MIRA
INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KWALITY DAIRY ( |
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|
|
|
Registered
Office : |
Village Softa, Tehsil Palwal, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.08.1992 |
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Com. Reg. No.: |
05-035007 |
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Capital
Investment / Paid-up Capital : |
Rs.203.186
millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L74899HR1992PLC035007 |
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|
|
Legal Form : |
Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the business of manufacture, purchase
and sales of a wide range of Dairy products like ghee, skimmed milk powder,
curd, whole milk powder, dairy whitener, lactose and milk. |
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|
|
|
No. of Employees
: |
Not Available |
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 7187000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having a good track
record. The company has achieved better growth in its sales and profit during
2012. The networth of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal 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 |
FITCH |
|
Rating |
Long Term Issuer Rating: BBB+ |
|
Rating Explanation |
The default risk is currently low. The capacity for payment of
financial commitment is adequate. |
|
Date |
November, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Village Softa, Tehsil Palwal, Faridabad – 121 004,
Haryana, India |
|
Tel. No.: |
91-129-2205323/ 2205332 |
|
Fax No.: |
91-129-2205332 |
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E-Mail : |
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Website : |
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Corporate Office : |
KDIL House, F-82, Shivaji Place, Rajouri Garden, New Delhi – 110 027,
India |
|
Tel. No.: |
91-11-47006500 (100 Lines) |
|
Fax No.: |
91-11-25191800 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Sanjay Dhingra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Sidhant Gupta |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Arun Srivastava |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Dr. Rattan Sagar Khanna |
|
Designation : |
Independent Director |
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Date of Birth/Age : |
12.04.1945 |
|
Qualification : |
M.Sc. (Hons)
from Punjab Agri University, Diploma in Semen Freezing Gynecology and
Anthology from Royal Veterinary and Agriculture University, Copenhagen and
Diploma in Farm and Science Journalism from Institute of Farm and Science
Journalism, New Delhi |
|
Expertise in
specific functional area : |
Dairy,
Farming and in Agriculture Sector |
|
Date of Appointment : |
18.05.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Deepa Kapoor |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
152154714 |
74.88 |
|
|
152154714 |
74.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
152154714 |
74.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
976 |
0.00 |
|
|
160834 |
0.08 |
|
|
321569 |
0.16 |
|
|
483379 |
0.24 |
|
|
|
|
|
|
12390273 |
6.10 |
|
|
|
|
|
|
21187762 |
10.43 |
|
|
16215576 |
7.98 |
|
|
754730 |
0.37 |
|
|
260397 |
0.13 |
|
|
309531 |
0.15 |
|
|
184802 |
0.09 |
|
|
50548341 |
24.88 |
|
Total Public shareholding (B) |
51031720 |
25.12 |
|
Total (A)+(B) |
203186434 |
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) |
203186434 |
0.00 |
%20LIMITED%20-%20226232%2021-Jun-2013_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20226232%2021-Jun-2013_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20226232%2021-Jun-2013_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of manufacture, purchase
and sales of a wide range of Dairy products like ghee, skimmed milk powder,
curd, whole milk powder, dairy whitener, lactose and milk. |
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Products : |
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Brand Names : |
“DAIRY BEST” |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Capacity |
Actual
Production |
|
Fat/ Butter/ Cream/ Ghee |
Tonnes |
N/A |
* |
23160 |
|
SMP/ WMP/ DW/ DC/ SNF |
Tonnes |
N/A |
* |
26832 |
|
Milk/ Skimmed Milk/ Toned/ Double Toned Pasteurized/ Processed |
Tonnes |
N/A |
* |
183742 |
|
Curd |
Tonnes |
N/A |
* |
40138 |
* In view of leverage of multiple items of Dairy Products the installed
capacity has not been mentioned.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of India ·
Bank of Baroda ·
Andhra Bank ·
Dena Bank ·
Allahabad Bank ·
Central Bank of India ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Dhanlaxmi Bank
Limited ·
Corporation Bank
|
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
P.P. Mukerjee and
Associates Chartered Accountants |
|
Address : |
11, Pratap Enclave, Mohan
Garden, New Delhi – 110 059, India |
|
Mobile No.: |
91-9711009361 |
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E-Mail : |
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Subsidiary Company : |
Kwality Dairy Products FZE |
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Enterprises on which Kay Managerial person having significant
influence : |
·
JTPL Private Limited ·
Pashupati Dairies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Re.1/- each |
Rs.1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
203186434 |
Equity Shares |
Re.1/- each |
Rs.203.186
millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Equity
shares |
As at 31st March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity Shares at the beginning of the
year |
203186434 |
203.186 |
|
Add:
Shares Issued during the year |
|
|
|
Bonus
Issue |
-- |
-- |
|
Equity Shares at the end of the year |
203186434 |
203.186 |
Right, preference
and restriction attached to equity shares
The
company has only one class of shares referred to as equity shares having a par
value of Re.1/- per share. Each holder of equity shares is entitled to one vote
per share.
