MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIMAL OIL AND FOODS LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Heritage, Near The Grand Bhagwati, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.05.1992 |
|
|
|
|
Com. Reg. No.: |
04-017626 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 264.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15400GJ1992PLC017626 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00816E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV0765H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Processor of Edible Oils and also Wind Mill Generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3890000 |
|
|
|
|
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. 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 |
October 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based limits : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
October 2013 |
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 : |
4th Floor, Heritage, Near The Grand Bhagwati, Sarkhej
Gandhinagar Highway, Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-26841851/ 52/ 53/ 54 |
|
Fax No.: |
91-79-26841850 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory : |
At: Village Hanumant Heduva, Near Palavasna Railway Crossing, Highway,
Mehsana – 384002, Gujarat, India |
|
Tel. No.: |
91-2762-225700/ 225058 |
|
Fax No.: |
91-2762-225835 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Jayesh C Patel |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Mahendrabhai V Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Alkesh B. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukesh N. Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Fagesh R. Soni |
|
Designation : |
Company Secretary |
|
|
|
|
Shareholders’ / Investors’ Grievance
Committee : |
· Mukesh N. Patel Chairman Jayesh C. Patel Mahendrabhai V. Patel |
|
|
|
|
Remuneration Committee : |
· Mahendrabhai V. Patel Chairman Mukesh N. Patel Alkesh B. Patel |
|
|
|
|
Audit Committee : |
· Mahendrabhai V. Patel Chairman Mukesh N. Patel Jayesh C. Patel |
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 |
|
|
|
|
|
|
|
|
7692500 |
67.36 |
|
|
220000 |
1.93 |
|
|
7912500 |
69.29 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7912500 |
69.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
800 |
0.01 |
|
|
500 |
0.00 |
|
|
1300 |
0.01 |
|
|
|
|
|
|
337213 |
2.95 |
|
|
|
|
|
|
687404 |
6.02 |
|
|
2407234 |
21.08 |
|
|
74349 |
0.65 |
|
|
29415 |
0.26 |
|
|
44934 |
0.39 |
|
|
3506200 |
30.70 |
|
Total Public shareholding (B) |
3507500 |
30.71 |
|
Total (A)+(B) |
11420000 |
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) |
11420000 |
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 : |
Manufacturer and Processor of Edible Oils and also Wind Mill Generation. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of India Bank of Baroda Dena Bank IDBI Bank Andhra Bank Punjab National Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R R S and Associates Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Subsidiary Company
: |
Vimal Dairy Limited |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 330.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 300.200
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000 Millions |
|
15000000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 330.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11420000 |
Equity Shares |
Rs. 10/- each |
Rs. 114.200
Millions |
|
5000000 |
6% Preference shares |
Rs. 10/- each |
Rs. 50.000 Millions
|
|
10000000 |
8% Preference shares |
Rs. 10/- each |
Rs. 100.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 264.200 Millions |
(i) The details of shareholders holding more than 5% of Equity shares
|
Name of Shareholders |
31.03.2013 |
|
|
|
% Held |
% Held |
|
Jayesh C. Patel |
2096300 |
18.36 |
|
Chandubhai I. Patel |
1785100 |
15.63 |
|
Pradip C. Patel |
1770300 |
15.50 |
|
Sonal J. Patel |
700000 |
6.12 |
|
Kantaben C. Patel |
637000 |
5.58 |
|
Jigisha P. Patel |
624000 |
5.46 |
(ii) The details of shareholders holding more than 5% of Preference
shares
8% Preference Shares
|
Name of Shareholders |
31.03.2013 |
|
|
|
% Held |
% Held |
|
Jayesh C. Patel |
6000000 |
60.00 |
|
Chandubhai I. Patel |
4000000 |
40.00 |
6% Preference Shares
|
Name of Shareholders |
31.03.2013 |
|
|
|
% Held |
% Held |
|
Jayesh C. Patel |
1500000 |
30.00 |
|
Chandubhai I. Patel |
3500000 |
70.00 |
The reconciliation of the number of shares outstanding is set out below
|
Particulars |
31.03.2013 |
|
Equity shares at the beginning of the year |
10550000 |
|
Add: Shares issued during the year |
870000 |
|
A. Equity shares at the end of the year |
11420000 |
|
Preference shares at the beginning of the year |
15000000 |
|
Add: Shares issued during the year |
0 |
|
B. Preference shares at the end of the year |
15000000 |
Terms /rights
attached to equity share and preference share
(i) Equity: The Company has equity
shares having par value of Rs.10 per share. Each holder of equity shares is
entitled to have one vote per share. 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 ensuing Annual General Meeting.
