MIRA
INFORM REPORT
|
Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ AGROVET LIMITED |
|
|
|
|
Registered
Office : |
Pirojsha Nagar, Eastern |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.11.1991 |
|
|
|
|
Com. Reg. No.: |
11-135359 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.126.369
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15410MH1991PLC135359 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08309A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG0617Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Marketing of Animal Feed. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of “Godrej Industries Limited”. It is a
well-established company having fine track record. The rating reflects strong financial risk profile supported by
company’s comfortable liquidity and decent capital structure. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
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.
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 PARTED BY
|
Name : |
Mr. Madam Shevanthi |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-25188010 |
|
Date : |
26.02.2014 |
LOCATIONS
|
Registered Office/ Head Office : |
Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400
079, Maharashtra, India |
|
Tel. No.: |
91-22-25188010/ 25188020/ 25188030/ 25194803 |
|
Fax No.: |
91-22-25188485 |
|
E-Mail : |
upendra.pathak@godrejagrovet.com
|
|
Website : |
|
|
|
|
|
Factory/ Plant Biotech Division : |
148/B, Kandalkoi, Medchal, R.R. District - 501 403, Andhra Pradesh,
India |
|
Tel. No.: |
91-40-23792091 |
|
Fax No.: |
91-40-23792092 |
|
|
|
|
Oil Palm Plantation Business : |
Ch Pothepalli, Dwarka, Thirumala Mandal, West Godawari Dist. Andhra Pradesh – 534451, India |
|
Tel. No.: |
91-8823-256690/ 80 |
|
Fax No.: |
91-8823-255080 |
|
|
|
|
Branches : |
Located at: ·
Ludhiana ·
Bangalore ·
Kolkata ·
Pune ·
Chandigarh ·
Secundrabad |
DIRECTORS
As on: 17.06.2013
|
Name : |
Mr. Nadir Burjorji Godrej |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
40-D, B. G. Kher Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
26.08.1951 |
|
Qualification : |
B.S. Chem. Engg. (MIT, USA), M.S. Chem. Engg. (Stanford, USA), MBA |
|
Date of Appointment : |
25.11.1991 |
|
DIN No.: |
00066195 |
|
Voter ID No.: |
MT/04/024/099721 |
|
|
|
|
Name : |
Adi Barjorji Godrej |
|
Designation : |
Director |
|
Address : |
Aashraye Godrej House, 67-H, Walkeshwar Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
03.04.1942 |
|
Qualification : |
B.S., M. S., Engg and Industrial Management, (MIT, USA) |
|
Date of Appointment : |
25.11.1991 |
|
DIN No.: |
00065964 |
|
Voter ID No.: |
MT/04/024/273279 |
|
|
|
|
Name : |
Mr. Jamshyd Naoroji Godrej |
|
Designation : |
Director |
|
Address : |
40-D, B.G. Kher Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1949 |
|
Qualification : |
B.S., M. S., (Illinois Institute of Technology, USA) |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00076250 |
|
Voter ID No.: |
MT/04/024/099982 |
|
|
|
|
Name : |
Mr. Vijay Mohan Crishna |
|
Designation : |
Director |
|
Address : |
A – 261 Grand Paradi Apartments, Dadyseth Hill, Off Augustkranti Marg,
Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
08.03.1945 |
|
Qualification : |
B.A. Economics (St. Stephens College University of Delhi) |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00066267 |
|
Voter ID No.: |
MT/04/024/009615 |
|
|
|
|
Name : |
Mr. Kavas Noshirwan Petigara |
|
Designation : |
Director |
|
Address : |
801 Citadel, 18-B, Ruparel Marg, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
10.07.1948 |
|
Qualification : |
S.B., S.M, Chem. Engg, (MIT USA) |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00066162 |
|
Voter ID No.: |
MT/04/024/108029 |
