MIRA
INFORM REPORT
|
Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAYANT
AGRO-ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-066691 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1992PLC066691 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08573F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ7581Q |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
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|
|
|
No. of Employees
: |
354 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5800000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is part of JAYANT GROUP. It is an established company having
satisfactory track. General financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BBB+ |
|
Rating Explanation |
Moderate degree at safety and moderate credit risk |
|
Date |
16.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : A2 |
|
Rating Explanation |
Strong degree at safety and low credit risk |
|
Date |
16.12.2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40271300 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office : |
Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-40271300 |
|
Fax No.: |
91-22-40271399 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Corporate Headquarters Office : |
701,Tower 'A' Peninsula Business
Park, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013,Maharashtra, India |
|
Tel. No.: |
91-22-40271300 |
|
Fax No.: |
91-22-40271399 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 296-300, Near GIPCL and
ECPL, Behind Gujarat Carbon Compound, IPCL - Nandesari
Road, Dhanora Post Petrochemicals, District : Vadodara- 391346, Gujarat,
India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
|
|
|
|
Factory 2 : |
Plot Nos. 601,602,624-627 and 603, Behind G.A.C.L., Post
Petrochemicals, District : Vadodara-
391346, Gujarat, India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Abhay V. Udeshi |
|
Designation : |
Chairman and Executive Director (w.e.f. May 13, 2013) |
|
|
|
|
Name : |
Mr. Hemant V. Udeshi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. Subhash V. Udeshi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Jayasinh V. Mariwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Non – Executive / Independent Director |
|
Name : |
Mr. Mukesh C. Khagram |
|
Designation : |
Non – Executive / Independent Director |
|
|
|
|
Name : |
Mr. Vithaldas G. Udeshi |
|
Designation : |
Chairman (upto April 14, 2013) |
|
|
|
|
Name : |
Mr. Deepak V. Bhimani |
|
Designation : |
Non – Executive / Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh M. Kapadia |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr.Vikram V. Udeshi |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
CATEGORY OF SHAREHOLDER |
NUMBER OF SHARES |
% OF OF SHARES |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
773946 |
5.16 |
|
|
8945830 |
59.64 |
|
|
9719776 |
64.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9719776 |
64.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7200 |
0.05 |
|
|
400 |
0.00 |
|
|
7600 |
0.05 |
|
|
|
|
|
|
845875 |
5.64 |
|
|
|
|
|
|
2880358 |
19.20 |
|
|
918458 |
6.12 |
|
|
627933 |
4.19 |
|
|
26933 |
0.18 |
|
|
600000 |
4.00 |
|
|
1000 |
0.01 |
|
|
5272624 |
35.15 |
|
Total Public shareholding (B) |
5280224 |
35.20 |
|
Total (A)+(B) |
15000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
|
|
|
|
Products : |
Cosmetics, Electronics, Foods, Paper, Plastic etc. |
|
|
|
PRODUCTION STATUS 31.03.2013
|
Particulars |
Unit |
Actual
Production |
|
Electrical (KWH/MT) |
1 |
22.266 |
|
Furnace Oil (LTR/MT) |
1 |
0.758 |
|
De- Oil Cake (Kg/MT) |
1 |
38.657 |
GENERAL INFORMATION
|
No. of Employees : |
354 (Approximately) |
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Bankers : |
·
Central Bank of India ·
State Bank of India ·
Oriental Bank of Commerce ·
Kotak Mahindra Bank Limited ·
DBS Bank Ltd ·
ICICI Bank Ltd. |
||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Loans are secured against hypothecation of equipments and mortgage of
office premises acquired out of sanctioned loan amount and also secured by
way of charge on pari passu basis on block of asset (present and future) of
the Company excluding the assets which are under first charge of term
lenders. Also secured against mortgage of factory premises on pari passu
basis in consortium. Some of the term loans are personally guaranteed by promoter directors
and some of the term loans by Chief Financial Officer ("CFO") of
the company along with one of the promoter director as well as individually
by CFO. Term loan
maturity profile:
Short term loans are secured in consortium by joint deed of
hypothecation, pari passu basis on raw material, work in process, finished
goods, spares and receivables and personal guarantee of the directors.
Further, collaterally secured by equitable mortgage of all present and future
immovable properties comprising inter alia machinery, equipment, plant and
spares. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T.P. Ostwal and Associates (Registered) Chartered Accountants |
|
|
|
|
Holding Company : |
·
Jayant Finvest Limited |
|
|
|
|
Subsidiary companies : |
·
Ihsedu Agrochem Private Limited. ·
Ihsedu Speciality Chemicals Private Limited.
