MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAYANT
AGRO-ORGANICS LIMITED |
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|
|
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Registered
Office : |
701,Tower 'A' |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.05.1992 |
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|
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Com. Reg. No.: |
11-066691 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.75.000 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L24100MH1992PLC066691 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08573F |
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PAN No.: [Permanent Account No.] |
AAACJ7581Q |
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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
: |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Sales turnover of the company has declined during financial year 2014. However, the rating reflects company’s established position in the
castor oil and caster-oil-based derivatives business, backed by its
promoters’ extensive industry experience and sound liquidity profile of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BBB+ |
|
Rating Explanation |
Moderate degree at safety and moderate credit risk |
|
Date |
16.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : A2 |
|
Rating Explanation |
Strong degree at safety and low credit risk |
|
Date |
16.12.2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-40271300
LOCATIONS
|
Registered Office / Corporate Headquarters Office : |
701,Tower 'A' Peninsula Business
Park, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40271300 |
|
Fax No.: |
91-22-40271399 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 296-300, Near GIPCL and
ECPL, Behind Gujarat Carbon Compound, IPCL - Nandesari Road, Dhanora
Post Petrochemicals, District : Vadodara- 391346, Gujarat, India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
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Factory 2 : |
Plot Nos. 601,602,624-627 and 603, Behind G.A.C.L., Post Petrochemicals,
District : Vadodara- 391346,
Gujarat, India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
|
|
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|
Lab Office : |
Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Abhay V. Udeshi |
|
Designation : |
Chairman and Executive Director (w.e.f. May 13, 2013) |
|
|
|
|
Name : |
Mr. Hemant V. Udeshi |
|
Designation : |
Managing Director |
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|
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|
Name : |
Dr. Subhash V. Udeshi |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Jayasinh V. Mariwala |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Non – Executive / Independent Director |
|
Name : |
Mr. Mukesh C. Khagram |
|
Designation : |
Non – Executive / Independent Director |
|
|
|
|
Name : |
Mr. Vithaldas G. Udeshi |
|
Designation : |
Chairman (upto April 14, 2013) |
|
|
|
|
Name : |
Mr. Deepak V. Bhimani |
|
Designation : |
Non – Executive / Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh M. Kapadia |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr.Vikram V. Udeshi |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
773946 |
5.16 |
|
|
8978830 |
59.86 |
|
|
9752776 |
65.02 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
9752776 |
65.02 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
7200 |
0.05 |
|
|
400 |
0.00 |
|
|
7600 |
0.05 |
|
|
|
|
|
|
915535 |
6.10 |
|
|
|
|
|
|
2790795 |
18.61 |
|
|
909789 |
6.07 |
|
|
623505 |
4.16 |
|
|
22505 |
0.15 |
|
|
1000 |
0.01 |
|
|
600000 |
4.00 |
|
|
5239624 |
34.93 |
|
Total
Public shareholding (B) |
5247224 |
34.98 |
|
Total
(A)+(B) |
15000000 |
100.00 |
|
|
|
|
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
15000000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
|
|
|
|
Products : |
Cosmetics, Electronics, Foods, Paper, Plastic etc. |
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|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Central Bank of India ·
State Bank of India ·
Oriental Bank of Commerce ·
Kotak Mahindra Bank Limited ·
DBS Bank Limited ·
ICICI Bank Limited |
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Facilities : |
Loans are secured against hypothecation of equipments and mortgage of
office premises acquired out of sanctioned loan amount and also secured by
way of charge on pari passu basis on block of asset (present and future) of the
Company excluding the assets which are under first charge of term lenders.
Also secured against mortgage of factory premises on pari passu basis in
consortium. Some of the term loans are personally guaranteed by promoter directors
and some of the term loans by Chief Financial Officer ("CFO") of
the company along with one of the promoter director as well as individually
by CFO. Term loan
maturity profile:
Short term loans are secured in consortium by joint deed of
hypothecation, pari passu basis on raw material, work in process, finished
goods, spares and receivables and personal guarantee of the directors. Further,
collaterally secured by equitable mortgage of all present and future
immovable properties comprising inter alia machinery, equipment, plant and
spares. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T.P. Ostwal and Associates (Registered) Chartered Accountants |
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|
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|
Holding Company : |
·
Jayant Finvest Limited |
|
|
|
|
Subsidiary companies : |
·
Ihsedu Agrochem Private Limited. ·
Ihsedu Speciality Chemicals Private Limited.
