrawal |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Surendra Kumar Jain |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. H. K Agrawal |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Shyam Babu Agrawal |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Hans Kumar Verma |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Keshri Singh Chauhan |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Mr. Santosh Kumar Tiwari |
|
Designation : |
Independent Directors |
KEY EXECUTIVES
|
Name : |
Ms. Shazia Afzal |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
155667608 |
44.73 |
|
|
88134000 |
25.32 |
|
|
243801608 |
70.05 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
243801608 |
70.05 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
143783 |
0.04 |
|
|
143783 |
0.04 |
|
|
|
|
|
|
86641350 |
24.89 |
|
|
|
|
|
|
9654321 |
2.77 |
|
|
1513817 |
0.43 |
|
|
6295121 |
1.81 |
|
|
47949 |
0.01 |
|
|
46856 |
0.01 |
|
|
6200316 |
1.78 |
|
|
104104609 |
29.91 |
|
Total Public
shareholding (B) |
104248392 |
29.95 |
|
Total (A)+(B) |
348050000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
348050000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refined Soya Oil and Edible Oil. |
||||||||
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|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Solvent Extraction |
(In TPD) |
NA |
2500 |
|
Oil Refinery |
(In TPD) |
NA |
250 |
|
Particulars |
Unit |
Actual
Production |
|
De-Oiled Cakes |
(In MT) |
207,190.825 |
|
Soya Oil – Crude Oil |
(In MT) |
42,017.258 |
|
Soya Oil - Refined Oil |
(In MT) |
33,091.972 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
·
Punjab National Bank ·
State Bank of India ·
Standard Chartered Bank ·
Oriental Bank of Commerce ·
Bank of India ·
IDBI Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Yes Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil Saraf and Associates Chartered Accountants |
|
Address : |
Indore, Madhya Pradesh, India |
|
|
|
|
Associates : |
· Nathuram Shrinarayan, Itarsi · Ashok Dall and Oil Mills, Itarsi · N. S. Corporation, Itarsi · Shrinathji Warehousing Corporation, Itarsi · R.N. and Sons, Itarsi · Sanwaria Foods Limited, Itarsi · Sanwaria Globfin Private Limited, Itarsi · Sanwaria Energy Limited, Bhopal · Sanwaria Infrastructure Limited, Bhopal |
|
|
|
|
Subsidiary
Companies : |
· Shrinathji Solvex Limited, Harda |
CAPITAL STRUCTURE
After: 30.09.2011
Authorised Capital : Rs.400.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.348.050 Millions
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380000000 |
Equity Shares |
Rs.1/- each |
Rs.380.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
174025000 |
Equity Shares |
Rs.1/- each |
Rs.174.025
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
174.025 |
174.025 |
174.025 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2005.167 |
1711.911 |
1365.786 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2179.192 |
1885.936 |
1539.811 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3946.765 |
2520.681 |
1352.683 |
|
|
2] Unsecured Loans |
307.007 |
200.865 |
234.775 |
|
|
TOTAL BORROWING |
4253.772 |
2721.546 |
1587.458 |
|
|
DEFERRED TAX LIABILITIES |
176.201 |
173.718 |
163.784 |
|
|
|
|
|
|
|
|
TOTAL |
6609.165 |
4781.200 |
3291.053 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1269.338 |
1276.527 |
1313.363 |
|
|
Capital work-in-progress |
5.973 |
2.014 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
62.791 |
120.036 |
77.226 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3528.366
|
1884.293 |
998.568
|
|
|
Sundry Debtors |
660.554
|
438.475 |
492.727
|
|
|
Cash & Bank Balances |
126.915
|
824.066 |
503.442
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1541.540
|
633.817 |
321.419
|
|
Total
Current Assets |
5857.375
|
3780.651 |
2316.156 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
501.523
|
187.398 |
362.922 |
|
|
Other Current Liabilities |
98.439
|
50.976 |
18.632 |
|
|
Provisions |
5.700
|
188.239 |
71.959 |
|
Total
Current Liabilities |
605.662
|
426.613 |
453.513
|
|
|
Net Current Assets |
5251.713
|
3354.038 |
1862.643
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
19.350 |
28.585 |
37.821 |
|
|
|
|
|
|
|
|
TOTAL |
6609.165 |
4781.200 |
3291.053 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15625.232 |
