.
MIRA
INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMMSONS INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
2637, 1st Floor, Naya Bazar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.04.1993 |
|
|
|
|
Com. Reg. No.: |
55-053060 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 59.980
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1993PLC053060 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE02927B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE0442K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading of Agro/Energy Commodities like Rice, Wheat, Sugar, Maize, Soya meal, Barley, Sorghum and Pulses in addition to Coal and Sulphur among other things. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4178000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Profitability of the company appears to be low. External borrowings of
the company seems to be huge, which acts as threatening to the liquidity
position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non-compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : BB- |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
November 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits : A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
November 2012 |
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.
LOCATIONS
|
Registered Office : |
2637, 1st Floor, Naya Bazar, Delhi – 110006, India |
|
Tel. No.: |
91-11-22929341/ 22922810 |
|
Fax No.: |
91-11-22924234 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
101, South Delhi House 12, Zamarudpur Community Center Kailash Colony,
New Delhi – 110048, India |
|
Tel. No.: |
91-11-29247721-28 |
|
Fax No.: |
91-11-29247730/ 41632081 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Anil Monga |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
Graduate |
|
Experience : |
33 Years |
|
Date of Appointment
: |
23.04.1993 |
|
|
|
|
Name : |
Mr. Rajesh Monga |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Graduate |
|
Experience : |
28 Years |
|
Date of Appointment
: |
23.04.1993 |
|
|
|
|
Name : |
Mr. Shivaz Monga |
|
Designation : |
Executive
Director |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
MBA |
|
Experience : |
11 Years |
|
Date of Appointment
: |
15.06.2004 |
|
|
|
|
Name : |
Mr. Vijay Kumar Kakkar |
|
Designation : |
Non-Executive
Director |
|
|
|
|
Name : |
Mr. Viresh Shankar Mathur |
|
Designation : |
Non-Executive
Director |
|
|
|
|
Name : |
Mr. Satish Chandra Gupta |
|
Designation : |
Non-Executive
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hamant Paul |
|
Designation : |
General Manager [Finance] and Chief Finance Officer |
|
|
|
|
Name : |
Mr. Vinay Gujral |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. B.B. Gandhi |
|
Designation : |
President (Commercial) |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
CA |
|
Experience : |
28 Years |
|
Date of Appointment
: |
01.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5736488 |
47.82 |
|
|
606996 |
5.06 |
|
|
6343484 |
52.88 |
|
|
|
|
|
|
20460 |
0.17 |
|
|
20460 |
0.17 |
|
Total shareholding of Promoter and Promoter Group (A) |
6363944 |
53.05 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
599024 |
4.99 |
|
|
|
|
|
|
925268 |
7.71 |
|
|
3421199 |
28.52 |
|
|
686605 |
5.72 |
|
|
44643 |
0.37 |
|
|
641962 |
5.35 |
|
|
5632096 |
46.95 |
|
Total Public shareholding (B) |
5632096 |
46.95 |
|
Total (A)+(B) |
11996040 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11996040 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Trading of Agro/Energy Commodities like Rice, Wheat, Sugar, Maize, Soya meal, Barley, Sorghum and Pulses in addition to Coal and Sulphur among other things. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce Allahabad Bank Indian Overseas Bank Bank of Baroda HDFC
Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Kotak Mahindra Prime Limited Volkswagen Finance Private Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh and Associates Chartered
Accountants |
|
Address : |
3A Bigjo's Tower, Netaji Subhash Place, Pitampura,
Delhi-110034, India |
|
|
|
|
Subsidiary
(Control Exists) : |
· Emmsons S.A. Emmsons Gulf DMCC Emmsons Grains Limited |
|
|
|
|
Subsidiary of Emmsons
Gulf DMCC (Control Exists) : |
· Emmsons Asia Pte. Limited Pt Star Emmsons -Indonesia |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 119.960
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5998020 |
Equity Shares |
Rs. 10/- each |
Rs. 59.980
Millions |
|
|
|
|
|
(ii) Reconciliation of the shares outstanding at the beginning and at
the end of the reporting period
a) Equity shares
|
Particulars |
31.03.2013 |
|
|
|
No of Shares |
Rs. in Millions |
|
At the beginning of the period |
5998020 |
59.980 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
5998020 |
59.980 |
b) Detail of shares holding more than 5% shares in the company
|
Particulars |
31.03.2013 |
|
|
Equity shares of Rs. 10 each fully paid up |
No of Shares |
% holding |
|
Anil Monga |
1445858 |
24.11 |
|
Rajesh Monga |
511640 |
8.53 |
|
Emmpac Holdings Private Limited |
303498 |
5.06 |
(iii) The Company
has issued bonus equity shares in the ratio of 1:1 out of its share premium
account vide resolution passed in the meeting of the Board of Directors held on
14.05.2013 to the shareholders who are entitled for the same as on record date
09.05.2013. The number of shares of the company now stand increased from
5998020 to 11996040 and the Paid-up Share Capital from Rs. 59.980 Millions to
Rs. 119.960 Millions.
