MIRA
INFORM REPORT
|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
USHER AGRO LIMITED |
|
|
|
|
Registered
Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road
Andheri(West), Mumbai – 400053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
Date of
Incorporation : |
26.06.1996 |
|
|
|
|
Com. Reg. No.: |
11-100380 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.380.590 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01100MH1996PLC100380 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU02026D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1095N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Rice and Wheat. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company appears to be decent. General financial
position of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
29.03.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
29.03.2013 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Hemant Chaturvedi |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-39381100 |
|
Date : |
30.11.2013 |
LOCATIONS
|
Registered Office / Corporate Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road
Andheri(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-39381100 |
|
Fax No.: |
91-22-39381123 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Marketing Office : |
405, Pearls Best Heights-II, Netaji Subhas Place, New Delhi- 110034,
India |
|
E-Mail : |
|
|
|
|
|
Plant 1 : |
158, Gohari, Delhi- Agra Highway, Chhata, District
Mathura – 281001, Uttar Pradesh, India |
|
|
|
|
Plant 2 : |
632-634, Duatana, Delhi Agra Highway, Chhata, District Mathura –
281001, Uttar Pradesh, India |
|
|
|
|
Plant 3 : |
239, Maholi, Krishna Nagar, Off Delhi- Agra Highway, Mathura, District
Mathura- 281 004, Uttar Pradesh, India |
|
|
|
|
Plant 4 : |
Plot No. 1898, Chaubeji ki Chhavani. Jalilpur Thana, Rajpur, District
Buxar, Bihar, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Vinod Kumar Chaturvedi |
|
Designation : |
Managing Director |
|
Address : |
B-5/202, Mangal Nagar, Yari Road, Andheri West, Mumbai-40006, Maharashtra, India |
|
Date of Birth : |
01.08.1965 |
|
Date of Appointment
: |
30.12.2000 |
|
Other Directorship
: |
· Usher Eco Power Limited · SJP Real Estate Limited · Usher Oils And Foods Limited · Usher Infra Logic Limited · Usher Capitals Limited · SJP Global Limited |
|
|
|
|
Name : |
Mr. Manoj Pathak |
|
Designation : |
Whole Time Director |
|
Qualification : |
Graduate in Commerce and law |
|
|
|
|
Name : |
Mr. Vijay Ranchan |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
Plot No. 131, Sector 8, Gandhinagar-382000, Gujarat, India |
|
Date of Birth : |
01.10.1942 |
|
Date of Appointment
: |
30.12.2004 |
|
Qualification : |
Master degree in Arts |
|
Other Directorship
: |
· Shah Pulp and Paper Mills Limited · Adani Power Limited · Usher Eco Power Limited ·
Adani Power Maharashtra Limited |
|
|
|
|
Name : |
Mr. Ajay Prakash Arora |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
305, Wing 3-B, Dheeraj Enclave, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Birth : |
08.05.1941 |
|
Date of Appointment
: |
29.12.2006 |
|
Qualification : |
Master Degree in Commerce and is a Certified Associate of Indian
Institute of Bankers (CAIIB). |
|
Other Directorship
: |
· Usher Eco Power Limited · Usher Capitals Limited ·
Usher Oils and Foods Limited |
|
|
|
|
Name : |
Mr. Shri Prakash Arora |
|
Designation : |
Non-Executive Independent Director |
|
Qualification : |
Graduate in Animal Science |
|
|
|
|
Name : |
Mr. Prem Chand Tiwari |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Narayanan Krishnan |
|
Designation : |
Nominee Director IDBI Bank (14.10.2009- 29.06.2013) |
|
Qualification : |
Master degree in Commerce |
|
|
|
|
Name : |
Mrs. Baljinder Kaur Mandal |
|
Designation : |
Nominee Director IDBI Bank (Appointed 29.06.2013) |
KEY EXECUTIVES
|
Name : |
Mrs. Sarika S. Singh |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8127617 |
21.36 |
|
|
3904752 |
10.26 |
|
|
3904752 |
10.26 |
|
|
12032369 |
31.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12032369 |
31.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1548491 |
4.07 |
|
|
2844767 |
7.47 |
|
|
4393258 |
11.54 |
|
|
|
|
|
|
12499051 |
32.84 |
|
|
|
|
|
|
2308387 |
6.07 |
|
|
4589400 |
12.06 |
|
|
2236574 |
5.88 |
|
|
2216478 |
5.82 |
|
|
20096 |
0.05 |
|
|
21633412 |
56.84 |
|
Total Public shareholding (B) |
26026670 |
68.38 |
|
Total (A)+(B) |
38059039 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
38059039 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rice and Wheat. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Middle East Countries ·
South Africa ·
Ghana |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· IDBI Bank Limited · United Bank of India · HDFC Bank · Bank Limited · ING Vysya Bank Limited · Axis Bank Limited · Rabo Bank International (Cooperatieve Centrale) · Raiff Eisen-Boerenleen Bank Singapore) · RABO Bank International, Mumbai Branch, Maharashtra, India · Bank of Baroda · Dena Bank ·
Export-Import Bank of India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Long Term Borrowings 1.