In the event of
liquidation of the company, the holders of the equity shares will be entitled
to receive the remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
shares held by the shareholders.
The company has
made preferential allotment of 870000 shares of ` 10/- each at a premium of
Rs.55 /-to Non-Promoter / allottees on 04/07/2012.
During the year
ended 31 March 2013, the amount of per share dividend recognized as
distribution to equity shareholders was Rs.1.20/-(31 March 2012: Rs.1.20/-
(ii) Preference: The Company has
(a) 6% Non-cumulative Redeemable preference shares and (b) 8% Non-cumulative
Redeemable preference shares having par value of `10/- per share. The holders
of preference share are entitled to enjoy the rights of not only receiving the
dividend at fixed rate but also receiving the capital on winding up.
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 |
264.200 |
255.500 |
255.500 |
|
(b) Reserves & Surplus |
708.246 |
538.502 |
507.848 |
|
(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) |
972.446 |
794.002 |
763.348 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
193.680 |
76.745 |
117.182 |
|
(b) Deferred tax liabilities (Net) |
50.432 |
48.021 |
48.948 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
244.112 |
124.766 |
166.130 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1382.614 |
2272.277 |
1374.724 |
|
(b)
Trade payables |
3792.002 |
1528.737 |
1470.528 |
|
(c)
Other current liabilities |
63.465 |
84.927 |
79.549 |
|
(d) Short-term
provisions |
99.363 |
58.761 |
80.806 |
|
Total Current Liabilities
(4) |
5337.444 |
3944.702 |
3005.607 |
|
|
|
|
|
|
TOTAL |
6554.002 |
4863.470 |
3935.085 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
396.651 |
355.741 |
333.967 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.129 |
0.611 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
124.800 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
88.284 |
74.045 |
70.118 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
609.735 |
429.915 |
404.696 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1792.829 |
1050.700 |
584.646 |
|
(c)
Trade receivables |
3569.656 |
2969.763 |
2654.660 |
|
(d) Cash
and cash equivalents |
477.021 |
297.277 |
204.911 |
|
(e)
Short-term loans and advances |
104.761 |
115.815 |
86.172 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5944.267 |
4433.555 |
3530.389 |
|
|
|
|
|
|
TOTAL |
6554.002 |
4863.470 |
3935.085 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
19482.114 |
12487.559 |
11395.930 |
|
|
|
Other Income |
0.446 |
2.537 |
2.226 |
|
|
|
TOTAL (A) |
19482.560 |
12490.096 |
11398.156 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14711.885 |
5803.411 |
5650.370 |
|
|
|
Purchase of Stock -in-Trade |
3225.912 |
5647.942 |
5107.142 |
|
|
|
Changes in Inventories of Finished goods, Work-in-Progress
and by products |
(391.155) |
5.644 |
(231.962) |
|
|
|
Employee Benefits Expense |
38.385 |
32.468 |
21.977 |
|
|
|
Other Expenses |
1349.701 |
719.027 |
561.386 |
|
|
|
TOTAL (B) |
18934.728 |
12208.492 |
11108.913 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
547.832 |
281.604 |
289.243 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
299.533 |
162.933 |
113.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
248.299 |
118.671 |
175.354 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.035 |
26.279 |
24.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
220.264 |
92.392 |
150.668 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.659 |
34.240 |
47.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
150.605 |
58.152 |
103.463 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
205.184 |
179.530 |
112.347 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.500 |
5.000 |
5.000 |
|
|
|
Dividend & Dividend Tax |
28.712 |
27.498 |
31.280 |
|
|
BALANCE CARRIED
TO THE B/S |
319.577 |
205.184 |
179.530 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
23.605 |
215.478 |
239.775 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3134.237 |
2422.787 |
2424.799 |
|
|
|
Capital Goods |
0.000 |
10.911 |
7.854 |
|
|
TOTAL IMPORTS |
3134.237 |
2433.698 |
2432.653 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.45 |
5.51 |
9.81 |
|
QUARTERLY
RESULTS
|
Particulars |
30.06.2012 |
30.09.2012 |
|
Audited / UnAudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
5233.700 |
4701.200 |
|
Total Expenditure |
5119.500 |
4559.600 |
|
PBIDT (Excl OI) |
114.200 |
141.600 |
|
Other Income |
0.000 |
0.000 |
|
Operating Profit |
114.200 |
141.600 |
|
Interest |
75.500 |
92.200 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
38.700 |
49.400 |
|
Depreciation |
