MIRA INFORM REPORT
|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROQUETTE RIDDHI SIDDHI PRIVATE LIMITED (w.e.f. 08.04.2013) |
|
|
|
|
Formerly Known
As : |
RIDDHI SIDDHI CORN PROCESSING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12A and 14B, Abhishree Corporate Park, Opposite Madhurya Restaurant,
Ambli-Bopal Road, Ambli, Ahmedabad – 380 058, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.08.2010 |
|
|
|
|
Com. Reg. No.: |
04-062115 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15326GJ2010PTC062115 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCR2758G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of starch, its derivatives and
related by-products. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 415000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject belongs
to ‘Roquette Freres’. It is an established company having a satisfactory
track record. Riddhi Siddhi Gluco
Biols Limited has transferred all the assets of its starch processing plants
at Gokak, Pantnagar and Viramgam to the subject company whose shares have
been allotted to Freres. The subject
company has achieved better turnover and profits during 2012. There appear huge
external borrowings recorded by the company. However, the subject company
receives strong managerial and operational and financial support from its
parent company. Trade relations
are reported as decent. Business is active. Payment terms are usually correct
and as per commitment. 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) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
November 5, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
November 5, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Viren Thakkar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-79-71021050 |
|
Date : |
18.06.2013 |
LOCATIONS
|
Registered Office : |
12A and 14B, Abhishree Corporate Park, Opposite Madhurya Restaurant,
Ambli-Bopal Road, Ambli, Ahmedabad – 380 058, Gujarat, India |
|
Tel. No.: |
91-79-71021050/ 71021015/ 71021000 |
|
Mobile No.: |
91-9368001871 (Mr. Pankaj Jaiswal) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No.12, SIDCUL, Pant Nagar, Sector-9, Rudarpur – 263 153, Uttarakhand, India |
|
Tel. No.: |
91-5944-250241 |
|
Fax No.: |
91-5944-250240 |
|
|
|
|
Factory 2 : |
Gokak
Taluk, District Belgaum, Karnataka, India |
|
|
|
|
Factory 3 : |
Viramgaom, District Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.08.2012
|
Name : |
Mr. Ganpatraj Lalchand Chowdhary |
|
Designation : |
Managing Director |
|
Address : |
1/B, Natraj Society, Gulbai Tekra, Ambawadi, Ahmedabad – 380 009,
Gujarat, India |
|
Date of Birth/Age : |
23.03.1963 |
|
Qualification : |
B. Com |
|
Experience : |
23 Years |
|
Date of Appointment : |
25.08.2010 |
|
DIN No.: |
00344816 |
|
PAN No.: |
ABWPL2726K |
|
|
|
|
Name : |
Marc Philippe Bernard Marie Joseph Roquette |
|
Designation : |
Director |
|
Address : |
14, Avenue Pasteur 59130, Lambersart 62080 |
|
Date of Birth/Age : |
17.02.1953 |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
01317175 |
|
|
|
|
Name : |
Mr. Siddharth Chowdhary |
|
Designation : |
Director |
|
Address : |
1/B, Natraj Society, Gulbai Tekra, Ambawadi, Ahmedabad – 380 009,
Gujarat, India |
|
Date of Birth/Age : |
30.08.1984 |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
01798350 |
|
PAN No.: |
AFVPC3418E |
|
|
|
|
Name : |
Philippe Pierre Roujon |
|
Designation : |
Director |
|
Address : |
Sarna Firm House, Chattarpur Mandir Road, Road No.3, Behind Daffodil
Hotel, Mehrauli, Delhi – 110 032, India |
|
Date of Birth/Age : |
15.10.1953 |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
02250237 |
|
|
|
|
Name : |
Mr. David Frederic Brief |
|
Designation : |
Director |
|
Address : |
29, Rue De Pietre, Aubers 59249 |
|
Date of Birth/Age : |
18.06.1963 |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
05275929 |
|
|
|
|
Name : |
Guy Henri Talbourdet |
|
Designation : |
Director |
|
Address : |
28 BD Vauban, Lille 59000 |
|
Date of Birth/Age : |
01.08.1965 |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
05280826 |
|
|
|
|
Name : |
Michel Pascal Andre Payet Gaspard |
|
Designation : |
Additional Director |
|
Address : |
8 Avenue, Saint Honore D Eylau, Paris 75116 |
|
Date of Birth/Age : |
16.11.1947 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
01201755 |
|
|
|
|
Name : |
Mr. Abhey Tograj |
|
Designation : |
Additional Director |
|
Address : |
N-94, Panchshil Park, New Delhi – 110 017, India |