Foreign Currency borrowings are secured by way of
first pari passu charge on the entire immovable and movable assets of the company
and second pari passu charge on the entire current assets of the company
present and future created in favour of respective Banks / Trustees along
with the personal guarantees of the Directors of the Company namely Dr. Vinod
K. Chaturvedi and Mr. Manoj Pathak.
2.
Rupee Term Loan are secured by way of first pari
passu charge on the entire immovable and movable assets of the company and
second pari passu charge on the entire current assets of the company, both
present and future created in favour of respective Banks/Trustees along with
the personal guarantees of the Directors of the company namely Dr. Vinod K.
Chaturvedi and Mr. Manoj Pathak.
3.
Equipment and Vehicle loans are secured
against the respective equipment / vehicles financed through the said loans. Short Term Borrowings Cash credit /working capital credit facilities are secured by way of first pari passu charge over the entire current assets and second paripassu charge over the entire Immovable and moveable assets of the company, both present and future created in favour of respective banks/trustees along with personal guarantees of the Directors of the company namely Dr. Vinod K. Chaturvedi and Mr. Manoj Pathak. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors |
Parekh Shah and Lodha Chartered Accountants |
|
|
|
|
Internal
Auditors: |
Dinesh Bangar and Company Chartered Accountants |
|
|
|
|
Cost
Auditor : |
NKJ and Associates Chartered Accountants |
|
|
|
|
Where control exists
irrespective of whether transactions have occurred or not : |
· Usher Eco Power Limited (Subsidiary Company) · Usher World Wide FZE (Wholly Owned Foreign Subsidiary Company from 03rd June, 2012) |
|
|
|
|
Enterprises owned or
significantly influenced by key management personnel or their relatives : |
· Usher Capitals Limited · Vedika Finance Private Limited · Usher Oils and Foods Limited · Usher Infra Logic Limited ·
Narayani Nivesh Nigam Private Limited |
CAPITAL STRUCTURE
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38059039 |
Equity Shares |
Rs. 10/- each |
Rs.380.590 Millions |
a.
A
reconciliation of the number of shares outstanding at the beginning and at the
end of the accounting year, is set out below:
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
38059039 |
|
Add : Shares issued during the year |
-- |
|
Shares outstanding at the end of the year |
38059039 |
b. The Company has only one class of equity shares having a par value of Rs.10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 1956.
c. There are nil number of shares ( P.Y. Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate
d.
