MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI WILMAR LIMITED |
|
|
|
|
Registered
Office : |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.01.1999 |
|
|
|
|
Com. Reg. No.: |
04-035320 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1093.590
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15146GJ1999PLC035320 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA01098G/ AHMA03501B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA8056G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Agro Products. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track record. The company has shown a better growth in its sales turnover as well as
net profitability during 2013. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of strong support from its group companies, the subject can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB +” |
|
Rating Explanation |
Have moderate degree of safety and moderate
credit risk. |
|
Date |
01.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2” |
|
Rating Explanation |
Have strong degree of safety and carry low credit
risk. |
|
Date |
01.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
|
Name : |
Mr. Rahul Hirway |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-7566663232 |
LOCATIONS
|
Registered/
Corporate Office : |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-25555650 |
|
Mobile No.: |
91-7566663232 (Mr. Rahul Hirway) |
|
Fax No.: |
91-79-25555621 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Marketing Office: |
301, Prince Pride, 21/3, New Palasia, Indore - 452001, India |
DIRECTORS
As on: 05.08.2013
|
Name : |
Mr. Rajeshbhai Shantilal Adani |
|
Designation : |
Director |
|
Address : |
15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Date of Appointment : |
22.01.1999 |
|
PAN No.: |
ABKPA0962A |
|
DIN No.: |
00006322 |
|
|
|
|
Name : |
Mr. Kuok Khoon Hong |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
30.04.1949 |
|
Date of Appointment : |
27.02.1999 |
|
DIN No.: |
00021957 |
|
|
|
|
Name : |
Mr. Pranav Vinodbhai Adani |
|
Designation : |
Managing Director |
|
Address : |
Survey No.100/1, Paramshanti Bunglow, Near Shaswat Bunglows, Bodakdev,
Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
09.08.1978 |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABEPA1014B |
|
DIN No.: |
00008457 |
|
|
|
|
Name : |
Mr. Atul Chaturvedi |
|
Designation : |
Whole Time Director |
|
Address : |
B-11, Shakti Enclave, Opposite Pushpraj Tower, Judges Bunglow Rod, Vastrapur,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
06.10.1955 |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AAPPC8935K |
|
DIN No.: |
00175355 |
|
|
|
|
Name : |
Mr. Angshu Mallick |
|
Designation : |
Whole Time Director |
|
Address : |
A 701, Ratnakar Apartments, Near LOC Petrol Pump, Satellite,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
01.02.1961 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
02481358 |
|
|
|
|
Name : |
Mr. Kalyansundaram Tinniyan Kannan |
|
Designation : |
Director |
|
Address : |
16, Kaushalya Bunglows, Ramdevnagar, Ahmedabad-380015, |
|
Date of Birth/Age : |
03.03.1956 |
|
Date of Appointment : |
06.07.2012 |
|
Din No.: |
00020968 |
|
|
|
|
Name : |
Mr. Teo Kim Yong |
|
Designation : |
Additional Director |
|
Address : |
19A, Yarwood Avenue, Singapore – 588015 |
|
Date of Birth/Age : |
03.12.1953 |
|
Date of Appointment : |
01.07.2013 |
|
Din No.: |
02152713 |
KEY EXECUTIVES
|
Name : |
Mr. Darshil Mayank Lakhia |
|
Designation : |
Company Secretary |
|
Address : |
A/2, Ratnadeep Apartments, 4, Kalamwadi, Near Sharda Society, New
Sharda Mandir Road, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
01.02.1979 |
|
Date of Appointment : |
15.05.2007 |
|
PAN No.: |
ACOPL6984C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 05.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Namrata P. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Vinod S. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Shilin R. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Pranav V. Adani (Nominee of Adani Enterprises Limited) , |
|
1000 |
|
Ranjan V. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Priti G. Adani (Nominee of Adani Enterprises Limited), |
|
1000 |
|
Adani Enterprises Limited, |
|
54673353 |
|
Lence Pte Limited, Singapore (Erstwhile Known as Wilmar Oleo Pte
Limited) |
|
54679353 |
|
|
|
|
|
Total |
|
109358706 |
Equity Share Break up (Percentage of Total Equity)
As on: 05.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Products. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production** |
|
Seed Crushing* |
Metric Tons |
-- |
2010740.000 |
|
|
Edible Oil/ Solvent Oil |
Metric Tons |
-- |
2217400.000 |
1115103.577 |
|
Vanaspati / Bakery Shortening |
Metric Tons |
-- |
337625.000 |
111019.089 |
|
Non Edible Oil |
Metric Tons |
-- |
77400.000 |
36445.631 |
|
Cake |
Metric Tons |
-- |
NA |
643553.818 |
|
Agro Products |
Metric Tons |
-- |
-- |
-- |
|
By Product |
Metric Tons |
-- |
-- |
50425.490 |
|
Pulses/ Grain and others |
Metric Tons |
-- |
-- |
20068.485 |
NOTE:
*Actual seed crushing is 780577.902
MT which includes crushing at third parties Nil MT
**Edible / Solvent Oil Includes processing with third parties Nil MT
Edible Oil
consumed for manufacturing vanaspati 112071.418 MT
Cakes produced
with third parties NIL MT
Edible Oil includes
consumption of manufactured solvent oil 104755.976 MT for production of oil.