(upto September 30, 2011) ·
Ihsedu Coreagri Services Private Limited. ·
Ihsedu Itoh Green Chemicals Marketing Private
Limited |
|
|
|
|
Associate Company : |
·
Itoh Oil Chemicals Company Limited., Japan. (from
January 19, 2012) |
|
|
|
|
Enterprises Controlled by directors/relatives: |
·
Enlite Chemical Industries Limited ·
Gokuldas K. Udeshi Investments. ·
Innovative Micro Systems Private Limited. ·
Varun Leasing & Finance Private Limited. ·
Kalyan Impex Private Limited. ·
Gokulmani Agricom Limited ·
Akhandanand Engineering & Trading Company. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.75.000 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,000,000 |
Equity Shares |
Rs.5/- each |
Rs.395.000
Millions |
|
6,000,000 |
Preference Shares |
Rs.5/- each |
Rs.30.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.425.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.5/- each |
Rs.75.000 Millions |
|
|
|
|
|
Details of shareholders holding more than 5% shares
|
Name of Shareholders |
No. of Shares held |
% of Holding |
|
|
|
|
|
Jayant Finvest Limited |
7,551,390 |
50.34% |
|
|
|
|
Rights, preferences and restrictions attached to equity shares:
The company has one class of equity shares
having a face value of Rs. 5/- each per share. Each shareholder is eligible for
one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
Equity Shares held by holding company :
Holding Company:
7,551,390 (P.Y. 7,551,390) equity shares held
by Jayant Finvest Limited.
Details of shares issued otherwise than for cash/bonus shares/shares
bought back during the immediately preceding 5 years - NIL
The Authorised Equity Share Capital of the
Company has been increased pursuant to the Scheme of Amalgamation of Ihsedu
Speciality Chemicals Private Limited (ISCPL) with the Company, as sanctioned by
the Hon’ble High Court of Judicature at Bombay vide its Order dated July 6,
2012.
Short term loans are secured in consortium by
joint deed of hypothecation, pari passu basis on raw material,work in process,
finished goods, spares and receivables and personal guarantee of the directors.
Further, collaterally secured by equitable mortgage of all present and future
immovable properties comprising inter alia machinery, equipment, plant and
spares.
Working capital loan from banks is secured by
pari passu charge on current assets, hypothecation of stock and second charge
by way of mortgage on land and buildings. Corporate guarantee given by Holding
Company and personal guarantee by 4 directors of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.000 |
75.000 |
75.000 |
|
(b) Reserves & Surplus |
1746.844 |
1356.561 |
1098.899 |
|
(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) |
1821.844 |
1431.561 |
1173.899 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
257.535 |
339.027 |
291.637 |
|
(b) Deferred tax liabilities (Net) |
238.863 |
184.527 |
140.301 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.146 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
496.398 |
523.554 |
432.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1814.257 |
1821.829 |
1657.102 |
|
(b) Trade payables |
377.696 |
248.869 |
628.435 |
|
(c) Other current
liabilities |
275.977 |
224.616 |
395.080 |
|
(d) Short-term provisions |
34.430 |
78.551 |
56.392 |
|
Total Current Liabilities (4) |
2502.360 |
2373.865 |
2737.009 |
|
|
|
|
|
|
TOTAL |
4820.602 |
4328.980 |
4342.992 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1755.401 |
1553.495 |
1353.706 |
|
(ii) Intangible Assets |
0.000 |
36.952 |
50.508 |
|
(iii) Capital
work-in-progress |
0.000 |
153.760 |
96.230 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
154.903 |
64.903 |
64.903 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.820 |
78.016 |
69.403 |
|
(e) Other Non-current assets |
0.000 |
