MIRA
INFORM REPORT
|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED (w.e.f. 03.11.2011) |
|
|
|
|
Formerly Known
As : |
GEEPEE AGRI PRIVATE LIMITED (w.e.f. 16.07.2009) NOBLE GRAIN INDIA PRIVATE LIMITED (w.e.f. 26.07.2006) SIDHARTH SOYA PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
B-1, Defence Colony, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.04.1991 |
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|
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Com. Reg. No.: |
55-205408 |
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Capital
Investment / Paid-up Capital : |
Rs.605.113
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U15493DL1991PTC205408 |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCS9646L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
primarily engaged in the business of manufacturing/ extraction/ trading and refining
of edible oils from oil seeds and trading of certain agricultural products. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1045000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Management has filed the latest financials of 2013 with the Government
Department, but the same are not available with us. As per the available financial of 2012 there appear some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court has
barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
B-1, Defence Colony, |
|
Tel. No.: |
91-11-23354904 |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Corporate Office : |
Vatika Business Park, Block-2, 6th Floor, Gurgaon-Sohna Express
Way, Sector-49, Gurgaon – 122 018, Haryana, India |
|
Tel. No.: |
91-124-4937800 |
|
Fax No.: |
91-124-4937889 |
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|
|
|
Factory 1 : |
Sultanpur Road, Village Tathed ,District Kota – 325 201, Rajasthan,
India |
|
Tel. No.: |
91-744-2863383 |
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|
|
|
Factory 2 : |
N-55, MIDC, Phase IV, Village Shivani, District Akola, Akola – 444
104, Maharashtra, India |
|
Tel. No.: |
91-724-2259012-15 |
|
Fax No.: |
91-724-2259091 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Amit Bhuttan |
|
Designation : |
Director |
|
Address : |
5/376, Vaishali, Ghaziabad – 201 001, Uttar Pradesh, India |
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Date of Birth/Age : |
24.11.1974 |
|
Date of Appointment : |
08.08.2011 |
|
DIN No.: |
01088105 |
|
|
|
|
Name : |
Mr. Chander Shekher Sharma |
|
Designation : |
Director |
|
Address : |
D-44, Ground Floor, Uppal South End, Sector – 49, Gurgaon Sohna Road,
Gurgaon – 122 003, Haryana, India |
|
Date of Birth/Age : |
07.09.1955 |
|
Date of Appointment : |
08.08.2011 |
|
DIN No.: |
03591130 |
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|
|
|
Name : |
Mr. Willem Petrus Anthonius Frieling |
|
Designation : |
Director |
|
Address : |
Vista Villas, 1113-B, Sector 46, Gurgaon – 122 001, Haryana,
India |
|
Date of Birth/Age : |
10.07.1968 |
|
Date of Appointment : |
08.08.2011 |
|
DIN No.: |
03591313 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Aditya |
|
Designation : |
Secretary |
|
Address : |
House No.A-259, Majlis Park, Adarsh Nagar, Delhi – 110 033, India |
|
Date of Birth/Age : |
12.11.1989 |
|
Date of Appointment : |
01.04.2013 |
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PAN No.: |
AMAPA3522F |
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Mobile No.: |
91-9718059009 |
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Fax No.: |
91-124-4937889 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
ADM Agro Industries India Private Limited, India |
|
60511250 |
|
Amit Bhutan (Amit Bhuttan holds 1 Equity Share as Nominee of ADM Agro
Industries India Private Limited) |
|
1 |
|
Total |
|
60511251 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in the business of manufacturing/ extraction/ trading and refining of
edible oils from oil seeds and trading of certain agricultural products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity and Installed Capacity (As Certified by Management)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Solvent Plant – Extraction of Vegetables Oils |
M.T. |
450000 |
450000 |
|
Refined Vegetables Oils |
M.T. |
93000 |
60000 |
|
Pungent and Expeller Oils |
M.T. |
60000 |
60000 |
|
Particulars |
Unit |
Actual
Production |
|
De-oiled Cake |
M.T. |
180,586 |
|
Vegetable Crude / Degummed Oil |
M.T. |
9,140 |
|
Refined Oil |
M.T. |
33,229 |
|
Pungent Oil* |
M.T. |
2,805 |
|
Oiled Cake |
M.T. |
1,398 |
|
*Includes Nil MT Mustard Pungent Oil produced during trial run
operation |
||
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State
Bank of Hyderabad, Commercial Branch, 74, Janpath, New Delhi – 110 001, India ·
The Hongkong and Shanghai Banking Corporation
Limited, 25, Barakhamba Road, New Delhi – 110 001, India ·
Standard Chartered Bank, H-2, Credit Risk
Control, Connaught Circus, New Delhi – 110 001, India |
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Facilities : |
Notes: SHORT-TERM BORROWINGS: (A) ** At the
beginning of the current year, the Company had an outstanding Packing Credit
Loan in Indian Currency and Cash Credit Loan of Rs.584.883 millions from a bank
which carried interest @ 14% p.a. The loan was secured by first charge on
movable and immovable fixed assets (both present and future) of the Company,
and also, secured by a second charge on the current assets i.e. stock of raw
material, finished goods, stock-in-process, outstanding monies, book debts,
receivable and other current assets of the Company, both present and future.