Shares in the company held by each
shareholders holding more than 5% shares, as on 30.06.2013:
|
Name of Shareholder |
Number
of Shares |
% holding |
|
Mr. Vinod Chaturvedi |
4716470 |
12.39% |
|
Mr. Manoj Pathak |
3284060 |
8.63% |
|
Narayani Nivesh Nigam Private Limited |
2054752 |
5.40% |
|
Hi Tech Housing Projects Private Limited |
4951893 |
13.01% |
|
AIWO Limited |
- |
- |
|
Elara India Opportunities Fund Limited |
259312 |
6.81% |
|
Parin Trading Private Limited |
210000 |
5.52% |
e. There are nil number of shares (Previous year Nil) reserved for issue under option and contracts /commitment for the sale of shares/disinvestment including the terms and amounts.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
380.590 |
380.590 |
380.590 |
|
(b) Reserves & Surplus |
2788.707 |
2335.099 |
1978.122 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3169.297 |
2715.689 |
2358.712 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1837.646 |
1136.835 |
749.723 |
|
(b) Deferred tax liabilities (Net) |
113.437 |
97.986 |
87.214 |
|
(c) Other long term liabilities |
0.144 |
0.150 |
0.150 |
|
(d) long-term provisions |
0.000 |
0.000 |
1.742 |
|
Total Non-current Liabilities (3) |
1951.227 |
1234.971 |
838.829 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4252.242 |
3360.728 |
2275.591 |
|
(b) Trade payables |
494.760 |
331.082 |
195.375 |
|
(c) Other current
liabilities |
321.999 |
381.541 |
316.064 |
|
(d) Short-term provisions |
172.900 |
162.321 |
114.492 |
|
Total Current Liabilities (4) |
5241.901 |
4235.672 |
2901.522 |
|
|
|
|
|
|
TOTAL |
10362.425 |
8186.332 |
6099.063 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1382.702 |
1522.904 |
1537.287 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1406.702 |
439.400 |
186.892 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
172.536 |
170.265 |
179.402 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
118.059 |
8.866 |
27.079 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3079.999 |
2141.435 |
1930.660 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4092.080 |
3170.877 |
2266.406 |
|
(c) Trade receivables |
2398.468 |
2080.618 |
1307.566 |
|
(d) Cash and cash equivalents |
325.387 |
533.988 |
496.038 |
|
(e) Short-term loans and
advances |
152.745 |
106.760 |
4.439 |
|
(f) Other current assets |
313.746 |
152.654 |
93.954 |
|
Total Current Assets |
7282.426 |
6044.897 |
4168.403 |
|
|
|
|
|
|
TOTAL |
10362.425 |
8186.332 |
6099.063 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9493.389 |
8116.973 |
5607.457 |
|
|
|
Other Income |
22.315 |
19.602 |
17.993 |
|
|
|
TOTAL (A) |
9515.704 |
8136.575 |
5625.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7905.211 |
6871.259 |
4941.071 |
|
|
|
Changes in Inventories (Increase) / Decrease of Finished
Goods |
(180.310) |
(185.245) |
(333.102) |
|
|
|
Employee Benefits Expense |
102.262 |
85.717 |
74.097 |
|
|
|
Other Expenses |
381.470 |
275.621 |
179.397 |
|
|
|
TOTAL (B) |
8208.633 |
7047.352 |
4861.463 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1307.071 |
1089.223 |
763.987 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
504.574 |
390.464 |
218.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
802.497 |
698.759 |
545.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
150.179 |
146.496 |
87.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
652.318 |
552.263 |
458.576 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.710 |
128.934 |
104.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
453.608 |
423.329 |
354.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
965.278 |
718.301 |
470.847 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
57.089 |
57.089 |
|
|
|
Corporate Dividend Tax |
0.000 |
9.263 |
9.702 |
|
|
|
Transferred to General Reserve |
60.000 |
60.000 |
40.000 |
|
|
|
Debt Redemption Reserve |
50.000 |
50.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1308.886 |
965.278 |
718.301 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Sales on FOB Basis |
798.283 |
433.117 |
336.204 |
|
|
TOTAL EARNINGS |
798.283 |
433.117 |
336.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.722 |
0.000 |
246.764 |
|
|
TOTAL IMPORTS |
2.722 |
0.000 |
246.764 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.92 |
11.12 |
11.98 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.77 |
5.20 |
6.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.87 |
6.80 |
8.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.53 |
7.30 |
8.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.92 |
1.66 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.43 |
1.44 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
30.06.2013 Rs. In Millions |
30.06.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans Repayable on Demand- From Other Parties |
83.551 |
82.356 |
|
Total |
83.551 |
82.356 |
Corporate Overview
Company is engaged
in the business of food processing, mainly basic food i.e. wheat and rice. The Company
is having manufacturing facilities for rice and wheat milling. The company is
also engaged in Bio Mass Power generation and Logistic, however the operations
in these two segments are comparatively not significant and mainly for captive
purpose only.
