MIRA INFORM REPORT

 

 

Report Date :

11.06.2013

 

IDENTIFICATION DETAILS

 

Name :

GOKUL REFOILS AND SOLVENT LIMITED

 

 

Registered Office :

State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

29.12.1992

 

 

Com. Reg. No.:

04-018745

 

 

Capital Investment / Paid-up Capital :

Rs. 263.790 Millions

 

 

CIN No.:

[Company Identification No.]

L15142GJ1992PLC018745

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

The Company is primarily engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing.

 

 

No. of Employees :

478 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (52)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 13000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Low but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having a satisfactory track record. There appears some loss during 2012 recorded by the company. The external borrowing seems to be huge.

 

However, networth appears to be strong. The company recorded better growth in its sales during 2012.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

In view of well experience promoter the company can be considered for business dealings at usual trade terms and condition. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long Term Fund = BB+

Rating Explanation

Having moderate risk of default regarding timely servicing of financial obligation

Date

December 2012 – March 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.

 

 

LOCATIONS

 

Registered Office :

State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, Gujarat, India 

Tel. No.:

91-2767-222075

Fax No.:

91-2767-223475

E-Mail :

csgrsi@gokulgroup.com

Website :

http://www.gokulgroup.com

 

 

Corporate Office :

"Gokul House" 43, Shreemali Co-Operative Housing Society Limited, Opposite Shikhar Building, Navrangpura, Ahmedabad-380 009, Gujarat, India.

Tel. No.:

91-79-66304555 / 66615253 / 54 / 55

Fax No.:

91-79-66304543

E-Mail :

mail@gokulgroup.com

 

 

Sidhpur Unit :

State Highway No. 41, Near Sujanpur Patia, Sidhpur -384 151, Gujarat, India

Tel. No.:

91-2767-222075

Fax No.:

91-2767-223475

E-Mail :

http://www.gokulgroup.com

 

 

Gandhidham Unit :

89, Meghpar-Borichi, Galpadar Road, Near Sharma Resort, Taluka Anjar, District Kutch-370 110, Gujarat, India.

Tel. No.:

91-2836-247075 to 79

Fax No.:

91-2836-247080

 

 

Surat Unit:

National Highway No. 8, Near Kamrej Sugar Factory, At Navi Pardi, Taluka Kamrej, District Surat, Gujarat, India.

Tel. No.:

91-2621-234845

 

 

Haldia Unit

J.L.No-149 Plot, Near Essar Petrol Pump, Way to HFCL, Near Renuka Sugar Factory, Haldia Development Authority Area, P.O. Debhog, Haldia.-721657, District Purba Medinipur, West Bengal, India.

Tel. No.:

91-3224-252839

Fax No.:

91-3224-252939

 

 

Regional Office :

Block No. 1, 17th Floor, Cheterjee International Centre, 33A, Jawaharlal Nehru Road, Kolkata-700071. West Bengal, India

Tel. No.:

91-80010-12511

Fax No.:

91-33-22884127

 

 

Branch Office :

Office No. E/1, Nisarg Heaven CHS Limited, Mahavir Nagar,
Kandivali (West), Mumbai, Maharashtra, India

Tel. No.:

91-22-40140967

Fax No.:

91-22-28675772

 

 

DIRECTORS

 

As on 31.03.2012

 

Name :

Mr. Balvantsinh C Rajput

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Kanubhai J Thakkar

Designation :

Managing Director

 

 

Name :

Mr. Piyushchandra R Vyas

Designation :

Independent Director

 

 

Name :

Dr. Dipuba H Devada

Designation :

Independent Director

 

 

Name :

Mr. Karansinhji Mahida

Designation :

Independent Director

 

 

Name :

Mr. Dineshkumar Sharma

Designation :

Whole time Director- Legal

Date of Birth/Age :

13.06.1965

Qualification :

Metric

Date of Appointment :

05.03.1999

 

 

KEY EXECUTIVES

 

Name :

Mr. Kalpesh Desai

Designation :

Company Secretary and Compliance Officer

 

 

AUDIT COMMITTEE

 

Name :

Mr. Piyushchandra R Vyas

Designation :

Chairman

 

 

Name :

Mr. Kanubhai J Thakkar

Designation :

Member

 

 

Name :

Mr. Karansinhji Mahida

Designation :

Member

 

 

Name :

Dr. Dipuba H Devada

Designation :

Member

 

 

REMUNERATION COMMITTEE

 

Name :

Dr Dipuba H Devada

Designation :

Chairperson

 

 

Name :

Mr. Karansinhji Mahida

Designation :

Member

 

 

Name :

Mr. Piyushchandra R Vyas

Designation :

Member

 

 

SHAREHOLDERS /INVESTORS GRIEVANCES COMMITTEE

 

Name :

Dr. Dipuba H Devada

Designation :

Chairperson

 

 

Name :

Mr. Kanubhai J Thakkar

Designation :

Member

 

 

Name :

Mr. Dineshkumar Sharma

Designation :

Member

 

 

MANAGEMENT TEAM

 

Name :

Mr. Hitesh Thakkar

Designation :

Chief Executive Officer

 

 

Name :

Mr. Praveen Khandelwal

Designation :

VP Corporate Strategy

 

 

Name :

Mr. Rajendra Khiani

Designation :

Sr. VP Banking and Finance

 

 

Name :

Mr. Joseph Chettiar

Designation :

VP Exports

 

 

Name :

Mr. Praveen Nehete

Designation :

VP Technical

 

 

Name :

Mr. Atul Shah

Designation :

VP Asudit and Risk Management

 