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 |
59.980 |
59.980 |
51.480 |
|
(b) Reserves & Surplus |
984.544 |
898.828 |
728.686 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
2.250 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1044.524 |
958.808 |
782.416 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
177.316 |
234.482 |
271.995 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
2.110 |
|
(c) Other long
term liabilities |
1.425 |
1.425 |
0.000 |
|
(d) long-term
provisions |
27.332 |
21.494 |
10.386 |
|
Total Non-current
Liabilities (3) |
206.073 |
257.401 |
284.491 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a)
Short term borrowings |
4333.572 |
5014.129 |
1539.097 |
|
(b)
Trade payables |
1372.052 |
1255.288 |
3041.661 |
|
(c)
Other current liabilities |
180.986 |
192.040 |
133.249 |
|
(d) Short-term
provisions |
54.353 |
57.665 |
49.640 |
|
Total Current
Liabilities (4) |
5940.963 |
6519.122 |
4763.647 |
|
|
|
|
|
|
TOTAL |
7191.560 |
7735.331 |
5830.554 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
132.786 |
133.617 |
105.036 |
|
(ii)
Intangible Assets |
0.200 |
0.303 |
0.324 |
|
(iii)
Capital work-in-progress |
0.978 |
0.743 |
6.724 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
81.161 |
81.161 |
43.777 |
|
(c) Deferred tax assets (net) |
2.713 |
1.163 |
0.000 |
|
(d) Long-term Loan and Advances |
149.579 |
142.098 |
212.737 |
|
(e) Other
Non-current assets |
23.172 |
20.588 |
0.152 |
|
Total Non-Current
Assets |
390.589 |
379.673 |
368.750 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
18.528 |
|
(b)
Inventories |
1710.949 |
3001.773 |
994.583 |
|
(c) Trade
receivables |
2841.364 |
2425.363 |
2818.128 |
|
(d) Cash
and cash equivalents |
192.375 |
557.690 |
488.121 |
|
(e)
Short-term loans and advances |
1726.185 |
1024.355 |
748.842 |
|
(f)
Other current assets |
330.098 |
346.477 |
393.602 |
|
Total Current
Assets |
6800.971 |
7355.658 |
5461.804 |
|
|
|
|
|
|
TOTAL |
7191.560 |
7735.331 |
5830.554 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
18278.559 |
18966.738 |
13392.125 |
|
|
|
Other Income |
94.629 |
86.007 |
43.046 |
|
|
|
TOTAL (A) |
18373.188 |
19052.745 |
13435.171 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of goods traded |
14770.086 |
18421.695 |
11361.091 |
|
|
|
Changes in inventories of goods traded |
1290.824 |
(2007.190) |
896.862 |
|
|
|
Employee benefit expenses |
87.636 |
83.261 |
43.787 |
|
|
|
Other expenses |
1437.888 |
1872.669 |
691.346 |
|
|
|
Exceptional items |
37.475 |
(20.573) |
0.000 |
|
|
|
TOTAL (B) |
17623.909 |
18349.862 |
12993.086 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
749.279 |
702.883 |
442.085 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
593.828 |
524.136 |
289.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
155.451 |
178.747 |
152.815 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.614 |
7.297 |
5.894 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
148.837 |
171.450 |
146.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.450 |
49.727 |
49.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
102.387 |
121.723 |
97.321 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
10810.242 |
12006.665 |
3955.293 |
|
|
|
Other Income-Commission |
0.000 |
108.160 |
70.683 |
|
|
|
Interest Income |
69.892 |
51.285 |
20.230 |
|
|
TOTAL EARNINGS |
10880.134 |
12166.11 |
4046.206 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded goods (Including Highseas purchase) |
2538.419 |
3177.403 |
929.973 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.07 |
23.31 |
18.90 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
4742.100 |
3536.800 |
|
Total Expenditure |
|
4585.600 |
3321.800 |
|
PBIDT (Excl OI) |
|
156.500 |
215.000 |
|
Other Income |
|
31.300 |
21.700 |
|
Operating Profit |
|
187.800 |
236.800 |
|
Interest |
|
136.600 |