The Company
declares and pays dividend in Indian Rupees. The dividend proposed by the Board
of Directors is subject to approval of the shareholders in ensuing Annual
General Meeting.
During the
year ended 31st March 2012, the amount of per share dividend recognized
as distributions to equity shareholders is Re.0.10.
In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
|
Class of
shares/ Name of shareholder |
As at 31st March, 2012 |
|
|
No. of Shares |
% holding of
shares |
|
|
Equity Shares with voting rights |
|
|
|
Sanjay Dhingra |
99660714 |
49.05 |
|
Kanika Dhingra |
52494000 |
25.84 |
|
Gulshan Dhingra |
91000 |
0.04 |
|
Naresh Dhingra |
50000 |
0.03 |
|
Krishan Dhingra |
45000 |
0.02 |
Aggregate number and class of shares allotted as fully paid up pursuant to
contract(s) without payment being received in cash, bonus shares and shares
bought back for the period of 5 years immediately preceding the Balance Sheet
date:
(a) The Company has not issued any shares
without payment being received in cash.
(b) The Bonus issue is made by capitalization
of profit. The detail of bonus issues in preceding 5 years are given below
|
Particulars |
No. of Shares |
|
Equity shares with voting rights |
|
|
|
|
|
Fully paid up by way of bonus shares |
|
|
Year 2011-12 |
-- |
|
Year 2010-11 |
21186434 |
|
Year 2009-10 |
-- |
|
Year 2008-09 |
-- |
|
Year 2007-08 |
-- |
(c) The Company has not undertaken any buy
back of shares.
No of shares have been reserved for any purpose like ESOP, share warrant
and for conversion.
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 |
|
203.186 |
203.186 |
|
(b) Reserves & Surplus |
|
1593.538 |
707.296 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
1023.941 |
819.148 |
|
(b) Deferred tax liabilities (Net) |
|
4.732 |
8.487 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term provisions |
|
3.086 |
3.400 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
5486.324 |
3201.894 |
|
(b) Trade payables |
|
206.158 |
210.812 |
|
(c) Other current
liabilities |
|
204.416 |
271.999 |
|
(d) Short-term provisions |
|
151.514 |
162.761 |
|
TOTAL |
|
8876.895 |
5588.983 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
639.946 |
419.051 |
|
(ii) Intangible Assets |
|
0.123 |
0.029 |
|
(iii) Capital
work-in-progress |
|
0.899 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
14.320 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
196.927 |
4.760 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
987.439 |
634.194 |
|
(c) Trade receivables |
|
6562.437 |
4146.109 |
|
(d) Cash and cash equivalents |
|
88.886 |
15.048 |
|
(e) Short-term loans and
advances |
|
384.370 |
367.642 |
|
(f) Other current assets |
|
1.548 |
2.150 |
|
TOTAL |
|
8876.895 |
5588.983 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
182.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
292.824 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
474.824 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1682.582 |
|
|
2] Unsecured Loans |
|
|
506.404 |
|
|
TOTAL BORROWING |
|
|
2188.986 |
|
|
DEFERRED TAX LIABILITIES |
|
|
5.565 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2669.375 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
178.531 |
|
|
Capital work-in-progress |
|
|
3.906 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
485.758 |
|
|
Sundry Debtors |
|
|
2618.025 |
|
|
Cash & Bank Balances |
|
|
21.779 |
|
|
Other Current Assets |
|
|
1.472 |
|
|
Loans & Advances |
|
|
110.174 |
|
Total
Current Assets |
|
|
3237.208 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
605.924 |
|
|
Other Current Liabilities |
|
|
9.399 |
|
|
Provisions |
|
|
134.947 |
|
Total
Current Liabilities |
|
|
750.270 |
|
|
Net Current Assets |
|
|
2486.938 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2669.375 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
23946.299 |
16080.362 |
10541.246 |
|
|
|
Other Income |
0.858 |
2.128 |
0.967 |
|
|
|
TOTAL (A) |
23947.157 |
16082.490 |
10542.213 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
21685.863 |
|
10039.961 |
|
|
|
Purchases of stock-in-trade |
337.937 |
1073.036 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(352.088) |