|
|
|
|
Name : |
Mrs. Tanya Arvind Dubash |
|
Designation : |
Director |
|
Address : |
Hasman Bunglow, 89B, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
14.09.1968 |
|
Qualification : |
A.B. (Economics) |
|
Date of Appointment : |
10.04.2003 |
|
DIN No.: |
00026028 |
|
|
|
|
Name : |
Mr. Sudheer Laxman Anaokar |
|
Designation : |
Director |
|
Address : |
A-204 Centre Point, Panchpakhadi, Opposite Thane Municipal
Corporation, Thane – 400 602, Maharashtra, India |
|
Date of Birth/Age : |
04.01.1943 |
|
Qualification : |
M.V. Sc, Ph. D |
|
Date of Appointment : |
29.06.1998 |
|
DIN No.: |
00236819 |
|
Voter ID No.: |
MT/10/053/031225 |
|
|
|
|
Name : |
Mr. Amit Biren Choudhury |
|
Designation : |
Director |
|
Address : |
Golden Oak, CHS Flat 304, Wing C, Hiranadani Gardens, Powai, Mumbai -
400 076, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1942 |
|
Qualification : |
M.A. , M.M.S |
|
Date of Appointment : |
08.12.2004 |
|
DIN No.: |
00557547 |
|
Voter ID No.: |
MT/07/049/1291586 |
|
|
|
|
Name : |
Ms. Nisaba Adi Godrej |
|
Designation : |
Director |
|
Address : |
Aashraye Godrej House, 67 H Walkeshwar Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1978 |
|
Qualification : |
MBA (Harvard Business School), BSSc Economics (Wharton) |
|
Date of Appointment : |
25.06.2007 |
|
DIN No.: |
00591503 |
|
|
|
|
Name : |
Mr. Balram Singh Yadav |
|
Designation : |
Managing Director |
|
Address : |
Bunglow No. G9/ 1, Godrej Hillside Colony, LBS Marg, Vikhroli (West),
Mumbai – 400 079, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1964 |
|
Qualification : |
B.Sc. (Hons.) Agri. Sci., PGDM(A) (IIM - A) |
|
Date of Appointment : |
01.09.2012 |
|
DIN No.: |
00294803 |
|
|
|
|
Name : |
Mr. Rohit Sipahimalani |
|
Designation : |
Director |
|
Address : |
House 22, Second Avenue, Singapore 266673 |
|
Date of Birth/Age : |
03.10.1966 |
|
Date of Appointment : |
17.06.2013 |
|
DIN No.: |
00904065 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Gopalkrishna Juvle |
|
Designation : |
Secretary |
|
Address : |
B14, Amita CHS Limited, Gujarat Society Road, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
|
Date of Birth/Age : |
24.09.1963 |
|
Date of Appointment : |
09.11.2011 |
|
PAN No.: |
AAJPJ5117A |
|
|
|
|
Name : |
Mr. Madam Shevanthi |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 17.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Adi Barjorji Godrej |
|
364 |
|
Nadir Barjorji Godrej |
|
296154 |
|
Godrej Industries Limited, India |
|
8419921 |
|
Rishad K. Naoroji |
|
296154 |
|
Pirojsha Adi Godrej |
|
98718 |
|
Navroze J. Godrej |
|
148077 |
|
Raika J. Godrej |
|
148077 |
|
Nyrika Vijay Crishna |
|
148077 |
|
Freyan Vijay Crishna |
|
148077 |
|
Godrej Industries Limited, India jointly with Subramanian Varadaraj |
|
1 |
|
Godrej Industries Limited, India jointly with Prafulla Janardan Bhat |
|
1 |
|
Godrej Industries Limited, India jointly with Balram Singh Yadav,
India |
|
1 |
|
Godrej Industries Limited, India jointly with Pitambar Narayan
Narkhede, India |
|
1 |
|
Tanya Arvind Dubash |
|
98718 |
|
Godrej Nisaba |
|
98718 |
|
Godrej Industries Limited, India jointly with Govindan Ramakrishna
Rishinaradamangalam |
|
1 |
|
Godrej Agrovet Limited, Employee Stock Option Trust, India |
|
586764 |
|
V – Sciences Investments PTE Limited |
|
2643407 |
|
Balram Singh Yadav |
|
92403 |
|
|
|
|
|
Total |
|
13223634 |
Equity Share Break up (Percentage of Total Equity)
As on: 17.06.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
19.99 |
|
Bodies corporate |
63.67 |
|
Directors or relatives of Directors |
9.66 |
|
Other top fifty shareholders |
6.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Animal Feed. |
|
|
|
|
Exports : |
|
|
Products : |