Non Edible Oil
includes consumption of manufactured solvent oil 14594.298 MT for production of
oil
Edible Oil /
Solvent Oil production includes refining of Hydro/ Vanaspati oil 111019.089 MT
Pulses/Grain product includes processing with third parties 20068.485 MT
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce, Neelkamal Building, Opposite Sales India, Ashram Road, Ahmedabad- 380009, Gujarat, India · Allahabad Bank, S. P. Nagar Branch, ACME Centre, Near Navrangpura Railway Crossing, Ahmedabad – 380009, Gujarat, India · Bank of Baroda, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India · State Bank of Hyderabad, Ground Floor, Nagindas Chambers Ashram Road, Usmanpura, Ahmedabad – 380009, Gujarat, India · State Bank of India, Corporate Accounts Group Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303, 304, Milestone, Near Drive in Cinema, Opposite T V Tower,
Thaltej, Ahmedabad-380054, |
|
PAN No.: |
AAGFD1279G |
|
|
|
|
Associates : |
· Wilmar Trading Pte. Limited, Singapore · Wilmar Investments (Mauritius) Limited, Mauritius (up to 17.06.2011) · Lence Pte. Limited, Singapore (w.e.f. 17.06.2011) · Adani Enterprises Limited, India CIN No.:L51100GJ1993PLC019067 · Adani Ports and Special Economic Zone Limited, India CIN No.:L63090GJ1998PLC034182 · Adani Power Limited, India CIN No.:L40100GJ1996PLC030533 · Adani Logistics Limited, India CIN No.:U63090GJ2005PLC046419 · Wilmar Trading (China) Pte Limited, Singapore · Adani Wilmar Pte Limited, Singapore · Adani Gas Limited, India CIN No.:U40100GJ2005PLC046553 · Wilmar Japan Company Limited, Japan · Vishkaha Industries, India · Adani Mundra Sez Infrastructure Private Limited, India CIN No.:U45208GJ2006PTC048538 · Adani Agri Fresh Limited, India CIN No.:U63022GJ2004PLC045143 · Adani Properties Private Limited, India CIN No.:U45201GJ1995PTC026067 · Rajshri Packagers Limited, India · Natural OLEO chemicals Sdn Bhd, Malaysia · PGEO Marketing Sdn Bhd, Malaysia · Wilmar Europe Trading BV, Netherlands · Adani Global Pte Limited · Chemoil Adani Private Limited · Adani Welspun Exploration Limited · Adani D.A.V. School · Karnavati Aviation Private Limited · Adani Agri Logistics Limited CIN No.:U63090GJ2005PLC045356 |
|
|
|
|
Subsidiary : |
· Rajshri Packagers Limited · Satya Sai Agroils Private Limited, India CIN No.:U15143MP1998PTC013182 · Acalmar Oils and Fats Limited, India · Golden Valley Agrotech Private Limited, India CIN No.:U23200GJ2010PTC060954 · Krishnapatnam Oils and Fats Private Limited, India (Step-down Subsidiary) CIN No.:U74999GJ2008PTC066006 |
|
|
|
|
Joint Venture : |
· AWN Agro Private Limited, India · Vishakha Polyfab Private Limited, India · K.T.V. Health Food Private Limited, India · KOG-KTV Food Products(I) Private Limited, India · Varadraja Agro Industries Private Limited, India · KTV Health Food Private Limited, India |
CAPITAL STRUCTURE
As on: 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181050000 |
Equity Shares |
Rs.10/- each |
Rs. 1810.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109358706 |
Equity Shares |
Rs.10/- each |
Rs. 1093.590
Millions |
|
|
|
|
|
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 |
1093.590 |
1093.590 |
1013.470 |
|
(b) Reserves & Surplus |
6620.350 |
5726.520 |
5001.560 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
721.050 |
|
Total
Shareholders’ Funds (1) + (2) |
7713.940 |
6820.110 |
6736.080 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2415.920 |
2791.160 |
3609.540 |
|
(b) Deferred tax liabilities (Net) |
1128.840 |
555.150 |
505.770 |
|
(c) Other long term liabilities |
208.970 |
111.630 |
36.310 |
|
(d) long-term provisions |
35.390 |
29.500 |
26.040 |
|
Total Non-current Liabilities (3) |
3789.120 |
3487.440 |
4177.660 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
23427.800 |
7439.750 |
6530.470 |
|
(b) Trade payables |
21057.340 |
18737.080 |
13168.210 |
|
(c) Other current liabilities |
1782.570 |
3756.320 |
1782.420 |
|
(d) Short-term provisions |
118.310 |
5.250 |
7.000 |
|
