MIRA
INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SITASHREE FOOD PRODUCTS LIMITED (w.e.f. 14.02.1997) |
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Formerly Known
As : |
SITA SHREE FOOD PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
332/4/2, R.D. Udyog Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
17.04.1996 |
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Com. Reg. No.: |
10-010741 |
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Capital
Investment / Paid-up Capital : |
Rs.220.368 Millions |
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CIN No.: [Company Identification
No.] |
L15314MP1996PLC010741 |
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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 of Atta, Dall and Soya Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2210000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred loss from its operational activities during
the financial year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
January 09, 2014 |
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Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
January 09, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (91-791-2439901)
LOCATIONS
|
Registered Office/
Flour Division : |
332/4/2, R.D. Udyog Nagar, Palda Nemawar Road, Mathurawala’s Colony, Indore-452001,
Madhya Pradesh, India |
|
Tel. No.: |
91-731-2862121 / 22 / 2862200 / 2439901 / 902 / 920 |
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Fax No.: |
91-731-4068448 / 2862375 |
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E-Mail : |
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Website : |
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Soya Division : |
Village Barlai Jagir, Tehsil Kshipra, Indore, Madhya Pradesh, India |
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Tel. No.: |
91-731-6639930 |
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Fax No.: |
91-731-4068448 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Dinesh Agrawal |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Ashish Goyal |
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Designation : |
Whole Time Director |
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Name : |
Mr. Anoop Goyal |
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Designation : |
Whole Time Director |
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Name : |
Mr. Suresh Narayan Wagh |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Ganesh Prasad Sharma |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Santosh Kumar Gupta |
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Designation : |
Non-Executive Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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9068268 |
41.15 |
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3097243 |
14.05 |
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12165511 |
55.21 |
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Total shareholding
of Promoter and Promoter Group (A) |
12165511 |
55.21 |
|
(B) Public
Shareholding |
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|
|
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|
2261849 |
10.26 |
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5291120 |
24.01 |
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|
2202202 |
9.99 |
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|
116118 |
0.53 |
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|
5653 |
0.03 |
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|
110465 |
0.50 |
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|
9871289 |
44.79 |
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Total Public shareholding
(B) |
9871289 |
44.79 |
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Total (A)+(B) |
22036800 |
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) |
22036800 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Atta, Dall and Soya Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India ·
Union Bank of India · HSBC Bank Limited |
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Facilities : |
(Rs.
In Millions)
Notes: 1. During the year Company has opt fresh sanctioned credit facility from State Bank of India (Commercial Branch) Consortium with Union Bank of India (SSI Branch) of Rs. 137.83 Crore. {Total 137.83, (43.00 New + 94.83 old)} Out of this Rs. 38.08 Crore Term Loan ( included in above) and Rs. 5.40 Crore included in current liabilities (refer Note No. 07) has been disbursed during the year. 2. Classification of Total Credit Facilities is as follows:- (Rs. In Millions)
3. This Credit Facilities is Secured by Entire Assets of the Company & the personal Guaranty of following Persons Type of Facilities Total i) Dinesh Agrawal ( Managing Director) ii) Ashish Goyal ( Whole time Director) iii) Anoop Goyal ( Whole time Director) iv) Sapan Garg (Other) v) Sandesh Garg (Other) vi) GG Real Estate Private Limited (Subsidiary Company) vii) GG Infra Private Limited (Group Company) 4. Maturity profile of Term Loan are as set out below. Repayment schedule is according to sanction amount. (Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. K. Shah and Associates Chartered Accountants |
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Address : |
City Plaza, 564
M.G. Road, 2nd Floor Chamber No. 207, Near Regal Square Indore-
452001, Madhya Pradesh, India |
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Tel No.: |
91-731-2536214/4048445 |
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Mobile No.: |
91-9425057217 |
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Email: |
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Group Company : |
· Anoop Foods Limited · GG Infra Private Limited |
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Subsidiary Company
: |
GG Real Estate Limited |
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Other Related Parties : |
· Manish Trading Company · Sita Shree Marketing Limited · Usha Dall Mill |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34500000 |
Equity Shares |
Rs.10/- each |
Rs.345.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22036800 |
Equity Shares |
Rs.10/- each |
Rs.220.368 Millions |
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1. The Detail of
Share Holders Holding More than 5% Shares
|
NAME OF THE
SHAREHOLDER |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
% Held |
|
Sita Shree Marketing Private Limited |
1588957 |
7.21 |
|
Anoop Foods Limited |
1508286 |
6.84 |
|
Ashish Goyal |
2897956 |
13.15 |
|
Ruchi Agrawal |
1195035 |
5.42 |
|
Chandrika Agrawal |
- |
0.00 |
2. The reconciliation
of the No. of share of outstanding is set out Below.