11167.571 |
11114.356 |
|
|
|
Other Income |
295.089 |
97.167 |
63.060 |
|
|
|
TOTAL (A) |
15920.321 |
11264.738 |
11177.416 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
14603.344 |
9796.615 |
9557.666 |
|
|
|
Manufacturing Expenses |
323.877 |
237.482 |
254.627 |
|
|
|
Administrative and Selling Expenses |
578.997 |
529.578 |
661.265 |
|
|
|
Increase/ (Decrease) in Stock |
(294.733) |
(73.403) |
(29.830) |
|
|
|
TOTAL (B) |
15211.485 |
10490.272 |
10443.728 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
708.836 |
774.466 |
733.688 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
267.812 |
145.297 |
105.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
441.024 |
629.169 |
628.042 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.833 |
52.746 |
56.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
383.191 |
576.423 |
571.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
73.311 |
188.274 |
191.341 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
309.880 |
388.149 |
380.458 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1017.101 |
702.940 |
498.285 |
|
|
|
|
|
|
|
|
|
Add |
Transfer from
Revaluation Reserve |
8.037 |
8.037 |
17.966 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision
Written Back |
0.303 |
0.636 |
0.016 |
|
|
|
|
|
|
|
|
|
Less: |
Prior Period Items
Written Off |
1.433 |
1.939 |
1.371 |
|
|
|
|
|
|
|
|
|
Less: |
Earlier years
Income Tax liability |
15.495 |
0.000 |
1.251 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
40.000 |
40.000 |
|
|
|
Dividend to Equity Shares |
0.000 |
34.805 |
43.506 |
|
|
|
Corporate Dividend Tax |
0.000 |
5.916 |
7.394 |
|
|
|
Transfer to Preferences Share Redemption Reserve |
0.000 |
0.000 |
3.200 |
|
|
|
Premium Paid on Redemption of Preferences Share |
0.000 |
0.000 |
10.050 |
|
|
|
Fully paid bonus share Issued |
0.000 |
0.000 |
87.013 |
|
|
BALANCE CARRIED
TO THE B/S |
1358.393 |
1017.101 |
702.940 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
USD 91169 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
USD
91169 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Imports |
USD 55662637 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
USD
55662637 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.73 |
2.27 |
2.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd Quarter) |
31.12.2011 (3rd Quarter) |
31.03.2012 (4th Quarter) |
30.06.2012 (5th
Quarter) |
30.09.2012 (6th Quarter) |
|
Type |
|
|
|
|
|
|
|
Net Sales |
3596.530 |
3846.000 |
3314.580 |
3447.21 |
4638.680 |
5609.320 |
|
Total Expenditure |
3420.280 |
3760.860 |
3219.100 |
3253.31 |
4375.340 |
5169.740 |
|
PBIDT (Excl OI) |
176.250 |
85.140 |
95.480 |
193.90 |
263.340 |
439.580 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
176.250 |
85.140 |
95.480 |
193.90 |
263.340 |
439.580 |
|
Interest |
79.830 |
58.660 |
34.840 |
107.22 |
65.020 |
129.450 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
96.420 |
26.480 |
60.640 |
86.68 |
198.320 |
310.130 |
|
Depreciation |
14.930 |
12.820 |
14.890 |
17.63 |
12.480 |
19.060 |
|
Profit Before Tax |
81.490 |
13.660 |
45.750 |
69.05 |
185.840 |
291.060 |
|
Tax |
9.780 |
2.190 |
4.940 |
8.29 |
22.300 |
34.930 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
71.710 |
11.470 |
40.810 |
60.76 |
163.540 |
256.130 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
71.710 |
11.470 |
40.810 |
60.760 |
163.540 |
256.130 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.95 |
3.45 |
3.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.45 |
5.16 |
5.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.38 |
11.40 |
15.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.31 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23 |
1.67 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.67 |
8.86 |
5.11 |
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 |
OPERATIONAL REVIEW
Division wise operational performance for the year ended 31st March, 2011 was as under:
Oil Division
During the year Soya Seeds processed stood at 248302 MT. The company sustained to be one of leading player in the Edible Oil sector. The Capacity Utilization of the solvent extraction plant has been constantly higher during the year.
Refinery Division
Production of Refined oil stood at 33092 MT during the year
.
