MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADANI WILMAR LIMITED |
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|
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Registered
Office : |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009,
Gujarat |
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.01.1999 |
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|
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Com. Reg. No.: |
04-035320 |
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Capital
Investment / Paid-up Capital : |
Rs.1093.590 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15146GJ1999PLC035320 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA01098G/ AHMA03501B |
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|
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PAN No.: [Permanent Account No.] |
AABCA8056G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Agro Products. |
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|
|
|
No. of Employees
: |
2000 (Approximately) (In Office + In factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27300000 |
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|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a 50:50 Joint venture between Ahmedabad based Adani
Enterprises Limited, the flagship of Adani group and Singapore based Wilmar
Investment (Mauritius) Limited. It is a well established and reputed company having a satisfactory
track record. The profitability of the company appears to be low. And
external borrowing of the Adani Group seems to be huge which acts as a threat
to the liquidity position of the company. However, company has achieved better growth in the year 2011-2012. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal business dealings 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) |
|
|
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 |
ICRA |
|
Rating |
A2 [Short Term Non-Fund Based Limits] |
|
Rating Explanation |
Strong degree of safety and slow credit
risk. |
|
Date |
03.02.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Long Term Fund Based Limits] |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
03.02.2012 |
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/
Corporate Office : |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26565555/ 25555742/ 25555650/ 25555750/ 25555759 |
|
Fax No.: |
91-79-25555719/ 25555619/ 25555620/ 25555621/ 25555616 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
Head Office : |
10th Floor, Shikhar Near |
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|
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Factory 1 : |
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Factory 2 : |
Tungabhadra, Mantralayam (R.S.), Kurnool District - 518397, |
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Factory 3 : |
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Factory 4 : |
J L No.149, Debhog, |
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Factory 5 : |
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Factory 6 : |
Village |
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Factory 7 : |
Village Dehndi, Tehsil Shujalpur, District: Shahjapur, |
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Factory 8 : |
Village Jamunia Kala, Bhatkheda and Dalawada , District: Neemuch, |
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Factory 9 : |
Village Partala, Tehsil and District: Chindwara, |
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Factory 10 : |
Village Bhatkheda, |
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Branch Office : |
Located at: v v Andhra Pradesh v v v v v v v Haryana v Himachal Pradesh v v Jharkhand v Kerala v Karnataka v Madhya Pradesh v Orissa v v v Rajasthan v Tamilnadu v Uttar Pradesh v Uttaranchal v |
DIRECTORS
(AS ON 18.05.2012)
|
Name : |
Mr. Pranav Vinodbhai Adani |
|
Designation : |
Managing Director |
|
Address : |
Survey No.100/1, Paramshanti Bunglow, Near Shaswat Bunglows, Bodakdev,
Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
09.08.1978 |
|
Date of Appointment : |
01.04.2008 |
|
Din No.: |
00008457 |
|
|
|
|
Name : |
Mr. Kuok Khoon Hong |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
30.04.1949 |
|
Date of Appointment : |
27.02.1999 |
|
Din No.: |
00021957 |
|
|
|
|
Name : |
Mr. Kalyansundaram Tinniyan Kannan |
|
Designation : |
Director |
|
Address : |
16, Kaushalya Bunglows, Ramdevnagar, Ahmedabad-380015, |
|
Date of Birth/Age : |
03.03.1956 |
|
Date of Appointment : |
06.07.2012 |
|
Din No.: |
00020968 |
|
|
|
|
Name : |
Mr. Martua Sitorus |
|