|
Date of Birth/Age : |
01.09.1943 |
|
Date of Appointment : |
21.02.2013 |
|
DIN No.: |
00029998 |
KEY EXECUTIVES
|
Name : |
Mr. Viren Thakkar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Pankaj Jaiswal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Pratik Thakkar |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Whiteline Consultancy Services Private Limited, India |
|
5200000 |
|
Roquette Freres, France |
|
14800000 |
|
Total
|
|
20000000 |
AS ON 31.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
74.00 |
|
Bodies
corporate |
|
26.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of starch, its derivatives and
related by-products. |
||||
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|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Oriental Bank of
Commerce, Hotel Meghdut Building, Station Road, Ahmedabad – 380 002, Gujarat,
India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
2nd
Floor, Shivalik Ishaan, Near CN Vidhyalaya, Ambawadi, Ahmedabad – 380 015,
Gujarat, India |
|
PAN No: |
AACFS6921Q |
|
|
|
|
Holding Company
: |
Riddhi Siddhi
Gluco Biols Limited, India CIN No.: L24110GJ1990PLC013967 |
CAPITAL STRUCTURE
AS ON 31.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each
|
Rs.200.000 millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each
|
Rs.0.500
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.500 |
0.100 |
|
(b) Reserves & Surplus |
|
83.339 |
(0.063) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
20.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) Long-term borrowings |
|
756.682 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
65.680 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
2.117 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1528.498 |
0.000 |
|
(b) Trade
payables |
|
481.515 |
0.063 |
|
(c) Other
current liabilities |
|
10270.333 |
0.000 |
|
(d) Short-term
provisions |
|
54.072 |
0.000 |
|
TOTAL |
|
13262.736 |
0.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
9371.002 |
0.000 |
|
(ii)
Intangible Assets |
|
1290.346 |
0.000 |
|
(iii)
Capital work-in-progress |
|
5.032 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.630 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
37.048 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
900.862 |
0.000 |
|
(c) Trade
receivables |
|
1378.166 |
0.000 |
|
(d) Cash
and cash equivalents |
|
119.694 |
0.100 |
|
(e)
Short-term loans and advances |
|
78.381 |
0.000 |
|
(f) Other
current assets |
|
81.575 |
0.000 |
|
TOTAL |
|
13262.736 |
0.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operation |
|
6193.911 |
0.000 |
|
|
|
Other Income |
|
13.241 |
0.000 |
|
|
|
TOTAL (A) |
|
6207.152 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
5399.090 |
0.063 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
5399.090 |
0.063 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
808.062 |
(0.063) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
126.150 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
681.912 |
(0.063) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
490.629 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
191.283 |
(0.063) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
107.881 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
83.402 |
(0.063) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
1668.04 |
(6.30) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
1.34 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.09 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.44 |
(63.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
1.84 |
(1.70) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
22.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.21 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan (Deferred sales tax loan is interest free and payable in 10 half yearly
instilments each, starting from 20th December 2013.) |
450.306 |
0.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
317.940 |
0.000 |
|
Total
|
768.246 |
0.000 |
Note:
The company changed its registered office from 701, Sakar-1 Opposite Gandhigram Railway Station, Ashram Road, Ahmedabad – 380 009, Gujarat to Abhishree Corporate Park, Block No.512/A and B, Ambli Bopal Road, Ahmedabad – 380 058, Gujarat w.e.f. 01.07.2012.
The registered office has again shifted from Abhishree Corporate Park,
Block No.512/A and B, Ambli Bopal Road, Ahmedabad – 380 058, Gujarat to
the present address w.e.f. 07.11.2012.