 

Name :

Mr. Vinod Rajput

Designation :

CEO procurement (Sidhpur)

 

 

Name :

Mr. Ajit Rajput

Designation :

VP Operations (Gandhidham)

 

 

Name :

Mr. Vinod Rajput

Designation :

Director operations (East)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2013

 

Category of Shareholder

No. of Shares

  % of No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

75922164

57.56

http://www.bseindia.com/include/images/clear.gifBodies Corporate

17062500

12.94

http://www.bseindia.com/include/images/clear.gifSub Total

92984664

70.50

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

92984664

70.50

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1624200

1.23

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

11811406

8.96

http://www.bseindia.com/include/images/clear.gifSub Total

13435606

10.19

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

19130258

14.50

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1965958

1.49

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

3121803

2.37

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1256711

0.95

http://www.bseindia.com/include/images/clear.gifOffice Bearer

21521

0.02

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

501695

0.38

http://www.bseindia.com/include/images/clear.gifClearing Members

733495

0.56

http://www.bseindia.com/include/images/clear.gifSub Total

25474730

19.31

Total Public shareholding (B)

38910336

29.50

Total (A)+(B)

131895000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

131895000

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is primarily engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing.

 

 

Products :

Product description

 

ITC Code No.

Refined Edible Oil

2110

Solvent Extraction Oil .

2113

De-oiled Cake (Cattle Feed)

2171

Vanaspati Ghee

2100

Acid Oil, Fatty Acid Oil etc

3004

Castor Oil and it's Fractions

5153000

Oil Cakes and Meal of Castor Seeds

3069015

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

Seed Processing*

Metric Tons (Signal Shift)

984000

482205

Oil Refining*

Metric Tons (Signal Shift)

990000

516144

Cake Extraction*

Metric Tons (Signal Shift)

300000

220526

Vanaspati Plant

Metric Tons (Signal Shift)

120000

34916

 

Notes:

 

* production includes seed processing MT 5,637, oil refining MT 2,347 and Cake Extraction 3,918 MT (Previous year seed processing 63,733 MT, oil refining 30,176 MT and cake extraction 36,676 MT) done by other.

 

** Seed processing capacity includes 300000 not available during the whole year, 60000 MT production commenced on 17/05/2010, 120000 MT production commenced 01/09/2010, 120000 MT production commenced on 31/01/2011

 

*** Cake extraction capacity includes 120000 not available during the whole year, production commenced on 01-09-2011.

 

**** Refinery capacity includes 60000 not available during the whole year, production commenced on 01-09-2011.

 

Production

 

Unit

Actual Production

Refined Edible / Non Edible Oil*

(IN MT)

505895

De-oiled Cake*

(IN MT)

202356

Unrefined Oil*

(IN MT)

141664

Vanaspati oil

(IN MT)

34810

Oil Cake*

(IN MT)

338818

 

* Production of refined edible/non edible oil includes done by others 12,390 MT (Previous year 29,992 MT)

 

GENERAL INFORMATION

 

No. of Employees :

478 (Approximately)

 

 

Bankers :
  • State Bank of India
  • Punjab National Bank
  • Central Bank of India
  • State Bank of Travancore
  • Dena Bank
  • HDFC Bank Limited
  • Bank of India
  • The Jammu and Kashmir Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

From Bank

502.780

822.500

Buyers Credit Loans

13891.808

1934.132

Cash credit/Overdraft/Export Packing Credit

2744.940

1588.546

Total

17139.528

4345.178

 

Bank Name

Terms of Repayment

Sanctioned Amount (Rs. In Millions )

Rate of Interest

Security

State Bank of Indore

20 QTLY INSTALLMENTS OF Rs.6.500 Millions EACH

1,300.00

11.25% p.a.

1st charge over plant and machinery purchased out of bank's finance located at Gandhidham unit, Survey No.89. Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar, Pari passu 2nd charge over all current assets of the Company.

State Bank of India

20 QTLY INSTALLMENTS OF Rs. 3.125 Millions EACH

700.00

8.75% p.a.

1st charge pari passu with DCB over plant and machinery purchased out of bank's finance at Sidhpur unit. Pari passu 2nd charge over all current assets of the Company. Pari passu first charge over the Company's office premises at gokul house. Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar, Corporate Guarantee of Gokul Overseas.

State Bank of India

54 MTHLY

INSTALLMENTS OF

Rs.4.500 Millions *6 AND Rs. 7.771 Millions * 48 EACH

4,000.00

12.25% p.a.

1st charge ranking pari passu with other term lenders for the project over all the immovable and movable fixed assets of the Company located at its Haldia unit. Pari passu first charge over the Company's office premises at gokul house. Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar, Corporate Guarantee of Gokul Overseas. Pari passu 2nd charge over all current assets of the Company.

Punjab National Bank

20 QTLY INSTALLMENTS OF Rs. 12.000 Millions EACH

2,500.00

12.00% p.a.

1st pari passu charge over block assets including plant and machineries and residual charge on the entire block assets of the Company. Pari passu first charge over the Company's office premises at Gokul House. Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar, Corporate Guarantee of Gokul Overseas. Pari passu 2nd charge over all current assets of the Company.

State Bank of

Travancore

20 QTLY INSTALLMENTS OF Rs.10.000 Millions EACH

2,000.00

12.50% p.a.

1st charge ranking pari passu with other term lenders for the project over all the immovable and movable fixed assets of the Company located at its Haldia unit. Pari passu 2nd charge over all current assets of the Company ranking pari passu with other term lenders of the project. Personal guarantees of mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar

Union Bank of India

60 MTHLY INSTALLMENTS OF

Rs.1.435 Millions EACH

900.00

10.50% p.a.