|
Particulars |
AS AT 31.03.2013 |
|
|
No. of Shares |
|
Equity Shares at the beginning of the year |
22036800 |
|
Add: Share Issued |
Nil |
|
Less: Share Canceled or buy back of Equity Shares |
Nil |
|
Equity Shares at the end of the year |
22036800 |
3. Following Shares out of Shares Issued subscribed and paidup Share capital held by under mentioned company and individual against loan outstanding has been pledged by the Company in favour of State Bank of India Consortium with Union Bank of India for securing loan taken by the Sita Shree Food Products Limited of Rs. 1378.300 Millions sanctioned (utilize Rs.1100.000 Millions) (PY Rs. 951.600 Millions). Detail of Shares pledge as under.
4. There is no Shares allotted without payment being receiving in cash, share allotted by way of bonus shares and share buy back for the Period of five year immediately preceding the date of Balance Sheet.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
220.368 |
220.368 |
220.368 |
|
(b) Reserves & Surplus |
271.986 |
265.559 |
255.621 |
|
(c) Money received against share warrants |
60.376 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
552.730 |
485.927 |
475.989 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
500.735 |
181.650 |
0.379 |
|
(b) Deferred tax liabilities (Net) |
28.602 |
13.167 |
13.167 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.616 |
0.550 |
0.484 |
|
Total Non-current Liabilities
(3) |
529.953 |
195.367 |
14.030 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
571.342 |
243.260 |
214.048 |
|
(b) Trade payables |
296.129 |
10.988 |
31.884 |
|
(c) Other current liabilities |
79.364 |
15.864 |
1.153 |
|
(d) Short-term provisions |
1.558 |
5.844 |
5.850 |
|
Total Current
Liabilities (4) |
948.393 |
275.956 |
252.935 |
|
|
|
|
|
|
TOTAL |
2031.076 |
957.250 |
742.954 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
663.068 |
81.237 |
78.832 |
|
(ii) Intangible Assets |
0.366 |
0.450 |
0.078 |
|
(iii) Capital work-in-progress |
13.686 |
155.714 |
40.842 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.375 |
11.375 |
8.425 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
93.718 |
134.528 |
157.099 |
|
(e) Other Non-current assets |
1.292 |
38.087 |
25.295 |
|
Total Non-Current
Assets |
783.505 |
421.391 |
310.571 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
410.897 |
179.424 |
190.345 |
|
(c) Trade receivables |
430.004 |
247.656 |
213.995 |
|
(d) Cash and cash equivalents |
66.415 |
18.080 |
18.160 |
|
(e) Short-term loans and advances |
174.491 |
7.565 |
9.883 |
|
(f) Other current assets |
44.764 |
83.134 |
0.000 |
|
Total Current
Assets |
1126.571 |
535.859 |
432.383 |
|
|
|
|
|
|
TOTAL |
2031.076 |
957.250 |
742.954 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2112.972 |
1427.184 |
1368.594 |
|
|
|
Other Income |
17.388 |
15.324 |
17.893 |
|
|
|
TOTAL (A) |
2130.360 |
1442.508 |
1386.487 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1814.252 |
1181.546 |
815.380 |
|
|
|
Purchase of stock-in-trade |
163.724 |
61.226 |
368.103 |
|
|
|
Change in inventories of finished goods work-in-progress and stock-in-trade |
(100.523) |
52.916 |
91.396 |
|
|
|
Employee benefits expenses |
6.089 |
2.795 |
2.025 |
|
|
|
Other expenses |
172.350 |
91.902 |
66.985 |
|
|
|
TOTAL (B) |
2055.892 |
1390.385 |
1343.889 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74.468 |
52.123 |
42.598 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.163 |
31.472 |
22.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.305 |
20.651 |
19.723 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.883 |
4.878 |
4.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.422 |
15.773 |
15.222 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.994 |