184.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
51.200 |
52.200 |
|
Depreciation |
|
1.900 |
1.800 |
|
Profit Before Tax |
|
49.300 |
50.500 |
|
Tax |
|
16.600 |
18.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
32.700 |
32.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
32.700 |
32.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.56
|
0.64 |
0.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
0.90 |
1.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
2.24 |
2.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.32
|
5.47 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.13 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
10466989 |
27/11/2013 |
300,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART-2, NEW |
B92287291 |
|
2 |
10445827 |
06/08/2013 |
100,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL
BRANCH, 17, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B83464826 |
|
3 |
10354684 |
26/04/2012 |
250,000,000.00 |
BANK OF BARODA |
INTERNATIONAL
BUSINESS BRANCH, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B39328349 |
|
4 |
10320556 |
14/10/2011 |
100,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART II, NEW DELHI - 110048, INDIA |
B26574905 |
|
5 |
10290968 |
15/06/2011 |
100,000,000.00 |
BANK OF BARODA |
INTERNATIONAL
BANKING BRANCH, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B14568547 |
|
6 |
10293274 |
26/05/2011 |
1,250,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL
BRANCH, 17, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B15377997 |
|
7 |
10270824 |
02/02/2011 |
200,000,000.00 |
ALLAHABAD BANK |
17 PARLIAMENT
STREET, NEW DELHI - 110001, INDIA |
B07321839 |
|
8 |
10252293 |
15/11/2010 |
1,000,000,000.00 |
ALLAHABAD BANK |
17 PARLIAMENT
STREET, NEW DELHI - 110001, INDIA |
A99674707 |
|
9 |
10230280 |
12/10/2011 * |
1,377,500,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS
BRANCH, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B23532872 |
|
10 |
10183632 |
13/07/2013 * |
1,266,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL
BRANCH, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B80571532 |
|
11 |
10058974 |
20/08/2013 * |
13,240,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART-2, NEW DELHI - 110048, INDIA |
B84568237 |
|
12 |
90051448 |
20/06/2007 * |
30,000,000.00 |
INDIAN OVERSEAS
BANK |
UNIT N0.19-22,MOOLCHAND
SHOPP-CUM-OFFICE COMPLEX, DEFENCE COLONY, NEW DELHI - 110024, INDIA |
A20296463 |
|
13 |
90049769 |
20/08/2013 * |
13,240,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART-2, NEW DELHI - 110048, INDIA |
B84568534 |
|
14 |
90048913 |
20/08/2013 * |
13,240,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART-2, NEW DELHI - 110048, INDIA |
B84568864 |
|
15 |
90048575 |
07/11/2006 * |
882,500,000.00 |
INDIAN OVERSEAS
BANK |
UNIT N0.19-22,
MOOLCHAND SHOPP-CUM-OFFICE COMPLEX, DEFENCE COLONY, NEW DELHI - 110024, INDIA |
- |
|
16 |
90048571 |
17/04/2013 * |
3,338,500,000.00 |
INDIAN OVERSEAS
BANK |
UNIT NO. 19
& 22, MOOLCHAND SHOPPING, CUM OFFICE COMPLEX, DEFENCE COLONY, NEW DELHI -
110024, INDIA |
B77057867 |
|
17 |
90046504 |
24/12/2012 * |
5,935,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
M-33 GREATER KAILASH PART-2, NEW DELHI - 110048, INDIA |
B67181420 |
|
18 |
90046475 |
08/08/1996 * |
15,000,000.00 |
BANK OF BARODA |
CHANDANI CHOWK,
DELHI, DELHI, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
The Company is engaged
in Trading of Agro/Energy Commodities having global presence. The commodities
traded include Rice, Wheat, Sugar, Maize, Soya meal, Barley, Sorghum and Pulses
in addition to Coal and Sulphur among other things. The trade network of the
company has expanded to all corners of the world. The company has maintained
long and sustained relationships with its clients across the globe due to its
quality products and efficient services.
