MIRA
INFORM REPORT
|
Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI WILMAR LIMITED |
|
|
|
|
Registered
Office : |
Fortune House, Near Navrangapura Railway
Crossing, Ahmedabad – 380009, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.01.1999 |
|
|
|
|
Com. Reg. No.: |
04-035320 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.
1093.590 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15146GJ1999PLC035320 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA01098G/ AHMA03501B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA8056G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Agro Products. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture between Ahmedabad based “Adani Enterprises Limited” the flagship of “Adani Group” and Singapore based “Wilmar
Group”. It is an well established and reputed company having satisfactory
track record. Company has shown a better growth in its sales turnover as well as net
profitability during 2013. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of strong support from its group companies, the subject can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two. While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB +” |
|
Rating Explanation |
Have moderate degree of safety and moderate
credit risk. |
|
Date |
01.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2” |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
01.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-79-25555650)
LOCATIONS
|
Registered/
Corporate Office : |
Fortune House, Near Navrangapura Railway
Crossing, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-25555650 |
|
Mobile No.: |
91-7566663232 (Mr. Rahul Hirway) |
|
Fax No.: |
91-79-25555621 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Marketing Office: |
301, Prince Pride, 21/3, New Palasia, Indore - 452001, India |
DIRECTORS
As on: 05.08.2013
|
Name : |
Mr. Rajeshbhai Shantilal
Adani |
|
Designation : |
Director |
|
Address : |
15, Suryaja Bunglow,
Behind Sunrise Park, Near Amaltas Bunglow, Vastrapur,
Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Date of Appointment : |
22.01.1999 |
|
PAN No.: |
ABKPA0962A |
|
DIN No.: |
00006322 |
|
|
|
|
Name : |
Mr. Kuok Khoon
Hong |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
30.04.1949 |
|
Date of Appointment : |
27.02.1999 |
|
DIN No.: |
00021957 |
|
|
|
|
Name : |
Mr. Pranav Vinodbhai
Adani |
|
Designation : |
Managing Director |
|
Address : |
Survey No.100/1, Paramshanti Bunglow, Near Shaswat Bunglows, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
09.08.1978 |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABEPA1014B |
|
DIN No.: |
00008457 |
|
|
|
|
Name : |
Mr. Atul Chaturvedi
|
|
Designation : |
Whole Time Director |
|
Address : |
B-11, Shakti Enclave, Opposite Pushpraj Tower, Judges Bunglow
Rod, Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
06.10.1955 |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AAPPC8935K |
|
DIN No.: |
00175355 |
|
|
|
|
Name : |
Mr. Angshu Mallick
|
|
Designation : |
Whole Time Director |
|
Address : |
A 701, Ratnakar Apartments, Near LOC Petrol
Pump, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
01.02.1961 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
02481358 |
|
|
|
|
Name : |
Mr. Kalyansundaram Tinniyan
Kannan |
|
Designation : |
Director |
|
Address : |
16, Kaushalya Bunglows,
Ramdevnagar, Ahmedabad-380015, |
|
Date of Birth/Age : |
03.03.1956 |
|
Date of Appointment : |
06.07.2012 |
|
Din No.: |
00020968 |
|
|
|
|
Name : |
Mr. Teo Kim Yong |
|
Designation : |
Additional Director |
|
Address : |
19A, Yarwood Avenue, Singapore – 588015 |
|
Date of Birth/Age : |
03.12.1953 |
|
Date of Appointment : |
01.07.2013 |
|
Din No.: |
02152713 |
KEY EXECUTIVES
|
Name : |
Mr. Darshil Mayank
Lakhia |
|
Designation : |
Company Secretary |
|
Address : |
A/2, Ratnadeep Apartments, 4, Kalamwadi, Near Sharda Society,
New Sharda Mandir Road, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
01.02.1979 |
|
Date of Appointment : |
15.05.2007 |
|
PAN No.: |
ACOPL6984C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 05.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Namrata P. Adani
(Nominee of Adani Enterprises Limited), |
|
1000 |
|
Vinod S. Adani
(Nominee of Adani Enterprises Limited), |
|
1000 |
|
Shilin R. Adani
(Nominee of Adani Enterprises Limited), |
|
1000 |
|
Pranav V. Adani
(Nominee of Adani Enterprises Limited) , |
