MIRA INFORM REPORT
|
Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KRITI NUTRIENTS LIMITED |
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|
|
|
Registered
Office : |
Mehta Chamber, 34, Siyaganj, |
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|
Country : |
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|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
24.09.1996 |
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|
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Com. Reg. No.: |
10-011245 |
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Capital
Investment / Paid-up Capital : |
Rs.50.104
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24132MP1996PLC011245 |
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|
|
|
Legal Form : |
Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is in the business of Soya Seed Extraction and manufacturing and
selling of cooking oil. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 737000 |
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|
|
|
Status : |
Satisfactory |
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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 a satisfactory track record. Profitability of
the company seems to be low. However, general
financial position of the company seems to be sound. Trade relations
are fair. Business is active. Payment terms are reported to be slow but
correct. The company can
be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 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 |
CARE |
|
Rating |
Long Term Bank Facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
December 20, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
December 20, 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.
LOCATIONS
|
Registered Office : |
Mehta Chamber, 34, Siyaganj, Indore – 452 007, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2540963 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
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|
Corporate
Support Centre : |
“Chetak Chambers”, 4th Floor, 14 R.N.T. Marg, Indore – 452
001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2704716/ 2719100/ 2719195/
2719191 |
|
Fax No.: |
91-731-2704506/ 4042118/ 2704701 |
|
|
|
|
Mumbai Office : |
B/303, Third Floor, Dynasty
Business Park, Andheri Kurla Road, Near JB
Nagar, |
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|
|
Factory : |
Industrial Area No.3, Dewas, Madhya Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shiv Singh Mehta |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
03.03.1954 |
|
Qualification : |
B.E., M.B.A. |
|
Expertise in Specific areas: |
Finance, Marketing, Technical and Business |
|
Date of Appointment : |
26.12.2009 |
|
Other Directorship : |
·
Kriti Industries (India) Limited ·
Kriti Auto and Engineering Plastics Private
Limited ·
Sakam Trading Private Limited ·
Rajratan Global Wire Limited ·
Chetak Builders Private Limited ·
Organization of Plastics Processors of India |
|
|
|
|
Name : |
Mr. Saurabh Singh Mehta |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
29.07.1981 |
|
Qualification : |
B.E., M.B.A |
|
Expertise in
Specific areas: |
Marketing, Finance and Administration |
|
Date of Appointment : |
26.12.2009 |
|
Other Directorship : |
·
Kriti Auto and Engineering Plastics Private
Limited |
|
|
|
|
Name : |
Mrs. Purnima Mehta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Manoj Fadnis |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Prakash Madhav Pethe |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Somnath Ghosh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sumit Jaitely |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2299247 |
4.59 |
|
|
30797631 |
61.47 |
|
|
33096878 |
66.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
33096878 |
66.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1600 |
0.00 |
|
|
1600 |
0.00 |
|
|
|
|
|
|
2043998 |
4.08 |
|
|
|
|
|
|
9234907 |
18.43 |
|
|
5558963 |
11.09 |
|
|
167174 |
0.33 |
|
|
167174 |
0.33 |
|
|
17005042 |
33.94 |
|
Total Public shareholding (B) |
17006642 |
33.94 |
|
Total (A)+(B) |
50103520 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
50103520 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Soya Seed Extraction and manufacturing
and selling of cooking oil. |
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Products : |
·
Soya Meal ·
Soya Crude Oil
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Brand Names : |
"KRITI" |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
31.03.2011 Qty.
in M.T. |
|
Capacity |
|
|
Installed
Capacity P.A. (As certified by the Management) |
|
|
Solvent Plant |
36000 |
|
Refinery |
42000 |
|
|
|
|
Production |
|
|
Soya Meal |
105964 |
|
Soya Crude Oil* |
25095 |
|
Refined Oil |
33183 |
*Includes 23434.012 M.T. issued for captive consumption (Refined Oil)
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
The Cosmos Co-Operative Bank Limited, Shanti Heights,
32/2, South Tukoganj, Indore – 452 001, Madhya Pradesh, India ·
IDBI Bank Limited, Specialised Corporate Branch,
C.S. Nayudu Arcade, Upper Ground Floor, 10/2 Old Palasia, Indore – 452 001,
Madhya Pradesh, India ·
State Bank of Hyderabad, 90-91, Udapura, Jawahar
Marg, Indore – 452 007, Madhya Pradesh, India ·
State Bank of India, Commercial Branch, A.B.