TRANSFER TO RESERVE
The Board has recommended to transfer of Rs.40.000 Millions, being 10% to the profit earned during the year to the General reserve and an amount of `Rs.269.900 Millions out of Current year's profit is retained in the profit and loss account.
AWARDS AND
ACHIEVEMENTS
This year also the Company has been dignified;
With 267th Rank in terms of overall performance, 378th in terms of Sales, 193rd in terms of Profitability, 405th in terms of Capital Structure and 221st in terms of Equity valuation by CARE SEARCH in January 2011 in the Industrial Sources Book.
Throned by Inc India in parternership with IBEF on 391st rank on the basis of growth in top Line, bottom Line and operational profit of the last three years in its Inc India top 500 Companies compendium 2010.
And has been shifted from “S” group to its main trading floor i.e. “B” group by the Bombay Stock Exchange during the year.
NEW PROJECTS- ON COMPANY'S RADAR
SAOL is planning to achieve crushing capacity of 4250 MT per day by the end of this fiscal year with comparison to 3250 MT per day extraction and 350 MT refining capacity of per day of previous year along with Palm Oil refining of 150 MT per day and Vanaspati plant of 50 MT per day also in its expansion plan.
Company has treaded to its own manufacturing of Jar for packaging of Soya refined Oil and RBD Palm Oil and installed for its captive consumption, at a capacity of 10000 Jar per day.
SAOL is trading and importing in all commodities like Soya Crude Degummed Oil, Crude Palm Oil, Coal, Cotton, RBD Palmolien and Sunflower Oil etc.
Company also have plans for entering into production and marketing of value added Soya based products by setting up a plant for manufacture of Soya Flour, Soya Protein Concentrate, Soya Protein Isolates, Soya Powder/Granules, Soya Lecithin Powder, Soya Lecithin Granules, Soya Phytosterol, Soya Mix Tocopherol, Organic Soyabean Meal, Organic Soya Oil, T.V.P./Chunks/Nuggets, Soya Milk, Soya Tofu etc. All this is aimed at increasing the market share of the company in edible oil sector to 20 pc from existing 10 pc. And has thrust on gaining supply strength of RBD palmolien oil under its “Sulabh” brand domestically.
FUTURE STRATEGY
The company is emerging as an FMCG player and focusing to promote its “Sanwaria” brand by entering into long-term marketing and branding strategy in place and has appointed a firm of repute for ad campaigns, radio jingles, hoardings, magazines, newspapers etc for brand promotion. Through these routes company will increase its branded sale to 25-30% from 10% of current level. Expansion of branded business, Introduction of health based products, improvement of its presence in domestic oil segments. The company is in the process of setting up / expanding production facilities at the new locations / existing plants to cater to the growing demand and sustain leadership position.
WIND POWER AND
INFRASTRUCTURE.
Company has Wind Turbine Generators of 8.4 MW capacity out of which 1.8 MW at Tenkasi in Tamilnadu and 6.6 MW at Dewas in Madya Pradesh. This Segment of the Company registered revenue of Rs.60.952 Millions and Profit Before Tax (PBT) of Rs.39.812 Millions, for the year ended on 31 March, 2011. Power segment is contributing hand to the growth of the Company. Selling whole of its power generation to the MPEB (Madhya Pradesh Electricity Board) and Tamil Nadu Electricity Board thereby contributing to the creation of pollution free and for maintaining and sustaining of eco friendly healthy environment.
MANAGEMENT DISCUSSION
AND ANALYSIS
Source: SOYSTATS
Being one of the India's leading solvent extractor and manufacturer of soy refined oil & de oiled cake Sanwaria Agro Oils Ltd is an integrated agro food processor engaged in the business of manufacturing soy oil and soy cake and has been presence in the sector since 1991. In addition to normal soy meal, soy also produces specialized high protein soybean meal. SAOL export about 65% of its production of soy meal.
INDIAN SOYA CROP-
SCENARIO
The need of the hour is to augment the production of oil-seeds in the country. Soybean is a rain fed crop (Kharif) and the current yield is around 1200 kgs per hectare (against world average of 2500 kgs per hectare). There is no much scope of increase in cultivation area. We need to enhance the productivity only. This is possible by concentrated efforts of ICAR/Directorate of Soybean Research and Various Accredited Organizations including SOPA. Block/ Frontline Demonstrations have proved beyond doubt that achieving yield of 2500 kgs per hectare is possible. If every thing goes right, soybean production can be doubled up in coming 5 years. The capacity utilization of soya processing units will jump from 45% (currently) to nearly 75% resulting in betterment of overall agri- economy and welfare of all channel partners.