Total Current Liabilities (4) |
46386.020 |
29938.400 |
21488.100 |
|
|
|
|
|
|
TOTAL |
57889.080 |
40245.950 |
32401.840 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12281.480 |
6728.050 |
6194.560 |
|
(ii) Intangible Assets |
10.120 |
9.040 |
4.120 |
|
(iii) Capital work-in-progress |
1028.940 |
2077.990 |
377.240 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1326.330 |
1569.020 |
1071.580 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1088.990 |
1525.380 |
1343.900 |
|
(e) Other Non-current assets |
6.200 |
4.650 |
0.030 |
|
Total Non-Current Assets |
15742.060 |
11914.130 |
8991.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
14077.560 |
11247.210 |
14962.920 |
|
(c) Trade receivables |
6077.560 |
5195.100 |
4510.500 |
|
(d) Cash and cash equivalents |
16154.220 |
7339.800 |
1764.940 |
|
(e) Short-term loans and advances |
4257.300 |
3642.040 |
1418.730 |
|
(f) Other current assets |
1580.380 |
907.670 |
753.320 |
|
Total Current Assets |
42147.020 |
28331.820 |
23410.410 |
|
|
|
|
|
|
TOTAL |
57889.080 |
40245.950 |
32401.840 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
142534.980 |
120427.280 |
85402.490 |
|
|
|
Other Income |
1132.360 |
915.360 |
606.900 |
|
|
|
TOTAL (A) |
143667.340 |
121342.640 |
86009.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
93754.230 |
66325.850 |
57191.610 |
|
|
|
Purchases of stock-in-trade |
30181.650 |
39534.770 |
17915.880 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(180.150) |
(22.950) |
(939.650) |
|
|
|
Employee benefit expense |
833.020 |
632.280 |
532.100 |
|
|
|
Other expenses |
14918.010 |
12549.420 |
9876.930 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.840 |
|
|
|
TOTAL (B) |
139506.760 |
119019.370 |
84577.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4160.580 |
2323.270 |
1431.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2381.750 |
1824.230 |
1034.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1778.830 |
499.040 |
396.710 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
549.400 |
363.610 |
306.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1229.430 |
135.430 |
90.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
475.220 |
51.410 |
19.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
754.210 |
84.020 |
70.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
100.980 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
0.000 |
|
|
|
Dividend |
NA |
NA |
0.000 |
|
|
|
Tax on Dividend |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
171.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
23475.710 |
31944.550 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
6.90 |
0.77 |
0.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.52 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.86 |
0.11 |
0.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21 |
0.38 |
0.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.36 |
1.50 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.95 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1,013.470 |
1,093.590 |
1,093.590 |
|
Reserves & Surplus |
5,001.560 |
5,726.520 |
6,620.350 |
|
Net
worth |
6,015.030 |
6,820.110 |
7,713.940 |
|
|
|
|
|
|
long-term borrowings |
3,609.540 |
2,791.160 |
2,415.920 |
|
Short term borrowings |
6,530.470 |
7,439.750 |
23,427.800 |
|
Total
borrowings |
10,140.010 |
10,230.910 |
25,843.720 |
|
Debt/Equity
ratio |
1.686 |
1.500 |
3.350 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
85,402.490 |
120,427.280 |
142,534.980 |
|
|
|
41.011 |
18.358 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
85,402.490 |
120,427.280 |
142,534.980 |
|
Profit |
70.280 |
84.020 |
754.210 |
|
|
0.08% |
0.07% |
0.53% |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PRESS RELEASE
ADANI WILMAR TO EXTEND
FORTUNE BRAND TO OTHER COMMODITIES
Ahmedabad-based Adani Wilmar is planning to extend its flagship edible oil brand Fortune into other commodities such as basmati rice, pulses, dal, besan, nuggets over the next one to two years.
