MIRA
INFORM REPORT
|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NITTA GELATIN INDIA LIMITED
(w.e.f 11.08.2008) |
|
|
|
|
Formerly Known
As : |
KERALA CHEMICALS AND PROTIENS LIMITED |
|
|
|
|
Registered
Office : |
Post Bag No. 4262, 54/1446, Panampilly Nagar P. O., Kochin - 682 036,
Kerala |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
30.04.1975 |
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|
Com. Reg. No.: |
09-002691 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 84.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299KL1975PLC002691 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNK00559G |
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|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are listed on the Stock Exchanges. |
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Line of Business
: |
The company is engaged in the business of manufacture and sale of Gelatin,
Ossein, DCP and Collagen Peptide. |
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|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4764000 |
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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 part of ‘NGIL Group’. It is a well established company having a good track record.
Financially company appears to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regulars and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A = Long Term Rating |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. |
|
Date |
August 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 : |
Post Bag No. 4262, 54/1446, Panampilly Nagar P. O., Kochin - 682 036,
Kerala, India. |
|
Tel. No.: |
91-484-2317805/3099444 |
|
Fax No.: |
91-484-2310568 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory 1 : |
Ossein
Division Post Box 3109, PO Kathikudam,
Koratty, Thrissur-680 308, |
|
Tel. No.: |
91-480-2719490, 2719598/99 |
|
Fax No.: |
91-480-2719943 |
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E-Mail : |
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|
Factory 2 : |
Gelatin Division Kinfra Export Promotion Industrial Parks Limited, P.B. No.
3109, Kusumagiri, Kakkanad, Kochi-682 030, Kerala, India |
|
Tel. No.: |
91-484-2415506, 2415138/39 |
|
Fax No.: |
91-484-2415504 |
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E-Mail : |
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Branch : |
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. V. Somasundaran, IAS |
|
Designation : |
Chairman |
|
Date of Appointment : |
16.02.2012 |
|
|
|
|
Name : |
Mr. Tom Jose, IAS |
|
Designation : |
Director |
|
Date of Appointment : |
06.11.2012 |
|
|
|
|
Name : |
Mr. Norimichi Soga |
|
Designation : |
Director |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Majored in faculty of Textile Science from Kyoto Institute of
Technology |
|
Date of Appointment : |
14.05.2005 |
|
|
|
|
Name : |
Mr. T Yamaki |
|
Designation : |
Director |
|
Date of Appointment : |
11.05.2009 |
|
|
|
|
Name : |
Mr. Hiroshi Takase |
|
Designation : |
Director |
|
Date of Appointment : |
09.08.2011 |
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|
|
|
Name : |
Mr. K Ramakrishnan |
|
Designation : |
Director |
|
Date of Appointment : |
16.04.1997 |
|
|
|
|
Name : |
Mr. A K Nair |
|
Designation : |
Director |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.Sc., Engineering, MBA |
|
Date of Appointment : |
28.06.2008 |
|
|
|
|
Name : |
Mr. K L Kumar |
|
Designation : |
Director |
|
Date of Appointment : |
08.12.2003 |
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|
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|
Name : |
Mr. T. P. Thomaskutty |
|
Designation : |
Director |
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|
Name : |
Mr. G Suseelan |
|
Designation : |
Managing Director |
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Date of Birth/Age : |
62 Years |
|
Qualification : |
B.Sc., Engineering, MBA |
|
Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
|
Name : |
Mr. G R Kurup |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2862220 |
34.07 |
|
|
2862220 |
34.07 |
|
|
|
|
|
|
3900300 |
46.43 |
|
|
3900300 |
46.43 |
|
Total shareholding of Promoter and Promoter Group (A) |
6762520 |
80.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3180 |
0.04 |
|
|
4750 |
0.06 |
|
|
640 |
0.01 |
|
|
8570 |
0.10 |
|
|
|
|
|
|
138143 |
1.64 |
|
|
|
|
|
|
1204524 |
14.34 |
|
|
214710 |
2.56 |
|
|
71533 |
0.85 |
|
|
2636 |
0.03 |
|
|
53402 |
0.64 |
|
|
15495 |
0.18 |
|
|
1628910 |
19.39 |
|
Total Public shareholding (B) |
1637480 |
19.49 |
|
Total (A)+(B) |
8400000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
Total (A)+(B)+(C) |
8400000 |
0.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of manufacture and sale of
Gelatin, Ossein, DCP and Collagen Peptide. |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Varma
and Varma Chartered Accountants |
|
Address : |
Ernakulam, |
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Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8400000 |
Equity Shares |
Rs. 10/- each |
Rs. 84.000 Millions |
Reconciliation of shares at the beginning and at the end of the
financial year
|
Particulars |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
As at the beginning of the financial
year |
8400000 |
84.000 |
|
As at the end of the financial year |
8400000 |
84.000 |
Particulars of Shareholders holding more
than 5% share in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Nitta
Gelatin Inc, |
3900300 |
46.43% |
|
Kerala
State Industrial Development Corporation Limited |
2862220 |
34.07% |
Terms/ Rights attached to
Equity Shares:
The company has only one class of shares referred to as equity
shares with a face value of Rs. 10/- each. Each holder of equity share is entitled
to one vote per share. The company declares and pays dividends in Indian
Rupees. The dividend proposed/ declared by the Board of Directors is subject to
approval/regularisation of the shareholders’ in the ensuing Annual General
Meeting.