Exclusive 1st charge on hypothecation of two WTG's. Second pari-passu charge over all current assets of the Company. Personal guarantees of Mr. Balvantsinh Rajput, Mr. Kanubhai Thakkar, Mrs. B.B. Rajput and Mrs. M.K. Thakkar. Pari passu first charge over land and building (excl. gandhidham unit), plant and machinery (excl. gandhidham unit), furniture fixture and pledge of 20 lacs shares of the Company belonging to their Directors.

Union Bank of India

20 QTLY INSTALLMENTS OF Rs.12.500 Millions EACH

2,500.00

12.50% p.a.

1st charge on assets created at Haldia unit. Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar. Pari passu 2nd charge over all current assets of the Company.

Allahabad Bank

20 EQUAL QTLY INSTALLMENTS OF

Rs.7.500 Millions EACH

1,500.00

11.50% p.a.

Exclusive charge over fixed assets financed by the bank for factory land bearing survey no. 80 and 91 at village Meghpar Borichi, Tal. Anjar, Dist Kutch. Pari passu 2nd charge over all current assets of the Company.

Development Credit Bank

20 EQUAL QTLY INSTALLMENTS OF Rs.5.000 Millions EACH

1,000.00

10.50% p.a.

Exclusive charge over fixed assets financed by the bank for castor oil plant at Gandhidham, Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar, Corporate guarantee of Gokul overseas.

Bank of Maharashtra

20 EQUAL QTLY INSTALLMENTS OF Rs.8.250 Millions EACH

1,650.00

11.00% p.a.

Exclusive charge over fixed assets financed by the bank for chillex plant at Sidhpur, Personal guarantees of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar.

 

 

 

Company Does not have any default as on the balance sheet date in the repayment of any loan and interest.

Buyers credit is secured by comfort letters issued by bankers in favour of banks which is ultimately secured by pledge of fixed deposits. The rate of interest for buyers credit loans ranges 80-200 basis points over LIBOR for foreign currency loans and 11% to 13.75 % p.a. in case of cash credit /overdraft and packing credit.

 

Cash Credit /Overdraft and Packing credit loans from banks are secured by hypothecation of current assets of the Company on pari-passu basis and collateral secured by first charge /residual charge on all the fixed assets of the Company and personal guarantee of Mr. Balvantsinh Rajput and Mr. Kanubhai Thakkar and corporate guarantee of M/S Gokul Overseas.

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M R Pandhi and Associates

Chartered Accountants

Address :

101, Panchdeep Complex, Near Mithakhali Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India

 

 

A Firm in which some of the Directors and Company are partners :

Gokul Overseas

 

 

Wholly Owned Subsidiary :
  • Maurigo International Limited
  • Maurigo Pte Limited
  • Professional Commodity Services Private Limited

 

 

Charitable Trust where Key Management Personnel (KMP) are Trustees :
  • Gokul Foundation
  • Shree Bahuchar Jan Seva Trust

 

 

Associates :

Gujarat Gokul Power Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

175000000

Equity Shares

Rs. 2/- each

Rs.350.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

131895000

Equity Shares

Rs. 2/- each

Rs.263.790 Millions

 

 

 

 

 

Reconciliation of Number of shares outstanding and the amount of share capital

Particulars

Number

Rs. In Millions

Shares outstanding at the beginning of the year

131,895,000

263.790

Shares issued during the year

--

--

Shares bought back during the year

--

--

Shares outstanding at the end of the year

131,895,000

263.790

 

 

Shareholders holding more than 5% equity share capital in the Company

Name of Shareholder

No. of Shares held

% of holding

Mrs. Bhikhiben Rajput

18952500

14.37

Mr. Balvantsinh Rajput

18742500

14.21

Mr. Kanubhai Thakkar

18517500

14.04

Mrs. Manjulaben Thakkar

18465000

14.00

Cresta Fund Limited

11675000

8.85

Profitline Securities Private Limited

9187500

6.97

Shantiniketan Financial Services Private Limited

7875000

5.97

 

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

263.790

263.790

263.790

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3043.793

4114.655

3543.953

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3307.583

4378.445

3807.743

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

1001.151

3187.181

2] Unsecured Loans

17139.528

4345.178

0.000

TOTAL BORROWING

17139.528

5346.329

3187.181

DEFERRED TAX LIABILITIES

0.000

321.500

294.302

 

 

 

 

TOTAL

20447.111

10046.274

7289.226

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3357.405

3350.936

3244.671

Capital work-in-progress

278.216

122.841

104.013

 

 

 
 

INVESTMENT

2229.895

503.765

164.011

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5818.275

4754.457
5661.695

 

Sundry Debtors
4180.436

3731.764
1863.157

 

Cash & Bank Balances
15949.893

856.542
69.286

 

Other Current Assets
525.879

324.316
0.000

 

Loans & Advances
2306.256

1609.001
1501.139

Total Current Assets
28780.739

11276.080

9095.277

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
13257.310

4498.360
1417.812

 

Other Current Liabilities
612.895

579.911
3852.423

 

Provisions
328.939

129.077
48.511

Total Current Liabilities
14199.144

5207.348

5318.746

Net Current Assets
14581.595

6068.732
3776.531

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

20447.111

10046.274

7289.226

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

64871.716

45363.155

28162.840

 

 

Other Income

662.121

107.904

40.880

 

 

TOTAL                                     (A)

65533.837

45471.059

28203.720

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

51344.784

33882.545

 