(144.868) |
|
|
|
|
Employee benefits
expense |
85.583 |
39.155 |
|
|
|
|
Other expenses |
537.224 |
437.974 |
|
|
|
|
TOTAL (B) |
22294.519 |
15071.441 |
10039.961 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1652.638 |
1011.049 |
502.252 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
650.949 |
370.012 |
186.514 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1001.689 |
641.037 |
315.738 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.966 |
35.293 |
18.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
926.723 |
605.744 |
297.477 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.867 |
146.314 |
118.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
909.856 |
459.430 |
179.465 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
707.296 |
292.824 |
137.131 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
20.319 |
20.319 |
20.319 |
|
|
|
Tax on Dividend |
3.296 |
3.453 |
3.453 |
|
|
|
Issue of Bonus Shares |
0.000 |
21.186 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1593.537 |
707.296 |
292.824 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil
|
Nil
|
28.397 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.000 |
7.384 |
|
|
TOTAL IMPORTS |
NA |
0.000 |
7.384 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.48 |
2.26 |
0.99 |
|
%20LIMITED%20-%20226232%2021-Jun-2013_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8152.100 |
8893.200 |
9665.700 |
|
Total Expenditure |
7607.000 |
8344.200 |
9085.300 |
|
PBIDT (Excl OI) |
545.100 |
549.000 |
580.400 |
|
Other Income |
0.400 |
0.200 |
2.100 |
|
Operating Profit |
545.500 |
549.200 |
582.500 |
|
Interest |
202.000 |
216.400 |
250.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
343.600 |
332.800 |
332.300 |
|
Depreciation |
24.300 |
25.200 |
25.500 |
|
Profit Before Tax |
319.300 |
307.600 |
306.800 |
|
Tax |
29.300 |
39.100 |
29.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
290.000 |
268.400 |
277.000 |
|
Extraordinary Items |
0.000 |
(20.300) |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
290.000 |
248.200 |
277.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.80
|
2.86 |
1.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.87
|
3.77 |
2.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46
|
10.84 |
8.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.67 |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.62
|
4.42 |
4.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.38
|
1.34 |
4.31 |
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 |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
||
|
KWALITY DAIRY (INDIA) LIMITED |
|
SEBI |
ALLEGED CONVERSION OF 5,00,000 SHARES ALLOTTED TO PROMOTERS UNDER PREFERENTIAL
ALLOTMMENT INTO EQUITY SHARES VIOLATING CLAUSES 13.1A AND 13.1.2.2 UNDER SEBI
(DISCLOSURES AND INVESTOR PROTECTION) GUIDELINES, 2000 |
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.30.000 MILLIONS VIDE CONSENT
ORDER) |
|
||
KWALITY DAIRY (INDIA) LIMITED |
|
CDSL |
HIGH PENDING DEMAT REQUESTS |
PUT UP ON CDSL WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST DATED 09/09/2011 |
|
Unsecured Loan |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWING |
|
|
|
Term Loans from other parties |
251.948 |
214.286 |
|
Loans and
advances from related parties |
580.000 |
250.000 |
|
Loans and advances from other
parties |
170.000 |
350.000 |
|
Total
|
1001.948 |
814.286 |
OPERATING HIGHLIGHTS
The Company
achieved turnover of Rs.23950.000 millions for the year ended on March 31, 2012
as against Rs.16080.000 millions of previous year, registering a growth of 49%,
EBITDA for the year stood at Rs.1650.000 millions compared to Rs.1000.000
millions of the previous year, a strong growth of 65%. Net Profit increased
substantially by 98% to Rs.910.000 millions from Rs.460.000 millions of the
previous year
The Company has
made significant developments during the year. The most important was the
launch of nutrified liquid milk in pouches under the premium brand 'Dairy Best
in Delhi and NCR during December 2011. The USP of this product is that they
have enriched it with calcium, vitamins A and D and that has been the product.
