MIRA INFORM REPORT
|
Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI WILMAR LIMITED |
|
|
|
|
Registered
Office : |
Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limits : |
USD 22170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture between Ahmedabad based “Adani Enterprises Limited” the flagship of
“Adani Group” and Singapore based “Wilmar Group”. It is a well established and reputed company having satisfactory track
record. There is sharp dip in profit of the company in the year 2014. However,
rating continue to factor stable demand prospects for edible oil and strong
parentage support. 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-79-25555650)
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 |
|
Experience : |
34 Years |
|
Qualification : |
M.A. |
|
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 |
|
Experience : |
27 years |
|
Qualification : |
PGDRM |
|
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 |
|
Name : |
Satbir Singh Sindhu |
|
Designation : |
Head HR (Agro) |
|
Name : |
Ravindra Kumar Singh |
|
Designation : |
Head- Technical |
|
Name : |
Sunil Chiplunkar |
|
Designation : |
Vice President (Trading) |
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. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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||||||||||||||||||||
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Exports : |
Not Divulged |
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|
|
||||||||||||||||||||
|
Imports : |
Not Divulged |
||||||||||||||||||||
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|
|
||||||||||||||||||||
|
Terms : |
Not Divulged |
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
|
Supplier : |
Not Divulged |
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|
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|
Customer : |
Not Divulged |
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|
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|
No. of Employees : |
Information Decline by the management. |
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Bankers : |
|
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|
Facilities : |
Note : (A) Details of Terms of Repayment for Secured Long Term Borrowings Particulars Terms of Repayment / No. of installments Installment Amount (Rs. in Millions.) As at 31-03-2014 Amount (Rs. in Millions.) As at 31-03-2013 Amount (Rs. in Millions.) State Bank of India Quarterly / 14 42.50 CY: - PY: 60.85 State Bank of IndiaQuarterly / 24 35.40 CY: - PY: 187.49 Oriental Bank of Commerce Monthly / 60 5.84 CY: - PY: 35.06 Allahabad Bank Quarterly / 28 35.80 CY: 542.71 PY: 692.38 Bank of Baroda Quarterly / 28 35.80 CY: 544.57 PY: 692.72 State Bank of Hyderabad Quarterly / 28 17.90 CY: 269.30 PY: 344.16 Bank of India Quarterly / 32 15.63 CY: 337.52 PY: 403.26 HDFC Bank Limited Quarterly/16 31.25 CY: 468.75 PY: - Total 188.82 CY: 2,162.85 PY: 2,415.92 Notes: 1Term Loans are secured by :- ( i )First pari passu charge by way of joint equitable mortgage by deposit of title deeds with State Bank of India and other lenders in respect of immovable properties of the company wherever situated both present and future and hypothecation of all movable assets both present and future ranking pari-passu inter-se in favour of Company's bankers. ( ii )Second pari-passu charge by way of joint hypothecation of all inventories including stores and spares and book debts, receivables, advances and other current assets both present and future. 2The term loans carries rate of interest ranging from 11.25% to 12.50% p.a. 3For Current maturities of Long Term Borrowings refer Note - 8 "Other Current Liabilities". |
|
|
|
|
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 : |
|
|
|
|
|
Subsidiary : |
|
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
AS ON: 31.03.2014
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1093.590 |
1093.590 |
1093.590 |
|
(b) Reserves & Surplus |
6662.880 |
6620.350 |
5726.520 |
|
(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) |
7756.470 |
7713.940 |
6820.110 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2162.850 |
2415.920 |
2791.160 |
|
(b) Deferred tax liabilities (Net) |
1160.800 |
1128.840 |
555.150 |
|
(c) Other long term liabilities |
861.460 |
208.970 |
111.630 |
|
(d) long-term provisions |
32.640 |
35.390 |
29.500 |
|
Total Non-current
Liabilities (3) |
4217.750 |
3789.120 |
3487.440 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
17315.190 |
23619.870 |
7439.750 |
|
(b) Trade payables |
21967.510 |
20865.430 |
18737.080 |
|
(c) Other current liabilities |
1171.510 |
1782.410 |
3756.320 |
|
(d) Short-term provisions |
13.470 |
118.310 |
5.250 |
|
Total Current Liabilities
(4) |
40467.680 |
46386.020 |
29938.400 |
|
|
|
|
|
|
TOTAL |
52441.900 |
57889.080 |
40245.950 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13759.350 |
12281.480 |
6728.050 |
|
(ii) Intangible Assets |
7.010 |
10.120 |
9.040 |
|