Looking at the India's Soy meal exports and Soybean crushing they too turned out to be handsomely good for the current year mainly because two reasons. Crush margins were regularly seen in the positive trajectory for most of the season till date encouraging crushers to crush more Soybeans. And the second reason being India's Soy meal exports remained decently priced mainly because of rising popularity for conventional Soybean meal coupled with India's Soy meals prices a bit lower as compared to its rival exporting countries.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Currently there is no Import Duty on crude soy oil which needs to be levied to have a level playing field. On most occasions the landed price of imported oil is much lesser than the actual cost of production of their processors. This has negative reparation. The margins are wafer thin.
The Refined Soya oil is fully consumed domestically and exports are not permitted in bulk, but only in consumer packs. Even that is not feasible, as oil prices are quite high in India. Therefore, imports are higher than exports in India.
India has price advantage as Indian soya meal has high protein content of around 48% when compared with the American or Brazilian soya meal. Because no other country produces Non Genetically Modified (GM) soybean.. Only India supplies non-GM soya meal while the U.S., Argentina and Brazil manufactures only/ mainly GM soya meal.
Indian consumers have traditionally used plenty of oil and fat (of both butter and vegetable origin) in their differing varieties of food and desserts. The consumption level increases during the festival and marriage seasons. The per capita consumption has increased from 7.4 kg around 10 years ago to the figure of 14 kg. This may look much lower when compared to the world average of 20 kg, but a large segment of the Indian population cannot afford costly edible oils.
Soybeans are also used in industrial products including oils, soap, cosmetics, resins, plastics, inks, solvents, and biodiesel.
There has been a significant gap between demand and supply of edible oil because of limited availability of oil seeds and shifting of acreage to other crops in the domestic market. This gap has been met through imports, which account for almost 45-50% of the total oil consumption.
HEALTH AND BENEFITS
OF SOYA
There is no denying that soy has many health benefits, which are coming from the quality of the soy proteins and from health promoting phytochemicals, such as isoflavones, phytates, saponins and polyphenols Soybean is gaining popularity on account of its unique characteristics and adaptability to varied agro-climatic conditions. Besides soya foods are rich source of vitamin B complex and contains essential minerals like magnesium, calcium, iron, potassium and copper.
It has unmatched composition of 40 per cent protein and 20 per cent oil and nutritional superiority on account of containing essential amino acids, unsaturated fatty acids, carbohydrates, vitamins and minerals. It is 2 times more richer than pulses (dals) or peanuts, 3 times richer than eggs and 11 times richer than milk. Soybean protein is rich in valuable amino acid lycine (5%) in which most cereals are deficient. In addition, it contains a good amount of minerals, salts and vitamins (thiamine and riboflavin) and its sprouting grains contain a considerable amount of Vitamin C.
Soy foods have been shown to play a role in controlling diabetes, osteoporosis, kidney disease and stones, high blood pressure and gallstones. Soy foods protein is without saturated fat and cholesterol. Soy isoflavones may help to reduce, Cancer prevention, Cholestrol lowering and combating menopause regulation.
Soya : Versatile
product
Soy ingredients have become staples in the food manufacturing industry. Lecithin is widely used as an emulsifier; since the 1970s, partially hydrogenated soybean oil has been a main stay in the production of snacks, baked goods, salad dressings and other foods, soy protein ingredients play functional roles in baked foods, processed meats and other products.
Soybean meal has increasingly become a key ingredient in fish feeds as the aquaculture industry strives to meet global demand for its products. Key factors that make soybean meal the top protein product for sustainable aquaculture In Comparison to static production of marine meals, soybean production has grown more than tenfold in the last four decades, and can continue to grow to meet demand from the aquaculture industry.