· Oil Palm · Animal Feed · Godrej Tyson Foods |
|
Countries : |
· Uganda · Africa Countries · Bangladesh |
|
|
|
|
Imports : |
|
|
Products : |
· Raw Materials |
|
Countries : |
· China |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
State Bank of India, Corporate Accounts Group-Central,
3rd Floor, State Bank Bhavan, Madame Cama Road, Mumbai – 400 001,
Maharashtra, India
|
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
3i Infotech
Trusteeship Services Limited, 3rd to 6th Floor,
International Infotech Park, Tower No.5, Vashi Railway Station Complex,
Vashi, Navi Mumbai – 400 703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400 001,
Maharashtra, India |
|
PAN No.: |
AAAFK7554R |
|
|
|
|
Holding company : |
Godrej Industries Limited |
|
|
|
|
Ultimate Holding company : |
Godrej and Boyce Manufacturing Company Limited |
|
|
|
|
Subsidiary company : |
·
Golden Feed Products Limited ·
Goldmohur Agrochem and Feeds Limited ·
Godrej Infotech Limited ·
Godrej Consumer Products Limited ·
Natures Basket Limited ·
Godrej Properties Limited ·
Hershey India Private Limited ·
Godrej Seeds and Genetics Limited |
|
|
|
|
Joint venture : |
·
ACI Godrej Agrovet Private Limited ·
Godrej Tyson Foods Limited |
|
|
|
|
Associate : |
·
Creamline Dairy Products Limited ·
Polchem Hygiene Laboratories Private Limited ·
Al Rahaba Trading International LLC |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives |
·
Bahar Agrochem and Feeds Limited |
|
|
|
|
Fellow Subsidiary company: |
·
Godrej International Limited |
CAPITAL STRUCTURE
As on: 17.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65150000 |
Equity Shares |
Rs.10/- each |
Rs.651.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13223634 |
Equity Shares |
Rs.10/- each |
Rs.132.236
Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50150000 |
Equity Shares |
Rs.10/- each |
Rs.501.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13223634 |
Equity Shares |
Rs.10/- each |
Rs.132.236
Millions |
|
|
Less : Amount recoverable from the Company s ESOP Trust |
|
Rs.5.867
Millions |
|
|
|
|
Rs.126.369
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
126.369 |
121.188 |
|
(b) Reserves & Surplus |
|
3736.962 |
2018.199 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3863.331 |
2139.387 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1046.403 |
46.674 |
|
(b) Deferred tax liabilities (Net) |
|
355.692 |
206.321 |
|
(c) Other long term liabilities |
|
0.000 |
6.003 |
|
(d) long-term provisions |
|
15.711 |
18.367 |
|
Total Non-current Liabilities (3) |
|
1417.806 |
277.365 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
350.000 |
1402.153 |
|
(b) Trade payables |
|
5093.424 |
4352.883 |
|
(c) Other current
liabilities |
|
1010.756 |
1016.981 |
|
(d) Short-term provisions |
|
296.791 |
5.575 |
|
Total Current Liabilities (4) |
|
6750.971 |
6777.592 |
|
|
|
|
|
|
TOTAL |
|
12032.108 |
9194.344 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2811.048 |
1573.767 |
|
(ii) Intangible Assets |
|
317.566 |
349.915 |
|
(iii) Capital
work-in-progress |
|
1245.831 |
1094.489 |
|
(iv) Intangible
assets under development |
|
0.000 |
7.362 |
|
(b) Non-current Investments |
|
1323.900 |
1275.265 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
517.995 |
434.957 |
|
(e) Other Non-current assets |
|
16.298 |
21.089 |
|
Total Non-Current Assets |
|
6232.638 |
4756.844 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2750.012 |
1936.266 |
|
(c) Trade receivables |
|
1741.854 |
1207.474 |
|
(d) Cash and cash
equivalents |
|
213.712 |
181.568 |
|
(e) Short-term loans and
advances |
|
1054.089 |
991.782 |
|
(f) Other current assets |
|
39.803 |
120.410 |
|
Total Current Assets |
|
5799.470 |
4437.500 |
|
|
|
|
|
|
TOTAL |