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, in proportion to the number of equity
shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
84.000 |
84.000 |
84.000 |
|
(b) Reserves & Surplus |
1107.049 |
985.744 |
973.987 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1191.049 |
1069.744 |
1057.987 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
65.688 |
65.411 |
67.724 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.243 |
10.887 |
11.478 |
|
Total Non-current Liabilities (3) |
81.931 |
76.298 |
79.202 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
420.053 |
364.033 |
271.660 |
|
(b) Trade payables |
214.451 |
216.245 |
157.233 |
|
(c) Other current
liabilities |
25.559 |
13.949 |
11.679 |
|
(d) Short-term provisions |
83.248 |
57.393 |
55.561 |
|
Total Current Liabilities (4) |
743.311 |
651.620 |
496.133 |
|
|
|
|
|
|
TOTAL |
2016.291 |
1797.662 |
1633.322 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
672.791 |
680.855 |
673.453 |
|
(ii) Intangible Assets |
6.632 |
5.923 |
7.903 |
|
(iii) Capital
work-in-progress |
84.247 |
64.033 |
86.370 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
323.653 |
84.640 |
81.490 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.890 |
239.742 |
122.970 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1104.213 |
1075.193 |
972.186 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
533.201 |
432.472 |
401.891 |
|
(c) Trade receivables |
260.624 |
175.209 |
144.195 |
|
(d) Cash and cash
equivalents |
13.256 |
13.801 |
9.814 |
|
(e) Short-term loans and
advances |
46.567 |
49.050 |
61.551 |
|
(f) Other current assets |
58.430 |
51.937 |
43.685 |
|
Total Current Assets |
912.078 |
722.469 |
661.136 |
|
|
|
|
|
|
TOTAL |
2016.291 |
1797.662 |
1633.322 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3062.211 |
2036.460 |
2458.094 |
|
|
|
Other Income |
27.550 |
27.434 |
11.318 |
|
|
|
TOTAL (A) |
3089.761 |
2063.894 |
2469.412 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1482.601 |
1177.052 |
1324.776 |
|
|
|
Purchases of stock-in-trade |
18.525 |
5.005 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-trade |
(90.784) |
(49.629) |
(1.954) |
|
|
|
Employee Benefit Expenses |
198.839 |
127.958 |
154.192 |
|
|
|
Other expenses |
1058.251 |
666.384 |
776.646 |
|
|
|
TOTAL (B) |
2667.432 |
1926.770 |
2253.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
422.329 |
215.752 |
137.124 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.582 |
60.662 |
27.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
358.747 |
155.090 |
109.463 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.446 |
89.742 |
84.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
261.301 |
65.348 |
25.144 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
105.471 |
14.540 |
6.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
155.830 |
50.808 |
18.915 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.671 |
70.995 |
93.152 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.583 |
5.081 |
1.892 |
|
|
|
Dividend |
0.000 |
33.600 |
33.600 |
|
|
|
Tax on Dividend |
0.000 |
5.451 |
5.580 |
|
|
|
Interim
Dividend |
33.600 |
0.000 |
0.000 |
|
|
|
Tax on
Interim Dividend |
5.710 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
178.608 |
77.671 |
70.995 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1562.093 |
1382.938 |
991.513 |
|
|
|
Commission Earnings |
0.000 |
0.033 |
0.000 |
|
|
TOTAL EARNINGS |
1562.093 |
1382.971 |
991.513 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
74.775 |
8.457 |
7.155 |
|
|
|
Traded Gelatin |
18.525 |
0.000 |
0.000 |
|
|
|
Packing Materials |
1.100 |
2.012 |
0.979 |
|
|
|
Components, Stores and Spares |
4.958 |
7.303 |
2.889 |
|
|
|
Capital Goods |
2.929 |
11.143 |
1.782 |
|
|
TOTAL IMPORTS |
102.287 |
28.915 |
12.805 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.55 |
6.05 |
2.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.04
|
2.46 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