5.836 |
5.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(8.572) |
9.937 |
9.373 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
81.333 |
7.606 |
16.302 |
|
|
TOTAL EARNINGS |
81.333 |
7.606 |
16.302 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
321.381 |
51.538 |
NA |
|
|
TOTAL IMPORTS |
321.381 |
51.538 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.39) |
0.45 |
0.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.40) |
0.69 |
0.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.40 |
1.11 |
1.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.45 |
2.00 |
2.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.94 |
0.87 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.94 |
1.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
220.368 |
220.368 |
220.368 |
|
Reserves & Surplus |
255.621 |
265.559 |
271.986 |
|
Net
worth |
475.989 |
485.927 |
492.354 |
|
|
|
|
|
|
long-term borrowings |
0.379 |
181.650 |
500.735 |
|
Short term borrowings |
214.048 |
243.260 |
571.342 |
|
Total
borrowings |
214.427 |
424.910 |
1,072.077 |
|
Debt/Equity
ratio |
0.450 |
0.874 |
2.177 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1,368.594 |
1,427.184 |
2,112.972 |
|
|
|
4.281 |
48.052 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1,368.594 |
1,427.184 |
2,112.972 |
|
Profit |
9.373 |
9.937 |
(8.572) |
|
|
0.68% |
0.70% |
(0.41%) |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
UNSECURED LOAN
(rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loan From Director |
88.300 |
0.000 |
|
Intercorporate loan |
26.800 |
170.000 |
|
Intercorporate loan (from other) |
2.500 |
2.500 |
|
|
|
|
|
Total |
117.600 |
172.500 |
WORKING PERFORMANCE
REVIEW
During the financial year incomes of the company is increased from Rs. 1442.508 Millions to Rs. 2130.360 Millions but resulting, loss against the profit of Rs. 9.937 Millions of previous year to Rs. (8.572) Millions. Company is having profit of Rs. 8.421 Millions before the tax. Loss is occurred due to provision of Deferred Tax Liability made during the year. There is significant increase in depreciation and finance cost during the year because of commencement of new Soya Plant of the Company. Soya plant had started commercial production from 06.02.2013 during the year. The Directors are confident and trying hard to increase the profitability during the current financial year with dedicated efforts of the management.
FUTURE DEVELOPMENT
AND ACTIVITIES
In Soya Extraction Plant at Barlai Jangir, commercial production has started as on 06/02/2013 the Extraction plant is completed and Refinery is expected to be completed by December 2013. Board of Directors has also approved the Scheme of Amalgamation of M/s GG Real Estate Private Limited (100% subsidiary) with the Company. In principle approval from NSE and BSE is also received under clause 24(f) of the Listing Agreement. Company also applied to secured creditors for their consent for the said amalgamation and also in process of filling an application with Hon’ble High Court of Madhya Pradesh for approval under section 391 and 394 of the Companies Act 1956.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Packed flour industry is growing day by day as habits of peoples residing in cities and preferably in nuclear families, is changing to purchase flour in spite of wheat. Various other products are also taking their place in market which not recognized by market earlier. Increasing demand of bakery products and its penetration in small town is also a good sign for their industry. Turnover of Company is continuously increasing, during 2012-13 Company has achieved total turnover of Rs. 2112.900 Millions out of which export turnover was of Rs. 81.300
Millions.