OPERATIONS:
Pursuant to the
order dated 08.02.2012 of the Hon’ble High Court of Gujarat, as notified on
02.05.2012, wherein the scheme of arrangement (Scheme) under Section 391 to 394
of the Companies Act, 1956 has been sanctioned and according to which all
assets and properties of Riddhi Siddhi Gluco Biols Limited situated at
Viramgam, Gokak and, Rudrapur (Pantnagar) (more specifically defined as
De-merged Undertaking in the Scheme) stood transferred to Riddhi Siddhi Corn
Processing Private Limited (Resulting Company) with effect from effective date
i.e. 29.05.2012. As per the said Scheme the appointed date is 1st
October 2011 and accordingly all the assets and business transactions stand
transferred to Company from that date. The above financial results of the
Company are therefore for a period of six months and comparison cannot be made
with previous year as Company was not carrying out any operation. Company after
transfer of assets have started taking effective steps for further expansion
and adding of balancing equipments to ensure growth of Company. Board of
Company has initiated a major expansion plan which envisages an investment of
Rs.6500.000 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U15326GJ2010PTC062115 |
|
Name of the
company |
RIDDHI SIDDHI CORN PROCESSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
701, Sakar-1
Opposite Gandhigram Railway Station, Ashram Road, Ahmedabad – 380 009,
Gujarat, India E-Mail: glc_rsgbl@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Oriental Bank of
Commerce, Hotel Meghdut Building, Station Road, Ahmedabad – 380 002, Gujarat,
India E-Mail: bm0120@obc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Pursuant to
Scheme of Arrangement in the nature of De-merger as sanctioned by the Hon'ble
High Court of Gujarat. |
|
Date of
instrument Creating the charge |
29.05.2012 |
|
Amount secured by
the charge |
Rs.91.600
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: BR+2% i.e.12.50% Terms of
Repayment: As per existing terms
and conditions Margin: As per existing
terms and conditions Extent and
Operation of the charge: First parri passu
charge on movable / immovable fixed assets of the company. Second charge on
current assets of the company situated at above various sites of the company.
|
|
Short particulars
of the property charged |
Movable /
immovable plant and machinery, land and building located at following various
sites of the company A. All that
pieces of parcels of land situated in the industrial area within the village
limits of Gokak, Hobli, Taluka Gokak, District Belgaum in the registration
Sub District Gokak and Registration District Belgaum bearing Survey No.471, 472, 473, 250, 258,
259, 260, 261, 262 and 263. B. All that
pieces of parcels of land situated within the village limits of Juna Paddar,
Taluka Viramgam, District Ahmedabad in the State of Gujarat comprised in
Block No.51, 52, 61 and 62. C. All that
pieces of parcels of land situated in Plot No.12, Sector 9, Industrial Area,
11E, Pant Nagar U.S. Nagar, Uttranchal. Second charge on
current assets of the company situated at above various sites of the company. |
NEWS/ PRESS
RELEASES:
ROQUETTE ACQUIRES THE
ASSETS OF THE LEADING INDIAN STARCH MANUFACTURER TO BECOME THE LEADER OF A FAST
GROWING MARKET
Roquette, one of the
global leaders in the starch industry announced today in Lestrem
(Pas-de-Calais, France) the acquisition of the 3 starch production sites of the
leading Indian starch manufacturer, Riddhi Siddhi Gluco Biols Limited Roquette
takes the majority share in the new company to be called « Roquette - Riddhi
Siddhi ». By investing in new capacities and bringing value added products,
Roquette will reinforce its leadership on the Indian market.
Roquette took a 14.9% shareholding in Riddhi
Siddhi Gluco Biols Limited in 2006 and established a strategic
alliance with this family-owned company. The company achieved a turnover of 200
million dollars in 2011, holding 25% market share in India and employing over
1000 staff. Riddhi Siddhi Gluco Biols Limited is the leader in
India in the starch production with 3 production sites: Gokak (Karnataka),
Pantnagar (Uttarakhand) and Viramgam (Gujarat).
As of May 31st 2012, these 3 corn-starch plants become part of “Roquette-Riddhi
Siddhi”. The new company, headquartered in Ahmedabad (Gujarat)
will continue with M. Ganpatraj Chowdhary as managing director, founder and
former CEO of Riddhi Siddhi Gluco Biols Limited.
