MIRA INFORM REPORT
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Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
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Name : |
USHER AGRO LIMITED |
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Registered
Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road
Andheri (West), Mumbai – 400053, Maharashtra |
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Country : |
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Financials (as
on) : |
30.06.2014 |
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Date of
Incorporation : |
26.06.1996 |
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Com. Reg. No.: |
11-100380 |
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Capital
Investment / Paid-up Capital : |
Rs.380.590 Millions |
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CIN No.: [Company Identification
No.] |
L01100MH1996PLC100380 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU02026D |
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PAN No.: [Permanent Account No.] |
AAACU1095N |
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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 Rice and Wheat. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = BBB+ |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk |
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Date |
09.01.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit
risk |
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Date |
09.01.2014 |
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 PARTED BY
|
Name : |
Mr. Hemant Chaturvedi |
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Designation : |
Finance Department |
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Contact No.: |
91-22-39381100 |
LOCATIONS
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Registered Office / Corporate Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road
Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-39381100 |
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Fax No.: |
91-22-39381123 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Marketing Office : |
405, Pearls Best Heights-II, Netaji Subhas Place, |
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E-Mail : |
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Plant 1 : |
158, Gohari, Delhi- Agra Highway, Chhata, District
Mathura – 281001, Uttar Pradesh, India |
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Plant 2 : |
632-634, Duatana, Delhi Agra Highway, Chhata, District Mathura –
281001, Uttar Pradesh, India |
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Plant 3 : |
239, Maholi, Krishna Nagar, Off Delhi- Agra Highway, Mathura, District
Mathura - 281004, Uttar Pradesh, India |
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Plant 4 : |
Plot No. 1898, Chaubeji ki Chhavani. Jalilpur Thana, Rajpur, District
Buxar - 801144, Bihar, India |
DIRECTORS
As on 30.06.2014
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Name : |
Dr. Vinod Kumar Chaturvedi |
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Designation : |
Managing Director |
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Address : |
B-5/202, Mangal Nagar, Yari Road, Andheri West, Mumbai-40006, Maharashtra, India |
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Date of Birth : |
01.08.1965 |
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Date of Appointment
: |
30.12.2000 |
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Name : |
Mr. Manoj Pathak |
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Designation : |
Whole Time Director |
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Qualification : |
Graduate in Commerce and law |
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Name : |
Mr. Vijay Ranchan |
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Designation : |
Non-Executive Independent Director |
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Address : |
Plot No. 131, Sector 8, Gandhinagar-382000, Gujarat, India |
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Date of Birth : |
01.10.1942 |
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Date of Appointment
: |
30.12.2004 |
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Qualification : |
Master degree in Arts |
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Name : |
Mr. Ajay Prakash Arora |
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Designation : |
Non-Executive Independent Director |
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Address : |
305, Wing 3-B, Dheeraj Enclave, Borivali (East), Mumbai – 400066, Maharashtra, India |
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Date of Birth : |
08.05.1941 |
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Date of Appointment
: |
29.12.2006 |
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Qualification : |
Master Degree in Commerce and is a Certified Associate of Indian Institute
of Bankers (CAIIB). |
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Name : |
Mr. Prakash Arora |
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Designation : |
Non-Executive Independent Director |
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Qualification : |
Graduate in Animal Science |
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Name : |
Mr. Prem Chand Tiwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mrs. Baljinder Kaur Mandal |
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Designation : |
Nominee Director IDBI Bank (Appointed 29.06.2013) |
KEY EXECUTIVES
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Name : |
Mrs. Sarika S. Singh |
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Designation : |
Company Secretary |
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Name : |
Mr. Hemant Chaturvedi |
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Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 30.09.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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8308630 |
21.83 |
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3953740 |
10.39 |
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3953740 |
10.39 |
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12262370 |