|
12032.108 |
9194.344 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
121.188 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2462.041 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2583.229 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
251.053 |
|
|
2] Unsecured Loans |
|
|
1358.497 |
|
|
TOTAL BORROWING |
|
|
1609.550 |
|
|
DEFERRED TAX LIABILITIES |
|
|
62.082 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4254.861 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
993.579 |
|
|
Capital work-in-progress |
|
|
157.430 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2152.335 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1456.280
|
|
|
Sundry Debtors |
|
|
1188.322
|
|
|
Cash & Bank Balances |
|
|
297.816
|
|
|
Other Current Assets |
|
|
0.053
|
|
|
Loans & Advances |
|
|
1579.577
|
|
Total
Current Assets |
|
|
4522.048
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1183.368
|
|
|
Other Current Liabilities |
|
|
2181.273
|
|
|
Provisions |
|
|
205.890
|
|
Total
Current Liabilities |
|
|
3570.531
|
|
|
Net Current Assets |
|
|
951.517
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4254.861 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
28525.973 |
21965.846 |
15983.569 |
|
|
|
Other Income |
128.924 |
220.235 |
177.693 |
|
|
|
TOTAL (A) |
28654.897 |
22186.081 |
16161.262 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
21658.899 |
16684.580 |
-- |
|
|
|
Purchases of stock-in-trade |
1189.657 |
666.727 |
-- |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(162.075) |
(178.173) |
-- |
|
|
|
Employee benefit expense |
1019.900 |
967.748 |
-- |
|
|
|
Other expenses |
3120.918 |
2652.586 |
-- |
|
|
|
Consumption Materials Changes inventories |
-- |
-- |
12831.327 |
|
|
|
Manufacturing other operating Expenses |
-- |
-- |
2815.280 |
|
|
|
TOTAL (B) |
26827.299 |
20793.468 |
15646.607 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1827.598 |
1392.613 |
514.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
231.171 |
198.289 |
128.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1596.427 |
1194.324 |
386.372 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
187.139 |
134.359 |
83.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1409.288 |
1059.965 |
302.582 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
407.699 |
251.880 |
4.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1001.589 |
808.085 |
298.004 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1419.144 |
1320.514 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
29.795 |
|
|
|
Dividend |
NA |
NA |
145.425 |
|
|
|
Tax on Dividend |
NA |
NA |
24.153 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1419.144 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
73.377 |
NA |
11.600 |
|
|
TOTAL EARNINGS |
73.377 |
NA |
11.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
NA |
|
|
|
Stores & Spares |
NA |
NA |
NA |
|
|
TOTAL IMPORTS |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81.71 |
66.68 |
24.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.50
|
3.64 |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.94
|
4.83 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.89
|
15.55 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.50 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.36
|
0.68 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.65 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
121.188 |
126.369 |
|
Reserves & Surplus |
2,018.199 |
3,736.962 |
|
Net
worth |
2,139.387 |
3,863.331 |
|
|
|
|
|
long-term borrowings |
46.674 |
1,046.403 |
|
Short term borrowings |
1,402.153 |
350.000 |
|
Total
borrowings |
1,448.827 |
1,396.403 |
|
Debt/Equity
ratio |
0.677 |
0.361 |