The same was further secured by personal guarantee of two directors and
corporate guarantee of Grain trade Ltd. incorporated in Bangkok. The entire
loan was repaid during the current year. The Company has obtained a No Due
Certificate from the bank regarding the early repayment of loan and has no
liability outstanding as at the current year end on account of the same.
There is no Charge on the assets of the Company at the end of the current
year. (B) It includes:
Packing Credit Loan in India Currency : Rs.38.834 millions Cash Credit
Account : Rs.546.049 millions Total : Rs.584.883 millions |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
Rabo India Finance Limited, GF/A-03 B, Ground
Floor, Building No.9, Tower A, DLF Cyber City, Phase-III, Gurgaon – 122 002,
Haryana, India ·
Madhya Pradesh Financial Corporation, Finance
House, A.B. Road, Indore – 452 001, Madhya Pradesh, India |
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Auditors : |
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|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
Golf View
Corporate, Tower – B, Sector - 42, Sector Road, Gurgaon,
Haryana, India |
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PAN No.: |
AACFS6921Q |
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|
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Memberships : |
Federation of Indian Export Organisations (FIEO) |
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|
|
|
Holding Company : |
·
Siam Stock Holdings Limited, Mauritius ** ·
ADM Agro Industries India Private Limited, India
(CIN No.: U01403DL2009PTC189874) |
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|
|
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Ultimate Holding Company: |
Archer Daniels Midland Company, United States |
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|
|
Fellow Subsidiary Company : |
·
ADM Agro Industries Dharwad Private Limited,
India (CIN No.: U74999DL2004PTC124262) ·
Toepfer International Asia Pte Limited, Singapore
·
Toepfer (India) Private Limited, India (CIN No.:
U15142MH1982PTC027550) ·
ADMISI Commodities Private Limited, India (CIN
No.: U74140MH2006PTC163998) ·
ADM Agro Industries Latur and Vizag Private
Limited, India (CIN No.: U15143DL1991PTC083071) |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives : |
·
Illingworth Marketing Private Limited, India (CIN
No.: U74899DL1994PTC090652) ** ·
Arvind Silk Mills Private Limited, India (CIN
No.: U18201DL1981PTC117449) ** ·
Geepee Softech Services Private Limited, India
(CIN No.: U51101DL2009PTC196536) ** |
** upto August 16, 2011
CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60511251 |
Equity Shares |
Rs.10/- each
|
Rs.605.113
millions |
|
|
|
|
|
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 |
|
605.113 |
577.905 |
|
(b) Reserves & Surplus |
|
(343.859) |
(205.536) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
261.254 |
372.369 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
82.500 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
37.048 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
0.975 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.975 |
119.548 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2076.559 |
584.883 |
|
(b)
Trade payables |
|
501.736 |
426.622 |
|
(c)
Other current liabilities |
|
51.366 |
133.564 |
|
(d) Short-term
provisions |
|
21.129 |
17.453 |
|
Total Current
Liabilities (4) |
|
2650.790 |
1162.522 |
|
|
|
|
|
|
TOTAL |
|
2913.019 |
1654.439 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
600.130 |
529.811 |
|
(ii)
Intangible Assets |
|
0.204 |
0.310 |
|
(iii)
Capital work-in-progress |
|
0.719 |
77.834 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.209 |
0.220 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
47.561 |
46.059 |
|
(e) Other
Non-current assets |
|
2.214 |
0.205 |
|
Total Non-Current
Assets |
|
651.037 |
654.439 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1562.214 |
561.216 |
|
(c)
Trade receivables |
|
92.955 |
168.491 |
|
(d) Cash
and cash equivalents |
|
25.029 |
148.395 |
|
(e)
Short-term loans and advances |
|
554.534 |
87.505 |
|
(f)
Other current assets |
|
27.250 |
34.393 |
|
Total
Current Assets |
|
2261.982 |
1000.000 |
|
|
|
|
|
|
TOTAL |
|
2913.019 |
1654.439 |
|
Particulars |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
577.905 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
11.348 |
|
|
4] (Accumulated Losses) |
|
|
(90.095) |
|
|
NETWORTH |
|
|
499.158 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
343.987 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
343.987 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.584 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