(upto September 30, 2011) ·
Ihsedu Coreagri Services Private Limited. ·
Ihsedu Itoh Green Chemicals Marketing Private
Limited |
|
|
|
|
Associate Company : |
·
Itoh Oil Chemicals Company Limited., Japan. (from
January 19, 2012) |
|
|
|
|
Enterprises Controlled by directors/relatives: |
·
Enlite Chemical Industries Limited ·
Gokuldas K. Udeshi Investments. ·
Innovative Micro Systems Private Limited. ·
Varun Leasing & Finance Private Limited. ·
Kalyan Impex Private Limited. ·
Gokulmani Agricom Limited ·
Akhandanand Engineering & Trading Company. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,000,000 |
Equity Shares |
Rs.5/- each |
Rs.395.000
Millions |
|
6,000,000 |
Preference Shares |
Rs.5/- each |
Rs.30.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.425.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.5/- each |
Rs.75.000 Millions |
|
|
|
|
|
Details of shareholders holding more than 5% shares
|
Name of Shareholders |
No. of Shares held |
% of Holding |
|
|
|
|
|
Jayant Finvest Limited |
7,551,390 |
50.34% |
|
|
|
|
Rights, preferences and restrictions attached to equity shares:
The company has one class of equity shares
having a face value of Rs. 5/- each per share. Each shareholder is eligible for
one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
Equity Shares held by holding company :
Holding Company:
7,551,390 (P.Y. 7,551,390) equity shares held
by Jayant Finvest Limited.
Details of shares issued otherwise than for cash/bonus shares/shares
bought back during the immediately preceding 5 years - NIL
The Authorised Equity Share Capital of the
Company has been increased pursuant to the Scheme of Amalgamation of Ihsedu
Speciality Chemicals Private Limited (ISCPL) with the Company, as sanctioned by
the Hon’ble High Court of Judicature at Bombay vide its Order dated July 6,
2012.
Short term loans are secured in consortium by
joint deed of hypothecation, pari passu basis on raw material,work in process,
finished goods, spares and receivables and personal guarantee of the directors.
Further, collaterally secured by equitable mortgage of all present and future
immovable properties comprising inter alia machinery, equipment, plant and
spares.
Working capital loan from banks is secured by
pari passu charge on current assets, hypothecation of stock and second charge
by way of mortgage on land and buildings. Corporate guarantee given by Holding
Company and personal guarantee by 4 directors of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.000 |
75.000 |
75.000 |
|
(b) Reserves & Surplus |
1356.561 |
1098.899 |
860.881 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1431.561 |
1173.899 |
935.881 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
339.027 |
291.637 |
39.343 |
|
(b) Deferred tax liabilities (Net) |
184.527 |
140.301 |
73.750 |
|
(c) Other long term liabilities |
0.000 |
0.146 |
1.534 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
523.554 |
432.084 |
114.627 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1821.829 |
1657.102 |
1624.276 |
|
(b) Trade payables |
248.869 |
628.435 |
255.253 |
|
(c) Other current
liabilities |
224.616 |
395.080 |
277.644 |
|
(d) Short-term provisions |
78.551 |
56.392 |
72.730 |
|
Total Current Liabilities (4) |
2373.865 |
2737.009 |
2229.903 |
|
|
|
|
|
|
TOTAL |
4328.980 |
4342.992 |
3280.410 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1553.495 |
1353.706 |
369.376 |
|
(ii) Intangible Assets |
36.952 |
50.508 |
0.000 |
|
(iii) Capital
work-in-progress |
153.760 |
96.230 |
15.364 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
64.903 |
64.903 |
258.203 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78.016 |
69.403 |
23.811 |
|
(e) Other Non-current assets |
1.854 |
0.721 |
11.601 |
|
Total Non-Current Assets |
1888.98 |
1635.471 |
678.355 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
10.000 |
0.000 |
|
(b) Inventories |
745.118 |
831.668 |
939.978 |
|
(c) Trade receivables |
574.439 |
1079.929 |
784.353 |
|
(d) Cash and cash
equivalents |
80.577 |
144.904 |
58.972 |
|
(e) Short-term loans
and advances |
808.556 |
386.091 |
538.431 |
|
(f) Other current assets |
231.310 |
254.929 |
280.321 |
|
Total Current Assets |
2440.000 |
2707.521 |
2602.055 |
|
|
|
|
|
|
TOTAL |
4328.980 |
4342.992 |
3280.410 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12237.971 |
16624.214 |
11426.526 |
|
|
|
Other Income |
44.152 |
59.203 |
19.763 |
|
|
|
TOTAL (A) |
12282.123 |
16683.417 |
11446.289 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5040.316 |
6787.146 |
7389.194 |
|
|
|
Purchases of Stock-in-Trade |
5024.317 |
7751.918 |
2983.894 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and
Stock-in-Trade |
128.090 |
250.427 |
(481.744) |
|
|
|
Employee Benefits Expense |