 

 

Purchases of Stock-in-Trade

8635.875

6756.914

 

 

 

Changes in inventories of finished goods work-in-progress and Stock-in-Trade

103.599

(184.008)

27001.366

 

 

Employee benefits expense

250.973

207.704

 

 

 

Other expenses

4777.798

2847.853

 

 

 

TOTAL                                     (B)

65113.029

43511.008

27001.366

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

420.808

1960.051

1202.354

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1496.290

758.282

325.395

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(1075.482)

1201.769

876.959

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

328.967

301.865

250.864

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

(1404.449)

899.904

626.095

 

 

 

 

 

Less

TAX                                                                  (H)

(333.587)

280.097

200.577

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

(1070.862)

619.807

425.518

 

 

 

 

 

 

SHORT (EXCESS) PROVISION OF TAXATION OF EARLIER YEARS

NA

NA

(3.982)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

NA

1527.692

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

NA

NA

50.000

 

 

Interim Dividend

NA

NA

0.000

 

 

Proposed Dividend

NA

NA

39.569

 

 

Tax on Dividend

NA

NA

6.572

 

BALANCE CARRIED TO THE B/S

NA

NA

1861.051

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

14603.271

9063.130

4152.819

 

 

Interest for Subsidiaries

7.633

4.717

5.721

 

TOTAL EARNINGS

14610.904

9067.847

4158.540

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

30293.962

17893.428

15816.491

 

 

Capital Goods

0.000

2.174

0.000

 

 

Others

4.556

5.823

104.704

 

TOTAL IMPORTS

30298.518

17901.425

15921.195

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(8.12)

(4.70)

3.23

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.20112

 

30.09.2012

31.12.2012

31.03.2013

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

17863.240

14756.280

12123.500

14168.700

Total Expenditure

17775.720

14734.110

11929.700

13703.400

PBIDT (Excl OI)

87.520

22.170

193.800

465.300

Other Income

464.230

522.140

419.900

212.600

Operating Profit

551.750

544.310

613.700

677.900

Interest

660.930

351.710

495.700

420.900

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

(109.180)

192.600

118.100

257.000

Depreciation

86.400

92.250

94.300

92.500

Profit Before Tax

(195.580)

100.350

23.700

164.500

Tax

0.000

0.000

0.000

(36.300)

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

(195.580)

100.350

23.700

200.700

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

(195.580)

100.350

23.700

200.700

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
(1.63)

1.36
1.51

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
(2.16)

1.98
2.22

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
(4.37)

6.15
5.07

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
(0.42)

0.21
0.16

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
9.47

2.41
2.23

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
2.03

2.17
1.71

 

 

 

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

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

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

 

UNSECURED LOAN

Rs. In Millions

Particular

As on

31.03.2012

As on

31.03.2011

From Banks

0.000

1001.151

Total

0.000

1001.151

 

 

OPERATIONAL PERFORMANCE

 

During this year, the Company has achieved turnover of Rs.64070.916 Millions as compared to Rs.44645.396 Millions of the previous year, which shows increase of 43.51 % as compared to the previous year. Their export turnover has also been increased to Rs.14603.271 Millions as compared to Rs.9063.130 Millions with record growth of 61.13 % as compared to previous year. Though the volume and performance improved compared to previous year, the Company made a net loss after tax of Rs.1070.862 Millions as compared to previous year net profit after tax of Rs.619.807 Millions, primarily due to increase in material cost and foreign exchange loss.

 

EXPANSION OF EXISTING PROJECTS AND STATUS OF NEW PROJECTS

 

The Company has strengthened manufacturing facilities by enhancing castor seed processing capacity from 1100 TPD to 2000 TPD, castor solvent extraction capacity from 600 TPD to 1200 TPD and castor refining capacity from 400 TPD to 600 TPD at Gandhidham Plant.

 

The capacity for Bakery shortening added by 100 TPD at Gandhidham Plant in addition to Vanaspati / IEF capacity increased from 200 TPD to 300 TPD. At Sidhpur plant Mustared Solvent extraction capacity increased from 400 TPD to 700 TPD. At Haldia plant Fractionation capacity increased from 600 TPD to 800 TPD.

 

To meet Company requirement of power, Company is in process of installing wind turbine generators at Porbander with an installed capacity of 2.5 MW. After the installation the Company will have wind power generation capacity of 7.5 MW which is meant for captive use.

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS:

 

GLOBAL OUTLOOK

 

World’s consumption of edible oil was to the tune of 82 million MT in 1990-91 and has doubled in the two decades. Palm, Soya and Rapeseed oil/ Mustard oil are expected to constitute 64% of the total global oil consumption. From the last two decade, global Palm oil consumption is growing faster than the global edible oil consumption. Global palm oil consumption has grown by 8.7% Cumulative Annual Growth Rate (CAGR) from 1999 to 2008, where as global edible oil consumption has grown by 4.4% only.

 

Palm oil is the more popular oil because of its lowest production cost per ton as well as its worldwide acceptability. The proportion of Palm oil out of total world’s oil consumption has increased from 13.8% in 1990-91 to 29% in 2009-10. More than 85% of global palm oil is produced by Malaysia and Indonesia.

 

India is the 4th largest edible oil economy after U.S, China and Brazil. As they can see that Asian Industries are emerged as the most promising industry at the world and the Global cues suggest that the next round of growth will come from Asian economies like China and India which have a growing population to feed, younger demographics, better lifestyle choices and increased purchasing power due to local development.