3.21 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.25
|
3.96 |
1.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.06 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.34 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.11 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
NOTE: Registered
office of the company has been shifted from 50/1002, Panampilly Nagar, Ernakulam-682036,
UNSECURED LOAN:
|
Particulars |
As on 31.03.2013 Rs. in Millions |
As on 31.03.2012 Rs. in Millions |
|
Short-term Borrowings |
|
|
|
Loan from Related Party |
|
|
|
Reva Proteins Limited (Subsidiary
Company) (The above loans are repayable on
demand.) |
29.060 |
0.000 |
|
Total |
29.060 |
0.000 |
PERFORMANCE:
The company could increase the production/sale of
all its major products during the year resulting in its gross turnover registering
an increase of 26% (as against 20% during the previous year) to touch an all
time high of Rs. 3150.000 Millions. Both favourable exchange rate movements as
well as increase in unit sales realization had played a key support role in
accomplishing the said growth in turnover.
Inclusive of the impact of the favourable forex
movements during the current year, increase in Gelatin selling price was 30%
(previous year 18%) and 11% for Ossein (25% in previous year). In the case of
Dicalcium Phosphate, the increase was 13% (previous year 10%) and 11% for
Collagen Peptide.
Though the availability of crushed bone was
marginally better during the year, quality thereof has not witnessed much
improvement. In order to mitigate the adverse impact of such poor quality of
crushed bone on the final product quality, the company in consultation with its
collaborators has identified a couple of remedial initiatives. Of
these, the company has already implemented a few
and the remaining are expected to go on stream in the near future. Attributable
to the persistent demand from poultry industry, crushed bone is also being used
for producing poultry feed ingredients thereby adding to its demand. As a
result of the above, crushed bone prices have further increased by 6% during
the year against a 9% increase in the previous year. In addition to the above,
the production at Ossein division, Koratty has stabilized during the period
resulting in a lesser dependence on purchased Ossein/Limed Ossein for there
captive requirements leading to better margins. Besides, price of Hydrochloric
Acid has also shown a decline of 23% during the review period as against 22%
during the previous year compared to the respective prices prevailed in the
immediately preceding financial years. Increase in power charges/ restrictions
in usage of power at normal rates during the period under review, had caused an
ncremental cost of Rs. 37.600 Millions. Despite the economic turbulences in the
global economic climate and more particularly the weakening of Japanese Yen
against USD, there efforts for maximizing the shareholder worth has been
successful to the extent that the Net Profit before tax has increased to Rs.
261.301 Millions during 2012-13 as against Rs. 65.348 Millions in the previous
year.
The products of the company continued to witness
enviable market demand throughout the year. The continued patronage of there
valued customers demonstrates their confidence in there brand. The increase in
sales quantities gives credence to the company’s ability to keep growing in the
most competitive Pharma / Healthcare market as they continuously update and
respond to the changes in customer preferences. In respect of Collagen Peptide,
the sales increased by around 47% followed by 10% in Dicalcium Phosphate.
The Kadukutty Panchayat, where there Ossein Plant
is situated, has not renewed there factory licence for the year commencing from
01.04.2011 without any valid reasons. Therefore the Company moved the Hon’ble
High Court of Kerala seeking renewal of factory licence. The matter is
currently pending before the said Court and the unit is in operation.