131.568 |
100.330 |
72.986 |
|
|
|
Other Expenses |
1214.006 |
1107.424 |
991.066 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
0.622 |
|
|
|
TOTAL (B) |
11538.297 |
15997.245 |
10956.018 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
743.826 |
686.172 |
490.271 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
272.052 |
310.416 |
202.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
471.774 |
375.756 |
287.926 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
91.004 |
44.803 |
26.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
380.770 |
330.953 |
261.074 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
103.448 |
111.201 |
83.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
277.322 |
219.752 |
177.401 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
559.795 |
394.680 |
265.232 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
22.000 |
17.800 |
|
|
|
Dividend |
33.750 |
30.000 |
26.250 |
|
|
|
Corporate Dividend Tax on Dividend |
0.000 |
2.637 |
3.903 |
|
|
BALANCE CARRIED
TO THE B/S |
773.367 |
559.795 |
394.680 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value Export |
9909.781 |
14057.548 |
8589.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
66.211 |
59.202 |
33.133 |
|
|
|
Stores & Spares |
37.528 |
21.492 |
11.539 |
|
|
|
Capital Goods |
0.848 |
20.733 |
17.002 |
|
|
TOTAL IMPORTS |
104.587 |
101.427 |
61.674 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.5/-) |
18.49 |
14.65 |
11.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.26
|
1.32 |
1.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
1.98 |
2.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.26
|
7.91 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.28 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.66 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.99 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN :
|
UNSECURED LOANS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Terms Loan From Related Parties |
97.720 |
0.000 |
|
Term Loan From Bank |
0.000 |
20.000 |
|
|
|
|
|
TOTAL |
97.720 |
20.000 |
Unsecured loan from bank is against pledge of
agri commodity of an enterprise controlled by directors and personal guarantee
of Chief Financial Officer of the Company.
VIEW OF INDEX CHARGES
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10393993 |
08/12/2012 |
180,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W |
B64869878 |
|
2 |
10212249 |
30/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
Andheri Overseas Branch, Leela
Galleria,1st Floor, |
A83170209 |
|
3 |
10212248 |
27/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
Andheri Overseas Branch, Leela
Galleria,1st Floor, |
A83169904 |
|
4 |
10193875 |
16/11/2010 * |
110,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,MMO BUILDING,IST
FLOOR, |
B00134833 |
|
5 |
10071036 |
16/11/2010 * |
85,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,MMO BUILDING,IST
FLOOR, |
B00093815 |
|
6 |
10071038 |
16/11/2010 * |
545,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,MMO BUILDING,IST
FLOOR, |
B00123455 |
|
7 |
10071040 |
16/11/2010 * |
350,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,MMO BUILDING,IST
FLOOR, |
B00092270 |
|
8 |
90188898 |
24/07/2012 * |
2,925,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,MMO BLD, 1ST
FLOOR,M.G.R |
B56143464 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Claims against company not acknowledged as debts - |
|
|
|
Excise/Service Tax |
15.020 |
20.280 |
|
Income Tax |
18.182 |
3.945 |
|
Custom |
20.000 |
0.000 |
|
Guarantees Given to Banks on behalf of Enterprises Controlled by Directors - |
|
|
|
for Discounting of Bills |
200.000 |
200.000 |
|
for Collateral Management Arrangement
Financing Facilities |
450.000 |
0.000 |
|
Liability on account of co-borrowing |
81.000 |
0.000 |
|
Bank Guarantee Given to Peninsula Land Ltd. |
7.206 |
0.000 |
|
Bank Guarantee Given to GSAMB (Gujarat State Agricultural Marketing Board) |
3.000 |
3.000 |
|
|
|
|
|
TOTAL |
794.408 |
227.225 |
BUSINESS PERFORMANCE:
The Company’s Sales turnover during the year under report was Rs.12237.971 millions against Rs.16624.214 millions during the previous year, decrease of 26.38%. Profit after tax has increased by Rs.57.570 millions i.e. by 26.20% as compared to the previous year. The drop in turnover was due to the drop in the prices of raw material and the consequent change in pricing of the finished goods and the conscious approach by the Company to focus on value added derivatives while the commodity business of castor oil is undertaken by the subsidiary. The Directors believe that this strategy will help in improving the performance and value of the Company as a specialty oleo-chemicals company.