Designation : |
Director (T. K. Kannan, Alternate Director) |
|
Address : |
14, Ford Avenue, Singapore-268693 |
|
Date of Birth/Age : |
18.02.1960 |
|
Date of Appointment : |
05.06.2007 |
|
Din No.: |
01418946 |
|
|
|
|
Name : |
Mr. Rajeshbhai Shantilal Adani |
|
Designation : |
Director |
|
Address : |
15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow, Vastrapur,
Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Date of Appointment : |
22.01.1999 |
|
Din No.: |
00006322 |
|
|
|
|
Name : |
Mr. Atul Chaturvedi |
|
Designation : |
Whole Time Director |
|
Address : |
B-11, Shakti Enclave, Opposite Pushpraj Tower, Judges Bunglow Rod,
Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
06.10.1955 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00175355 |
|
|
|
|
Name : |
Mr. Angshu Mallick |
|
Designation : |
Whole Time Director |
|
Address : |
A 701, Ratnakar Apartments, Near LOC Petrol Pump, Satellite,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
01.02.1961 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
02481358 |
KEY EXECUTIVES
|
Name : |
Mr. Darshil Mayank Lakhia |
|
Designation : |
Company Secretary |
|
Address : |
A/2, Ratnadeep Apartments, 4, Kalamwadi, Near Sharda Society, New Sharda
Mandir Road, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
01.02.1979 |
|
Date of Appointment : |
15.05.2007 |
|
PAN No.: |
ACOPL6984C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 18.05.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Namrata P. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Vinod S. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Shilin R. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Pranav V. Adani (Nominee of Adani Enterprises Limited) , |
|
1000 |
|
Ranjan V. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Priti G. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Adani Enterprises Limited, |
|
54673353 |
|
Lence Pte Limited, Singapore (Erstwhile Known as Wilmar Oleo Pte
Limited) |
|
54679353 |
|
|
|
|
|
Total |
|
109358706 |
(AS ON 28.08.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Agro Products. |
|
|
|
|
Brands : |
v FORTUNE COOKING OIL v KING’S OIL v IVORY v FRYOLA v AVSAR VANASPATI v JUBILEE MASTERCHEF v BULLET v RAAG v PILAF BASMATI RICE |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production** |
|
Seed Crushing* |
Metric Tons |
-- |
2010740.000 |
|
|
Edible Oil/ Solvent Oil |
Metric Tons |
-- |
2217400.000 |
1115103.577 |
|
Vanaspati / Bakery Shortening |
Metric Tons |
-- |
337625.000 |
111019.089 |
|
Non Edible Oil |
Metric Tons |
-- |
77400.000 |
36445.631 |
|
Cake |
Metric Tons |
-- |
NA |
643553.818 |
|
Agro Products |
Metric Tons |
-- |
-- |
-- |
|
By Product |
Metric Tons |
-- |
-- |
50425.490 |
|
Pulses/ Grain and others |
Metric Tons |
-- |
-- |
20068.485 |
NOTE:
*Actual seed crushing is 780577.902
MT which includes crushing at third parties Nil MT
**Edible / Solvent Oil Includes processing with third parties Nil MT
Edible Oil
consumed for manufacturing vanaspati 112071.418 MT
Cakes produced
with third parties NIL MT
Edible Oil includes
consumption of manufactured solvent oil 104755.976 MT for production of oil.
Non Edible Oil
includes consumption of manufactured solvent oil 14594.298 MT for production of
oil
Edible Oil /
Solvent Oil production includes refining of Hydro/ Vanaspati oil 111019.089 MT
Pulses/Grain product includes processing with third parties 20068.485 MT
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) (In Office + In factory) |
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Bankers : |
v
State Bank of Corporate Finance Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India v
Bank of Ahmedabad Large Corporate Branch, 2nd Floor, Bank of India Building, Ahmedabad – 380001, Gujarat, India v Oriental Bank of Commerce, Neelkamal Building, Opposite Sales India, Ashram Road, Ahmedabad- 380009, Gujarat, India v Andhra Bank, 41, Parimal Society, C.G. Road, Ahmedabad – 380007, Gujarat, India v State Bank of Saurashtra v State Bank of Hyderabad Ground Floor, Nagindas Chambers Ashram Road, Usmanpura, Ahmedabad – 380009, Gujarat, India v UCO Bank, Mid Corporate Branch, Near Sanyas Ashram, Ashram Road, Ahmedabad-380009, Gujarat, India v Industrial Development Bank of India Limited, IDBI Tower, WTC Complex, Colaba, Mumbai – 400005, Maharashtra, India v Axis Bank Limited Begumpet Branch, Hyderabad – 500016, Andhra Pradesh, India v Allahabad Bank S. P. Nagar Branch, ACME Centre, Near Navrangpura Railway Crossing, Ahmedabad – 380009, Gujarat, India v Bank of Baroda v Canara Bank v Punjab National Bank v HDFC Bank v Standard Chartered Bank v Dena Bank v Kotak Mahindra Bank Limited v ICICI bank v Indian Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303, 304, Milestone, Near Drive in Cinema, Opposite T V Tower,