844.729 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
555.061 |
|
|
CAPITAL WORK-IN-PROGRESS |
|
|
0.133 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.223 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
276.824
|
|
|
Sundry Debtors |
|
|
70.200
|
|
|
Cash & Bank Balances |
|
|
106.271
|
|
|
Other Current Assets |
|
|
6.461
|
|
|
Loans & Advances |
|
|
112.640
|
|
Total
Current Assets |
|
|
572.396 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
64.194 |
|
|
Other Current Liabilities |
|
|
203.795
|
|
|
Provisions |
|
|
15.095
|
|
Total
Current Liabilities |
|
|
283.084 |
|
|
Net Current Assets |
|
|
289.312
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
TOTAL |
|
|
844.729 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
6139.638 |
3177.969 |
|
|
|
Other Income |
|
104.125 |
131.704 |
|
|
|
TOTAL (A) |
7233.676 |
6243.763 |
3309.673 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Material Cost |
7627.293 |
6301.597 |
2977.305 |
|
|
|
Personnel Expenses |
|
|
69.903 |
|
|
|
Operating and other Expenses |
|
|
341.579 |
|
|
|
TOTAL (B) |
7627.293 (including
financial expenses) |
6301.597 (including
financial expenses) |
3388.787 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(79.114) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
39.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(393.617) |
(57.834) |
(118.400) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.863 |
45.166 |
36.060 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(429.480) |
(92.212) |
(154.460) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(37.049) |
35.465 |
(51.752) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(392.431) |
(126.677) |
(102.708) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(216.772) |
(90.095) |
12.613 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(609.203) |
(216.772) |
(90.095) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
De-oiled Cake [FOB value] |
849.463 |
48.247 |
39.861 |
|
|
|
Settlement Contracts |
0.000 |
0.000 |
1.257 |
|
|
TOTAL EARNINGS |
849.463 |
48.247 |
41.118 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
41.621 |
78.694 |
323.716 |
|
|
|
Traded Goods |
0.000 |
139.490 |
252.421 |
|
|
TOTAL IMPORTS |
41.621 |
218.184 |
576.137 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(6.49) |
(4.36) |
(3.14) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.43) |
(2.03) |
(3.10)
|
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
NA |
(1.50) |
(4.86)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.75) |
(5.85) |
(13.70)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.64) |
(0.25) |
(0.31)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.95 |
1.79 |
0.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.86 |
2.02
|
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 |
No |
|
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 |
No |
Note:
No Charges Exist for Company.
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
(A) 15.227 |
0.000 |
|
Working capital loans from banks |
(B) 960.000 |
0.000 |
|
Intercorporate borrowings |
(C) 1075.000 |
0.000 |
|
Other loans and advances |
(D) 26.332 |
0.000 |
|
Total
|
2076.559 |
0.000 |
Notes:
SHORT-TERM BORROWINGS:
(A) It denotes Packing Credit Loan in Foreign Currency ** Packing Credit
Loan in foreign currency of Rs. 15,226,508 (previous year Nil) from a bank is
repayable on demand and carries interest @ 2.49 % to 2.74%.
(B) * Working
Capital Loans of Rs.710.000 millions (previous year Nil) from a bank Limited is
repayable on demand and carries interest @ 11.75% p.a. ** Working Capital Loans
of Rs.250.000 millions (previous year Nil) from a bank is repayable on demand
and carries interest @ 11.50% to 11.60% p.a.
(C) It denotes
Loan from Holding Company, ADM Agro Industries India Private Limited carries an
interest rate @ 12.00% and is repayable on demand.
(D) It denotes Overdraft (Unsecured) ** Overdraft amounting to Rs.26.332
millions (previous year Nil) from a bank is repayable on demand and carries
interest rate @ 12.00%.
Note:
The registered office address of the company has been shifted from Gauri
Sadan, E-701, 7th Floor, 5, Hailey Road, New Delhi – 110 001, India
to the present address w.e.f. 16.08.2011.
CORPORATE INFORMATION:
The Company is
primarily in the business of manufacturing/extraction/trading and refining of
edible oils from oil seeds. The name of the Company has been changed from
Geepee Agri Private Limited to ADM Agro Industries Kota and Akola Private
Limited with effect from 03 November 2011. This is a private limited company
domiciled in India and incorporated under the provisions of the Companies Act,
1956.