Road, Near G.P.O., Indore – 452 001, Madhya Pradesh, India ·
State Bank of Travancore |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
R.S. Bansal and Company Chartered Accountants |
|
Address : |
Urvashi, 1st Floor, 3, Jaora Compound, Indore – 452 001,
Madhya Pradesh, India |
|
|
|
|
Holding Company
: |
Sakam Trading Private Limited |
|
|
|
|
Companies/Entities under the control of Key Management Personnel : |
·
Kriti Industries (I) Limitrd (Subsidiary of Sakam
Trading Private Limited) ·
Kriti Auto and Engg. Plastics Private Limited
(Wholly owned subsidiary of Kriti Industries (I) Limited) ·
Chetak Builders Private Limited (Subsidiary of
Sakam Trading Private Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Re.1/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50103520 |
Equity Shares |
Re.1/- each |
Rs.50.104
millions |
|
|
|
|
|
Out of which 49603520
shares issued on 27.01.2010 as fully paid up on account of scheme of
arrangement as approved by the Hon'ble High Court of M.P. Indore Bench. The
company has only one class of shares referred to as equity shares having a par
value of Re.1 each holder of the equity share as referred in the of the company
as of date of the shareholder's meeting is referred to one vote in respect of
each share held for all matters submitted to vote in the shareholder's meeting.
The company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the Annual
General Meeting.
In the event of
liquidation of the company the holders of equity shares will be entitled to
receive any of the remaining assets of the company after distribution of all
preferential amounts.
Reconciliation of shares:
|
Particulars |
Amount (Rs. in
millions) |
|
Opening Balance of 50103520 equity shares of Re.1/- each |
50.104 |
|
Issued during the year NIL |
0.000 |
|
Closing Balance
50103520 equity shares of Re.1/- each |
50.104 |
Shareholder holding more than 5 % of shares of the company and its
percentage:
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
%
of Shares |
|
|
Sakam Trading Private Limited (Holding
Company) Pursuant to the
Hon'ble High Court of M.P. order dated 1.11.2011 approving the scheme of
amalgamation of promoter group companies viz Kriti Corporate Service Private
Limited, Kriti Auto Accessories Private Limited, Kasta Pipes Private Limited
and Shipra Pipe Private Limited with Sakam Trading Private Limited, the
Shareholding of the above transferor companies are vested in Sakam Trading
Private Limited. Thus Sakam Trading Private Limited became holding company
w.e.f. 27.02.12 of Kriti Nutrients Limited. |
26099473 |
52.09% |
|
Chetak Builders Private Limited (Associate
Company) |
4608158 |
9.20% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
01.01.2010 to
31.03.2011 (15 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.104 |
50.104 |
50.104 |
|
(b) Reserves & Surplus |
134.062 |
122.434 |
95.605 |
|
(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) |
184.166 |
172.538 |
145.709 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
121.436 |
68.796 |
74.748 |
|
(b) Deferred tax liabilities (Net) |
44.436 |
38.119 |
35.952 |
|
(c) Other long
term liabilities |
23.476 |
39.742 |
5.207 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
189.348 |
146.657 |
115.907 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6.373 |
19.120 |
439.079 |
|
(b)
Trade payables |
226.020 |
165.598 |
213.701 |
|
(c)
Other current liabilities |
60.551 |
44.401 |
54.140 |
|
(d) Short-term
provisions |
9.453 |
26.409 |
49.174 |
|
Total Current
Liabilities (4) |
302.397 |
255.528 |
756.094 |
|
|
|
|
|
|
TOTAL |
675.911 |
574.723 |
1017.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
352.837 |
316.836 |
268.716 |
|
(ii) Intangible
Assets |
5.993 |
6.688 |
0.000 |
|
(iii)
Capital work-in-progress |
0.023 |
0.160 |
13.438 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.841 |
0.841 |
0.741 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.933 |
5.839 |
4.110 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
366.627 |
330.364 |
287.005 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
183.077 |
97.465 |
435.578 |
|
(c)
Trade receivables |
46.623 |
32.836 |
149.596 |
|
(d) Cash
and cash equivalents |
22.689 |
34.459 |
20.283 |
|
(e) Short-term
loans and advances |
31.608 |
36.063 |
27.715 |
|
(f)
Other current assets |
25.287 |
43.536 |
97.533 |
|
Total
Current Assets |
309.284 |
244.359 |
730.705 |
|
|
|
|
|
|
TOTAL |
675.911 |
574.723 |
1017.710 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
01.01.2010 to
31.03.2011 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4663.079 |
4569.125 |
4504.788 |
|
|
|
Other Income |
10.836 |
5.637 |
6.619 |
|
|
|
TOTAL (A) |
4673.915 |
4574.762 |
4511.407 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4215.379 |
3821.347 |
3791.709 |
|
|
|
(Increase)/
Decrease in Inventories of Finished Goods, Work-In-Progress and
Stock-In-Trade |
(71.848) |
70.487 |
(43.707) |