Thaltej, Ahmedabad-380054, |
|
PAN No.: |
AAGFD1279G |
|
|
|
|
Associates : |
· Wilmar Trading Pte. Limited, Singapore · Wilmar Investments (Mauritius) Limited, Mauritius (up to 17.06.2011) · Lence Pte. Limited, Singapore (w.e.f. 17.06.2011) · Adani Enterprises Limited, India · Adani Ports and Special Economic Zone Limited, India · Adani Power Limited, India · Adani Logistics Limited, India · Wilmar Trading (China) Pte Limited, Singapore · Adani Wilmar Pte Limited, Singapore · Adani Gas Limited, India · Wilmar Japan Company Limited, Japan · Vishkaha Industries, India · Adani Mundra Sez Infrastructure Private Limited, India · Adani Agri Fresh Limited, India · Adani Properties Private Limited, India · Rajshri Packagers Limited, India · Natural Oleochemicals Sdn Bhd, Malaysia · PGEO Marketing Sdn Bhd, Malaysia · Wilmar Europe Trading BV, Netherlands · Adani Global Pte Limited · Chemoil Adani Private Limited · Adani Welspun Exploration Limited · Adani D.A.V. School · Karnavati Aviation Private Limited |
|
|
|
|
Subsidiary : |
· Rajshri Packagers Limited ·
Satya Sai Agroils Private Limited, India ·
Acalmar Oils and Fats Limited, India ·
Golden Valley Agrotech Private Limited, India ·
Krishnapatnam Oils and Fats Private Limited,
India (Step-down Subsidiary) |
|
|
|
|
Joint Venture : |
·
AWN Agro Private Limited, India ·
Vishakha Polyfab Private Limited, India · K.T.V. Health Food Private Limited, India · KOG-KTV Food Products(I) Private Limited, India · Varadraja Agro Industries Private Limited, India · KTV Health Food Private Limited, India |
CAPITAL STRUCTURE
(AS ON 18.05.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181050000 |
Equity Shares |
Rs.10/- each |
Rs.1810.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109358706 |
Equity Shares |
Rs.10/- each |
Rs.1093.587
Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109358706 |
Equity Shares |
Rs.10/- each |
Rs.1093.587
Millions |
|
|
|
|
|
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 |
1093.590 |
1013.470 |
1476.220 |
|
|
2] Share Application Money |
0.000 |
721.050 |
0.000 |
|
|
3] Reserves & Surplus |
5726.520 |
5001.560 |
2855.890 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6820.110 |
6736.080 |
4332.110 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10230.900 |
10140.010 |
4175.080 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1000.000 |
|
|
TOTAL BORROWING |
10230.900 |
10140.010 |
5175.080 |
|
|
DEFERRED TAX LIABILITIES |
555.150 |
505.770 |
487.260 |
|
|
|
|
|
|
|
|
TOTAL |
17606.160 |
17381.860 |
9994.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6737.090 |
6198.680 |
4486.540 |
|
|
Capital work-in-progress |
2077.990 |
377.240 |
1401.940 |
|
|
|
|
|
|
|
|
INVESTMENT |
1569.020 |
1071.580 |
247.930 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11247.200
|
14962.920
|
9370.400
|
|
|
Sundry Debtors |
5193.450
|
4510.500
|
2306.320
|
|
|
Cash & Bank Balances |
7344.410
|
1764.940
|
1302.720
|
|
|
Other Current Assets |
879.170
|
753.350
|
0.000
|
|
|
Loans & Advances |
5197.590
|
2762.630
|
1800.310
|
|
Total
Current Assets |
29861.820
|
24754.340
|
14779.750
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
17669.610
|
13168.210
|
2183.730 |
|
|
Other Current Liabilities |
4935.410
|
1818.730
|
8711.330
|
|
|
Provisions |
34.740
|
33.040
|
26.650
|
|
Total
Current Liabilities |
22639.760
|
15019.980
|
10921.710
|
|
|
Net Current Assets |
7222.060
|
9734.360
|
3858.040
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17606.160 |
17381.860 |
9994.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
120427.280 |
85402.490 |
61092.990 |
|
|
|
Other Income |
915.360 |
606.900 |
7.350 |
|
|
|
TOTAL (A) |
121342.640 |
86009.390 |
61100.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
67133.460 |
57191.610 |
|
|
|
|
Purchases of stock-in-trade |
39534.770 |
17915.880 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
40.840 |
(939.650) |
60160.660 |
|
|
|
Employee benefit expense |
632.140 |
532.100 |
|
|
|
|
Other expenses |
11678.290 |
9876.930 |
|
|
|
|
Prior Period Items |
0.000 |
0.840 |
|
|
|
|
TOTAL (B) |
119019.500 |
84577.710 |
60160.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2323.140 |
1431.680 |
939.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1824.100 |
1034.970 |
488.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
499.040 |
396.710 |
451.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