Much awaited Soya Extraction Plant of the Company is started commercial production from February 2013 onwards.
Company is having a 100% subsidiary Company M/s GG Real Estate Pvt. Ltd., a Company engaged in the business of real estate. At present Company has developed a multistory residential building at Indore and maximum flats of the building are sold now Board has decided to amalgamate this company with Sita Shree Food Products Ltd. Which leads to increase in net worth of the company
OUTLOOK
The outlook for the food and oil industry sounds promising. These product will always in demand subject to quality provided to customers. Development of nuclear family concept is the basic line for packed food industry i.e. Atta and other packed basic food. With high protein products we are looking forward towards export market with good amount of margin. In real estate sector, running project will provide good amount of return through its subsidiary.
SEGMENT- WISE
PERFORMACE:
The Company is engaged in the business of wheat, soya and pulses products manufacturing, trading and derivative of agro commodities in local as well as international market. In manufacturing activity of flour division turnover is Rs. 1623.800 Millions as compare to Rs. 1342.200 Millions of previous year similarly for new soya division sales of manufacturing activity is Rs.327.900 Millions as compare to Nil of previous year. In trading activity of flour division turnover is Rs. 159.000 Millions as compare to Rs. 84.500 Millions of previous year.
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Sr. No |
Particular |
STAND ALONE |
||
|
|
|
Quarter ended |
Quarter ended |
YTD Current Period Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
1511.405 |
1231.305 |
3436.856 |
|
|
Other Operating
Income |
49.474 |
17.392 |
67.850 |
|
|
Total Income From Operations (Net) |
1560.878 |
1248.697 |
3504.706 |
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1419.424 |
1059.706 |
3166.812 |
|
|
Purchase
of stock in trade |
63.779 |
39.739 |
115.950 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(144.221) |
(0.033) |
(233.871) |
|
|
Employee
benefits expenses |
4.679 |
4.413 |
13.474 |
|
|
Depreciation
and amortization expenses |
7.738 |
7.636 |
22.978 |
|
|
Other
expenses |
166.856 |
92.855 |
297.340 |
|
|
Total Expenses |
1518.256 |
1204.317 |
3382.684 |
|
3. |
Profit / (Loss)
from Operations before Other Income, Finance Costs and Exceptional Items
(1-2) |
42.622 |
44.381 |
122.021 |
|
4. |
Other Income |
- |
- |
- |
|
5. |
Profit / (Loss)
from Ordinary Activities Before Finance Costs and Exceptional Items (3 ± 4) |
42.622 |
44.381 |
122.021 |
|
6. |
Finance Costs |
39.325 |
34.593 |
106.917 |
|
7. |
Profit / (Loss) from
Ordinary Activities After Finance Costs But Before Exceptional Items (5 ± 6) |
3.297 |
9.788 |
15.104 |
|
8. |
Exceptional Items |
- |
- |
- |
|
9. |
Profit / (Loss)
from Ordinary activites before Tax (7 ± 8) |
3.297 |
9.788 |
15.104 |
|
10. |
Tax Expense |
0.610 |
1.811 |
2.794 |
|
|
Current Tax |
- |
- |
- |
|
|
Deferred Tax |
- |
- |
- |
|
11. |
Net Profit / (Loss)
from Ordinary activities after Tax (9 ± 10) |
2.687 |
7.977 |
12.310 |
|
12. |
Extraordinary Items (Net of Tax Expense Rs. _Nil_ Lakhs) |