32.22 |
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Total
shareholding of Promoter and Promoter Group (A) |
12262370 |
32.22 |
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(B)
Public Shareholding |
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1554465 |
4.08 |
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2844767 |
7.47 |
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4399232 |
11.56 |
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9355643 |
24.58 |
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4725676 |
12.42 |
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6029057 |
15.84 |
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1287061 |
3.38 |
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860144 |
2.26 |
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424728 |
1.12 |
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2189 |
0.01 |
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21397437 |
56.22 |
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Total
Public shareholding (B) |
25796669 |
67.78 |
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Total
(A)+(B) |
38059039 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
38059039 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject engaged in the business of food processing, mainly basic food i.e. wheat, rice, pulses and power generation from biomass. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash / Advance Payment / L/C |
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Purchasing : |
Cash / Advance Payment / L/C |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings
Short Term Borrowings * Cash credit /working capital credit
facilities are secured by way of first pari passu charge over the entire
current assets and second pari passu charge over the entire Immovable and moveable
fixed assets of the company, both present and future created in favour of
respective banks/trustees along with personal guarantees of the Directors of
the company namely Dr. Vinod K. Chaturvedi and Mr. Manoj Pathak. |
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Banking
Relations : |
-- |
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Statutory Auditor : |
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Name 1 : |
Parekh Shah and Lodha Chartered Accountants |
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Address : |
3111-EEE, BKC Center, Laxmi Industrial Eastae, New Link
Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-30706021-40 |
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Fax No.: |
91-22-30706033 |
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E-Mail : |
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Name 2 : |
Ajmera Ajmera and Associates Chartered Accountants |
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Internal
Auditors: |
Dinesh Bangar and Company Chartered Accountants |
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Cost
Auditor : |
NKJ and Associates Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Company : |
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Wholly Owned Foreign Subsidiary Company
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Enterprises
owned or significantly influenced by key management personnel or their relatives : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38059039 |
Equity Shares |
Rs. 10/- each |
Rs.380.590 Millions |
a) A reconciliation of the number of shares
outstanding at the beginning and at the end of the accounting year, is set out
below:
|
Equity Shares |
|
Number
of Shares |
|
Shares outstanding at the beginning of the year |
|
38059039 |
|
Shares issued during the year |
|
-- |
|
Shares outstanding at the end of the year |
|
38059039 |
b) The Company has only one class of equity shares having a par value of Rs. 10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 1956 below:
c) There are nil number of shares (P.Y. Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate.
d) Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Vinod Kumar Chaturvedi |
4692470 |
12.33% |
|
Mr. Manoj Pathak |
3284060 |
8.63% |
|
Narayani Nivesh Nigam Private Limited |
2008740 |
5.28% |
|
Hi Tech Housing Projects Pvt Limited |
- |
- |
|
Elara India Opportunities Fund Limited |
2590312 |
6.81% |
|
Parin Trading Private Limited |
- |
- |
|
Abhi Ambi Financial Services Limited |
4951893 |
13.01% |
e)
There
are nil number of shares reserved for issue under option and contracts
/commitment for the sale of shares/disinvestment including the terms and
amounts.
f)
For
the period of five years immediately preceding the date as at which the balance
sheet is prepared
|
Equity Shares |
Number
of Shares |
|
Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being received in cash |
Nil |
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Aggregate number and class of shares allotted as fully paid-up by way of bonus shares. |
Nil |
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Aggregate number and class of shares bought back |
Nil |
g)
During
the year there are no securities issued/converted which are convertible into
equity/preference shares. However On 15th December 2009 the company has issued 6000000
warrants on preferential basis to the promoters and others to raise Rs. 2,460
lacs through preferential allotment. out of which, 1000000 warrants and
50,00,000 warrants have been converted in to equity share in financial year
2009-10 and 2010-11 respectively.
h)
There
are no calls unpaid including calls unpaid by Directors and Officers as on
balance sheet date
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
380.590 |
380.590 |
380.590 |
|
(b) Reserves & Surplus |
3458.173 |
2788.707 |
2335.099 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3838.763 |
3169.297 |
2715.689 |
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1977.559 |
1837.646 |
1136.835 |
|
(b) Deferred tax liabilities (Net) |
70.636 |
113.437 |
97.986 |
|
(c) Other long term
liabilities |
146.394 |
0.144 |
0.150 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2194.589 |
1951.227 |
1234.971 |
|
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|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5296.933 |
4252.242 |