363.610 |
306.450 |
217.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
135.430 |
90.260 |
233.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
51.410 |
19.980 |
76.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
84.020 |
70.280 |
157.110 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
100.980 |
43.870 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
100.000 |
|
|
|
Dividend |
NA |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
171.240 |
100.980 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.77 |
0.89 |
2.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.07
|
0.08
|
0.26
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.11
|
0.11
|
0.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
0.29
|
1.21
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01
|
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.50
|
1.51
|
1.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.65
|
1.35
|
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 |
----- |
|
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 |
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 |
PERFORMANCE
The year witnessed
an impressive and steady growth of 41% in the turnover of the Company to
Rs.120427.000 Millions (Previous year: Rs.85402.000 Millions). Export Turnover
of the Company during the year under report stood at Rs.32285.000 Millions
(Previous year: Rs.21744.000 Millions) registering growth of 48.48%. Profit
after taxes witnessed an impressive growth of 20% and stood at Rs.84.000
Millions (Previous year: Rs.70.000 Millions. However, the bottom line of the
Company remained under pressure due to adverse market conditions and weakening
of Indian Rupee.
MANAGEMENT DISCUSSION AND ANALYSIS EXPLANATORY
INDUSTRY REVIEW
During the year, fiscal deficit, high food inflation, volatility and
uncertain global scenario remained a serious cause of concern to the
Government.
The Reserve Bank of India had a tough task of balancing economic growth on
one hand and depreciating rupee and high inflation on the other hand. In order
to keep the inflation in clutch, Government of India continued with their
policy of having NIL import duty on crude vegetable oils and nominal 7.725%
duty on refined oils.
The Rabi oil seed production in the country was lower by 11%. Rapeseed
production is estimated at 57 lacs MT which is lower by 16% as compared to
previous year. During November 2011 to April 2012, vegetable oil imports were
up by 31%. During April 11 to March 12, export of oil meals was up by 9%.
On the global front, Indonesian Government has implemented protectionist
measures for their Palm Refining Industry by increasing duty on Crude Palm Oil
Export and reducing duty on Refined Palmolien. This measure coupled with
keeping low base price for calculating duty on Palmolien in India has serious
ramifications on Palm oil refining. The Industry Association has been
representing to Government of India to increase duty on Palmolien and also
align the tariff to market levels. The company is hopeful that Government of
India will take suitable action in due course.
Material changes
occurred during period affecting company’s business operations
The Hon’ble High
Court of Gujarat has vide its order dated 6th March, 2012 approved the Scheme
of Arrangement for amalgamation of its wholly owned subsidiaries viz., Acalmar
Oils and Fats Limited and Rajshri Packagers Limited with Adani Wilmar Limited.
A certified true copy of the said order was received by the Company on 24th
April, 2012. As per Accounting Standard 14 issued by the Institute of Chartered
Accountants of India (ICAI) the effective date of the amalgamation is the date
when a certified true copy of the amalgamation order is filed with the
Registrar of Companies, Gujarat. Company is in the process of filing a
certified true copy of amalgamation order with the Registrar of Companies,
Gujarat, pending completion of legal formalities. Hence in the financial
statements for the financial year ended on 31st March, 2012, amalgamation
effect has not been incorporated.
COMPANY INFORMATION
Subject is a joint
venture between two global corporate: Adani Group of India - the leaders in
international trading and private infrastructure, and Wilmar International
Limited of Singapore - agri-business group and leading merchandiser and
processor of edible oils.
Together, the
Adani Group and Wilmar Group have set up India's first port based refinery at
Mundra, Gujarat. Fortune, King's, RAAG, Bullet, Fryola and Jubilee are the
brands under which AWL sells its range of edible oil, vanaspati and bakery
shortening.