1.854 |
0.721 |
|
Total Non-Current Assets |
2003.124 |
1888.98 |
1635.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
10.000 |
|
(b) Inventories |
1018.233 |
745.118 |
831.668 |
|
(c) Trade receivables |
673.348 |
574.439 |
1079.929 |
|
(d) Cash and cash
equivalents |
90.832 |
80.577 |
144.904 |
|
(e) Short-term loans
and advances |
850.633 |
808.556 |
386.091 |
|
(f) Other current assets |
184.432 |
231.310 |
254.929 |
|
Total Current Assets |
2817.478 |
2440.000 |
2707.521 |
|
|
|
|
|
|
TOTAL |
4820.602 |
4328.980 |
4342.992 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6560.399 |
12237.971 |
16624.214 |
|
|
|
Other Income |
191.441 |
44.152 |
59.203 |
|
|
|
TOTAL (A) |
6751.840 |
12282.123 |
16683.417 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4868.564 |
5040.316 |
6787.146 |
|
|
|
Purchases of Stock-in-Trade |
78.734 |
5024.317 |
7751.918 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and
Stock-in-Trade |
(31.337) |
128.090 |
250.427 |
|
|
|
Employee Benefits Expense |
131.201 |
131.568 |
100.330 |
|
|
|
Other Expenses |
922.065 |
1214.006 |
1107.424 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
5969.227 |
11538.297 |
15997.245 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
782.613 |
743.826 |
686.172 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
217.220 |
272.052 |
310.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
565.393 |
471.774 |
375.756 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.479 |
91.004 |
44.803 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
467.914 |
380.770 |
330.953 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.753 |
103.448 |
111.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
373.161 |
277.322 |
219.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
773.367 |
559.795 |
394.680 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
30.000 |
22.000 |
|
|
|
Dividend |
NA |
33.750 |
30.000 |
|
|
|
Corporate Dividend Tax on Dividend |
NA |
0.000 |
2.637 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
773.367 |
559.795 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value Export |
NA |
9909.781 |
14057.548 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
66.211 |
59.202 |
|
|
|
Stores & Spares |
NA |
37.528 |
21.492 |
|
|
|
Capital Goods |
NA |
0.848 |
20.733 |
|
|
TOTAL IMPORTS |
NA |
104.587 |
101.427 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share |
24.88 |
18.49 |
14.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.53 |
2.26 |
1.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.13 |
3.11 |
1.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.03 |
9.26 |
7.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.26 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14 |
1.51 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.03 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
75.000 |
75.000 |
75.000 |
|
Reserves & Surplus |
1,098.899 |
1,356.561 |
1,746.844 |
|
Net
worth |
1,173.899 |
1,431.561 |
1,821.844 |
|
|
|
|
|
|
long-term borrowings |
291.637 |
339.027 |
257.535 |
|
Short term borrowings |
1,657.102 |
1,821.829 |
1,814.257 |
|
Total
borrowings |
1,948.739 |
2,160.856 |
2,071.792 |
|
Debt/Equity
ratio |
1.660 |
1.509 |
1.137 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
16624.214 |
12237.971 |
6560.399 |
|
|
|
(26.385) |
(46.393) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
16624.214 |
12237.971 |
6560.399 |
|
Profit/(Loss) After Tax |
219.752 |
277.322 |
373.161 |
|
|
1.32% |
2.27% |
5.69% |
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 |
Yes |
|
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 |
No |
|
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 Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra, India to the
present address.