3360.728 |
|
(b) Trade
payables |
910.867 |
494.760 |
331.082 |
|
(c) Other
current liabilities |
669.767 |
321.999 |
381.541 |
|
(d) Short-term
provisions |
67.929 |
172.900 |
162.321 |
|
Total Current
Liabilities (4) |
6945.496 |
5241.901 |
4235.672 |
|
|
|
|
|
|
TOTAL |
12978.848 |
10362.425 |
8186.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3593.712 |
1382.702 |
1522.904 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
300.187 |
1406.702 |
439.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
172.535 |
172.536 |
170.265 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
63.783 |
118.059 |
8.866 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4130.217 |
3079.999 |
2141.435 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5668.764 |
4092.080 |
3170.877 |
|
(c) Trade
receivables |
2649.098 |
2398.468 |
2080.618 |
|
(d) Cash
and cash equivalents |
140.432 |
325.387 |
533.988 |
|
(e)
Short-term loans and advances |
155.525 |
152.745 |
106.760 |
|
(f) Other
current assets |
234.812 |
313.746 |
152.654 |
|
Total
Current Assets |
8848.631 |
7282.426 |
6044.897 |
|
|
|
|
|
|
TOTAL |
12978.848 |
10362.425 |
8186.332 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12,228.201 |
9,493.389 |
8,116.973 |
|
|
|
Other Income |
15.425 |
22.315 |
19.602 |
|
|
|
TOTAL (A) |
12,243.626 |
9,515.704 |
8,136.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
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|
|
|
|
|
Cost of Materials Consumed |
9,916.511 |
7,905.211 |
6,871.259 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
94.969 |
(180.310) |
(185.245) |
|
|
|
Employees benefits expense |
126.572 |
102.262 |
85.717 |
|
|
|
Other expenses |
481.918 |
381.470 |
275.621 |
|
|
|
Exceptional Items |
(19.511) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
10,600.459 |
8,208.633 |
7,047.352 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,643.167 |
1,307.071 |
1,089.223 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
766.593 |
504.574 |
390.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
876.574 |
802.497 |
698.759 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
205.906 |
150.179 |
146.496 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
670.668 |
652.318 |
552.263 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.202 |
198.710 |
128.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
669.466 |
453.608 |
423.329 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1,308.886 |
965.278 |
718.301 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debt Redemption Reserve |
300.000 |
50.000 |
50.000 |
|
|
|
Proposed Dividends |
0.000 |
0.000 |
57.089 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
9.263 |
|
|
|
Transfer to Reserves |
60.000 |
60.000 |
60.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1,618.352 |
1,308.886 |
965.278 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
494.443 |
798.283 |
433.117 |
|
|
TOTAL EARNINGS |
494.443 |
798.283 |
433.117 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
153.430 |
2.722 |
0.000 |
|
|
TOTAL IMPORTS |
153.430 |
2.722 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.59 |
11.92 |
11.12 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.47 |
4.78 |
5.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.44 |
13.77 |
13.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.36 |
7.43 |
7.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.90 |
1.92 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.39 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06..2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
380.590 |
380.590 |
380.590 |
|
Reserves & Surplus |
2335.099 |
2788.707 |
3458.173 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2715.689 |
3169.297 |
3838.763 |
|
|
|
|
|
|
long-term borrowings |
1136.835 |
1837.646 |
1977.559 |
|
Short term borrowings |
3360.728 |
4252.242 |
5296.933 |
|
Total
borrowings |
4497.563 |
6089.888 |
7274.492 |
|
Debt/Equity
ratio |
1.656 |
1.922 |
1.895 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.06..2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
8,116.973 |
9,493.389 |
12,228.201 |
|
|
|
16.957 |
28.808 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.06..2013 |
30.06.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
8,116.973 |
9,493.389 |
12,228.201 |
|
Profit |
423.329 |
453.608 |
669.466 |
|
|
5.22% |
4.78% |
5.47% |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
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) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
30.06.2014 Rs.
In Millions |
30.06.2013 Rs.
In Millions |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable on Demand- From Other Parties |
80.987 |
83.551 |
|
Total |
80.987 |
83.551 |
CORPORATE OVERVIEW
Subject is engaged in the business of food processing, mainly basic food i.e. wheat, rice and pulses. The Company is having manufacturing facilities for rice, wheat & pulses milling. The company is also engaged in Bio Mass Power generation and Logistic, however the operations in these two segments are comparatively not significant and mainly for captive purpose only.
FINANCIAL RESULTS
Company has achieved stabilization of all of its existing Rice and Wheat milling capacities, which are operational now at optimum capacity utilization levels, except newly installed capacity expansion which have commenced commercial operations in the current financial year. The enhancement of production capacities and consolidation of processes and systems derived the synergies and optimized the use of available resources because of which the Company is being able to maintain its growth despite of prevailing difficult economic and market conditions.
During the year the sales and other income of the Company have increased to Rs.12243.626 Millions from Rs.9515.704 Millions in the previous year, recording a growth of over 28.67%. Profit after tax also increased to Rs. 669.466 Millions against that of Rs.453.608 Millions in previous year, registering a growth of 47.59%. Management of the Company under the direction of the Board of Director continued to achieve the targets of cutting down the cost of operations and bettering the efficiency by using better alternated resources/means and methods of operation.