The company has
production infrastructure across the country and has 85 Stock points, 5000
distributors, 600 Super Stockist catering to 1 million outlets. AWL's products
reach to 20 million households across India.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10209549 |
|
Corporate identity number of the company |
U15146GJ1999PLC035320 |
|
Name of the company |
ADANI WILMAR LIMITED |
|
Address of the registered office or of the
principal place of business in |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad-380009, |
|
Type of charge |
Immovable property Any interest in
immovable property Others: As per
MOE dated 08.02.2013 |
|
Particular of charge holder |
State Bank of Hyderabad Ground Floor, Nagindas Chambers Ashram Road, Usmanpura, Ahmedabad – 380009, Gujarat, India |
|
Nature of description of the instrument
creating or modifying the charge |
Memorandum of Entry dated 8th February,
2013 for creating First pari passu charge in favor of the Bank with respect
to its Term Loan on the entire immovable fixed assets, both present and
future |
|
Date of instrument Creating the charge |
08.02.2013 |
|
Amount secured by the charge |
Rs.500.000 Millions |
|
Brief particulars of the principal terms
and conditions and extent and operation of the charge |
Rate of Interest As per sanction letter of the Bank and
subsequent modifications thereto, if any. Terms of Repayment As per sanction letter of the Bank and
subsequent modifications thereto, if any. Margin As per sanction letter of the Bank and
subsequent modifications thereto, if any. Extent and Operation of the charge First pari passu charge in favor of the
Bank with respect to its Term Loan of Rs.500.000 Millions. on the entire
immovable fixed assets, both present and future |
|
Short particulars of the property charged |
Leasehold Land admeasuring 38 acres at
Mundra, Leasehold Land admeasuring 32 acres at Mundra, Survey No 69, 70/1,
70/2, 72/1, 73/1, 73/2, 75/1 and 75/2 known as Shantiniketan Colony at Baroi,
Mundra Fortune House at Ahmedabad, Gujarat, Freehold land admeasuring 87.33
Acres, 15.72 Acres and 44.06 Acres at Mantralayam, Freehold land admeasuring
9.96 Acres and Leasehold land admeasuring 9.25 Acres and 4.83 Acres at Haldia, Freehold land
admeasuring 46 Bighas and 18 Biswas at Bundi, Rajasthan and Leasehold la
Office No. 301 having super-built up area of 1685 sq. ft and Office No. 303
having super built up area of 1355 sq. ft. at Third Floor, New Palaysia,
Princess Pride, Indore, Freehold Land bearing Plot C admeasuring 10196 sq.m
And Plot No. C/1 admeasuring 10196 sq.m. and building constructed thereon admeasuring
1700 sq.m at Kadi, Gujarat, Freehold land admeasuring 8.72 Acres and 0.30
Hectares at Nagpur, Freehold land admeasuring 3.815 hectares at Shujalpur, Madhya Pradesh, Freehold
land admeasuring 14.380 Hectares, 14.770 Hectares and 3.490 Hectares at Neemuch,
M.P., Freehold land admeasuring 8.09 Hectares at Alwar, Rajasthan, Freehold
land admeasuring 7.317 Hectares and Guest House having an area of 8000 Sq.
ft. situated at Chindwara, M.P. and Freehold land bearing survey nos. 31,34, 36 and 37
collectively admeasuring 135064 sq.m.
situated at Village Pragapar, Mundra, Gujarat. |
|
Date of latest modification prior to the
present modification |
25.10.2012 |
|
Particulars of the present
modification |
The Term Loan of Rs.500.000 Millions of State
Bank of Hyderabad secured by way of first pari passu charge on movable fixed
assets and immovable fixed assets of company situated at Mundra, Ahmedabad,
Mantralayam, Haldia, Bundi, Indore, Kadi, Nagpur. Shujalpur, Neemuch and
second pari passu charge on current assets is now further secured by way of
first pari passu charge on immovable fixed assets of Company situated at
Alwar, Chindwara and Pragpar |
FIXED ASSETS:
·
Land
·
Building
·
Electrical Fittings
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computer Equipments
·
Vehicles
NEWS
ADANI WILMAR TO
ENTER INTO OTHER COMMODITIES
DECEMBER 19, 2012
The Ahmedabad formed line organisation Adani Wilmar Limited (AWL) is formulation to extend a flagship succulent oil code Fortune to other line such as basmati rice, pulses, dal, besan and nuggets over a subsequent dual years.