The company, a joint venture between Singapore’s Wilmar International and India’s Adani Group, had undertaken a market survey on the possible extensions of the Fortune brand about two years back. “Fortune is a trusted brand among Indian households. Extending product offerings makes under the established brand more sense than creating new brands,” said Angshu Mallick, COO, Adani Wilmar.
The company had already done the test marketing for pulses under the Jubilee brand. As it would launch the whole range of commodity products under the flagship Fortune brand, the Jubilee brand will be “killed”, he said, adding that Jubilee was created for test marketing only.
The products will pushed through Adani Wilmar’s existing network of one million retail outlets across the country. “We wish to launch all commodity products under the Fortune brand. However, we will not enter the ready-to-eat or ready-to-cook segment,” said Mallick.
All the pulses products will be produced and packed at its Haldia factory which
will be ready by May 2013. “We are also planning to augment capacities at all
our factories over the next six to 12 months. The augmentation would
essentially include setting up high-speed packaging lines. The capex this year
is likely to be higher than the earlier years,” he added.
The company on an average spends about Rs 2000.000 millions to Rs 2500.000
millions in capacity expansion every year.
The eastern region has emerged as one of the key growth markets for Adani
Wilmar with consumption in Bihar rising. “East is going to be focus the next
year,” he said.
Adani Wilmar expects a 20-25 per cent increase in volume during 2013, from
about 18 per cent volume growth during 2012. It hopes to close the fiscal year
2012-13 with more than 20 per cent growth over Rs 125000.000 millions e
reported the previous fiscal year. “We target a 15-20 per cent revenue growth
during FY14,” said Mallick.
Wooed by the healthy properties of rice bran, Adani Wilmar has launched
100 per cent rice bran edible oil early this month. Marico’s Saffola Gold and
Agrotech’s Sundrop Heart are products that blend rice bran with other oils such
as sunflower or kardi.
Adani Wilmar has priced the product at Rs 115, much lower than the rice bran
branded ones which are priced at Rs 150 a litre.
The overall edible oil market in volume terms is pegged at around 17 million
metric tonnes. Of this, palm oil alone constitutes 9.500 million metric tonnes.
With the balance consisting of soyabean oil and mustard oil at two million
metric tonnes each, sunflower oil at 1.200 million metric tonnes and coconut
oil at 500,000 metric tonnes.
Rice bran oil, considered an emerging segment, has only about 200,000 metric
tonnes at the moment in branded form.
According to Mallick, prices of edible oil are likely to come down by about
10-15 per cent by April 2013, as estimated based on the weather conditions this
year.
MARICO CASE AGAINST
ADANI WILMAR'S FORTUNE OIL DISMISSED
The Delhi High Court today dismissed applications filed by Marico Limited, makers of Saffola, against edible oil company Adani Wilmar, which makes Fortune refined oil. According to a press release issued by Adani Wilmar today, Marico had alleged disparagement of its products under the brand Saffola through the campaigns made by Fortune on television and in print media. Marico had instituted two suits before the Delhi High Court against Adani Wilmar in this connection.
Adani Wilmar's television campaigns had claimed that rice bran oil is the
healthiest oil in the world for its cholesterol-reducing attributes. The
release says the comparison advertisement through print media has shown that
the quantity of oryzanol in Fortune Rice Bran oil is much higher than
the amount present in leading brands like Saffola Gold and Sundrop Heart.
Oryzanol is a cholesterol-reducing natural anti-oxidant.
In the verdict dismissing Marico's application, an electronic copy of which is
available with Business Standard, the High Court has pointed out that Marico
had nowhere challenged the benefits of Oryanol as claimed by Adani Wilmar. It
asl stated, "The promotion of a robust market for trade and commerce
requires that the Courts grant some latitude to the advertisers in designing
and crafting their pitch to the consumers..."