7.700 |
8.000 |
|
Profit Before Tax |
31.000 |
41.300 |
|
Tax |
2.300 |
10.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
28.700 |
30.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
28.700 |
30.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.77
|
0.47 |
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.13
|
0.74 |
1.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43
|
1.90 |
3.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.12 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.62
|
2.96 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.12 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10426552 |
14/05/2013 |
40,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD
BRACH, VALLABH SADAN, OPP. NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD - 380009,
GUJARAT, INDIA |
B75427021 |
|
2 |
10430447 |
14/05/2013 |
1,982,500,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE
BRANCH, 2ND FLOOR BOI BUILDING BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA |
B76860063 |
|
3 |
10393117 |
05/12/2012 |
200,000,000.00 |
DENA BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD
- 380009, GUJARAT, INDIA |
B64572571 |
|
4 |
10335340 |
18/01/2012 |
250,000,000.00 |
DENA BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD
- 380009, GUJARAT, INDIA |
B32019721 |
|
5 |
10211620 |
29/01/2010 |
2,500,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
36-38A NARIMAN
BHAVAN, 227, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A81395055 |
|
6 |
10211692 |
29/01/2010 |
5,500,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
36-38A NARIMAN BHAVAN,
227, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A81394496 |
|
7 |
10211177 |
29/01/2010 |
7,000,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
36-38A NARIMAN
BHAVAN, 227, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A81394793 |
|
8 |
10126875 |
16/09/2008 |
335,000,000.00 |
DENA BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188/A, ASHRAM ROAD, AHMEDABAD
- 380009, GUJARAT, INDIA |
A49483829 |
|
9 |
10089812 |
02/02/2008 |
26,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE
BRANCH, 2ND FLOOR BOI BUILDING BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA |
A33152034 |
|
10 |
90102846 |
16/08/2013 * |
6,898,800,000.00 |
PNB INVESTMENT
SERVICES LIMITED |
MOTOR SALES
& SERVEICE BUILDING, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA |
B86731163 |
|
11 |
90103104 |
16/08/2013 * |
6,898,800,000.00 |
PNB INVESTMENT
SERVICES LIMITED |
MOTOR SALES
& SERVEICE BUILDING, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA |
B85377810 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From Directors and Promoters |
190.000 |
44.298 |
|
Dealers/Distributors Deposit |
0.235 |
1.610 |
|
|
|
|
|
Total |
190.235 |
45.908 |
OPERATIONS:
The sales including other income for the year ended March 31, 2013 was
Rs.19482.560 Millions as against Rs.12490.096 Millions for the previous
financial year. The total sales of the Company has increased by 56% (approx) as
compared to the previous year.
The total export sales for the year ended March 31, 2013 was Rs.276.485
Millions as against Rs.385.246 Millions for the previous financial year. The
Profit before tax was Rs.220.264 Millions and the profit after tax was
Rs.150.605 Millions for the year ended on March 31, 2013 as against Rs.92.391
Millions and Rs.58.152 Millions respectively for the previous financial year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERVIEW
In the financial year 2012-13, the global economy improved slowly which
had been leading the recovery, also experienced deceleration in growth due to
high unemployment, banking fragility, fiscal tightening and sluggish growth.
The U.S. economy improved marginally due to the consumer and housing sectors.
Asian economies improved slowly also experienced deceleration in growth. As of
now, the overall economic environment continues to be fragile.
During Financial year 2012-13, the Indian economy experienced a low
growth rate which was slowed down to 5-5.5% from 6.5 % in 2011-12.
Agricultural growth rate experienced a lower at 1.8% as compared to 3.6%
of the previous year because of the delayed onset of monsoon that resulted in
food grain production contracting by about 3.5%.
SUBSIDIARY AND
FINANCIAL INFORMATION:
The Company has purchased/acquired 3120000 Equity Shares of Rs.10/- each
at a premium of Rs.30/- per Shares of Vimal Dairy Limited (VDL), through the
preferential allotment, on February 26, 2013 and thereby VDL has become 52.00%
subsidiary of the Company. At the year ended on March 31, 2013, the Company has
one subsidiary company in India.