Pursuant to Shares
Sale and Purchase Agreement dated 16 August 2011, Siam stock Holding Limited
(the erstwhile holding company) and India Agri Business Fund Limited alongwith
other shareholders sold their entire share holding in the company to ADM Agro
Industries India Private Limited, which has now become the Holding Company
pursuant to such agreement.
ACQUISITION OF SHARES BY OTHER COMPANY
Pursuant to Share
Sale and Purchase Agreement executed in year 2011 amongst the erstwhile
shareholders of the Company and ADM Agro Industries India Private Limited
(ADM), a Company having its registered office at B-1, Defence Colony, New
Delhi, acquired the entire shareholding of the Company in August, 2011
aggregating to 48611251 equity shares of face value of Rs.10/- each thus making
the Company as its wholly owned subsidiary.
CAPITAL STRUCTURE:
During the year
the Authorized Share Capital of the Company has increased from Rs.600.000
millions divided into 36000000 Equity
Shares of Rs.10/- each and 2,40,00,000 9.90% Cumulative Compulsory Convertible
Preference Shares of Rs.10/- each to Rs.800.000 millions divided into 80000000
Equity Shares of Rs.10/- each. The Issued and Paid-up Share Capital of the
Company has increased from Rs.577.905 millions divided into 35972326 Equity
Shares of Rs.10/- each and 21818182 9.90% Cumulative Compulsory Convertible
Preference Shares of Rs.10/- each to Rs.605.113 millions divided into 60511251
Equity Shares of Rs.10/- each (after conversion of preference shares into
equity shares and additional allotment of equity shares).
EXPANSION AND MODERNISATION:
The Company had
embarked on expansion project to set up a Palm Oil refining Plant (total
estimated cost for set up plant including margin money for working capital was
Rs.146.300 millions with estimated capacities of 150 TOPD Fractionation Plant
for Palm Oil, 25 TPD Hydrogenation Plant, 25 TPD Inter-Esterification and
Bleaching Plant and 50 TPD Post Bleaching and Deodorisation Plant for Vanaspati
at its Akola location. The project is implemented successfully within the
estimated cost.
After successful
trial operation of the plant, it is ready for commercial operations; however,
due to unfavorable market conditions and less margins, commercial operation of
the plant is yet to be started.
CONTINGENT
LIABILITIES:
Contingent liabilities not provided for are as follows:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
(i) Demands raised by land authorities, Kota for land tax and
contested in appeal |
0.373 |
0.165 |
|
(ii) Demands raised by service tax authorities against the company and
contested in Supreme Court - Akola |
4.956 |
3.531 |
|
(iii) Demands raised by service tax authorities against the company
and contested in Excise Tribunal - Kota |
0.959 |
-- |
|
(iv) Demand
raised by Krishi Upajmandi Kota for the period 2005-06 to 2008-09 for availment
of exemption of Mandi Tax on purchase of seed. The matter is pending at High
Court, Jaipur |
2.190 |
-- |
|
(v) Demand raised by local gram panchayat, Akola for property tax and
contested in appeal |
-- |
1.772 |
|
(vi) Provident Fund, ESI claim, labour cases and other litigation with
customers and brokers [Note-1] |
3.783 |
3.783 |
|
(vii) Demand
raised by Sales Tax Authority for the financial year 2006-07 in respect of
rejection of VAT credit on opening stock. The case is pending before High
Court, Madhya Pradesh |
0.978 |
0.978 |
|
(viii) Demand raised by sales tax department against fake C & F
forms - Akola. [Note-2] |
9.115 |
-- |
|
(ix) Income Tax Demand for the Assessment Year 2008-09 [Note-3] |
33.253 |
-- |
Note 1 - In view
of large number of cases, it is not practicable to disclose individual details.
Above amounts are affected by numerous uncertainties and timing of economic
benefit outflow will depend upon timing of decision of these cases.
Note 2 - Maharashtra
Sales Tax Authorities raised a demand of Rs.28,818,484 [Previous Year
5,982,441] against fake "F" forms including interest and penalty for
the period 2006-08. The Company has made a provision of Rs.9,703,474 [Previous
Year Rs.2,552,508] against actual tax and filed an appeal before Joint
Commissioner, Nagpur and hearing is underway. The Management of the Company,
based upon the legal opinion believes that no liability in respect of interest
and penalty shall devolve on the Company
Note 3 - For the Assessment
Year 2008-09, the Assessing Officer has disallowed certain expenditure and
raised a demand of Rs.33,252,741 (Previous Year Rs. Nil). The Company has filed
an appeal to Commissioner of Income Tax [Appeal] against such order, of which
hearing is underway. The Management of the Company, based on its assessment,
believes that no liability against this demand shall devolve on the Company.
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
·
Goodwill
· Computer 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.61.46 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.