The Company launched branded, pouched, set curd and bulk packs in the market in
November 2011 and there has been a good response to the curd. The bulk pack is
used by the institutional market comprising of caterers, restaurants and the
hotels. The Dairy Best Cottage Cheese and 'Dairy Best' Curd were also launched
in November 2011 and it has been well received.
The Company has
been recognized and the brand has been registered by the Indian Railways Catering
and Travel Corporation (IRCTC).
The Company has
been recognized and the Brand 'Dairy Best' got registered with the richest
Indian temple trust Tirumala Tirupati Devasthanams, Tirupati for supply of Cow
Ghee. The 'Dairy Best' Cow Ghee would be used for manufacturing of
"Tirumala Laddu" known internationally because it bears the tag of
geographical indication (Gl)from Indian Patent office.
The Company has
taken on franchise two new plants during the year. These plants are located in
Amritsar in the state of Punjab and Ajmer in the State of Rajasthan. These
ventures will help the Company to achieve its mission in future times.
FUTURE PROSPECTS
As the Company is
planning to increase the sales of various dairy products, there is need for procuring
more wholesome good quality milk directly from the milk producers. The Company
had made entry into direct procurement of milk through Producer Based Milk
Procurement System by setting up Milk Chilling Centers (MCC) at different
locations in North India. KDIL is providing Automatic Milk Collection Unit
(AMCU) at every Village Level Collection Centre (VLCC). The Company has planned
to increase the number of milk chilling centers in future to procure clean,
hygienic and wholesome good quality of raw milk.
The Company is
stable and focused on long term, sustainable and profitable growth. This
stability is founded on the strength of its brands, increasing the portfolio of
products, expanding and strengthening its distribution and sales network and by
building and bonding a relationship of trust and confidence with the customers.
The geographical extension of the markets along with the complete range of
dairy products will increase the market share sustainability.
MANAGEMENT
DISCUSSION AND ANALYSIS
Management
Discussion and Analysis detailing the company's objectives and expectations is
a forward looking statement within the meaning of applicable securities laws
and regulations. Actual results could differ materially from those expressed or
impaired depending upon global and Indian demand-supply conditions, changes in
government regulations, tax regimes, economic developments within India and
overseas.
Industry Structure,
Development
The Dairy industry plays
an important role in the socio-economic development of India. The dairy
industry in India is instrumental in providing cheap nutritional food to the
vast population of India and also generates huge employment opportunities for
people in the rural places.
The main aim of
National Dairy Development Board (NDDB) is to accelerate the pace of dairy
development in the country and attract new investments.
India is a
wonderland country for investors looking for the investment opportunities in
the dairy industry. The dairy industry holds great potential for investment in
India and promises high returns to the investors.
There are different
sectors within the dairy industry that promise great business investment
opportunities as the Indian cattle yield less milk as compared to the their
foreign counterparts. The Indian cattle breeders are looking for ways to
improve milk yield through improved breeding practices. Thus, there is a huge
potential available for foreign investors to invest in dairy sectors for breeding
of high quality buffaloes as well as cows. There is also great scope for
investment in the milk based value added products through biotech interventions
particularly the introduction of dairy biological, enzymes, and pro-biotic,
coloring and favoring materials for food processing. Producing bio-preservative
ingredients based on dairy fermentation, such as pediococcin, acidophilic,
Bulgarian, and Nisin contained in the dairy powder, present a great promise as
investment opportunity.