The sales and other income of VDL for the financial year are Rs.1174.073
Millions as against Rs.925.202 Millions for the previous financial year. The
Profit before tax for the year is Rs.15.089 Millions as against Rs.11.629
Millions for the previous financial year and the profit after tax for the year
is Rs.12.020 Millions as against Rs.5.134 Millions for the previous financial
year.
SEGMENT ANALYSIS
AND REVIEW
The sales including other income for the year was Rs.19482.560 Millions
as against Rs.12490.096 Millions for the previous financial year.
Integrated Oil
Division:
The Sales of oil division of the Company has increased by Rs.7002.202
Millions compared to previous year. The EBIT of this division has recorded with
Rs.269.647 lakhs.
Wind Mill
Division:
The Company has installed three windmills having capacity of 1.425 MW. The
segment result of this division has increased from Rs.3.218 Millions to
Rs.4.901 lakhs.
FUTURE OUTLOOK
The future edible oil industry is by and large dependent upon the
increasing consuming class with better lifestyle and availability of oilseeds.
Per capita Millions of edible oils in India is one of the lowest in the world
at present. Overall Indian Edible oil market is fourth largest in the world
after USA, China and Brazil.
The future outlook of Edible oil industry looks good and the consumption
of Edible oil is going to increase. Their Company is also focusing on expanding
the number and variety of products offered to customers across categories based
upon focused research and consumer feedback. Also the focus is on enhancing the
distribution network.
The focus of the Company is to make available its product at each and
every center and thereby increase its Market share.
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
(RS. IN MILLIONS)
|
Sr. No. |
Particulars |
3 Months ended 30/09/2013 |
3 Months ended 30/06/2013 |
Year to Date Figures for 30/09/2013 |
|
1 |
Income from Operations Net
Sales/Income from Operations |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
4701.191 |
5233.654 |
9934.845 |
||
|
|
Total Income from Operations (net) |
4701.191 |
5233.654 |
9934.845 |
|
2 |
Expenses a) Cost of materials consumed |
2815.245 |
3096.206 |
5911.451 |
|
|
b) Purchase of stock-in-trade |
1494.945 |
1660.173 |
3155.118 |
|
|
c) Changes in inventories of finished
Goods,
work-in-Progress and stock-in-trade |
(43.227) |
61.229 |
18.002 |
|
|
d) Employee
benefits expense |
12.853 |
9.118 |
21.971 |
|
|
e) Depreciation and amortisation expenses |
8.020 |
7.722 |
15.742 |
|
|
f) Other expenses |
279.816 |
292.740 |
572.556 |
|
|
Total Expenses |
4567.652 |
5127.189 |
9694.840 |
|
3 |
Profit from Operations before other income,
finance costs and Exceptional item(1-2) |
133.540 |
106.465 |
240.005 |
|
4 |
Other income |
0.000 |
0.000 |
0.000 |
|
5 |
Profit from ordinary activities before
finance costs and Exceptional items (3+4) |
133.540 |
106.465 |
240.005 |
|
6 |
Finance costs |
92.196 |
75.493 |
167.689 |
|
7 |
Profit from ordinary activities after finance
costs but before Exceptional items
(5-6) |
41.344 |
30.972 |
72.316 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit (+)/Loss (-) from ordinary
activities before tax (7+8) |
41.344 |
30.972 |
72.316 |
|
10 |
Tax expense |
10.767 |
2.250 |
13.017 |
|
11 |
Net Profit (+)/Loss (-) from ordinary
activities after tax (9-10) |
30.577 |
28.722 |
59.299 |
|
|
|
|||
|
12 |
Extraordinary items(net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit(+) / Loss(-) for the period (11-12) |
30.577 |
28.722 |
59.299 |
|
14 15 16i |
Paid-up equity share capital (Face value of
Rs. 10/- per share) |
114.200 |
114.200 |
114.200 |
|
Reserve excluding revaluation reserves as
per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
|
Earnings Per Share(before extraordinary
items) a) Basic
EPS before extraordinary items (Not to be
Annualised) |
2.68 |
2.52 |
5.19 |
|
|
16ii |
b) Diluted EPS before extraordinary
items (Not to be Annualised) |
2.68 2.68 |
2.52 2.52 |
5.19 5.19 |
|
Earnings Per Share(after extraordinary
items) a) Basic
EPS after extraordinary items (Not to be