 

The future for food companies will be fortified by giving the discerning consumer a sustainable, healthy and value added choice to create a better life. Edible oil companies will create customer loyalty through sustained brand building efforts by catering to the local tastes of the consumers.

 

OVERVIEW OF INDIAN MARKET- INCREASING DEMAND OF PALM OIL

 

The Indian market presents a significant growth opportunity for edible oil players owing to a growing population, income growth, low current per capita consumption, low penetration and the fact that edible oils are a necessary part of the daily diet for a majority of Indian consumers. India accounts for a major part of global edible oil demand, which has grown over the years but the Indian oilseed crop has historically been insufficient to match oil demand.

 

The Indian edible oil market is currently at Rs.820 (16.30 million tonnes) billion and is currently growing at a rate of 6%-8% per annum but still India’s total requirement of edible oils for projected population of 1.25 billion is at the projected per capita consumption of about 15 kg per annum, which is very low as compared to the world average of 24 kg/ annum. As per Solvent Extractors’ Association of India, demand for edible oil is expected to increase to 22.5 million tonnes by 2015 and import is expected to rise to 10 million tones (44% of consumption).

 

The edible oil sector in India is largely unorganized with a few organized players. There is a lot of potential and opportunity for organized players in Indian market because of growing population to feed, younger demographics, better lifestyle choices and increased purchasing power due to local development. Integrated players typically operate at higher capacity utilizations and enjoy better price realizations and margins in addition to being more equipped to deal with fluctuation in prices and availability of raw material.

 

Palm oil has the highest consumption in India followed by soybean oil and mustard oil. Palm oil is the cheapest and hence most affordable. The very fact that a large number of Indians have included palm oil in their regular dietary pattern and eating habits shows that oil is being accepted as a regular nutrient to healthy living. India is one of the largest buyers of Indonesian Crude Palm Oil (CPO) with over 80% imported from Indonesia.

 

INDIA- LEADER IN CASTOR OIL

 

India is leader in production of castor seeds in the world and also leading exporter of castor oils, globally. Currently India exports castor oil and derivatives worth approx. Rs.40000.000 Millions annually in which Gujarat accounts for 85% of India’s castor seed production followed by Andhra Pradesh and Rajasthan. Majority of the castor oil produced in India is exported through the Kandla port in Gujarat. India has the lowest effective manufacturing cost of castor oil due to large acreage and production. Castor oil demand is growing at 3%-5% p.a. with E.U., U.S.A, China and Japan being major importers. The company has significantly increased castor manufacturing capacities in last two years to capture more market share of castor oil and castor derivatives.

 

PERFORMANCE - FINANCIAL YEAR 2011-12

 

The year 2011-12 has been very productive in terms of business growth but was very challenging for profitability due to heavy fluctuation in foreign exchange.

 

In 2011-12 Subject attained two landmarks viz. Its highest ever record turnover of Rs.64070.916 Millions (PY: Rs.44645.396 Millions) and highest export turnover Rs.14603.271 Millions (PY: Rs.9063.130 Millions). This landmark performance is a result of better penetration in new and existing markets with new capacities; higher consumer demand for FMCG products due to growing affluence and higher disposable income in the hands of consumers linked to better quality of life and best in class manufacturing performance at all their plants.

 

Though the volume and performance improved compared to previous year, the Company made a net loss after tax of Rs.1070.862 Millions as compared to previous year net profit after tax of Rs.619.807 Millions, primarily due to increase in material cost and foreign exchange loss.

 

MARKETING AND DISTRIBUTION STRATEGY

 

The Company is following a threefold strategy for increasing sales, penetrating newer markets and strengthening the market share and brands in its current markets. Integrated manufacturing facilities supported by a strong distribution network would allow the Company to increasingly focus on branded retail sales.

 

The FMCG edible oil market can be divided in two Sections in India - urban and rural. During the year, Gokul Refoils developed a twin strategy for both these markets. Also, it sees significant growth opportunity coming from urban areas which are currently underpenetrated and not exposed to its brands and products in the future. As an initiative to increase its branded sales proportion and visibility of products in the urban markets, the Company has placed its products in Big Bazaar, Spencer, Star Bazaar, National Handloom and Reliance Retail.

 

The semi urban and rural markets are under-penetrated, scattered and operate through “mom and pop” stores. Thus distribution and reach are critical to ensure products reach the consumers. Gokul Refoils is creating a pan-India distribution and retail network both in cities and in the interior heartlands through a combination of C and F agents, distributors and local retailers deepening their retail penetration.

 

With a well spread and intricately connected distribution network the Company has a well established presence in the states of North East states , West Bengal, Bihar, Jharkhand, Orissa, Maharashtra, Uttar Pradesh, Uttaranchal, Madhya Pradesh, Delhi, Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Rajasthan and Gujarat.

 

 

CONTINGENT LIABILITIES:-

Rs. In Millions

Particulars

31.03.2012

31.03.2011

(a) For letter of credit opened for which goods were in transit

1520.091

683.687

(b) Guarantee given to banks.

93.880

147.084

(c) For Corporate guarantee given

2292.160

2036.725

(d) Claims against the company not acknowledged as debts

100.815

78.316

 

 

STATEMENT OF STANDALONE ANNUAL AUDITED RESULTS OF THE COMPANY FOR THE YEAR ENDED ON 31-03-2013.