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 |
15,983.569 |
21,965.846 |
28,525.973 |
|
|
|
37.428 |
29.865 |
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 |
15,983.569 |
21,965.846 |
28,525.973 |
|
Profit |
298.004 |
808.085 |
1,001.589 |
|
|
1.86% |
3.68% |
3.51% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.271 |
0.000 |
0.000 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
|
Bench:- Bombay |
|||||||
|
Stamp No:- |
ITXAL/252/2013 |
Failing Date:- |
14.02.2013 |
Reg. No.:- |
ITXA/524/2013 |
Reg. Date:- |
13.03.2013 |
|
|
|||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX 10, - |
Respondent:- |
M/S GODREJ AGROVET LIMITED - |
||||
|
Petn. Adv.:- |
ARVIND PINTO |
Resp. Adv.:- |
0 |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|
||||
|
Last Date:- |
26.02.2014 |
|
|||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Term loans from banks |
1000.000 |
0.000 |
|
Deferred payment liabilities |
46.403 |
46.674 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
2.153 |
|
Rupee term loans from banks |
350.000 |
1400.000 |
|
Total |
1396.403 |
1448.827 |
GENERAL INFORMATION
Subject is a public limited company, which is domiciled and incorporated in the Republic of India. The Company an erstwhile division of Godrej Soaps limited was incorporated under the Companies Act, 1956 on November 25, 1991. The Company is a diversified agribusiness company and its principal activities include manufacturing and marketing of high quality animal feed, innovative agricultural inputs and palm oil and allied products.
REVIEW OF OPERATIONS
Revenue of the Company grew by 29% and profit before taxation grew by 33% as compared to last year. The Company’s Joint Ventures reported a poor performance on account of factors elaborated hereinafter.
JOINT VENTURE (JV)
OPERATIONS
Performance of the Company’s joint ventures, Godrej Tyson Foods Limited (GTFL) and ACI Godrej Agrovet Private Limited, Bangladesh (ACI Godrej) during the year had setback. GTFL was slammed by high feed prices and abysmal live bird prices, squeezing their margins into oblivion. ACI Godrej continued to reel under the impact of bird flu in Bangladesh.
AMALGAMATION OF OIL
PALM COMPANIES
As per the scheme of Amalgamation ("the Scheme") of Godrej Gokarna Oil Palm Limited (GGOPL), Godrej Oil Palm Limited (GOPL) and Cauvery Palm Oil Limited (CPOL), ("the Transferor Companies"), with Subject (the " Transferee Company"), with effect from April 1, 2011, ("the Appointed date") as sanctioned by the Hon ble High Court of Judicature at Bombay ("the Court"), vide its Order dated March 16, 2012, the following entries have been passed.
i) Amortisation on Intangible Assets of the Transferor Companies amounting to Rs 42.512 Millions in the current year and Rs. 42.512 Millions in the previous years recorded in the books of the Transferee Company are charged against the balance in the General Reserve Account of the Transferee Company. The Gross Book value of these Assets now held by the transferee Company is Rs. 425.118 Millions.
ii) The excess of book value of the net assets of the Transferor Company taken over, amounting to Rs. 605.532 Millions over the face value of the shares held by the transferee Company has been credited to the Securities Premium Account as per the Scheme.
Had the Scheme not prescribed the above treatment, the Goodwill would have been higher by 484.425 Millions, the balance in the Securities Premium Account would have been higher by Rs. 605.532 Millions, the balance in General Reserve have been higher by Rs. 85.024 Millions, the balance at the beginning of the year in Surplus Account would have been lower by Rs. 103.065 Millions and the profit for the year would have been lower by Rs.103.065 Millions.