Annualised) |
||||
|
|
b) Diluted EPS after extraordinary
items (Not to be Annualised) |
2.68 |
2.52 |
5.19 |
|
|
PART - II |
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding Number of Shares |
3507500 |
3507500 |
3507500 |
|
|
Percentage of Shareholding |
30.71% |
30.71% |
30.71% |
|
2 |
Promoter and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
-
Number. of Shares |
NIL |
NIL |
NIL |
|
|
-
Percentage of Shares (as a % of total shareholding of Promoter and Promoter Group) |
NIL |
NIL |
NIL |
|
|
-
Percentage of shares (as a % total Share capital of the Company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
-
Number. of Shares |
7912500 |
7912500 |
7912500 |
|
|
-
Percentage of Shares (as a % of total shareholding of Promoter and Promoter
Group) |
100% |
100% |
100% |
|
|
-
Percentage of shares (as a % total Share capital of the Company) |
69.29% |
69.29% |
69.29% |
|
|
Particulars |
3 Months ended 30/09/2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBET, 2013 UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
|
Sr. No. |
Particulars |
3 Months ended 30/09/2013 |
3 Months ended 30/06/2013 |
Year to Date Figures for 30/09/2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Integrated Oil Division |
4697.108 |
5226.122 |
9923.230 |
|
|
b) Powder Mfg. Division |
0.139 |
3.815 |
3.954 |
|
|
c) Wind Mill |
3.944 |
3.717 |
7.661 |
|
|
TOTAL |
4701.191 |
5233.654 |
9934.845 |
|
|
Less: Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
|
Net Sales/Income from Operations |
4701.191 |
5233.654 |
9934.845 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
a) Integrated Oil Division |
131.705 |
103.729 |
235.434 |
|
|
b) Powder Mfg. Division |
(0.413) |
0.715 |
0.302 |
|
|
c) Wind Mill |
2.248 |
2.021 |
4.269 |
|
|
TOTAL |
133.540 |
106.465 |
240.005 |
|
|
Less: |
|
|
|
|
|
Interest |
92.196 |
75.493 |
167.689 |
|
|
Total Profit Before Tax |
41.344 |
30.972 |
72.316 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets-Segment Liabilities) |
|
|
|
|
|
a) Integrated Oil Division |
1217.090 |
1184.649 |
1217.090 |
|
|
b) Powder Mfg. Division |
8.969 |
9.439 |
8.969 |
|
|
c) Wind Mill |
50.121 |
51.193 |
50.121 |
|
|
TOTAL |
1276.180 |
1245.281 |
1276.180 |
NOTES
1.
The Statutory Auditors of the Company have
carried out the limited review of the results for the quarter ended on 30th
September, 2013.
2.
The above results have been reviewed by the Audit
Committee and subsequently approved by the Board of Directors at their meeting
held on 13th November, 2013
3.
Statement of Assets and Liabilities
4.
Previous period/year figures have been
regrouped/rearranged, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank guarantee given in favor of GAIL |
0.650 |
0.650 |
|
Liability in respect of Letter of credit against which goods not
received upto March 31, 2013 |
46.095 |
562.514 |
|
Sales Tax Demand under Sales Tax Laws for the accounting year 2001-02,
2002-03, 2003-04 - (Note i) |
61.822 |
61.822 |
|
Sales Tax Demand under Rajasthan Sales Tax Act, 1994 for the year
2002-03 – (Note i) |
13.948 |
13.948 |
|
Demand under Income Tax Act, 1961 for the accounting year 1999-00 |
5.383 |
5.383 |
|
Demand under Income Tax Act, 1961 for the accounting year 2006-07 |
2.772 |
2.772 |
|
Demand under Income Tax Act, 1961 for the accounting year 2007-08 |
6.399 |
6.399 |
|
Demand under Income Tax Act, 1961 for the accounting year 2008-09 |
0.117 |
0.117 |
|
Demand under Income Tax Act, 1961 for the accounting year 2009-10 |
0.559 |
0.000 |
|
|
|
|
|
Total |
137.745 |
653.605 |
|
Note: i) As against
the same, the company has paid under protest of ` 406.50 lacs and shown as
Long Term Loans and Advances. |
||
FIXED ASSETS:
Land
Land Site Develpoment
Road Construction
Factory Building
Office & Other Buildings
Plant & Machinery
Lab. Equipment
Electrification
Computer
Furniture & Fixture
Office Equipment
Vehicles
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. 62.20 |
|
|
1 |
Rs. 103.12 |
|
Euro |
1 |
Rs. 84.96 |
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
34 |
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.