|
1000 |
|
Ranjan V. Adani
(Nominee of Adani Enterprises Limited), |
|
1000 |
|
Priti G. Adani
(Nominee of Adani Enterprises Limited), |
|
1000 |
|
Adani Enterprises Limited, |
|
54673353 |
|
Lence Pte Limited,
Singapore (Erstwhile Known as Wilmar Oleo Pte Limited) |
|
54679353 |
|
|
|
|
|
Total |
|
109358706 |
Equity Share Break up (Percentage of Total Equity)
As on: 05.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Products. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production** |
|
Seed Crushing* |
Metric Tons |
-- |
2010740.000 |
|
|
Edible Oil/ Solvent Oil |
Metric Tons |
-- |
2217400.000 |
1115103.577 |
|
Vanaspati / Bakery Shortening |
Metric Tons |
-- |
337625.000 |
111019.089 |
|
Non Edible Oil |
Metric Tons |
-- |
77400.000 |
36445.631 |
|
Cake |
Metric Tons |
-- |
NA |
643553.818 |
|
Agro Products |
Metric Tons |
-- |
-- |
-- |
|
By Product |
Metric Tons |
-- |
-- |
50425.490 |
|
Pulses/ Grain and others |
Metric Tons |
-- |
-- |
20068.485 |
NOTE:
*Actual seed crushing is 780577.902
MT which includes crushing at third parties Nil MT
**Edible / Solvent Oil Includes processing with third parties Nil MT
Edible Oil
consumed for manufacturing vanaspati 112071.418 MT
Cakes produced
with third parties NIL MT
Edible Oil includes
consumption of manufactured solvent oil 104755.976 MT for production of oil.
Non Edible Oil
includes consumption of manufactured solvent oil 14594.298 MT for production of
oil
Edible Oil /
Solvent Oil production includes refining of Hydro/ Vanaspati
oil 111019.089 MT
Pulses/Grain product includes processing with third parties 20068.485 MT
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce, Neelkamal Building, Opposite Sales India, Ashram Road, Ahmedabad- 380009, Gujarat, India · Allahabad Bank, S. P. Nagar Branch, ACME Centre, Near Navrangpura Railway Crossing, Ahmedabad – 380009, Gujarat, India · Bank of Baroda, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India · State Bank of Hyderabad, Ground Floor, Nagindas Chambers Ashram Road, Usmanpura, Ahmedabad – 380009, Gujarat, India · State Bank of India, Corporate Accounts Group Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303, 304, Milestone, Near Drive in Cinema, Opposite T V Tower, Thaltej, Ahmedabad-380054, |
|
PAN No.: |
AAGFD1279G |
|
|
|
|
Associates : |
· Wilmar Trading Pte. Limited, Singapore · Wilmar Investments (Mauritius) Limited, Mauritius (up to 17.06.2011) · Lence Pte. Limited, Singapore (w.e.f. 17.06.2011) · Adani Enterprises Limited, India CIN No.:L51100GJ1993PLC019067 · Adani Ports and Special Economic Zone Limited, India CIN No.:L63090GJ1998PLC034182 · Adani Power Limited, India CIN No.:L40100GJ1996PLC030533 · Adani Logistics Limited, India CIN No.:U63090GJ2005PLC046419 · Wilmar Trading (China) Pte Limited, Singapore · Adani Wilmar Pte Limited, Singapore · Adani Gas Limited, India CIN No.:U40100GJ2005PLC046553 · Wilmar Japan Company Limited, Japan · Vishkaha Industries, India · Adani Mundra Sez Infrastructure Private Limited, India CIN No.:U45208GJ2006PTC048538 · Adani Agri Fresh Limited, India CIN No.:U63022GJ2004PLC045143 · Adani Properties Private Limited, India CIN No.:U45201GJ1995PTC026067 · Rajshri Packagers Limited, India · Natural OLEO chemicals Sdn Bhd, Malaysia · PGEO Marketing Sdn Bhd, Malaysia · Wilmar Europe Trading BV, Netherlands · Adani Global Pte Limited · Chemoil Adani Private Limited · Adani Welspun Exploration Limited · Adani D.A.V. School · Karnavati Aviation Private Limited · Adani Agri Logistics Limited CIN No.:U63090GJ2005PLC045356 |
|
|
|
|
Subsidiary : |
· Rajshri Packagers Limited · Satya Sai Agroils Private Limited, India CIN No.:U15143MP1998PTC013182 · Acalmar Oils and Fats Limited, India · Golden Valley Agrotech Private Limited, India CIN No.:U23200GJ2010PTC060954 · Krishnapatnam Oils and Fats Private Limited, India (Step-down Subsidiary) CIN No.:U74999GJ2008PTC066006 |
|
|
|
|
Joint Venture : |
· AWN Agro Private Limited, India · Vishakha Polyfab Private Limited, India · K.T.V. Health Food Private Limited, India · KOG-KTV Food Products(I) Private Limited, India · Varadraja Agro Industries Private Limited, India · KTV Health Food Private Limited, India |
CAPITAL STRUCTURE
As on: 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181050000 |
Equity Shares |
Rs.10/- each |
Rs. 1810.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109358706 |
Equity Shares |
Rs.10/- each |
Rs.