|
|
|
Employee Benefit Expense |
47.946 |
41.488 |
44.133 |
|
|
|
Other Expenses |
370.428 |
465.378 |
471.344 |
|
|
|
TOTAL (B) |
4561.905 |
4398.700 |
4263.479 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
112.010 |
176.062 |
247.928 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
64.553 |
95.204 |
105.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.457 |
80.858 |
142.591 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.410 |
23.032 |
27.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
21.047 |
57.826 |
115.526 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.528 |
18.168 |
40.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
10.519 |
39.658 |
74.942 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
54.472 |
43.549 |
(0.158) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.006 |
7.516 |
7.516 |
|
|
|
Corporate Dividend Tax |
0.510 |
1.219 |
1.219 |
|
|
|
Transferred to General Reserve |
5.000 |
20.000 |
20.000 |
|
|
|
Transferred to Contingency Reserve |
0.000 |
0.000 |
2.500 |
|
|
BALANCE CARRIED
TO THE B/S |
56.475 |
54.472 |
43.549 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
760.670 |
1593.421 |
2013.310 |
|
|
TOTAL EARNINGS |
760.670 |
1593.421 |
2013.310 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
4.448 |
8.925 |
10.864 |
|
|
TOTAL IMPORTS |
4.448 |
8.925 |
10.864 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.21 |
0.79 |
1.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
01.01.2010 to
31.03.2011 (15 Months) |
|
PAT / Total Income |
(%) |
0.23
|
0.87 |
1.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
1.27 |
2.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.12
|
10.08 |
11.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.34 |
0.79 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69
|
0.51 |
3.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.96 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10331665 |
31/07/2012 * |
150,000,000.00 |
THE COSMOS
CO-OPERATIVE BANK LIMITED |
SHANTI HEIGHTS, 32/2,
SOUTH TUKOGANJ, INDORE, MADHYA PRADESH - 452001, INDIA |
B56391634 |
|
2 |
10279965 |
31/07/2012 * |
27,200,000.00 |
IDBI BANK
LIMITED |
SPECIALISED
CORPORATE BRANCH, C.S. NAYUDU ARCADE, |
B56643364 |
|
3 |
10282097 |
31/07/2012 * |
45,400,000.00 |
IDBI BANK
LIMITED |
SPECIALISED
CORPORATE BRANCH, C.S. NAYUDU ARCADE, |
B56640618 |
|
4 |
10256486 |
31/07/2012 * |
65,200,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF
HYDERABAD, 90-91, UDAPURA, JAWAHAR |
B56481476 |
|
5 |
10253276 |
16/03/2011 * |
150,000,000.00 |
STATE BANK
OFINDIA |
COMMERCIAL
BRANCH, NEAR GPO, A.B. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B09813833 |
|
6 |
10246981 |
31/07/2012 * |
620,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, A.B. ROAD, NEAR G.P.O., INDORE, MADHYA PRADESH - 452001, INDIA |
B56504418 |
|
7 |
10217186 |
16/04/2010 |
320,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
A.B. ROAD, NEAR G.P.O., INDORE, MADHYA PRADESH - 452001, INDIA |
A85171080 |
* Date of charge modification
YEAR IN RETROSPECT
The Company has achieved total Turnover of Rs.4678.625 millions
including exports of Rs.760.670 millions and Profit Before Tax Rs.21.047
millions and Profit After Tax Rs.10.519 millions.
The working of the company was adversely affected due to disparity in soya
bean seed prices and realisation of protein meal in overseas market.
MANAGEMENT DISCUSSION AND ANAYLSIS REPORT
The primary
business of the Company is processing of soya bean-seeds and refining of crude
oil for edible use. The company produces soya meal, soya refined oil and value
added products such as lecithin and soya flour.
Industry depend to
a large extent on the monsoon. As per industry survey, soya bean production in
the current year is expected to increase by 7-8 percent and likely to touch 11
Million Tonne of which on an average 60-65% is being produced by Madhya
Pradesh.
During the year,
the international economic and political situations coupled with monetary
conditions have influenced domestic business sentiments. Also, volatility in
the currency and commodity prices and the depreciation in the value of Indian
rupee had impacted cost structure and margins.
CONTINGENT LIABILITIES (AS ON 31.03.2013):
1.
Estimated amount of contracts remaining to be
executed on Capital Account Rs.0.084 million net of advance given
2.
Bank has given guarantee on behalf of the Company
to various parties to the extent of Rs.15.059 millions
3.
Claims not acknowledge by the company on sale tax
matters Rs.22.624 millions
FIXED ASSETS:
Tangible Assets
·
Land
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Dies and Moulds
·
Vehicles
·
Furniture and Fixture
·
Computer
Intangible Assets
·
Software
·
Licence (SAP)
·
Goodwill
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.61.99 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.83.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.