Guy Talbourdet, Roquette Group CEO commented: “We are very excited to bring the new Indian team on board and look
forward to its quick integration into Roquette Group”.
Besides, Roquette is already present in India through its representative office
Roquette India Private Limited, established in Mumbai in June 2007 and enriched
by a food applications laboratory in 2010.
Guy Talbourdet explained “India
will be the world most populated country by 2030. India is experiencing a
significant growth (15 to 20% per annum) in the nutrition and health sector, a
strategic segment for Roquette, representing two third of its sales. With this
acquisition, Roquette becomes the first
international player in India in the starch industry and aims at supporting the growth of this
market with an ambitious investment plan”.
Through this acquisition, Roquette Group also strengthens its global position
in the nutrition and health and plant-based chemistry fields.
RIDDHI SIDDHI G - CLARIFIES ON NEWS ITEM
30th
April, 2012
With reference to the new item appearing in leading Financial daily titled "Guj Co Sells starch biz for Rs.9500.000 millions", Riddhi Siddhi Gluco Biols Limited has clarified to BSE that:
"1. The Scheme of De-merger alongwith fairness certificate of category I,
Merchant Banker was forwarded to the stock exchange on January 14, 2011 and the
same was approved by exchange on August 17, 2011.
2. Pursuant to the directions of Hon’ble High Court of Gujarat, a court convene
meeting of Shareholders, Secured Creditors and Unsecured Creditors was held on
August 23, 2011 and the Scheme of Arrangement was approved by creditors and
shareholders in the said meeting.
3. High court of Gujarat approved the scheme by oral order dated February 07,
2012, after giving public notice in news papers dated September 22, 2011.
4. Company has applied for the certified copy of the order and the same is
awaited.
5. As per scheme Roquette would subscribe for and acquire majority stake in the
Resulting Company i.e., Riddhi Siddhi Corn Processing Private Limited.
6. As per understanding Roquette is entitled to acquire upto 100% of the
shareholding of Riddihi Siddhi Gluco Biols Limited in the resulting Company.
7. Company would inform the Exchange as soon as the certified copy of the order
is received and the same is implemented / certified copy is filled with
ROC."
RIDDHI SELLS
RS.9850.000 MILLIONS BIZ TO FRENCH CO
New Delhi, May 31
2012
Starch processors Riddhi Siddhi Gluco Boils Limited (RSGBL) today said it has sold its starch business to French firm Roquette Freres for Rs.9850.000 millions.
Under the sale agreement, RSGBL has transferred all the assets of its starch processing plants at Gokak (Karnataka), Pantnagar (Uttarakhand) and Viramgam (Gujarat) to a new entity, Riddhi Siddhi Corn Processing Private Limited (RSCPPL), whose shares have been allotted to Freres.
In a filing to the BSE, the company said, "In compliance of scheme of arrangement sanctioned by Hon'ble Gujarat High Court ...all the assets of Wet Corn Milling Section (demerged Undertaking) of company situated at Viramgam, Pantnagar and Gokak stands transferred to RSCPPL."
Further in compliance of High Court order, the company has been allotted 20 lakh equity shares in RSCPPL and as per understanding with Freres, the said shares have been transferred to them, it added.
"Company has become entitled to receive cash consideration as per the scheme and also for transfer of shares aggregating to Rs.9850.000 millions," RSGBL said in the communique.
Post the sale, RSGBL does not hold any shares in RSCPPL, it added.
The Ahmedabad-based company is a major starch and starch derivatives processor with products like maize starch powder, liquid glucose, dextrose monohydrate, meltodextrin, high maltose corn syrup, dextrose syrup and allied by-products.
Roquette Freres, with a turnover of 3 billion Euro last year, is one of the world's biggest starch processors with 30 global establishments, including 17 production sites in Europe, Asia and North America.
Shares of RSGBL at 1520 hrs were ruling strong at Rs.281.00, up by 12.81 per cent from its previous close at the BSE.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
|
|
1 |
Rs.90.60 |
|
Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.