FINANCIAL RESULTS
As a result of
which the Company achieved a remarkable growth during the current financial
year. The enhancement of production capacities and consolidation of processes
and systems derived the synergies and optimized the use of available resources
because of which the Company was able to maintain its growth irrespective of
prevailing difficult economic and market conditions.
During the year,
the sales and other income of the Company have increased to Rs.9515.704
Millions from Rs.8136.575 Millions in the previous year, recording a growth of
over 17%. The Company’s Profit before tax increased to Rs.652.318 Millions from
Rs.552.263 Millions in the previous year reflecting a healthy growth of
approximately 18%. Profit after tax also increased to Rs.453.608 Millions
against that of Rs.423.328 Millions in previous year, registering a growth of
7%. Management of the Company under the direction of the Board of Director
continued to achieve the targets of cutting down the cost of operations and
bettering the efficiency by using better alternated resources/means and methods
of operation.
Company Overview
Company is engaged
in the processing of agro based products like rice and wheat allied products
like Atta, Maida, Suzi etc. Usher regards ‘green’ as an inspiration of
‘agricultural prosperity’ and this inspiration has led to the name Usher back
in 1996. The main aim was to USHER the Indian agricultural growth concentrated
efforts.
The Company was
incorporated in 1996 by first generation promoters Dr. V.K. Chaturvedi and Mr.
Manoj Pathak (the ‘Promoters’) and is listed on BSE Limited (‘BSE’) and
National Stock Exchange (‘NSE’). The Company’s rice and wheat mills are located
in the states of Uttar Pradesh (‘UP’) and Bihar with current capacity of
543,600 tons per annum (‘TPA’) for rice and 75,000 TPA for wheat and with
ongoing expansion the capacity will reach to 1,081,440 TPA for rice and 125,000
TPA for wheat by end of calendar year 2013. In addition, Company is also in the process of setting up a pulses
processing mill which is the part of current expansion with a capacity of
100,000 TPA and a pulses flour mill with a capacity of 105,600 TPA and a pulses
flour mill with a capacity of 23,100 TPA in the state of UP. Over a period of time
the agricultural and food processing industry has come to be considered a
priority sector with high potential for growth. Company has seized opportunity
by using the latest technologies for agricultural processing every single time.
The production amplified leading to the name and fame of the company in the
national and international market. The diversified product range got a brand
name “Rasoi Raaja” that was synonymous with superiority, quality and
credibility.
Company
Operational Performance
Usher from the
very first year of its operation is concentrating on the Non basmati rice
segment since the basmati sector is already fully saturated and offers no scope
for expansion. The Non basmati Rice industry in India is still much unorganized
as compared to the Basmati Rice industry. The organized Players are not even
commanding 1% of overall market and this offers ample scope for players like
Usher to grow and expand in non-basmati rice segment.
The crux of this
sector lies in managing ever increasing demand and accessing the market at the
correct time. Demand in this sector has never been a concern since it
constitutes the basic staple diet of India making it a very inelastic product.
The Company has put up efficient logistic and supply chain management system to
effectively cater to this market. The company has been continuously researching
on the way to increase the value and quality of the rice which is backed by our
high quality research team. The directors believe that sustained investment in
technology, innovations, consumer communication and continued focus on market
development will benefit the business in creating long term value. The company
has set up a rice fortification plant, the technology for which has been
provided by PATH – a non-profit organization. Fortified rice prevents loss of
iron and vitamins from rice during the milling process and is envisaged to be
sold to the mid-day meal projects of various states.