The company, a corner try between Singapore’s Wilmar International Limited and India’s Adani Group, had undertaken a marketplace consult on a probable extensions of a Fortune code about dual years back. The companies code Fortune is a devoted code among Indian households. Extending product offerings creates underneath a determined code some-more clarity than formulating new brands. The association had already finished test-marketing for pulses underneath a Jubilee brand. As it would launch a whole operation of commodity products underneath a Fortune brand, a Jubilee code will be “killed”, adding Jubilee was combined for test-marketing only.
The products will be pushed by Adani Wilmar’s existent network of 1 million sell outlets opposite a country. AWL wish to launch all commodity products underneath a Fortune brand. AWL, however will not enter a ready-to-eat or ready-to-cook segment.
All pulses products will be constructed and packaged during a Haldia factory, that will be prepared by May 2013. AWL formulation to enlarge capacities during all a factories over a subsequent 6 to 12 months. The augmentation would radically embody environment adult high-speed wrapping lines. The collateral output this year is expected to be aloft than a progressing years. The company, on an average, spend about Rs.2000.000 Millions to Rs.2500.000 Millions in ability enlargement any year.
The eastern shred has emerged as one of a pivotal expansion markets for Adani Wilmar with expenditure in Bihar rising. Adani Wilmar expects a 20-25 % boost in volume during 2013, from about 18 per cent volume expansion during 2012. It hopes to tighten a 2012-13 with some-more than 20 per cent expansion over Rs.125000.000 Millions reported a prior mercantile year. AWL aim a 15-20 per cent income expansion during FY14.
Wooed by a healthy properties of rice bran, Adani Wilmar has launched 100 % rice bran succulent oil early this month. Marico’s Saffola Gold and Agrotech’s Sundrop Heart are products that mix rice bran with other oils such as sunflower or kardi. Adani Wilmar has labelled a product during Rs.115, most reduce than a rice bran branded ones labelled during Rs.150 a litre.
ADANIS TO EXPAND IN
HALDIA
Calcutta, January 6: Edible oil maker Adani Wilmar Limited will commission a new pulse production and packaging plant adjacent to its existing oil refining unit in Haldia in April.
Adani Wilmar - a 50:50 joint venture between the $7-billion Adani Group and Wilmar International Limited, Singapore - had bought 8.5 acres of land from the Haldia port authorities two years back.
“We will commission a new plant in Haldia in April. It will be one of the largest integrated pulse production unit in the country. We bought 8.5 acres from the port two years back. Investments will exceed Rs 500.000 Millions, while the capacity will be 250 tonnes per day,” Angshu Mallick, chief operating officer, Adani Wilmar, told The Telegraph.
Adani Wilmar has invested more than Rs.2500.000 Millions in the last five years on the refinery, which has a capacity of 1,600 tonnes per day at present. The company plans to raise the capacity to 2,600 tonne per day by 2014.
“We are looking at two big greenfield projects and are working on the locations. We have options in Maharashtra and Bihar. These will be for refining, bakery shortenings, vanaspati. Adani Wilmar normally spends Rs 2000.000-2500.000 Millions in capital expenditure. Capacity would be between 1,500 and 2,000 tonnes per day. We have 18 units across the country with a total capacity of 9,500 tonnes per day for oil and want it to grow to 12,000 tonnes per day in the next one-and-a-half years,” Mallick said.
Adani Wilmar registered an 18 per cent growth in 2012 calendar year and is expecting to grow 20 per cent in 2013.
According to Mallick, prices rose 10-15 per cent in 2012 in the edible oil industry over the previous year, while the estimated overall growth was around 4 per cent. Consumer oil packs grew 12 percent.
“In 2013, crop production is expected to be 20 per cent higher and edible oil prices could be lower by 10 percent. Consumer packs will grow at 15 per cent. The east is doing well with a shift witnessed towards consumer packs. Per capita consumption has grown too,” Mallick said.
The company has a 17 percent market share in packed edible oil and plans to capture 20 per cent in two years. Adani Wilmar is planning to enter the blended oil category in the next four months. At present, it is conducting a research for the category, whose market size is estimated to be 6,000 tonnes a month.
In a bid to become an FMCG firm, Adani Wilmar has launched pulses and besan under the Jubilee brand in north India. The company plans to consolidate its Fortune brand - which is now popular in the oil segment - to bring in commodities such as pulses, besan and rice under its fold.
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.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.