BUSINESS
PROSPECTS:
Although the Company’s products have usage in a wide range of industries, the immediate growth prospects could be affected in case of a global slowdown. In the long run, the products being bio-degradable & from a renewable resource will have an edge over many of the competing petroleum products. Subject to unforeseen circumstances, the current year’s outlook for business appears stable for the Company.
JOINT VENTURE:
The Company has entered into a joint venture agreement with Arkema, a global chemical company to form a strategic joint venture through the Company’s wholly owned subsidiary, Ihsedu Agrochem Private Limited (IHSEDU). The joint venture, which is valued at over Rs.2200.000 millions will be focused on manufacturing various industrial and specialty grades of castor oil. Arkema will acquire around 25% equity stake in IHSEDU.
Through this joint venture with Arkema, which is the largest consumer of castor oil, the Company and its subsidiary IHSEDU will further consolidate their position in the castor oil market as a leading, consistent and reliable supplier to the world market. As part of the joint venture arrangement, IHSEDU will exclusively focus on manufacturing and sales of all grades of castor oil and the Company will exclusively focus on manufacturing and sales of value added castor oil products.
PERFORMANCE OF SUBSIDIARY COMPANIES:
Ihsedu Agrochem Private Limited (IHSEDU)
During the year, the IHSEDU a wholly owned Subsidiary of the Company achieved a turnover of| Rs.8837.196 millions as compared to Rs.9192.752 millions in the previous year. The profit after tax is Rs.85.258 millions against Rs.92.006 millions in the previous year. During the year ended March 31, 2013, IHSEDU has declared and paid an interim Dividend of Rs.2.90 per equity shares and recommended a final Dividend of Rs.6.14 per equity share of Rs. 10/- each.
Ihsedu Coreagri
Service Private Limited (ICAS).
During the year, the ICAS a Subsidiary of the Company achieved a turnover of Rs.7.110 millions as compared to Rs.490.743 millions in the previous year. The loss for the year is Rs.0.725 millions against Profit before tax of Rs.2.772 millions in the previous year.
Ihsedu Itoh Green
Chemicals Marketing Private Limited (IIGCM)
IIGCM has started its business activities and achieved a revenue of Rs.1.632 millions and the Profit after tax is Rs.0.572 millions.
Industry Structure and Developments.
India continues to be the largest source of castor seed in the world.
The estimated total production of castor seeds for the season is around 1.1 million metric tons, against about 1.6 million metric tons for the previous year. This downward correction in the crop size was a reaction to the highest ever record crop of 1.6 million metric tons in the previous year, which resulted in the softening of prices and a huge carryover of the crop. After several years, a healthy surplus of castor seeds was carried forward. This surplus in the current year has led to the much needed price stability thus encouraging the user industry to invest more in R & D and new projects.
Outlook.