CONTINGENT
LIABILITIES:
a) Bank guarantee: Rs.18.300 Millions
b) Total Letter of Credit and buyer's credit (LC) Open: Rs.403.600 Millions
C)
|
Name of the statute |
Amount (in t) |
Period to which the amount related |
Forum where pending |
|
Income Tax |
0.035 |
Block Assessment |
Income Tax Appellate Tribunal |
|
Income tax |
1.643 |
2000-2001 |
Income Tax Commissioner Appellate |
|
Income tax |
0.291 |
2001-2002 |
Income Tax Commissioner Appellate |
|
Income tax |
3.249 |
2002-2003 |
Income Tax Appellate Tribunal |
|
Income tax |
0.625 |
2003-2004 |
Income Tax Appellate Tribunal |
|
Income tax |
33.188 |
2004-2005 |
Income Tax Commissioner Appellate |
|
Income Tax |
6.449 |
2005-2006 |
Income Tax Appellate Tribunal |
|
MP Vat Act |
9.178 |
2004-2005 |
Commercial Tax Tribunal |
|
Central Sales Tax Act |
0.001 |
||
|
MP Vat Act |
61.074 |
2005-2008 |
Commercial Tax Tribunal |
|
Central Sales Tax Act |
9.531 |
||
|
Entry Tax Act |
5.539 |
FIXED ASSETS:
· Land and Development
· Site Development
· Factory Building
· Admn. and Godown Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Wind Electric Generator
· Vehicles
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR QUARTER ENDED ON 30TH
SEPTEMBER 2012
(Rs. In Millions)
|
|
|
IInd Quarter Ended |
Year to date Six months Ended |
Audited financial
year Ended |
||
|
|
Particulars |
30.09.2012 |
30.09.2011 |
30.09.2012 |
30.09.2011 |
31.03.2012 |
|
PART -1 |
|
|
|
|
|
|
|
1 |
Income from
operations |
|
|
|
|
|
|
|
a) Net Sales/income from operations |
5540.666 |
3774.136 |
10155.546 |
7338.763 |
14117.452 |
|
|
b) Other Operating Income |
68.652 |
71.864 |
92.447 |
103.768 |
214.016 |
|
|
Total Income from
operations (net) |
5609.318 |
3846.000 |
10247.993 |
7442.531 |
14331.468 |
|
2 |
Expenses |
|
|
|
|
|
|
|
a) Cost of materials consumed and Purchases of stock-in-trade |
4138.221 |
3297.257 |
8887.414 |
6446.749 |
13785.247 |
|
|
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
828.033 |
204.198 |
257.208 |
291.290 |
(922.786) |
|
|
c) Employee benefit expense |
14.366 |
11.026 |
26.237 |
22.042 |
21.415 |
|
|
d) Depreciation/ Amortisation Expense |
19.064 |
12.824 |
31.545 |
27.750 |
59.035 |
|
|
e) Other expenses (Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately) |
189.122 |
248.372 |
374.218 |
421.052 |
619.749 |
|
|
Total Expenses |
5188.806 |
3773.677 |
9576.622 |
7208.883 |
13562.660 |
|
3 |
Profit from
Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
420.512 |
72.323 |
671.371 |
233.648 |
768.808 |
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
5 |
Profit before
Finance Costs & Exceptional Items (3+4) |
420.512 |
72.323 |
671.371 |
233.648 |
768.808 |
|
6 |
Finance Costs |
129.450 |
58.664 |
194.473 |
138.496 |
576.706 |
|
7 |
Profit after Finance
Costs but before Exceptional Items (5-6) |
291.062 |
13.659 |
476.898 |
95.152 |
192.102 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
9 |
Profit (+)/ Loss
(-) from Ordinary Activities before tax (7-8) |
291.062 |
13.659 |
476.898 |
95.152 |
192.102 |
|
10 |
Tax expense |
34.928 |
2.194 |
57.228 |
11.973 |
21.415 |
|
11 |
Net Profit
(+)/Loss(-) from Ordinary Activities after tax (9-10) |
256.134 |
11.465 |
419.670 |
83.179 |
170.486 |
|
12 |
Extraordinary Item (net of tax expense) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit
(+)/Loss(-) for the period (11+12) |
|
|
|
|
|
|
14 |
Paid-up equity share capital (Face Value of Rs.10/- per share) |
348.050 |
348.050 |
348.050 |
348.050 |
348.050 |
|
|
(Face Value of the share shall be indicated) |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
15 |
Reserves excluding revaluation reserve |
|
|
|
|
|
|
16 |
I Earnings per
share (before extraordinary items) |
|
|
|
|
|
|
|
(of Rs./- each)
(not annualised) |
|
|
|
|
|
|
|
Basic |
0.74 |
0.03 |
1.21 |
0.24 |
0.49 |
|
|
Diluted |
0.74 |
0.03 |
1.21 |
0.24 |
0.49 |
|
|
Ii Earnings per
share (after extraordinary items) |
|
|
|
|
|
|
|
(of Rs./- each)
(not annualised) |
|
|
|
|
|
|
|
Basic |
0.74 |
0.03 |
1.21 |