Simultaneously the company has successfully implemented the action plan
formulated by the expert committee and recommended by the Kerala State
Government to further improve the environment. The above initiatives have
brought to light the care and commitment of the company to nature and
environment besides strengthening its image among the local public and civic
bodies. The company is continuing relentless efforts in this direction and is
confident that they shall meet with the approval and blessings of all
concerned.
OUTLOOK:
The evolution of foods with time has shifted
towards prevention of diseases than cure, thereby consumer focusing more on Nutraceuticals
i.e functional food and dietary supplements. Based on this, the nutraceutical
industry is expected to grow at a steady CAGR of 6.3% during 2012- 2013. The
market for Gelatin is primarily driven by growing user industries in
nutraceutical, dietary supplements and cosmetics segments. Growing health
concerns, ageing population, change in the lifestyle, health consciousness and
increase in disposable income in the emerging markets etc. are acting as major
factors driving this market. Gelatin being an excipient in the dietary
supplement products holds great demand. At the same time, cultural barriers
across the world to use Gelatin derived from animals is acting as a major
deterrent against the overall market growth.
In addition to the above, the ageing population
around the world causing serious issues of osteoporosis and osteoarthritis are
expected to drive Collagen Peptide supplements substantially. The time to
establish the concept against well known ingredients might be only the
inhibiting factor. Also, the ever increasing demand to stay young is expected
to boost Collagen Peptide market due to its ability to revitalise the body when
taken as functional foods, beverages and dietary supplements. Rising feed
costs, mainly due to high soya prices, has dampened the poultry industry
sentiments. Egg prices are also on the lower side. Accordingly, there has been
a marginal dip in DCP prices which is expected to improve with the onset of
monsoon in
There new products, Nutrigold and Secondary
Proteins, catering to the agricultural sector are also expected to bring in
appreciable margins to the company. As regards Chitosan, there are continuously
upgrading the quality to meet international standards. They are also educating
the domestic customers on the various applications of Chitosan which will help
to augment the domestic demand further.
FIXED ASSETS:
- Land and
Development
- Buildings
- Plant and
Equipment
- Office
Equipments
- Furniture and
fittings
- Vehicles
- Software
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. 60.59 |
|
|
1 |
Rs. 92.92 |
|
Euro |
1 |
Rs. 78.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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 |
||
MIRA
INFORM REPORT
|
Report Date : |
28.06.2013 |
Note: Given name is the old name of the company.
IDENTIFICATION DETAILS
|
Name : |
NITTA GELATIN INDIA LIMITED
(w.e.f 11.08.2008) |
|
|
|
|
Formerly Known
As : |
KERALA CHEMICALS AND PROTIENS LIMITED |
|
|
|
|
Registered
Office : |
Post Bag No. 4262, 54/1446, Panampilly Nagar P. O., Kochin - 682 036,
Kerala |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.04.1975 |
|
|
|
|
Com. Reg. No.: |
09-002691 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 84.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299KL1975PLC002691 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNK00559G |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged in the business of manufacture and sale of
Gelatin, Ossein, DCP and Collagen Peptide. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4764000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘NGIL Group’. It is a well established company having a good track record.
Financially company appears to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regulars and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A = Long Term Rating |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. |
|
Date |
August 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 : |
Post Bag No. 4262, 54/1446, Panampilly Nagar P. O., Kochin - 682 036,
Kerala, India. |
|
Tel. No.: |
91-484-2317805/3099444 |
|
Fax No.: |
91-484-2310568 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Ossein
Division Post Box 3109, PO Kathikudam,
Koratty, Thrissur-680 308, |
|
Tel. No.: |
91-480-2719490, 2719598/99 |
|
Fax No.: |
91-480-2719943 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Gelatin Division Kinfra Export Promotion Industrial Parks Limited, P.B. No.