In order to
utilize the waste rice husk produced in its milling plants, the company has set
up 16 MW rice-husk based cogeneration power plant under its subsidiary company,
Usher Eco Power Limited (‘Usher Eco’) in UP which started its commercial
operations on 7th November 2012 which sells power externally under a power
purchase agreement (‘PPA’) with Uttar Pradesh Power Corporation Limited
(‘UPPCL’).
Financial
Performance
Snapshot of the
year
·
Total income growth by
17% increasing to Rs.9515.704 Millions as compared
to Rs.8136.575 Millions in the
previous year.
·
Net profit after tax up
by 7% rising to Rs.652.318 Millions as compared
to Rs.552.263.Millions in the
previous year.
·
The Net Worth of the
company has reached to Rs.3169.297
Millions as compared to Rs.2715.689
Millions in the previous year.
·
Financial
Performance Review (Standalone) Revenue
The Company’s
total income, which comprises of income in the form of domestic and export
sales and other income increased to Rs.9515.704 Millions as compared to
Rs.8136.575 Millions of the previous year.
Expenditure
The Company’s total
expenses, comprising of material consumed, staff costs and other administrative
expenses including depreciation, increased by to Rs.8358.812 Millions for the
year ended June 30, 2013 from Rs.7193.848 Millions when compared to the
previous year ended June 30, 2012.
Interest
Interest expenses
stood at Rs.504.574 Millions (previous year figure was Rs.390.464 Millions)
Profit before tax
(PBT)
PBT is Rs.652.318
Millions for the current year from Rs.552.263 Millions in the previous year.
Profit after tax
The Company’s
profit after tax is Rs.453.608 Millions for the year ended June 30, 2013 from
Rs.423.329 Millions as compared to the previous year.
earnings per share
The earnings per
share for the current year stood at Rs.11.92. as compared to Rs.11.12 per
equity share in the previous year.
Segment wise
performance
The breakup of the
revenue from our different segments can be analyzed from the given chart. As
seen the company has shown robust performance in all the segments. The Company
continued its strict control on the consumption of raw materials and energy
thereby improving its profitability. By looking at the Company’s performance
given hereunder it can be ascertained that the company has performed better as
compared to the previous year in almost all fronts whether it be operational
performance or financial performance.
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER
2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.09.2013 |
|
Gross
Sales / Income from operations |
|
|
Domestic Sales |
2414.544 |
|
Export Sales |
43.958 |
|
Total
Sales / Income from Operations |
2458.502 |
|
Expenditure |
|
|
(Increase) / Decrease in finished goods, work-in-progress
and stock-in-trade |
(147.090) |
|
Consumption of raw material |
2136.716 |
|
Manpower Cost |
29.934 |
|
Depreciation |
37.661 |
|
Other expenditure |
101.740 |
|
Total Expenditure |
2158.959 |
|
Other Income |
4.450 |
|
Profit
from operations before interest and Exceptional item |
303.993 |
|
Interest |
148.343 |
|
Exceptional item |
0.000 |
|
Profit from ordinary activities before tax Expense |
155.649 |
|
Tax expenses |
38.912 |
|
Profit ordinary activities after tax |
116.737 |
|
Extraordinary Items |
0.000 |
|
Net Profit / (Loss) for the period |
116.737 |
|
Paid-up equity share capital of Rs.10/- each |
380.590 |
|
Reserve excluding Revaluation Reserves |
2905.444 |
|
|
|
|
Earnings per share |
|
|
Basic EPS |
3.07 |
|
Diluted
EPS |
3.07 |
|
|
|
|
Public Shareholding |
|
|
- Number of shares |
26026670 |
|
- Percentage of shareholding |
68.38% |
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
2139630 |
|
Percentage of shares (as a % of
total shareholding of the promoter and promoter group) |
17.78% |
|
Percentage of shares (as a %
of total share capital of the company) |
5.62% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
9892739 |
|
Percentage of shares (as a % of
total shareholding of the promoter and promoter group) |
82.22% |
|
Percentage of shares (as a %
of total share capital of the company) |
25.99% |
Notes:
1) The above unaudited financial result for the first quarter ended 30th
September 2013 have been reviewed by the audit committee and approved at the
meeting of board of directors held in 14th November 2013.