The Company continues to focus on value added products. The products of the Company, being non-edible, bio-degradable and eco-friendly, will have an edge over competing products. Subject to the global uncertainties in the short term, the long term demand for the Company’s products remains buoyant. The Company, through its subsidiaries, has been supplying hybrid castor seeds to the farmers as a part of the Backward Integration project undertaken by the Group.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 30TH
SEPTEMBER, 2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1597.570 |
1592.429 |
3189.999 |
|
|
Other Operating
Income |
(58.846) |
29.685 |
(29.161) |
|
|
Total Income From Operations (Net) |
1538.724 |
1622.114 |
3160.838 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1156.780 |
1277.896 |
2434.676 |
|
|
Purchase
of stock in trade |
12.989 |
49.254 |
62.243 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(41.418) |
(78.684) |
(120.102) |
|
|
Employee
benefits expenses |
26.065 |
29.046 |
55.111 |
|
|
Depreciation
and amortization expenses |
25.452 |
24.133 |
49.585 |
|
|
Other
expenses |
258.318 |
220.058 |
478.376 |
|
|
Total Expenses |
1438.186 |
1521.703 |
2959.889 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
100.538 |
100.411 |
200.949 |
|
|
|
|
|
|
|
4. |
Other
Income |
37.657 |
1.304 |
38.961 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
138.195 |
101.715 |
239.910 |
|
|
|
|
|
|
|
6. |
Finance
Cost |
64.326 |
27.320 |
91.646 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
73.869 |
74.395 |
148.264 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
73.869 |
74.395 |
148.264 |
|
|
|
|
|
|
|
10. |
Tax Expense |
14.318 |
25.150 |
39.468 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
59.551 |
49.245 |
108.796 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
59.551 |
49.245 |
108.796 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
75.000 |
75.000 |
75.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.5/-)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
3.97 |
3.28 |
7.25 |
|
|
b)
Basic and diluted EPS after extraordinary items |
3.97 |
3.28 |
7.25 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
5280224 |
5281924 |
5280224 |
|
|
-
Percentage of Shareholding |
35.20 |
35.21 |
35.20 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
9719776 |
9718076 |
9719776 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
64.80 |
64.79 |
64.80 |
|
Particulars |
Quarter Ended 30th September, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarte |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
31.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
1577.967 |
1392.204 |
2970.171 |
|
|
Castor Oil |
13.615 |
193.939 |
207.554 |
|
|
Power Generation |
5.988 |
6.286 |
12.274 |
|
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
1597.570 |
1592.429 |
3189.999 |
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Net Sales/Income
From Operations |
1597.570 |
1592.429 |
3189.999 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
97.812 |
85.796 |
183.608 |
|
|
Castor Oil |
2.774 |
10.943 |
13.717 |
|
|
Power Generation |
3.515 |
4.896 |
8.411 |
|
|
Unallocated |
33.862 |
0.000 |
33.862 |
|
|
TOTAL |
137.963 |
101.635 |
239.598 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Finance cost |
64.326 |
27.320 |
91.646 |
|
|
Interest Income |
0.232 |
0.080 |
0.312 |
|
|
Other Un-allocable Expenditure net off Un-allocable income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
73.869 |
74.395 |
148.264 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Castor Oil Derivatives |
1222.673 |
1309.574 |
1222.673 |
|
|
Castor Oil |
208.702 |
200.056 |
208.702 |
|
|
Power Generation |
71.564 |
73.687 |
71.564 |
|
|
Unallocated |
38.779 |
(102.511) |
38.779 |
|
|
TOTAL |
1541.718 |
1480.806 |
1541.718 |
STATEMENTS ASSETS
AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2013 UNAUDITED |
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
funds |
|
|
Share Capital |
75.000 |
|
Reserves & Surplus |
1466.718 |
|
Sub total-
Shareholders' funds |
1541.718 |
|
Non-current
liabilities |
|
|
Long-term borrowings |
322.287 |
|
Deferred tax liabilities (Net) |
207.795 |
|
Long-term provisions |
0.000 |
|
Sub total-Non-Current Liabilities |
530.082 |
|
Current liabilities |
|
|
Short term borrowings |
1541.704 |
|
Trade payables |
244.238 |
|
Other current liabilities |
386.306 |
|
Short-term provisions |
49.280 |
|
Sub total-Current Liabilities |
2221.528 |
|
TOTAL EQUITY AND LIABILITIES |
4293.328 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
Fixed assets |
1758.440 |
|
Capital work-in-progress |
0.000 |
|
Goodwill
on consolidation |
0.000 |
|
Non-current Investments |
64.903 |
|
Deferred tax assets (net) |
0.000 |
|
Long-term Loan and Advances |
84.713 |
|
Other Non-current assets |
0.000 |
|
Sub total-Non-Current Assets |
1908.056 |
|
Current assets |
|
|
Inventories |
1159.119 |
|
Trade receivables |
458.620 |
|
Cash and cash equivalents |
182.288 |
|
Short-term loans and
advances |
518.019 |
|
Other current assets |
67.226 |
|
Sub
total-Current Assets |
2385.272 |
|
TOTAL-
ASSETS |
4293.328 |
Keeping in view the aforesaid it would be
advisable to enter into business dealings on a safe and secured trade terms and
conditions.
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant
·
Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicle
·
Leasehold Land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SRS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.