- |
- |
- |
|
13. |
Net Profit / (Loss)
for the Period (11 ± 12) |
2.687 |
7.977 |
12.310 |
|
14. |
Share of Profit / (Loss) of Associates |
- |
- |
- |
|
15. |
Minority Interest * |
- |
- |
- |
|
16. |
Net Profit / (Loss)
after Taxes, Minority Interest and Share of Profit / (Loss) of assocites (13
± 14 ± 15)* |
2.687 |
7.977 |
12.310 |
|
17. |
Paid up Equity Share Capital (Face Value of Rs. 10/- each) |
220.368 |
220.368 |
220.368 |
|
18. |
Reserve excluidng Revalution Reserves as per Balance Sheet of Previous Accounting Year |
284.296 |
281.609 |
284.296 |
|
19. |
Convertible Warrants (Partly Paidup) Face Value of Rs. 10/- each) |
30.000 |
30.000 |
30.000 |
|
20.i |
Earnings per Share (before
extraordinary Items) (of Rs. 10/- each)
(not annualised): |
|
|
|
|
|
a) Basic |
0.12 |
0.36 |
0.56 |
|
|
b) Diluted |
0.11 |
0.32 |
0.49 |
|
20.i |
Earnings per Share
(after extraordinary Items) (of Rs. 10/- each)
(not annualised): |
|
|
|
|
|
a) Basic |
0.12 |
0.36 |
0.56 |
|
|
b) Diluted |
0.11 |
0.32 |
0.49 |
SELECT INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2013
|
Sr. No. |
Particulars |
Quarter ended |
Quarter ended |
YTD Current Period Ended |
|
A |
PARTICULARS OF
SHAREHOLDING |
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
9881289 |
9881289 |
9881289 |
|
|
-
Percentage of Shareholding |
44.79% |
44.84% |
44.79% |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
6050516 |
6050516 |
6050516 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
49.73% |
49.78% |
49.73% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
27.46% |
27.46% |
27.46% |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
6104995 |
6104995 |
6104995 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
50.27% |
50.22% |
50.27% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
27.75% |
27.70% |
27.75% |
|
Particulars |
3 Months Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SELECT INFORMATION FOR
THE QUARTER ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Sr. No. |
Particular |
STAND ALONE |
||
|
|
|
Quarter ended |
Quarter ended |
YTD Current Period Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1 |
SEGMENT REVENUE |
|
|
|
|
|
MANUFACTURING ACTIVITIES TOTAL |
2162.869 |
1190.093 |
3352.961 |
|
|
FLOUR |
929.542 |
462.979 |
1392.520 |
|
|
SOYA |
1233.327 |
727.114 |
1960.441 |
|
|
TRADING ACTIVITIES
TOTAL |
42.682 |
41.212 |
83.895 |
|
|
FLOUR |
42.866 |
41.028 |
83.895 |
|
|
SOYA |
(0.184) |
0.184 |
- |
|
|
REAL ESTATE DEVELOPMENT |
- |
- |
- |
|
|
|
|
|
|
|
|
NET OPERATIONAL
INCOME |
2205.551 |
1231.305 |
3436.856 |
|
2 |
SEGMENT RESULTS |
|
|
|
|
|
(PROFIT/(LOSS) BEFORE TAX & INTEREST FROM EACH SEGMENT |
|
|
|
|
|
MANUFACTURING
ACTIVITIES |
236.940 |
103.753 |
340.693 |
|
|
FLOUR |
22.390 |
8.072 |
30.461 |
|
|
SOYA |
214.551 |
95.681 |
310.232 |
|
|
TRADING ACTIVITIES |
0.220 |
1.290 |
1.510 |
|
|
FLOUR |
0.220 |
1.290 |
1.510 |
|
|
SOYA |
- |
- |
- |
|
|
REAL ESTATE DEVELOPMENT |
- |
- |
- |
|
|
TOTAL |
237.161 |
105.042 |
342.203 |
|
|
LESS: INTEREST & FINANCIAL CHARGES |
72.324 |
34.593 |
106.917 |
|
|
DEPRECIATION |
15.342 |
7.636 |
22.978 |
|
|
NET OF UNALLOCABLE EXPENDITURE |
144.178 |
53.026 |
197.204 |
|
|
PROFIT BEFORE TAX