0.24 |
0.49 |
|
|
Diluted |
0.74 |
0.03 |
1.21 |
0.24 |
0.49 |
|
|
|
|
|
|
|
|
|
|
Annualized Earning
Per Share |
2.94 |
0.13 |
2.41 |
0.48 |
0.49 |
|
|
|
|
|
|
|
|
|
PART-II |
|
|
|
|
|
|
|
A 1 |
PARTICULARS OF
SHAREHOLDING Public shareholding |
|
|
|
|
|
|
|
- Number of shares |
104248392 |
104248392 |
104248392 |
104248392 |
104248392 |
|
|
- Percentage of shareholding |
29.95% |
29.95% |
29.95% |
29.95% |
29.95% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
|
|
a) Pledged / Encumbered |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
|
- 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 |
243801608 |
243801608 |
243801608 |
243801608 |
243801608 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the total share capital of the Company) |
70.05% |
70.05% |
70.05% |
70.05% |
70.05% |
|
B |
NUMBER OF INVESTOR
COMPLAINTS |
30.09.2012 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
18 |
|
|
Disposed of during the quarter |
18 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
1. The above Results were reviewed by Audit Committee
and taken on record by the Board of Director at their meeting held on
12.10.2012
2. Figure are re-arranged and re-grouped
wherever found necessary.
3. Rice production facility having capacity of
200 TPD is under executive at Mandideep and Rs140.000 Millions has been invested till date from internal accruals. The
commercial production is expected to start during next third quarter.
AS PER WEBSITE DETAILS:
Profile:
Subject was incorporated on 22nd April,1991
having its registered office at Itarsi and having Corporate office at Bhopal.
SAOL had set up a solvent extraction plant with crushing capacity of 200 Tones
Per Day of Soyabean and other minor oil seeds at Industrial area, Kheda Itarsi
and commenced commercial production from 5th December, 1993.
In August 2001 the Company has setup a
refinery with the capacity of 75 Tones per day . The Company had also received
'BEST CAPACITY UTILIZATION AWARD' from SOPA from financial year 98-99 to
2001-2002 as the company had achieved 103% capacity utilization as against the
Industry average of 35 %. Subsequently the soya crushing/refining capacity of
the company has been expanded further which is 1000/150 MT per day as on date.
The expansion of the capacity was wholly financed by internal accruals.
The Sales and profit of the company is also at
constant move in upward direction which in turn have created a strong standing
of Sanwaria Agro Oils in the Soya Industry the Company has got the status of
One Star Export house and now the company is aiming at the Trading House
status. The export of the company mainly consist of Soya De-Oiled-Cake .The
company had been honoured with 'THE NIRYAT SHREE SILVER AWARD' for the
financial year 2001-02 declared by the federation of Indian Exports
Organization for Export excellence .
To satisfy its on going thirst for exports and
its decision to concentrate on brand building for its refined edible oil, the
company had launched its full range of edible oil under the brand names
"SULABH", "NARMADA" and “SANWARIA” to attract different
segments of consumers. “Sulabh” and “Sanwaria” is the lower segment brand to
attract the lower middle class and “Narmada” is the premium segment brand to
attract middle and upper middle class consumer. After receiving favorable
response from customers and constant increase in demand of the retail packs,
The Company has launched 1, 2 5 and 15 litre/Kg consumer packs in pouch, tin
and jar , to continue its ongoing process to outperform the Industry.
The company "s consistent move towards
'image building 'export orientation' would touch new heights and would reap the
results in coming few years. Effective and result oriented Management
Strategies , Best Capacity Utilization and Modernization are 'few' among 'many'
factors contributing towards the sustained and maintainable growth of SAOL.
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.53.59 |
|
|
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.