FUTURE OUTLOOK
A) Capacity Expansion and Pulses Initiative
With an overall vision to emerge as one stop solution to allbasic food, the Company has embarked on the increase of its Rice Milling capacity and setting up a plant for Pulse and Pulse Flour milling capacity at Chhata, U.P. The Company has successfully commissioned a Rice Milling Plant of 4,86,000 TPA after which total Rice milling capacity stands to 1,081,440 TPA. In addition, the company has also successfully commissioned a pulses processing mill with a capacity of 105,600 TPA and a pulses flour mill with a capacity of 23,100 TPA. The Company is proud to state that the machineries for the said expansion projects have been imported from world class manufacturers from Japan and Switzerland. Successful commissioning of said expansion projects have ensured a significant step towards the vision to become a complete basic food miller.
B) Rice fortification plant
The Company has successfully commissioned imported rice fortification plant. The Company is selling the fortified rice to the mid-day meal projects of various states of the government through Programme for Appropriate Technology in Health (PATH). The said plant has already commenced its commercial production in November 2012. In view of the high profitability of the rice fortification plant, Usher Agro Ltd. is also planning to further increase the production capacity of fortified rice in the future. The Company also envisions exporting fortified rice to other countries. Fortified rice prevents loss of iron and vitamins from rice during the milling process.
C) Venture into Silica
Subject has successfully commenced commercial production of the Silica plant at Chhata Mathura. The technology for the manufacturing of silica has been taken from IISC Bangalore, which is a patented technology and Usher Agro Ltd. is the first company to implement this novel project first time in the world. Now the Company will be in a position to supply ecofriendly green silica at competitive rate to the customers. Significant work has been done in the area of marketing of silica manufactured by this plant to global players. Also in the long run the Company envisions setting up a 50TPD Silica Plant in its subsidiary Company i.e. Usher Eco Power Limited. This plant will produce silica from Rice Husk Ash through the said patented technology. This will further improve operational efficiency of the Company by value added use of waste i.e. Rice Husk Ash.
D) Modernization and Capacity Expansion of Rice
Milling facilities at Buxar- Bihar
Rice Milling process and technology has seen good amount of progress during the last five years, in keeping pace with the advancement in the technology we have modernized the existing rice milling facility at Buxar and also additional capacity of 46,800 MTPA rice milling at the same complex has been added during the current year thereby making the total rice milling capacity to 93,600 MTPA at Buxar.
E) Setting up of 1 MW Captive Power Plant at Buxar- Bihar
With the above rice milling capacity expansion project at Buxar- Bihar availability of rice husk, a bye-product of rice milling, will increase. To take the advantage of the availability of bye product and to be self-reliant on the power front the Company has setup a gasifier power plant of 1 MW at Buxar, Bihar for captive use. This power plant will help to reduce the cost of operation with better efficiencies and better efficient value added utilization of Bye product.
F)
Expansion
of Wheat milling Capacity at Mathura
Currently we are having 75,000 MTPA wheat milling capacity at Mathura and the Company has expanded its existing wheat milling capacity by 50,000 MTPA to make total wheat milling capacity of 1,25,000 MTPA. This capacity expansion has increased the existing wheat milling capacity by more than 60% and also will strengthen overall commitment and vision of Company to be a one-step basic food solution.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10537628 |
18/12/2014 |
1,450,000,000.00 |
IDBI Bank Limited |
IDBI Tower, World Trade Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
C37505740 |
|
2 |
10518047 |
23/08/2014 * |
2,888,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17,, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
C19697523 |
|
3 |
10518051 |
23/08/2014 * |
6,220,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
C19698976 |
|
4 |
10481445 |
27/02/2014 |
250,000,000.00 |
Icici Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B97999239 |
|
5 |
10472268 |
27/11/2013 |
270,000,000.00 |
Bank Internasional Indonesia |
One India Bulls Center, Tower 2b, 702, 7th Floor, Elphinstone Road (West), Mumbai, Maharashtra - 400013, India |
B94280526 |
|
6 |
10366270 |
28/10/2013 * |
7,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B92239292 |
|
7 |
10193857 |
30/11/2009 |
23,000,000.00 |
Tata Capital Limited |
One Forbes, Dr V B Gandhi Marg,Fort, Mumbai, Maharashtra - 400001, India |
A76460682 |
|
8 |
10164065 |
28/06/2013 * |
2,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B80163066 |
|
9 |
10071491 |
03/08/2009 * |
75,000,000.00 |
Small Industries Development Bank Of India |
11-13,
Atlanta, Nariman Point, Mumbai, Maharashtra |
A69703775 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
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 |
|
UK Pound |
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.77.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.