Thus, the dairy industry
in India has huge investment opportunities in a variety of sectors. The
investors are all set to gain profitable returns on their investment.
FINANCIAL PERFORMANCE
During the year, the Company has scaled new heights and set
several new benchmarks in terms of sales, profits, networth and assets.
Turnover for the year was Rs.23950.000 millions against Rs.16080.000 millions
in the previous year, reflecting a growth of 49%.
Profit after tax, for the year was Rs.910.000 millions as against
Rs.460.000 millions
for the previous year, registering an increase of 98%.
SEGMENT WISE / PRODUCT WISE REPORTING
The Company is primarily engaged in the business of
manufacture, purchase and sales of a wide range of Dairy products like ghee, skimmed
milk powder, curd, whole milk powder, dairy whitener, lactose and milk. The
income from these activities and export of dairy products is not materially
significant in financial terms.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
Claim
against the company not acknowledged as debts |
|
|
|
Milk Cess disputed by the company
relating to issue of applicability, against which the company has filed an appeal
with Supreme Court of India (A sum of Rs.7.922 millions (Previous Year
Rs.7.296 millions) deposited under protest) |
27.181 |
24.660 |
|
Demand by Dy. Excise and Taxation
Commissioner relating to Sales Tax A/at exemption /deferment with interest, against
which company has filed an appeal before Joint Excise and Taxation
Commissioner (Appeals), Faridabad. |
3.273 |
Nil |
|
A civil suit filed by S.M. Milkose
Limited for disputed supply of material against Company pending before Delhi
High Court. |
15.697 |
15.697 |
|
Contingent Liability for Bills
Discounted |
Nil |
170.147 |
|
Liability under Bank Guarantee |
14.705 |
1.346 |
|
Estimated amount of Contracts
remaining to be executed on capital account and not provided for |
8.483 |
7.783 |
STATEMENT
OF UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER, 2012
PART I
(Rs. in millions)
|
SI. No. |
PARTICULARS |
3 months ended 31.12.2012 |
Preceding 3
months ended 30.09.2012 |
Year to date figures for current period
ended 31.12.2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/ Income from Operations (Net
of Excise Duty) |
9665.672 |
8893.146 |
26710.905 |
|
|
(b) Other operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
operations (Net) |
9665.672 |
8893.146 |
26710.905 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials Consumed |
8832.214 |
8035.411 |
24133.079 |
|
|
(b) Purchases of Stock -in- trade |
14.857 |
50.829 |
97.629 |
|
|
(c) Change in inventories of finished
goods, work - in - process and Stock in trade |
(25.925) |
33.105 |
81.650 |
|
|
(d) Employee benefits Expense |
32.859 |
33.264 |
96.000 |
|
|
(e) Depreciation and amortisation Expense |
25.506 |
25.189 |
74.972 |
|
|
(f) Other Expenses (Any item exceeding
10% of total expense relating to continuing operation to be shown |
231.250 |
191.557 |
628.003 |
|
|
Total Expenses |
9110.761 |
8369.355 |
25111.333 |
|
3 |
Profit/Loss from Operations before other income,
finance costs and exceptional items (1+2) |
554.911 |
523.792 |
1599.572 |
|
4 |
Other Income |
2.052 |
0.188 |
2.625 |
|
5 |
Profit/Loss from ordinary activities before finance
costs and exceptional items (3+4) |
556.963 |
523.979 |
1602.197 |
|
6 |
Finance Costs |
250.213 |
216.412 |
668.589 |
|
7 |
Profit/Loss from ordinary activities after finance
costs but before exceptional items (5+6) |
306.750 |
307.568 |
933.608 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit/Loss from ordinary activities before tax
(7+8) |
306.750 |
307.568 |
933.608 |
|
10 |
Tax Expenses |
29.792 |
39.134 |
98.230 |
|