2) The statutory auditor of the company7 have carried out limited review of
the above unaudited financial result of the company for the quarter ended as on
30th September 2013.
3) The company operated in one primary business i.e. food processing, which
constitutes a single business segment in terms of Accounting Standard (As) 17
on “Segment Reporting” issued by the Institute of Chartered Accountant of
India, hence no separate segment reporting is required. In geographical
business segment the turnover is follows.
a) Domestic Rs.2414.544 Millions
b) Exports Rs.43.958 Milions
4) The company will Account for MAT credit entitlement, if any and deferred
tax liabilities / assets as per accounting standard (AS) 22 on accounting for
tax on income at the end of the financial year.
5) Pervious year/periods figures have been regrouped /rearranged wherever
necessary.
6) Details of investor’s complaints during the quarter ended on 30th
September 2013
|
Pending at the
beginning of the quarter |
Complaints
received |
Complaints
redressed |
Unresolved at the
end of the quarter |
|
|
|
|
|
|
NIL |
01 |
01 |
Nil |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10442596 |
28/06/2013 * |
488,000,000.00 |
Axis Bank Limited |
Ground Floor, Axis House, Bombay
Dyeing Mills Compound, P B Marg, Worli, Mumbai, Maharashtra - 400 025, INDIA |
B82640392 |
|
2 |
10441049 |
08/06/2013 |
400,000,000.00 |
Bank of Baroda |
4th floor, 10/12, Mumbai
Samachar Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
B81127946 |
|
3 |
10406517 |
25/02/2013 |
1,100,000,000.00 |
IDBI Bank Limited |
IDBI House, 44 Shakespeare
Sarani, Kolkata, West Bengal - 700017, INDIA |
B68999705 |
|
4 |
10406129 |
09/02/2013 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B68612100 |
|
5 |
10382118 |
08/10/2012 |
600,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21,
World Trade Centre Complex, Cuff Parade, Mumbai, Maharashtra - 400005, India |
B60307899 |
|
6 |
10378442 |
07/09/2012 |
200,000,000.00 |
Commonwealth Bank of Australia
|
Level 2, Hoechst House, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B58890252 |
|
7 |
10366270 |
15/10/2013 * |
7,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, India |
B89624985 |
|
8 |
10364388 |
06/07/2012 * |
200,000,000.00 |
Rabobank International (Cooperatieve Centrale Raiffeisen-Boerenleen Bank B.A.) |
2/F Forbes Building, Chiranjeet Rai Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
B43369362 |
|
9 |
10352757 |
20/03/2012 |
750,000,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B38613360 |
|
10 |
10224184 |
15/06/2010 |
250,000,000.00 |
Cooperatieve Centrale Raiffeisen-Boerenleen Bank B. A. (Rabo Bank) |
77, ROBINSON ROAD #09-00,, SIA BIULDING, SINGAPORE, - 068896, SINGAPORE |
A8725592 |
|
11 |
10208606 |
08/02/2012 * |
950,000,000.00 |
Axis Bank Limited |
209, Ground Floor, Atlanta,,
Nariman Point,, Mumbai, Maharashtra - 400021, INDIA |
B33052556 |
|
12 |
10193857 |
30/11/2009 |
23,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA |
A76460682 |
|
13 |
10164065 |
28/06/2013 * |
2,500,000,000.00 |
IDBI Trusteeship Services
Limited |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B80163066 |
|
14 |
10071491 |
03/08/2009 * |
75,000,000.00 |
Small Industries Development
Bank of India |
11-13, Atlanta, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
A69703775 |
FIXED ASSETS:
· Land
· Office Building
· Building and Roads
· Godowns
· Plant and Machinery
· Electrical Installation
· Computer and Printer
· Tube well, Water Tanks and Pipings
· Furniture and Fixture
· Vehicle
· Office Equipment
· Laboratory and Store Equipment’s
· Switch Yard Distribution Lines
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.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.