1093.590 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 |
1093.590 |
1093.590 |
1013.470 |
|
(b) Reserves & Surplus |
6620.350 |
5726.520 |
5001.560 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
721.050 |
|
Total
Shareholders’ Funds (1) + (2) |
7713.940 |
6820.110 |
6736.080 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2415.920 |
2791.160 |
3609.540 |
|
(b) Deferred tax liabilities (Net) |
1128.840 |
555.150 |
505.770 |
|
(c) Other long term liabilities |
208.970 |
111.630 |
36.310 |
|
(d) long-term provisions |
35.390 |
29.500 |
26.040 |
|
Total Non-current Liabilities (3) |
3789.120 |
3487.440 |
4177.660 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
23427.800 |
7439.750 |
6530.470 |
|
(b) Trade payables |
21057.340 |
18737.080 |
13168.210 |
|
(c) Other current liabilities |
1782.570 |
3756.320 |
1782.420 |
|
(d) Short-term provisions |
118.310 |
5.250 |
7.000 |
|
Total Current Liabilities (4) |
46386.020 |
29938.400 |
21488.100 |
|
|
|
|
|
|
TOTAL |
57889.080 |
40245.950 |
32401.840 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12281.480 |
6728.050 |
6194.560 |
|
(ii) Intangible Assets |
10.120 |
9.040 |
4.120 |
|
(iii) Capital work-in-progress |
1028.940 |
2077.990 |
377.240 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1326.330 |
1569.020 |
1071.580 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1088.990 |
1525.380 |
1343.900 |
|
(e) Other Non-current assets |
6.200 |
4.650 |
0.030 |
|
Total Non-Current Assets |
15742.060 |
11914.130 |
8991.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
14077.560 |
11247.210 |
14962.920 |
|
(c) Trade receivables |
6077.560 |
5195.100 |
4510.500 |
|
(d) Cash and cash equivalents |
16154.220 |
7339.800 |
1764.940 |
|
(e) Short-term loans and advances |
4257.300 |
3642.040 |
1418.730 |
|
(f) Other current assets |
1580.380 |
907.670 |
753.320 |
|
Total Current Assets |
42147.020 |
28331.820 |
23410.410 |
|
|
|
|
|
|
TOTAL |
57889.080 |
40245.950 |
32401.840 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
142534.980 |
120427.280 |
85402.490 |
|
|
|
Other Income |
1132.360 |
915.360 |
606.900 |
|
|
|
TOTAL (A) |
143667.340 |
121342.640 |
86009.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
93754.230 |
66325.850 |
57191.610 |
|
|
|
Purchases of stock-in-trade |
30181.650 |
39534.770 |
17915.880 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(180.150) |
(22.950) |
(939.650) |
|
|
|
Employee benefit expense |
833.020 |
632.280 |
532.100 |
|
|
|
Other expenses |
14918.010 |
12549.420 |
9876.930 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.840 |
|
|
|
TOTAL (B) |
139506.760 |
119019.370 |
84577.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4160.580 |
2323.270 |
1431.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2381.750 |
1824.230 |
1034.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1778.830 |
499.040 |
396.710 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
549.400 |
363.610 |
306.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1229.430 |
135.430 |
90.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
475.220 |
51.410 |
19.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
754.210 |
84.020 |
70.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
100.980 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
0.000 |
|
|
|
Dividend |
NA |
NA |
0.000 |
|
|
|
Tax on Dividend |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
171.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
23475.710 |
31944.550 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
6.90 |
0.77 |
0.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.52 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.86 |
0.11 |
0.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21 |
0.38 |
0.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
3.36 |
1.50 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.95 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1013.470 |
1093.590 |
1093.590 |
|
Reserves & Surplus |
5001.560 |
5726.520 |
6620.350 |
|
Share Application money
pending allotment |
721.050 |
0.000 |
0.000 |
|
Net
worth |
6736.080 |
6820.110 |
7713.940 |
|
|
|
|
|
|
long-term borrowings |
3609.540 |
2791.160 |
2415.920 |
|
Short term borrowings |
6530.470 |
7439.750 |
23427.800 |
|
Total
borrowings |
10140.010 |
10230.910 |
25843.720 |
|
Debt/Equity
ratio |
1.505 |
1.500 |
3.350 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
85402.490 |
120427.280 |
142534.980 |
|
|
|
41.011 |
18.358 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
85402.490 |
120427.280 |
142534.980 |
|
Profit |
70.280 |
84.020 |
754.210 |
|
|
0.08% |
0.07% |
0.53% |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PRESS RELEASE
ADANI WILMAR TO EXTEND
FORTUNE BRAND TO OTHER COMMODITIES
Ahmedabad-based Adani Wilmar is planning to extend its flagship edible oil brand Fortune into other commodities such as basmati rice, pulses, dal, besan, nuggets over the next one to two years.