11 |
Net Profit/Loss from ordinary activities after tax
(9+10) |
276.958 |
268.434 |
835.378 |
|
12 |
Extraordinary Items(net of tax expense of Rs.9.733
millions) |
0.000 |
20.267 |
20.267 |
|
13 |
Net Profit/Loss for the period (11+12) |
276.958 |
248.167 |
815.111 |
|
14 |
Paid-up equity Share Capital (Equity Share of
Re.1/- each) |
203.186 |
203.186 |
203.186 |
|
15 |
Reserve excluding
Revaluation Reserve as per balance sheet of the previous accounting year |
-- |
-- |
-- |
|
16.i |
Earnings per share (before extraordinary items)
(of Re.1/- each) (not annualised): |
|
|
|
|
|
(a) Basic |
1.36 |
1.32 |
4.11 |
|
|
(b) Diluted |
1.36 |
1.32 |
4.11 |
|
16.ii |
Earnings per share (after extraordinary items) (of
Re.1/- each) (not annualised) |
|
|
|
|
|
(a) Basic |
1.36 |
1.22 |
4.01 |
|
|
(b) Diluted |
1.36 |
1.22 |
4.01 |
PART II
Select Information for the Quarter and Nine Months ended 31st December, 2012
|
A |
PARTICULARS OF
SHAREHOLDING
|
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
Number of shares |
51031720 |
51031720 |
51031720 |
|
|
Percentage of
Shareholding |
25.12% |
25.12% |
25.12% |
|
2 |
Promoter and
Promoter Group Shareholding |
|
|
|
|
|
(a) Pledged / Encumbered |
|
|
|
|
|
Number of shares |
10000000 |
10000000 |
10000000 |
|
|
Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
6.57% |
6.57% |
6.57% |
|
|
Percentage of
shares(as a % of total share capital of the company) |
4.92% |
4.92% |
4.92% |
|
|
(b) Non - Encumbered |
|
|
|
|
|
Number of shares |
142154714 |
142154714 |
142154714 |
|
|
Percentage of
shares(as a % of the total shareholding of the promoter and promoter group) |
93.43% |
93.43% |
93.43% |
|
|
Percentage of
shares (as a % of the total share capital of the company) |
69.96% |
69.96% |
69.96% |
|
|
Particulars |
Quarter ended 31.12.2012 |
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
2 |
|
|
Received during the quarter |
6 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining
unresolved at the end of the quarter |
0 |
Notes
1. The above
results were reviewed by the Audit Committee and taken on record by the Board
of Directors at its meeting held on 14.02.2013 and
a limited review of the same has been carried out by the statutory auditors of
the company.
2. The Company
operates in only one segment viz. Dairy Products.
3. Previous
period's figures have been regrouped/re-arranged wherever necessary.
FIXED ASSETS:
TANGIBLE ASSETS
Own Assets
·
Land Freehold
·
Computer
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
Leased Assets
·
Vehicles
INTANGIBLE ASSETS
·
Computer Software
WEBSITE DETAILS:
OVERVIEW:
Subject is instrumental in providing dairy products at par with international standards at a very low input cost. Subject, India's Premier Dairy Foods Company focuses on building leadership positions in branded and value added markets across the dairy sector. We at KDIL follow a very simple philosophy: Serve the needs of the customer by providing them “Kwality” Products.
The company is ISO 22000:2005 Certified Company and the skimmed milk powder is
certified with ISI by Bureau of Indian Standards. Also Pure Ghee is certified
by Agmark by Directorate of Marketing and Inspection, Ministry of Agriculture,
Government of India.
Incorporated in the year 1992, the company is growing at a fast pace with a
turnover of 10540.000 millions in 2009-10 and a growth of 81 percent in the
current financial year. Kwality Dairy India Limited has introduced Pure Ghee
under the brand name- Dairy Best. Another Pure Ghee variant exclusively made
from cow’s fresh milk is also available. The product has made a commendable
impact in the Indian market and made its presence felt in Delhi, Punjab,
Rajasthan, and Haryana etc.