(iii) Capital work-in-progress |
432.910 |
1028.940 |
2077.990 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1361.500 |
1326.330 |
1569.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1284.440 |
1088.990 |
1525.380 |
|
(e) Other Non-current assets |
329.820 |
6.200 |
4.650 |
|
Total Non-Current Assets |
17175.030 |
15742.060 |
11914.130 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
12829.570 |
14077.560 |
11247.210 |
|
(c) Trade receivables |
7482.860 |
6077.560 |
5195.100 |
|
(d) Cash and cash equivalents |
10007.040 |
16154.220 |
7339.800 |
|
(e) Short-term loans and advances |
3745.640 |
4257.260 |
3642.040 |
|
(f) Other current assets |
1201.760 |
1580.420 |
907.670 |
|
Total Current Assets |
35266.870 |
42147.020 |
28331.820 |
|
|
|
|
|
|
TOTAL |
52441.900 |
57889.080 |
40245.950 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
147801.920 |
142598.930 |
120427.280 |
|
|
|
Other Income |
1978.980 |
1132.360 |
915.360 |
|
|
|
TOTAL (A) |
149780.900 |
143731.290 |
121342.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
94375.220 |
93818.180 |
66325.850 |
|
|
|
Purchases of stock-in-trade |
33388.800 |
30181.650 |
39534.770 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(1009.290) |
(180.150) |
(22.950) |
|
|
|
Employee benefit expense |
887.390 |
833.020 |
632.280 |
|
|
|
Other expenses |
17876.040 |
15134.090 |
12549.420 |
|
|
|
TOTAL (B) |
145518.160 |
139786.790 |
119019.370 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4262.740 |
3944.500 |
2323.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3465.010 |
2165.670 |
1824.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
797.730 |
1778.830 |
499.040 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
720.200 |
549.400 |
363.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
77.530 |
1229.430 |
135.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.000 |
475.220 |
51.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.530 |
754.210 |
84.020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
26481.040 |
23475.710 |
31944.550 |
|
|
|
Other Earning |
3.230 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
26484.270 |
23475.710 |
31944.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
64527.110 |
65366.940 |
37458.720 |
|
|
|
Components and Stores parts |
29.690 |
11.130 |
4.080 |
|
|
|
Capital Goods |
146.060 |
23.240 |
251.040 |
|
|
|
TOTAL IMPORTS |
64702.860 |
65401.310 |
37713.840 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.39 |
6.90 |
0.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
0.03 |
0.53 |
0.07 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
2.88 |
2.77 |
1.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.15 |
2.21 |
0.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.16 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.51 |
3.38 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.91 |
0.95 |
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 |
1093.590 |
1093.590 |
1093.590 |
|
Reserves & Surplus |
5726.520 |
6620.350 |
6662.880 |
|
Net
worth |
6820.110 |
7713.940 |
7756.470 |
|
|
|
|
|
|
long-term borrowings |
2791.160 |
2415.920 |
2162.850 |
|
Short term borrowings |
7439.750 |
23619.870 |
17315.190 |
|
Total
borrowings |
10230.910 |
26035.790 |
19478.040 |
|
Debt/Equity
ratio |
1.500 |
3.375 |
2.511 |
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 |
120427.280 |
142598.930 |
147801.920 |
|
|
|
18.411 |
3.649 |
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 |
120427.280 |
142598.930 |
147801.920 |
|
Profit/(Loss) After Tax |
84.020 |
754.210 |
42.530 |
|
|
0.07% |
0.53% |
0.03% |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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
PERFORMANCE
During the year, the company witnessed a marginal growth of 3.65% in Income from operations from Rs. 142,599 Millions. to Rs. 147,802 Millions. Other income increased by 74.82% from Rs. 1,132 Millions to Rs.1,979 Millions. However due to soyabean crop failure, overall soya industry got impacted resulting into disparity in business. The adverse duty structure on Palm oil also impacted margins to a large extent. As a result Profit after Tax witnessed a sharp decline from Rs 754 Millions in the previous year to Rs. 43 Millions for the current year. The company is continuing its focus for improving margins through innovative product development, better product mix, emphasis on branded products and control on cost. Significant measures have been taken for simplification of processes and structures which will result in improvement in productivity and efficiency across the organization.
EXPANSIONS AND
ACQUISITIONS
As a part of forward integration plan, the Company has successfully commenced production of Soap Noodles and
Euricic Acid at its Oleo Chemical Plant at Mundra (Gujarat) which has been developed with State of the Art technology and world class equipments and its products are getting good response in domestic as well as international markets.