The company, a joint venture between Singapore’s Wilmar International and India’s Adani Group, had undertaken a market survey on the possible extensions of the Fortune brand about two years back. “Fortune is a trusted brand among Indian households. Extending product offerings makes under the established brand more sense than creating new brands,” said Angshu Mallick, COO, Adani Wilmar.
The company had already done the test marketing for pulses under the Jubilee brand. As it would launch the whole range of commodity products under the flagship Fortune brand, the Jubilee brand will be “killed”, he said, adding that Jubilee was created for test marketing only.
The products will pushed through Adani Wilmar’s existing network of one million retail outlets across the country. “We wish to launch all commodity products under the Fortune brand. However, we will not enter the ready-to-eat or ready-to-cook segment,” said Mallick.
All the pulses products will be produced and packed at its Haldia
factory which will be ready by May 2013. “We are also planning to augment
capacities at all our factories over the next six to 12 months. The
augmentation would essentially include setting up high-speed packaging lines.
The capex this year is likely to be higher than the
earlier years,” he added.
The company on an average spends about Rs 2000.000
millions to Rs 2500.000 millions in capacity
expansion every year.
The eastern region has emerged as one of the key growth markets for Adani Wilmar with consumption in
Bihar rising. “East is going to be focus the next year,” he said.
Adani Wilmar expects a
20-25 per cent increase in volume during 2013, from about 18 per cent volume
growth during 2012. It hopes to close the fiscal year 2012-13 with more than 20
per cent growth over Rs 125000.000 millions e
reported the previous fiscal year. “We target a 15-20 per cent revenue growth
during FY14,” said Mallick.
Wooed by the healthy properties of rice bran, Adani
Wilmar has launched 100 per cent rice bran edible oil
early this month. Marico’s Saffola
Gold and Agrotech’s Sundrop
Heart are products that blend rice bran with other oils such as sunflower or kardi.
Adani Wilmar has priced the
product at Rs 115, much lower than the rice bran
branded ones which are priced at Rs 150 a litre.
The overall edible oil market in volume terms is pegged at around 17 million
metric tonnes. Of this, palm oil alone constitutes
9.500 million metric tonnes. With the balance
consisting of soyabean oil and mustard oil at two
million metric tonnes each, sunflower oil at 1.200
million metric tonnes and coconut oil at 500,000
metric tonnes.
Rice bran oil, considered an emerging segment, has only about 200,000 metric tonnes at the moment in branded form.
According to Mallick, prices of edible oil are likely
to come down by about 10-15 per cent by April 2013, as estimated based on the
weather conditions this year.
MARICO CASE AGAINST
ADANI WILMAR'S FORTUNE OIL DISMISSED
The Delhi High Court today dismissed applications filed by Marico Limited, makers of Saffola, against edible oil company Adani Wilmar, which makes Fortune refined oil. According to a press release issued by Adani Wilmar today, Marico had alleged disparagement of its products under the brand Saffola through the campaigns made by Fortune on television and in print media. Marico had instituted two suits before the Delhi High Court against Adani Wilmar in this connection.
Adani Wilmar's television
campaigns had claimed that rice bran oil is the healthiest oil in the world for
its cholesterol-reducing attributes. The release says the comparison
advertisement through print media has shown that the quantity of oryzanol in Fortune Rice Bran oil is much higher
than the amount present in leading brands like Saffola
Gold and Sundrop Heart. Oryzanol
is a cholesterol-reducing natural anti-oxidant.
In the verdict dismissing Marico's application, an
electronic copy of which is available with Business Standard, the High Court
has pointed out that Marico had nowhere challenged
the benefits of Oryanol as claimed by Adani Wilmar. It asl stated, "The promotion of a robust market for
trade and commerce requires that the Courts grant some latitude to the
advertisers in designing and crafting their pitch to the consumers..."