3109, Kusumagiri, Kakkanad, Kochi-682 030, Kerala, India |
|
Tel. No.: |
91-484-2415506, 2415138/39 |
|
Fax No.: |
91-484-2415504 |
|
E-Mail : |
|
|
|
|
|
Branch : |
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. V. Somasundaran, IAS |
|
Designation : |
Chairman |
|
Date of Appointment : |
16.02.2012 |
|
|
|
|
Name : |
Mr. Tom Jose, IAS |
|
Designation : |
Director |
|
Date of Appointment : |
06.11.2012 |
|
|
|
|
Name : |
Mr. Norimichi Soga |
|
Designation : |
Director |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Majored in faculty of Textile Science from Kyoto Institute of
Technology |
|
Date of Appointment : |
14.05.2005 |
|
|
|
|
Name : |
Mr. T Yamaki |
|
Designation : |
Director |
|
Date of Appointment : |
11.05.2009 |
|
|
|
|
Name : |
Mr. Hiroshi Takase |
|
Designation : |
Director |
|
Date of Appointment : |
09.08.2011 |
|
|
|
|
Name : |
Mr. K Ramakrishnan |
|
Designation : |
Director |
|
Date of Appointment : |
16.04.1997 |
|
|
|
|
Name : |
Mr. A K Nair |
|
Designation : |
Director |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.Sc., Engineering, MBA |
|
Date of Appointment : |
28.06.2008 |
|
|
|
|
Name : |
Mr. K L Kumar |
|
Designation : |
Director |
|
Date of Appointment : |
08.12.2003 |
|
|
|
|
Name : |
Mr. T. P. Thomaskutty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G Suseelan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
B.Sc., Engineering, MBA |
|
Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
|
Name : |
Mr. G R Kurup |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2862220 |
34.07 |
|
|
2862220 |
34.07 |
|
|
|
|
|
|
3900300 |
46.43 |
|
|
3900300 |
46.43 |
|
Total shareholding of Promoter and Promoter Group (A) |
6762520 |
80.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3180 |
0.04 |
|
|
4750 |
0.06 |
|
|
640 |
0.01 |
|
|
8570 |
0.10 |
|
|
|
|
|
|
138143 |
1.64 |
|
|
|
|
|
|
1204524 |
14.34 |
|
|
214710 |
2.56 |
|
|
71533 |
0.85 |
|
|
2636 |
0.03 |
|
|
53402 |
0.64 |
|
|
15495 |
0.18 |
|
|
1628910 |
19.39 |
|
Total Public shareholding (B) |
1637480 |
19.49 |
|
Total (A)+(B) |
8400000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
Total (A)+(B)+(C) |
8400000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of manufacture and sale of
Gelatin, Ossein, DCP and Collagen Peptide. |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Note:
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Varma
and Varma Chartered Accountants |
|
Address : |
Ernakulam, |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8400000 |
Equity Shares |
Rs. 10/- each |
Rs. 84.000 Millions |
Reconciliation of shares at the beginning and at the end of the
financial year
|
Particulars |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
As at the beginning of the financial
year |
8400000 |
84.000 |
|
As at the end of the financial year |
8400000 |
84.000 |
Particulars of Shareholders holding more
than 5% share in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Nitta
Gelatin Inc, |
3900300 |
46.43% |
|
Kerala
State Industrial Development Corporation Limited |
2862220 |
34.07% |
Terms/ Rights attached to
Equity Shares:
The company has only one class of shares referred to as equity
shares with a face value of Rs. 10/- each. Each holder of equity share is entitled
to one vote per share. The company declares and pays dividends in Indian
Rupees. The dividend proposed/ declared by the Board of Directors is subject to
approval/regularisation of the shareholders’ in the ensuing Annual General
Meeting.