Rs. In Millions

Sr. Particulars No

 

Three months ended on 31-03-2013

Preceding three months ended on 31­12-2012

For the year ended on 31-03­2013

 

 

(Audited)

(Unaudited)

(Audited)

1

Income from operations

 

 

 

 

(a) Net Sales/Income from operations (Net of Excise duty)

13982.659

11908.991

58153.773

 

(b) Other operating income

186.024

214.497

757.920

 

Total Income from operations (Net)

14168.683

12123.488

58911.693

2

Expenditure

 

 

 

 

a) Cost of materials consumed

12145.981

10693.897

48692.694

 

b) Purchase of stock-in-trade

1418.287

760.063

5087.629

 

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(829.658)

(625.934)

(236.435)

 

d) Employees benefits expense

55.700

54.661

223.822

 

e) Depreciation and amortization expense

92.472

94.341

365.456

 

f) Other Expenditure (Any item exceeding 10% of total expenses relating to continuing operations to be shown separately)

913.117

1046.993

4375.230

 

Total expenses :

13795.898

12024.021

58508.396

3

Profit from Operations before other income, finance cost and exceptional Items (1-2)

372.785

99.468

403.297

4

Other Income

212.632

419.922

1618.920

5

Profit from ordinary activities before finance costs and exceptional Items (3+4)

585.417

519.390

2022.217

6

Finance Costs

420.929

495.653

1929.218

7

Profit from ordinary activities after finance costs but before exceptional Items (5-6)

164.489

23.737

92.999

8

Exceptional Items

0.000

0.000

0.000

9

Profit / (Loss) from ordinary activities before tax (7+8)

164.489

23.737

92.999

10

Tax expense

(36.251)

0.000

(36.251)

11

Net Profit/ (Loss) from Ordinary Activities after tax (9-10)

200.740

23.737

129.250

 

 

 

 

 

12

Extraordinary items (net of tax expense)

0.000

0.000

0.000

13

Net Profit / (Loss) for the period (11­12)

200.740

23.737

129.250

14

Share in Profit/(loss) of Associate

0.000

0.000

0.000

15

Minority interest

0.000

0.000

0.000

16

Net Profit / (Loss) after tax, minority interest and share of profit of associates for the period (13-14-15)

200.740

23.737

129.250

17

Paid-up Equity Share Capital (Face Value of Rs. 21- each)

263.790

263.790

263.790

18

Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year

3173.043

0.000

3173.043

19.

i  Earnings Per Share (before extraordinary items)

(of Rs. 21- each) (not annualized) :

 

 

 

 

a) Basic (Rs.)

1.52

0.18

0.98

 

b) Diluted (Rs.)

1.52

0.18

0.98

19.

ii  Earnings Per Share (after extraordinary items)

(of Rs. 21- each) (not annualized):

 

 

 

 

a) Basic (Rs.)

1.52

0.18

0.98

 

b) Diluted (Rs.)

1.52

0.18

0.98

 

 

 

 

 

1

Public Shareholding

 

 

 

 

Number of Shares

38910336

38910336

38910336

 

Percentage of Shareholding

29.50%

29.50%

29.50%

2

Promoters and promoter group Shareholding **

 

 

 

 

 

 

 

 

 

a) Pledged / Encumbered

 

 

 

 

- Number of Shares

15000000

0

15000000

 

- Percentage of Shares (as a % of the total Shareholding of the promoter and promoter Group)

16.13%

0.00%

16.13%

 

- Percentage of Shares (as a % of the total Share Capital of the Company)

11.37%

0.00%

11.37%

 

b) Non-encumbered

 

 

 

 

- Number of Shares

77984664

92984664

77984664

 

- Percentage of Shares (as a % of the total Shareholding of the promoter and promoter Group)

83.87%

100.00%

83.87%

 

- Percentage of Shares (as a % of the total Share Capital of the Company)

59.13%

70.50%

59.13%

 

 

 

 

 

B

INVESTOR COMPLIANTS

 

 

 

 

Pending at the beginning of the Quarter

NIL

 

 

 

Received during the Quarter

NIL

 

 

 

Disposed during the Quarter

NIL

 

 

 

Remaining unresolved at the end of the Quarter

NIL

 

 

 

Note:

1) As per Clause - 41 of the Listing Agreement, the Consolidated Financial Results for the year ended on 31-03-2013. includes the results of the Company, its subsidiary companies namely- Maurigo International Limited, Maurigo Pte Limited and Professional Commodities Private Limited and its associates Gujarat Gokul Power Limited.

 

2) The Details of Funds raised through IPO and utilization of said funds are as follows:

Utilisation of Funds

Rs. In Millions

(a),Expenses for Setting up of a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat

510.992

(b) Expansion of Existing edible oil refinery at Surat from 100 TPD to 400 TPD.

68.500

(C )Further investment in wholly owned subsidiary in Singapore

250.000

(d) Funding Part of their long term working capital

606.986

(e) Brand Building Activity

41.591

(f) Investment in increasing warehousing capacities and continuous capex for existing units

100.168

(g)Setting up of Sunflower Dewaxing Plant

-

(h) General Corporate Purposes

222.591

(i) Public Issue Expenses

87.558

Total Fund utilised till 31st March, 2013

1888.386

 

3) STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars

31.03.2013

(Audite)

A

EQUITY AND LIABILITIES

 

1

Shareholders' funds

 

 

(a) Share capital

263.790

 

(b) Reserves and surplus

3173.043

 

Sub-total - Shareholders' funds

3436.833

 

 

 

2

Deferred Government Grant

--

 

 

 

3

Non-current liabilities

 

 

(a) Long-term borrowings

 

 

(b) Deferred tax liabilities (net)

231.277

 

(c) Other long-term liabilities

0.000

 

(d) Long-term provisions

4.003

 

Sub-total - Non-current liabilities

235.280

 