UNSECURED LOAN :
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Terms Loan From Related Parties |
NA |
97.720 |
|
Term Loan From Bank |
NA |
0.000 |
|
|
|
|
|
TOTAL |
NA |
97.720 |
|
Unsecured loan from bank is against pledge
of agri commodity of an enterprise controlled by directors and personal
guarantee of Chief Financial Officer of the Company. |
||
VIEW OF INDEX CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393993 |
12/05/2014 * |
210,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
C09677758 |
|
2 |
10212249 |
30/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
ANDHERI OVERSEAS
BRANCH, LEELA GALLERIA,1ST FLOOR, |
A83170209 |
|
3 |
10212248 |
27/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
ANDHERI OVERSEAS
BRANCH, LEELA GALLERIA,1ST FLOOR, |
A83169904 |
|
4 |
10193875 |
16/11/2010 * |
110,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, M G ROAD, MUMBAI, MAHARASHTRA - 400023,
INDIA |
B00134833 |
|
5 |
10071036 |
16/11/2010 * |
85,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00093815 |
|
6 |
10071038 |
16/11/2010 * |
545,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00123455 |
|
7 |
10071040 |
16/11/2010 * |
350,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00092270 |
|
8 |
90188898 |
08/05/2014 * |
2,450,400,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,FORT, IST FLOOR,MMO BUIL |
C11589066 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Claims against company not acknowledged as debts - |
|
|
|
Excise/Service Tax |
NA |
15.020 |
|
Income Tax |
NA |
18.182 |
|
Custom |
NA |
20.000 |
|
Guarantees Given to Banks on behalf of Enterprises Controlled by Directors - |
|
|
|
for Discounting of Bills |
NA |
200.000 |
|
for Collateral Management Arrangement
Financing Facilities |
NA |
450.000 |
|
Liability on account of co-borrowing |
NA |
81.000 |
|
Bank Guarantee Given to Peninsula Land Ltd. |
NA |
7.206 |
|
Bank Guarantee Given to GSAMB (Gujarat State Agricultural Marketing Board) |
NA |
3.000 |
|
|
|
|
|
TOTAL |
NA |
794.408 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH
JUNE, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
|
|
Quarter Ended |
|
|
|
|
|
30.06.2014 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from
Operations |
|
|
1714.266 |
|
|
Other Operating
Income |
|
|
51.626 |
|
|
Total Income From Operations (Net) |
|
|
1765.892 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
|
|
1400.683 |
|
|
Purchase
of stock in trade |
|
|
12.509 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
|
|
(40.845) |
|
|
Employee
benefits expenses |
|
|
32.592 |
|
|
Depreciation
and amortization expenses |
|
|
28.103 |
|
|
Other
expenses |
|
|
242.594 |
|
|
Total Expenses |
|
|
1675.636 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
|
|
90.256 |
|
|
|
|
|
|
|
4. |
Other
Income |
|
|
21.243 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
|
|
111.679 |
|
|
|
|
|
|
|
6. |
Finance
Cost |
|
|
64.093 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
|
|
47.586 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
|
|
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
|
|
47.586 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
13.656 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
|
|
33.930 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
|
|
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
|
|
33.930 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
|
|
75.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
--- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.5/-)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
|
|
2.26 |
|
|
b)
Basic and diluted EPS after extraordinary items |
|
|
2.26 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
|
|
5247224 |
|
|
-
Percentage of Shareholding |
|
|
34.98 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
|
|
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
|
|
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
|
|
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
|
|
9752776 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter
Group) |
|
|
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
|
|
65.02 |
|
Particulars |
Quarter Ended 30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarte |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particular |
|
|
Quarter Ended |
|
|
|
|
|
30.06.2014 (Unaudited) |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
|
|
1701.200 |
|
|
Castor Oil |
|
|
6.100 |
|
|
Power Generation |
|
|
6.966 |
|
|
Unallocated |
|
|
-- |
|
|
TOTAL |
|
|
1714.266 |
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
|
|
-- |
|
|
|
|
|
|
|
|
Net Sales/Income
From Operations |
|
|
1714.266 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
|
|
81.231 |
|
|
Castor Oil |
|
|
0.437 |
|
|
Power Generation |
|
|
5.048 |
|
|
Unallocated |
|
|
-- |
|
|
TOTAL |
|
|
86.716 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Finance cost |
|
|
64.093 |
|
|
Interest Income |
|
|
24.963 |
|
|
Other Un-allocable Expenditure net off Un-allocable income |
|
|
-- |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
|
|
47.586 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Castor Oil Derivatives |
|
|
1178.783 |
|
|
Castor Oil |
|
|
121.923 |
|
|
Power Generation |
|
|
69.820 |
|
|
Unallocated |
|
|
339.330 |
|
|
TOTAL |
|
|
1709.856 |
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant
·
Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicle
·
Leasehold Land
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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
44 |
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.