(AFTER PRIOR PERIOD ADJUSTMENTS |
5.316 |
9.788 |
15.104 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
SEGMENT ASSETS - SEGMENT LIABILITIES) |
|
|
|
|
|
MANUFACTURING
ACTIVITIES TOTAL |
1231.407 |
1039.744 |
1231.107 |
|
|
FLOUR |
493.741 |
547.596 |
493.741 |
|
|
SOYA |
737.666 |
489.148 |
737.666 |
|
|
|
|
|
|
|
|
TRADING ACTIVITIES
TOTAL |
85.303 |
20.284 |
85.303 |
|
|
FLOUR |
85.303 |
20.284 |
85.303 |
|
|
SOYA |
- |
- |
- |
|
|
REAL ESTATE DEVELOPMENT TOTAL |
- |
- |
- |
|
|
UNALLOCABLE ASSETS LESS LIABILITIES TOTAL |
(716.825) |
(462.725) |
(716.825) |
|
|
GRAND TOTAL |
599.885 |
594.302 |
599.885 |
Notes:-
1. The above Unaudited results were reviewed by the audit committee and were approved and taken on record by the Board in their respective meetings held on 14th Feb, 2014
2. The previous year figures have been regrouped/reclassified wherever required.
3. The Company is having operation in two segments, whose results are produced separately. Apart from that 100% Subsidiary is operating in Real Estate Sector.
4. As per Requirement of listing agreement Company is having (a) turnover Rs.3436.856 Millions (b) profit before Tax Rs.15.104 Millions. (c) Profit after Tax Rs.12.309 Millions on
5. Comparison of Project Status as detailed in Prospectus and actual position :-
|
Capacity :- |
As per Prospectus |
Actual Project |
|
Solvent Extraction Plant |
500 TPD |
600 TPD |
|
|
(Normal) |
(High Protein) |
|
Edible Oil Refinery |
100 TPD |
200 TPD |
|
Lecithin Plant |
5 TPD |
5 TPD |
|
Flour Mill |
275 TPD |
275 TPD |
|
Soya Nuggets |
- |
50 TPD |
|
Acid Oil Plant |
- |
10 TPD |
|
Cost :- |
As per Prospectus |
Actual Project |
Upto 31.12.2013 |
|
Land & Site Development |
43.125 |
43.379 |
65.601 |
|
Factory Building & Other |
60.317 |
148.423 |
152.554 |
|
Plant & Machinery |
247.923 |
477.000 |
687.554 |
|
Other Fixed asset |
4.600 |
26.420 |
14.614 |
|
Contingencies |
8.459 |
30.926 |
5.378 |
|
Pre-operative Exp. |
17.376 |
29.383 |
0.000 |
|
Working Capital |
75.867 |
188.480 |
0.000 |
|
IPO Exp. |
23.625 |
24.712 |
0.000 |
|
TOTAL |
481.291 |
968.723 |
925.701 |
Expenditure for Plant and Machinery includes Advance for Capital Expenditure.
During the last year Soya Extraction Plant has started commercial production as on 06.02.2013. Oil refinery is about to complete, trial production expected in the month of March 2014. Delay was occurred due to acquisition of new land, inflation in project cost and increase in capacity.
7. Board of Directors has approved scheme of Amalgamation of M/s GG Real Estate Private Limited with the Company vide their meeting held on 17.05.2013. Appointed dated is 01.04.2012, after getting all the required statutory approvals, above results shall requires a revision accordingly
8. Board has proposed issue of non-convertible preference shares on preferential basis for which EGM has been called on 10.03.2014.
FIXED ASSETS:
·
Land
·
Site Development
·
·
Building under Construction
·
Office Equipment
·
Plant and Machinery
·
Mobile Phone
·
Vehicle
·
Furniture and Fixture
·
Lab Equipment
·
Computers
·
Air Conditioners
·
Electrical Installation
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
29 |
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.