 

 

4

Current liabilities

 

 

(a) Short-term borrowings

11005.654

 

(b) Trade payables

10108.871

 

(c) Other current liabilities

475.140

 

(d) Short-term provisions

193.664

 

Sub-total - Current liabilities

21783.329

 

TOTAL - EQUITY AND LIABILITIES

25455.442

 

 

 

B

ASSETS

 

 

 

 

1

Non-current assets

 

 

(a) Fixed assets

3504.213

 

(c) Non-current investments

146.929

 

(e) Long-term loans and advances

138.303

 

(f) Other non-current assets

36.251

 

Sub-total - Non-current assets

3825.696

 

 

 

2

Current assets

 

 

(a) Current investments

1813.407

 

(b) Inventories

5006.614

 

(c) Trade receivables

2690.595

 

(d) Cash and cash equivalents

8672.630

 

(e) Short-term loans and advances

2084.522

 

(f) Other current assets

1361.977

 

Sub-total - Current assets

21629.745

 

TOTAL - ASSETS

25455.442

 

 

4) Corresponding figures for previous periods presented have been regrouped, where necessary to conform to the current period s classification

5) The above Financial results have been approved by the Board of Directors at its Board Meeting held on 30th May 2013 after reviewed by the Audit Committee of the Directors of the Company The statutory auditors have expressed an unqualified audit opinion

6) The figure of the last quarter are the balancing figure between the audited figures in respect of the full financial year and the published year to date figures to the third quarter of the current financial year

 

AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED ON 31ST MARCH, 2013.

Rs. In Millions

Sr. No.

Particulars

Three months ended on 31 03-2013

Preceding three months ended on 31­12-2012

For the year ended on 31 03-2013

 

 

(Audited)

(Unaudited)

(Audited)

1

Segment Revenue

 

 

 

 

(net sale/income from each segment [Should be disclosed under this head)

 

 

 

 

a) Agro Based Commodities

13982.659

12123.489

58153.773

 

Total

13982.659

12123.489

58153.773

 

Less: Inter-segment Revenue

 

 

 

 

Net Sales/Income from Operations

13982.659

12123.489

58153.773

2

Segment Results

 

 

 

 

[Profit / (Loss) before tax and interest from each segment]

 

 

 

 

a) Agro Based Commodities

329.299

247.855

974.081

 

Total

329.299

247.855

974.081

 

Less:

 

 

 

 

a) Interest

164.811

224.119

881.082

 

Total

1,64.811

224.119

8,81.082

 

Total Profit before Tax

164.489

23.736

92.999

3

Capital Employed

(Segment Assets - Segment Liabilities)

 

 

 

 

a) Agro Based Commodities

200.740

3236.093

3436.833

 

Total

200.740

3236.093

3436.833

 

Notes :

As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information" as described below:

 

Based on the guiding principles given in Accounting standard on "Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the management classified its primary business segment as "Agro based commodities" which incorporates product groups viz. Soya bean, Paimolive, Cotton seed oil, sunflower oil, mustard seed oil, castor oil, oil cakes, de oiled cakes, vanaspati, oil seeds, it's bye products and other' agro-commodities which have similar production processes, similar methods of distribution and have similar risks and returns. Hence the primary segment information is being reported based on this classification.

 

WEBSITE DETAILS

 

BOARD OF DIRECTORS

 

Mr. Balvantsinh Rajput

Mr. Balvantsinh Rajput, a resident Indian national is the Chairman and Managing Director of GRSL. He started as a commodity trader and has an experience of more than two decades in edible oil industry. He is involved in overall management, forming business strategy and implementing strategic initiatives of the company.

 

Mr. Rajput articulated, designed and implemented the growth story of Gokul Refoils. His vision to produce products of great taste and purity and reach it to each and every kitchen has shown the path of success to the company. He is co-chairman of the Vegetable Oil Processing Committee constituted by Solvent Extractors Association of India (SEA). He is also associated with various Trade Associations.

 

Mr. Kanubhai Thakkar

Mr. Kanubhai Thakkar, a resident Indian national, is the Managing Director of GRSL. He too started as commodity trader about two decades back. He is actively involved in the business development activities and major expansion initiatives undertaken by the company. He has been conferred the honor of “The Oil Man of the Year-2000” by ‘Globoil India’, one of world’s premier vegetable oil research organization. He is also the Chairman of Western Zone Solvent Extractors Association of India and office bearer of various committees like SEA international oil and Oil Meal Traders Council, SEA Imports Vegetable Oil Processors Council, SEA Castor seed and Oil Promotion Council.

 

Mr. Dinesh H Sharma

Mr. Dinesh H Sharma is a Director of GRSL. He has experience of over fifteen years in the Edible Oil Industry. He is looking after legal and liaisoning functions of the company.

 

Dr. Dipuda Devada

Dr. Dipuda Devada is an independent Director of the Company. She is a qualified Post graduate in Science and Education and a Ph.D. She is currently the Principal of Dada Dukhayal College of Education and a life member of the All India Association of Educational Research, Gujarat Ganit Mandal and Gujarat Statistical Association.

 

Mr. Piyushchandra Vyas

Mr. Piyushchandra Vyas is an independent Director of GRSL. He is a qualified Graduate in Commerce and L.L.B. He is professionally well experienced having worked with SBI for 6 years as a Grade I Officer, with Gujarat Industrial Investment Corporations Limited as Financial Controller for 17 years, Executive Director (Finance) with Gujarat State Police Housing and Corporation Limited for 5 years. He has also been associated with the Gujarat Chamber of Commerce as Dy. Secretary General and Indo American Chamber of Commerce as Secretary.