FINANCIAL AND OPERATIONAL PERFORMANCE
Since the Company is engaged in trading of various commodities and its
revenue is depending upon the procuring orders for exports and imports. During
the year, the business slowed down marginally with a turnover of Rs 183070.000
Millions as compared to Rs. 19050.000 Millions of previous year. The Company
recorded the performance despite advance market conditions.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC – OVERVIEW
Agriculture has been a way of life and continues to be the single most important
means of livelihood of the masses. Agricultural policy as focused in India
across decades has been on self-sufficiency and self-reliance in food grains
production. Agriculture is the mainstay of the Indian economy because of its
high share in employment and livelihood creation. India's agrarian culture and
varied regional climate have made a significant contribution to the global food
basket.
The past few years has registered some weakness in the economy including
the Euro-zone crisis followed by political unrests and currency wars. The
recovery has been affected by several factors in emerging markets, especially
those in Asia. Indian economy is growing, despite the economic crisis that
engulfed the world. However, the company remained focused and is now gradually
consolidating its position in the International trading sector by making
rigorous efforts which is reflected in its revenues and profitability.
FINANCIAL PERFORMANCE
The Company has shown remarkable boost in terms of turnover as well as
in profitability over the past years. During the year, the business of the
Company slow down marginally and posted a turnover of Rs 18370.000 Millions as
compared to Rs. 19050.000 Millions of previous year.
OUTLOOK
The management believes that the Company has great potential to perform
even better by expanding aggressively its overseas operations. As a part of
diversification plan the Company has already established Subsidiaries Companies
in Dubai, Cyprus and Switzerland in the name and style of Emmsons Gulf DMCC,
Emmsons Grain Limited and Emmsons SA respectively. The Company is desirous to
expand its operation globally so as enable it to lead its presence in the
global market. During the year, the Subsidiaries of the Company are doing well.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Guarantees to sale tax authorities |
0.590 |
0.590 |
|
(b) Guarantees - Corporate Guarantee for credit facility to subsidiary |
2714.261 |
2543.808 |
|
(c) Letter of credit issued for purchase |
166.163 |
0.000 |
|
(d) Other guarantees |
91.518 |
143.718 |
|
(e) Tax Demand
totaling Rs. 0.860 Million for Assessment year 2004-2005 raised by the Income
Tax Department is being contested by the Company in appeal. No provision has
been made for the liability in the accounts under report. Other Tax demand of
Rs. 1.011 Millions For Assessment Year 2008-2009 raised by Income Tax
Department is under rectification for apparent error. (f) The company
has entered an arbitration suit against the Punjab State Warehousing
Corporation. The arbitration tribunal has issued its award for Rs.89.025
Millions. However, both the parties have filed separate applications in the
court with requests for setting aside the award. The case is still in
progress and as such quantification of any liability or recovery, if any, is
not possible, hence no provision for the same has been made. However, the
company is fairly confident of its position and expects to get a favorable
judgment in the case. |
||
FIXED ASSETS:
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
equipment
Computers
Generator
Intangible Assets
· Brands /trademarks
·
Computer
software
·
Website
Development Charges
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.99 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.