AMALGAMATION OF
GODREJ GOLD COIN AQUAFEED LIMITED (GGCAL)
As per the scheme of Amalgamation ("the Scheme") of Godrej Gold Coin Aquafeed Limited (the Transferor Company), with Subject with effect from April 1,2010, ("the Appointed date") as sanctioned by the Hon ble High Court of Judicature at Bombay ("the Court"), vide its Order dated January 5, 2011, the following entries have been passed
i. The Intangible assets held by GGCAL amounting to Rs. 166.914 Millions were adjusted against the balance in the Securities Premium Account of the Company.
ii. The excess of book value of the net assets of the Transferor Company taken over, amounting to Rs. 250.571 Millions over the face value of the shares held by the transferee Company was credited to the Securities Premium Account as per the Scheme.
Had the Scheme not prescribed the treatment of adjusting Intangibles against the balance in the Securities Premium Account, The balance in Security Premium Account would have been higher by Rs. 417.485 Millions, the Intangible Assets would have been higher by Rs. 91.330 Millions, Goodwill would have been higher by Rs.175.400 Millions, the balance at the beginning of the year in Surplus Account would have been lower by Rs.100.603 Millions and the profit for the year would have been lower by 50.252 Millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80026160 |
28/06/2010 * |
800,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,1ST FLOOR, MMO BUILDING, M.G.ROAD,FORT, MUMBAI, Maharashtra -400023, INDIA |
A89949606 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Staff Quarter
· Plant and Machinery
· Furniture and Fixture
· Leasehold Improvement
· Office and other Equipments
· Vehicles
· Research Center
AS PER WEBSITE DETAILS:
PRESS RELEASES:
GODREJ AGROVET
LAUNCHES DRIPZYME TO MEET THE SPECIAL NUTRIENT REQUIREMENT OF HORTICULTURAL
CROPS
Dripzyme - a seaweed extract based product, specially formulated for use through drip irrigation
Mumbai, September 15, 2011: Godrej Agrovet Limited (GAVL), a subsidiary of Godrej Industries Limited announced the launch of a high performance Seaweed extract based product- Dripzyme. This highly effective product is developed to meet the special nutrient requirements of various horticultural crops across the country. Grappling with labor and water shortage, an increasing trend of progressive framers shifting to drip irrigation system is seen. This has led to the need for a specially formulated product for drip irrigated crops. Aptly named 'Dripzyme', is most effective through the technique of drip irrigation.
Dripzyme helps in growth of additional branches, flower and fruit buds resulting in higher yields. It helps in creating an extended root system giving plants greater access to nutrients and water in the soil thereby enhancing the nutritional value of the yield. It not only improves quality of produce but also aids in saving labor, time and aids in better absorption of nutrients from soil
Balram Singh Yadav, Managing Director, Godrej Agrovet said, "Adoption of drip irrigation in grapes is almost 100% and highest in Maharashtra among all the states. Dripzyme provides an opportunity to the grape growers to improve yield, quality of their produce and realize higher price. Godrej Agrovet is focused on developing innovative products & initiatives to help farmers achieve greater productivity. Dripzyme, our latest offering bears the same philosophy and since adoption of drip irrigation is growing in many states across the country, it would definitely add value to a large number of farmers."
Drip variant is gaining acceptance among vegetable and grape growers. In grapes, it increases the formation of fruit buds, improves fertility of existing buds and increases the bunch size. It also improves translocation of sugars in the berries which in turn increases TSS content. In vegetables, it creates an extended root system giving plants greater access to nutrients and water in the soil, increases additional branches, flower and fruit buds resulting in higher yields. Dripzyme would be available in Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu in 500 ml,1 litre and 5 litre packs.
About Godrej Agrovet
Limited
Godrej Agrovet Limited (GAVL), a subsidiary of Godrej Industries, is a diversified agribusiness company dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. With FY2010-11 sales of Rs 1897 crore, GAVL has interests in animal feed, oil palm, agri inputs, hybrid seeds, and poultry.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to governmen 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.61.98 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.