At Haldia (West Bengal), the company has commissioned Pulses Processing Unit with cleaning, grading, splitting and colour sorting facilities having total capacity of 350 TPD. These capacities have made the company the largest single location installed plant in India.
At Alwar (Rajasthan), the company has completed capacity expansion of Mustard Seed Crushing facility from existing 50 TPD to 200 TPD backed by a fully State of the Art imported Automated Packaging facility. At Kakinada (Andhra Pradesh), the company has successfully commissioned 100 TPD Lauric Fractionation Plant for specialty fats products in order to secure higher market share in this segment. Further at Kakinada, the company has also set up and commissioned a Product Development Laboratory fully equipped with most modern technology for developing product recipes for various formulations of Lauric and Specialty Fats for Chocolates, Confectionary and Ice cream preparations.
INDUSTRY REVIEW
During the year, India continued to face low business confidence on account of high Current Account Deficit, weakened rupee, high interest rates & uncertain Global scenario.
Indonesian Government incentivized export of Refined Palmolein and discouraged Crude Palm Oil exports. This made refined Palmolein cheap in India affecting refining operations. Indian Palm refining Industry continued to suffer during the year and the Industry Associations requested Government of India to increase duty on Refined Oil but to no avail.
Soybean production in the Country also showed a large dip against estimates due to lingering rains during harvest season which resulted in deterioration of bean quality & the crush plants in the country operated at fairly low capacities.
India’s dependence on Vegetable Oil Imports continues to grow. During current year India Imported about 10.4
Million Tonnes & it is expected that this figure will increase to 11 million Tonnes during next year.
Per capita consumption in India is currently growing at about 4 - 5 % per annum and is expected to grow at the same rate in future as well.
The worldwide Soybean production continued its surge & the increase was about 17 Million Tonnes during last year. Palm oil production also showed an increase of about 2 Million Tons & both these factors would help in
keeping a check on the prices.
Ukraine is becoming a preferred origin for sun oil & this has largely made our sun crush sector irrelevant and the country is now increasingly becoming dependent on imported sun oil for meeting its demand.
Consumers are shifting from Loose Oil to Packed Oil and this trend will help the company as it is the market leader in consumer pack sales. With focus on the value added products, the company is also aggressively looking at diversifying its portfolio beyond edible oils.
PRODUCT AND MARKETING
Despite many industry challenges, the company has performed remarkably well in the last financial year and has
retained its market leadership position in the Indian cooking oil consumer pack segment with market share of more than 19 %. (Source: Nielsen RSA Report March 2014). The company is glad to announce that it has drawn up ambitious plans for the new financial year 2014-15.
Each year the company is scaling new heights with tremendous growth in terms of sales volume. With the help of a clutter-breaking brand building campaign and an acute focus on retail level market penetration, in the last year the company has witnessed a good volume growth in sales of Fortune oil.
With its new offering, Fortune Rice Bran Health oil, the company has successfully created a special niche in the cooking oil market in India. The urban health-conscious Indians are now making an informed shift from other categories of oil that they have been currently using to rice bran oil (Source: Adani Wilmar Research in Delhi, Dec 2013). Fortune Rice Bran Health oil continues to be the unanimous leader in the rice bran oil market barely 17 months after its launch with a volume share of 30%, while the closest competition caters to only 15% of the rice bran oil market (Source: Nielsen ROCP Report - March 2014).
In the last financial year, the company has launched Fortune Besan in selected markets and this year plan is to expand perimeter of those markets while at the same time drilling deeper in terms of further retail penetration. As of now Fortune Besan is doing quite good in the market. There have been good consumer reviews about this product.
Market for Soya products is emerging in India because of growing health consciousness among the urban Indian households. To cater to this need, this year the company is bringing out new offerings, Soya Nuggets. These soya chunks will soon be available in major markets in the country. The company also aims to launch other value added soya products to its product basket. The company’s long term plan would be to extend its line of offerings to various pulses and other ready-to-eat food products.
The company is driven by its vision to be a leading global player in production and marketing of Health Oils, Functional Foods and Nurtaceuticals and currently working to produce blended vegetable oil generated by refining of Rice Bran Oil by projecting the market of Health conscious India a unique gift of nature.
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. 63.46 |
|
|
1 |
Rs. 98.51 |
|
Euro |
1 |
Rs.77.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
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.