Welcoming the High Court's ruling, Angshu Mallick, COO, Adani Wilmar, claimed that the benefits of rice bran oil are
proven and are supported by numerous research papers published worldwide. He
said even the Government of India’s paper presented in the eighteenth session
of Codex Committee on Fats and Edible Oils details the tremendous health
potential that rice bran oil has.
COOKING OIL RATES UP
MARGINALLY ON COSTLIER IMPORTS
Edible oil prices have increased by up to Rs 3 per litre in the retail market as imports have become costlier due to fall in the rupee value and could rise more if the currency further depreciates against dollar.
Leading edible oil firms Adani Wilmar and Ruchi
Soya that sell cooking oils under Fortune and Ruchi
Gold, respectively, have already raised the retail price.
India imports nearly 10 million tonnes of edible oil,
which is about 60% of the domestic demand. At present, the import duty on crude
edible oil is 2.5% and 7.5% on refined edible oil.
"Rupee depreciation has an impact on all commodities including edible
oils. There will be marginal impact on domestic prices as import cost has
increased by 7-8%," Solvent Extractors Association Executive
Director B V Mehta told PTI.
"The free fall in rupee against the US dollar will impact edible oil
prices by Rs 3-5 per litre
in the domestic market. Some of it has been absorbed by the manufacturers and
some bit has been passed on to consumers," he added.
When contacted, Adani Wilmar
Chief Operating Officer Angshu Mallick
said the imported edible oils have become costlier by Rs
4.50 per litre because of rupee depreciation from
around Rs 54 to over Rs 58
currently.
"We have increased the retail prices two times in the last 15 days by 50 paise each. Currently, we are holding on to the price. We
will assess the situation and take a call on further increase in price in next
seven days," Mallick said.
Mehta of industry body SEA said that the price increase would not be much as
the global prices are lower by about 30% from the last year's level.
"In the recent past, edible oil prices in India remained subdued due to
lower domestic demand and adequate global supply. However, since last 3-4
weeks, prices of major edible oil have been rising due to unfavourable
USD-INR ratio. In the last 25 days, there has been increase of Rs 2-3 per litre in the retail
segment," Ruchi Soya Managing Director Dinesh Shahra said.
Edible oil companies are, however, expecting that the normal monsoon this year
would boost oilseeds production keeping a check on retail prices.
According to SEA, there will not be fall in import volumes because of weak ruppe as global prices continue to rule lower compared to
the last year's level.
For instance, global price of palm oil is around $840 a tonne
now, down from $1040 per tonne level in the year-ago
period, it said.
Overall, vegetable oil imports in the 2012-13 oil year (November-October) is
expected to 10.7-10.8 million tonnes, against 10.2
million tonnes last year, due to increase in
consumption following rise in population and income level.
The total consumption of vegetable oil in the country is about 17.5 million tonnes.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10228244 |
08/02/2013 * |
500,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
B69188399 |
|
2 |
10227256 |
08/02/2013 * |
1,000,000,000.00 |
ALLAHABAD BANK |
S.P. NAGAR BRANCH, ACME CENTRE, NEAR NAVRANGPURA |
B69285195 |
|
3 |
10226450 |
08/02/2013 * |
1,200,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67748707 |
|
4 |
10209549 |
08/02/2013 * |
500,000,000.00 |
STATE BANK OF HYDERABAD |
GROUND FLOOR, NAGINDAS CHAMBERS, ASHRAM ROAD, USMANPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B68764497 |
|
5 |
10169260 |
08/02/2013 * |
850,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67749945 |
|
6 |
10167006 |
08/02/2013 * |
1,000,000,000.00 |
BANK OF BARODA |
OPP. NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B69284677 |
|
7 |
10144264 |
25/10/2010 * |
350,000,000.00 |
ORIENTAL BANK OF COMMERCE |
NEELKAMAL BUILDING, OPP. SALES INDIA, ASHRAM ROAD |
A98710395 |
|
8 |
10170537 |
08/02/2013 * |
350,000,000.00 |
ORIENTAL BANK OF COMMERCE |
NEELKAMAL BUILDING, OPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B69887271 |
|
9 |
90105143 |
13/07/2005 * |
2,186,600,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NAVJIVAN TRUST NEW BUILDING, B/H.. GUJARAT VIDYAPITH, NAVJIVAN P.O., AHMEDABAD, GUJARAT - 380014, INDIA |
- |
|
10 |
90104974 |
08/02/2013 * |
45,130,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B67747857 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Electrical Fittings
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computer Equipments
·
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. 59.95 |
|
|
1 |
Rs. 102.78 |
|
Euro |
1 |
Rs. 81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.