Welcoming the High Court's ruling, Angshu Mallick, COO, Adani Wilmar, claimed
that the benefits of rice bran oil are proven and are supported by numerous
research papers published worldwide. He said even the Government of India’s
paper presented in the eighteenth session of Codex Committee on Fats and Edible
Oils details the tremendous health potential that rice bran oil has.
COOKING OIL RATES UP
MARGINALLY ON COSTLIER IMPORTS
Edible oil prices have increased by up to Rs 3 per litre in the retail market as imports have become costlier due to fall in the rupee value and could rise more if the currency further depreciates against dollar.
Leading edible oil firms Adani Wilmar and Ruchi Soya that
sell cooking oils under Fortune and Ruchi Gold, respectively, have already
raised the retail price.
India imports nearly 10 million tonnes of edible oil, which is about 60% of the
domestic demand. At present, the import duty on crude edible oil is 2.5% and
7.5% on refined edible oil.
"Rupee depreciation has an impact on all commodities including edible
oils. There will be marginal impact on domestic prices as import cost has
increased by 7-8%," Solvent Extractors Association Executive
Director B V Mehta told PTI.
"The free fall in rupee against the US dollar will impact edible oil
prices by Rs 3-5 per litre in the domestic market. Some of it has been absorbed
by the manufacturers and some bit has been passed on to consumers," he
added.
When contacted, Adani Wilmar Chief Operating Officer Angshu Mallick said the
imported edible oils have become costlier by Rs 4.50 per litre because of rupee
depreciation from around Rs 54 to over Rs 58 currently.
"We have increased the retail prices two times in the last 15 days by 50
paise each. Currently, we are holding on to the price. We will assess the
situation and take a call on further increase in price in next seven
days," Mallick said.
Mehta of industry body SEA said that the price increase would not be much as
the global prices are lower by about 30% from the last year's level.
"In the recent past, edible oil prices in India remained subdued due to
lower domestic demand and adequate global supply. However, since last 3-4
weeks, prices of major edible oil have been rising due to unfavourable USD-INR
ratio. In the last 25 days, there has been increase of Rs 2-3 per litre in the
retail segment," Ruchi Soya Managing Director Dinesh Shahra said.
Edible oil companies are, however, expecting that the normal monsoon this year
would boost oilseeds production keeping a check on retail prices.
According to SEA, there will not be fall in import volumes because of weak
ruppe as global prices continue to rule lower compared to the last year's
level.
For instance, global price of palm oil is around $840 a tonne now, down from
$1040 per tonne level in the year-ago period, it said.
Overall, vegetable oil imports in the 2012-13 oil year (November-October) is
expected to 10.7-10.8 million tonnes, against 10.2 million tonnes last year,
due to increase in consumption following rise in population and income level.
The total consumption of vegetable oil in the country is about 17.5 million
tonnes.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10228244 |
08/02/2013 * |
500,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
B69188399 |
|
2 |
10227256 |
08/02/2013 * |
1,000,000,000.00 |
ALLAHABAD BANK |
S.P. NAGAR BRANCH, ACME CENTRE, NEAR NAVRANGPURA |
B69285195 |
|
3 |
10226450 |
08/02/2013 * |
1,200,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67748707 |
|
4 |
10209549 |
08/02/2013 * |
500,000,000.00 |
STATE BANK OF HYDERABAD |
GROUND FLOOR, NAGINDAS CHAMBERS, ASHRAM ROAD, USMANPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B68764497 |
|
5 |
10169260 |
08/02/2013 * |
850,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67749945 |
|
6 |
10167006 |
08/02/2013 * |
1,000,000,000.00 |
BANK OF BARODA |
OPP. NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B69284677 |
|
7 |
10144264 |
25/10/2010 * |
350,000,000.00 |
ORIENTAL BANK OF COMMERCE |
NEELKAMAL BUILDING, OPP. SALES INDIA, ASHRAM ROAD |
A98710395 |
|
8 |
10170537 |
08/02/2013 * |
350,000,000.00 |
ORIENTAL BANK OF COMMERCE |
NEELKAMAL BUILDING, OPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B69887271 |
|
9 |
90105143 |
13/07/2005 * |
2,186,600,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NAVJIVAN TRUST NEW BUILDING, B/H.. GUJARAT VIDYAPITH, NAVJIVAN P.O., AHMEDABAD, GUJARAT - 380014, INDIA |
- |
|
10 |
90104974 |
08/02/2013 * |
45,130,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67747857 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Electrical Fittings
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computer Equipments
·
Vehicles
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. 59.95 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.