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, in proportion to the number of equity
shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
III.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
84.000 |
84.000 |
84.000 |
|
(b) Reserves & Surplus |
1107.049 |
985.744 |
973.987 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1191.049 |
1069.744 |
1057.987 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
65.688 |
65.411 |
67.724 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.243 |
10.887 |
11.478 |
|
Total Non-current Liabilities (3) |
81.931 |
76.298 |
79.202 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
420.053 |
364.033 |
271.660 |
|
(b) Trade payables |
214.451 |
216.245 |
157.233 |
|
(c) Other current
liabilities |
25.559 |
13.949 |
11.679 |
|
(d) Short-term provisions |
83.248 |
57.393 |
55.561 |
|
Total Current Liabilities (4) |
743.311 |
651.620 |
496.133 |
|
|
|
|
|
|
TOTAL |
2016.291 |
1797.662 |
1633.322 |
|
|
|
|
|
|
IV.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
672.791 |
680.855 |
673.453 |
|
(ii) Intangible Assets |
6.632 |
5.923 |
7.903 |
|
(iii) Capital
work-in-progress |
84.247 |
64.033 |
86.370 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
323.653 |
84.640 |
81.490 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.890 |
239.742 |
122.970 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1104.213 |
1075.193 |
972.186 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
533.201 |
432.472 |
401.891 |
|
(c) Trade receivables |
260.624 |
175.209 |
144.195 |
|
(d) Cash and cash
equivalents |
13.256 |
13.801 |
9.814 |
|
(e) Short-term loans and
advances |
46.567 |
49.050 |
61.551 |
|
(f) Other current assets |
58.430 |
51.937 |
43.685 |
|
Total Current Assets |
912.078 |
722.469 |
661.136 |
|
|
|
|
|
|
TOTAL |
2016.291 |
1797.662 |
1633.322 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3062.211 |
2036.460 |
2458.094 |
|
|
|
Other Income |
27.550 |
27.434 |
11.318 |
|
|
|
TOTAL (A) |
3089.761 |
2063.894 |
2469.412 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1482.601 |
1177.052 |
1324.776 |
|
|
|
Purchases of stock-in-trade |
18.525 |
5.005 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-trade |
(90.784) |
(49.629) |
(1.954) |
|
|
|
Employee Benefit Expenses |
198.839 |
127.958 |
154.192 |
|
|
|
Other expenses |
1058.251 |
666.384 |
776.646 |
|
|
|
TOTAL (B) |
2667.432 |
1926.770 |
2253.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
422.329 |
215.752 |
137.124 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.582 |
60.662 |
27.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
358.747 |
155.090 |
109.463 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.446 |
89.742 |
84.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
261.301 |
65.348 |
25.144 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
105.471 |
14.540 |
6.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
155.830 |
50.808 |
18.915 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.671 |
70.995 |
93.152 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.583 |
5.081 |
1.892 |
|
|
|
Dividend |
0.000 |
33.600 |
33.600 |
|
|
|
Tax on Dividend |
0.000 |
5.451 |
5.580 |
|
|
|
Interim
Dividend |
33.600 |
0.000 |
0.000 |
|
|
|
Tax on
Interim Dividend |
5.710 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
178.608 |
77.671 |
70.995 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1562.093 |
1382.938 |
991.513 |
|
|
|
Commission Earnings |
0.000 |
0.033 |
0.000 |
|
|
TOTAL EARNINGS |
1562.093 |
1382.971 |
991.513 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
74.775 |
8.457 |
7.155 |
|
|
|
Traded Gelatin |
18.525 |
0.000 |
0.000 |
|
|
|
Packing Materials |
1.100 |
2.012 |
0.979 |
|
|
|
Components, Stores and Spares |
4.958 |
7.303 |
2.889 |
|
|
|
Capital Goods |
2.929 |
11.143 |
1.782 |
|
|
TOTAL IMPORTS |
102.287 |
28.915 |
12.805 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.55 |
6.05 |
2.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.04
|
2.46 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
3.21 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.25
|
3.96 |
1.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.06 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.34 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.11 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
NOTE: Registered
office of the company has been shifted from 50/1002, Panampilly Nagar, Ernakulam-682036,
UNSECURED LOAN:
|
Particulars |
As on 31.03.2013 Rs. in Millions |
As on 31.03.2012 Rs. in Millions |
|
Short-term Borrowings |
|
|
|
Loan from Related Party |
|
|
|
Reva Proteins Limited (Subsidiary
Company) (The above loans are repayable on
demand.) |
29.060 |
0.000 |
|
Total |
29.060 |
0.000 |
PERFORMANCE:
The company could increase the production/sale of
all its major products during the year resulting in its gross turnover registering
an increase of 26% (as against 20% during the previous year) to touch an all
time high of Rs. 3150.000 Millions. Both favourable exchange rate movements as
well as increase in unit sales realization had played a key support role in
accomplishing the said growth in turnover.
Inclusive of the impact of the favourable forex
movements during the current year, increase in Gelatin selling price was 30%
(previous year 18%) and 11% for Ossein (25% in previous year). In the case of
Dicalcium Phosphate, the increase was 13% (previous year 10%) and 11% for
Collagen Peptide.