Subject is poised to
revolutionize the Dairy Industry with a new range of innovative products. With
quality, integrity and technology being the hallmark of its growth, the Company
is today perfectly poised to strive for greater success in the years to come.
Ensuring that the dairy processes result in the best quality products that also
meet with the functional and nutritional needs of the customer, KDIL has
obtained the design and key equipment from Alfa Laval India Limited (Tetra Pack
Group) with design back up from APV Anhydro Pasilac AS Denmark.
Subject is also actively
involved in several Corporate Social Responsibility initiatives. For this the
company organizes various animal health and fertility camps and village level
meetings on an ongoing basis to discuss the requirements of the farmers. This
is basically to dwell deep in to understand their needs for animal vaccination,
artificial insemination, cattle feed and facilitating the loan requirements of
the farmers through financial institutions. Further, these camps also educate
the farmers on the general improvement in the quality of life and hygienic
living standards, other social issues are also subsequently addressed. The milk
procurement team broadly advises and provides guidelines to the participating
farmers.
The milk is procured through milk collection centres situated at Fatehabad and
Rania. The quantity of milk procured from each centre on an average is 25,000
litres per day. Each centre covers about 100 villages spread over 8-10
procurement routes. Every village level milk collection point has 80-90 farmers
pouring milk which generates avenues for earning livelihood for about 8000
farmers, thus bringing economic upsurge in the area.
BOARD OF DIRECTORS:
Mr. Sanjay Dhingra
Managing Director
Mr. Dhingra is instrumental in creating a 16000.000 millions turnover dairy major- Subject Since its inception in August 1992, the company has grown by leaps and bounds with Mr. Dhingra's Vision and Passion. Aged 40, he is a leading example of successful young entrepeneurs in India.
Mr. Sidhant Gupta
Director
Mr. Gupta is the youngest member of the top management at Subject a MBA Mr. Gupta brings his skilled managerial style of working within the organization. He is the guiding force for the young aspiring team at Kwality with his visionary thoughts and an ambitious mind.
NEWS:
KWALITY DAIRY PAYS
RS.30.000 MILLIONS TO SEBI TO SETTLE ALLEGATIONS
Market regulator Sebi has
disposed of the case against Kwality Dairy (India) Limited after the company
made a payment of Rs.30.000 millions to settle alleged violation of disclosure
norms related to preferential allotment of shares.
Market regulator Sebi has disposed of the case
against Kwality Dairy (India) Limited after the company made a payment of
Rs.30.000 millions to settle alleged violation of disclosure norms related to
preferential allotment of shares.
The case related to non-compliance with certain norms in connection with
Kwality Dairy's preferential allotment of five lakh shares to its promoters
during 1999-2000 period.
In an order dated October 30, Sebi said the proceedings against Kwality
Dairy for non-compliance with the guidelines, "stand settled and Sebi
shall not initiate any enforcement action against the applicant for the
same".
Post the preferential allotment of shares, stock exchange BSE noticed
that Kwality Dairy did not comply with certain disclosure norms. Subsequently,
the bourse directed the company to obtain a no-objection certificate from Sebi.
Among others, Sebi rules require a company to furnish various details of
proposed shares issue in the notice for general meeting that is sent to
shareholders. Pursuant to the preferential allotment, the shares were converted
into equity shares on June 14, 2002.
"Subsequently, when these equity shares were proposed to be listed
on the BSE, it was then advised by the BSE that that above-mentioned clauses of
the DIP Guidelines had not been complied with by the applicant and that the
applicant should obtain a no-objection letter from Sebi," the order said.
In view of the aforesaid non-compliances, the applicant filed the
consent application, it added. Sebi said its High Powered Advisory Committee (HPAC)
considered the consent terms and recommended the case for settlement on payment
of Rs.30.000 millions. The same was approved by the panel of whole time members
of Sebi, it added.
The market regulator said that enforcement actions, including commencing
or reopening of the proceedings, could be initiated if any representation made
by Kwality Dairy is found to be untrue.
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.58.74 |
|
|
1 |
Rs.91.99 |
|
Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.