 

Mr. Karansinhji Mahida

Mr. Karansinhji Mahida is an Independent Director of GRSL. He has rich experience of more than 30 years in Government and Government Corporations in various capacities. In addition to this he has served as an Additional Secretary to the Government of Gujarat. 

 

 

PRESS RELEASE

 

GOKUL REFOILS BAGS PRESTIGIOUS GLOBOIL INDIA AND SEA AWARDS 2011

 

September 27, 2011 Mumbai: Gokul Refoils and Solvent Limited (GRSL) today announced that the company has bagged Globoil India’s 2011 Award for the fastest Growing Brand 2011.

 

In an another development, GRSL also bagged three prestigious awards from the Solvent Extractors’ Association (SEA) of India SEA Awards for the 2010-11 for second year in a row. Thereby, exhibiting its leadership in the Indian edible oil industry. The Solvent Extractors’ of India (SEA) is a broad-based all India apex body of solvent extraction industry.

 

At the 40th Annual General Meeting and the Award Function of SEA of India, the company has bagged the award for ‘Second Highest Processor of Rapessed Oil-Cake’, ‘Second Highest Exporter of Rapeseed Extraction’ and ‘Second Highest Exporter of Castorseed Extraction’ for 2010-11.

 

Established in 1997 in India, GLOBOIL – the Premier International Conference and Exhibition on Vegetable Oil, Feed and Feed Ingredients, and Oilseeds and Oleo Chemicals is an established annual feature and is keenly looked forward to by the players in the vegetable oil trade and industry.

 

Commenting on the occasion Mr. Praveen Khandelwal, VP, Corporate Strategy, GRSL, said, “Receiving these awards is an acknowledgement of our efforts and contribution to the industry only serves as an incentive and a motivation towards that end.”

 

GOKUL REFOILS’ ASSOCIATE’S ENTITY – GOKUL OVERSEAS NAMED TOP EXPORTER OF KASEZ

 

Mumbai, March 14, 2011: Gokul Overseas, an associate entity of Gokul Refoils and Solvent Limited (GRSL), has been selected as the ‘Top Exporter of KASEZ (Kandla Special Economic Zone)’ for the year 2009-10. Gokul Overseas received this distinction in ‘Agricultural Plantation and Food Products Sector’ at the 47th Foundation Day Celebrations of the Kandla Special Economic Zone held at the Holiday Village Resorts, Kutch. Gokul Overseas has been receiving this award since 2006-07.

 

Gokul Overseas has Castor oil and its derivatives manufacturing unit in KASEZ, Gandhidham since April 2006. The company exports these products to countries such as USA, France, Italy, Germany, UK, South Africa, UAE, Japan, Korea, Netherland, China, Thailand, Spain etc.

 

Commenting on the occasion Mr. Praveen Khandelwal, VP, Corporate Strategy, GRSL, said, “We are delighted to receive this award from KASEZ yet again. Our continuous efforts towards tapping the international markets have been rewarding not only in terms of increasing our revenues but also in terms of being a recognized company in the Kandla Special Economic Zone.”

 

 

GOKUL REFOILS WITH GMDC TO SET UP RS 4600.000 MILLIONS, 80 MW THERMAL GOKUL REFOILS WITH GMDC TO SET UP RS 4600.000 MILLIONS, 80 MW THERMAL

 

July 13, 2010, Ahmedabad: Gokul Refoils and Solvent Limited today announced that the company along with Gujarat Mineral Development Corporation (GMDC) is planning to set up a 80 MW lignite based thermal power station near Tadkeshwar district of Surat in the equity stake ratio of 74:26.

 

The project is being developed on 61 hectares land, which is already acquired and total project cost is estimated at about Rs.4600.000 Millions. The project cost will be funded by combination of debt and equity in the proportion of 70:30. The plant capacity is divided in parts of 55 MW that would be supplied to GMDC (20 MW) and Gokul Group (35 MW) and the balance 25 MW capacity will be available for sale to Gujarat Urja Vikas Limited (GUVNL) and other parties.

 

GMDC has committed 100% raw material supply to the project which is the big advantage as other future power projects are restricted by lack of fuel supply because of current scarcity of domestic coal allocation. Gokul Refoils and Solvent limited and GMDC both would be beneficial in terms of cost savings as the captive user would derive power from the project at Rs.3.40 per unit as against the grid rate of Rs.5.50 per unit.

 

As a step forward, both Gokul Group and GMDC have principally agreed to enhance the size of power project to 135 MW from 80 MW.

 

About Gokul Refoils and Solvents Limited (BSE code: 532980, NSE: 16705)

 

Gokul Refoils and Solvent Limited (GRSL) is one of India’s leading FMCG Companies with international presence, dealing in edible oils such as Soya bean oil, Cottonseed oil, Palm oil (Palmolein), Sunflower oil, Mustard oil, Groundnut oil, Vanaspati and Industrial oils such as Castor Oil. It is an ISO 9001:2000 Certified Company with a wide customer base spread globally. The company has set up offices in Singapore and Mauritius to facilitate its international trading operations and has an extensive marketing and distribution network for its popular brands “Gokul” and “Zaika” across 20 states in India. With a loyal customer base in various countries across continents, GRSL supplies products to United States, South Korea, European Union, China, Singapore, Indonesia, Malaysia and Vietnam. The company owns four production plants equipped with latest equipment and technology in the states of Gujarat and West Bengal in India.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.57.78

UK Pound

1

Rs.89.71

Euro

1

Rs.76.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.