Though the availability of crushed bone was
marginally better during the year, quality thereof has not witnessed much
improvement. In order to mitigate the adverse impact of such poor quality of
crushed bone on the final product quality, the company in consultation with its
collaborators has identified a couple of remedial initiatives. Of
these, the company has already implemented a few
and the remaining are expected to go on stream in the near future. Attributable
to the persistent demand from poultry industry, crushed bone is also being used
for producing poultry feed ingredients thereby adding to its demand. As a
result of the above, crushed bone prices have further increased by 6% during
the year against a 9% increase in the previous year. In addition to the above,
the production at Ossein division, Koratty has stabilized during the period
resulting in a lesser dependence on purchased Ossein/Limed Ossein for there
captive requirements leading to better margins. Besides, price of Hydrochloric
Acid has also shown a decline of 23% during the review period as against 22%
during the previous year compared to the respective prices prevailed in the
immediately preceding financial years. Increase in power charges/ restrictions
in usage of power at normal rates during the period under review, had caused an
ncremental cost of Rs. 37.600 Millions. Despite the economic turbulences in the
global economic climate and more particularly the weakening of Japanese Yen
against USD, there efforts for maximizing the shareholder worth has been
successful to the extent that the Net Profit before tax has increased to Rs.
261.301 Millions during 2012-13 as against Rs. 65.348 Millions in the previous
year.
The products of the company continued to witness
enviable market demand throughout the year. The continued patronage of there
valued customers demonstrates their confidence in there brand. The increase in
sales quantities gives credence to the company’s ability to keep growing in the
most competitive Pharma / Healthcare market as they continuously update and
respond to the changes in customer preferences. In respect of Collagen Peptide,
the sales increased by around 47% followed by 10% in Dicalcium Phosphate.
The Kadukutty Panchayat, where there Ossein Plant
is situated, has not renewed there factory licence for the year commencing from
01.04.2011 without any valid reasons. Therefore the Company moved the Hon’ble
High Court of Kerala seeking renewal of factory licence. The matter is
currently pending before the said Court and the unit is in operation.
Simultaneously the company has successfully implemented the action plan
formulated by the expert committee and recommended by the Kerala State
Government to further improve the environment. The above initiatives have
brought to light the care and commitment of the company to nature and
environment besides strengthening its image among the local public and civic
bodies. The company is continuing relentless efforts in this direction and is
confident that they shall meet with the approval and blessings of all
concerned.
OUTLOOK:
The evolution of foods with time has shifted
towards prevention of diseases than cure, thereby consumer focusing more on Nutraceuticals
i.e functional food and dietary supplements. Based on this, the nutraceutical
industry is expected to grow at a steady CAGR of 6.3% during 2012- 2013. The
market for Gelatin is primarily driven by growing user industries in
nutraceutical, dietary supplements and cosmetics segments. Growing health
concerns, ageing population, change in the lifestyle, health consciousness and
increase in disposable income in the emerging markets etc. are acting as major
factors driving this market. Gelatin being an excipient in the dietary
supplement products holds great demand. At the same time, cultural barriers
across the world to use Gelatin derived from animals is acting as a major
deterrent against the overall market growth.
In addition to the above, the ageing population
around the world causing serious issues of osteoporosis and osteoarthritis are
expected to drive Collagen Peptide supplements substantially. The time to
establish the concept against well known ingredients might be only the
inhibiting factor. Also, the ever increasing demand to stay young is expected
to boost Collagen Peptide market due to its ability to revitalise the body when
taken as functional foods, beverages and dietary supplements. Rising feed
costs, mainly due to high soya prices, has dampened the poultry industry
sentiments. Egg prices are also on the lower side. Accordingly, there has been
a marginal dip in DCP prices which is expected to improve with the onset of
monsoon in
There new products, Nutrigold and Secondary
Proteins, catering to the agricultural sector are also expected to bring in
appreciable margins to the company. As regards Chitosan, there are continuously
upgrading the quality to meet international standards. They are also educating
the domestic customers on the various applications of Chitosan which will help
to augment the domestic demand further.
FIXED ASSETS:
- Land and
Development
- Buildings
- Plant and
Equipment
- Office
Equipments
- Furniture and
fittings
- Vehicles
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.59 |
|
|
1 |
Rs. 92.92 |
|
Euro |
1 |
Rs. 78.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.