MIRA INFORM REPORT
|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
REI AGRO LIMITED |
|
|
|
|
Registered
Office : |
“Everest House”, 46C, Chowringhee Road, 15th Floor, Room No.15B, Kolkata – 700
071, West Bengal |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
14.09.1994 |
|
|
|
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Com. Reg. No.: |
21-104573 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1357.985
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14200WB1994PLC104573 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged in the
business of manufacturing, trading and marketing of agro products (mainly
rice) and Power Generation through Winds farms. |
|
|
|
|
No. of Employees
: |
Approximately 350 (other on contract basis) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The rating takes into consideration the ongoing delay in servicing its
debt obligation on time. However, business is active. Payment terms are reported to be slow and
delayed. The company can be considered for business dealings on safe and
secured 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
May 16, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
May 16, 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 PARTED BY
|
Name : |
Mr. Gupta |
|
Designation : |
Assistant Finance Controller |
|
Contact No.: |
91-9810087480 |
|
Date : |
14.06.2014 |
LOCATIONS
|
Registered Office : |
“Everest House”, 46C, Chowringhee Road, 15th Floor, Room No.15B, Kolkata – 700 071,
West Bengal, India |
|
Tel. No.: |
91-33-22882241 |
|
Mobile No.: |
91-9810087480 (Mr. Gupta) |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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Corporate Office : |
58-1, Sainik Farm, New Delhi – 110 062, India |
|
Tel. No.: |
91-11-49218000 |
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Fax No.: |
91-11-49218045 |
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|
|
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Manufacturing Unit 1 : |
Plot No.691 to 696,
Sector-2, 94, K.M. Mile Stone, Delhi-Jaipur Road, NH-8, Bawal Growth Centre,
District Rewari, Haryana, India |
|
|
|
|
Manufacturing Unit 2 : |
Plot No.180D, E, F, G, H,
I, J and 181A, Sector –3, 94, KM Milestone, Delhi-Jaipur Road, Bawal Growth
Centre, District Rewari, Haryana, India |
|
|
|
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Manufacturing Unit 3 : |
Plot No.126, Sector-6,
HSIIDC, Bawal Growth Centre, District Rewari, Haryana, India |
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Wind Mill 1 : |
Village:
Soda – Mada, District Jaisalmer, Rajasthan, India |
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Wind Mill 2 : |
Village: Dhulia, Titane
and Brahmanwel, District Dhule, Maharashtra, India |
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Wind Mill 3 : |
Village Udyathur, Radhapuram,
Muppandal, District Tirunelveli, Tamilnadu, India |
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Wind Mill 4 : |
Village
Surajbari, District Kutch, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sanjay
Jhunjhunwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sandip
Jhunjhunwala |
|
Designation : |
Vice
Chairman cum Managing Director |
|
Date of Birth/Age : |
25.09.1969 |
|
Qualification : |
B.Com. |
|
Expertise in Specific Functional area : |
Significant Experience in
the marketing of rice, both domestic and international |
|
List of outside Directorships held* : |
|
|
|
|
|
Name : |
Dr.
Narpinder Kumar Gupta |
|
Designation : |
Independent
Non-Executive Director |
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Date of Birth/Age : |
01.03.1946 |
|
Qualification : |
Phd.
(Food Technology) |
|
Expertise in Specific Functional area : |
Having experience in the
design, layout, and construction of food processing units |
|
List of outside Directorships held* : |
|
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. A.
K. Chatterjee |
|
Designation : |
Independent
Non-Executive Director |
|
|
|
|
Name : |
Mr. Krishna
Dayal Ghosh |
|
Designation : |
Independent
Non-Executive Director |
|
Date of Birth/Age : |
15.02.1938 |
|
Qualification : |
M.Com,
CAIIB |
|
Expertise in Specific Functional area : |
Significant experience in
financial planning, industrial relations, credit management, foreign exchange
banking and merchant banking. |
|
List of outside Directorships held* : |
REI
Six Ten Retail Limited |
*Excluding
Directorship in Private/foreign Companies
KEY EXECUTIVES
|
Name : |
Mr. Gupta |
|
Designation : |
Assistant Finance Controller |
|
|
|
|
Name : |
Mr.
Ranjan Majumder |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr.
Mandan Mishra |
|
Designation : |
Company Secretary cum Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17465220 |
1.82 |
|
|
488796887 |
51.03 |
|
|
506262107 |
52.85 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
506262107 |
52.85 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
594563 |
0.06 |
|
|
1261305 |
0.13 |
|
|
307620703 |
32.11 |
|
|
309476571 |
32.31 |
|
|
|
|
|
|
36389329 |
3.80 |
|
|
|
|
|
|
75599501 |
7.89 |
|
|
13860194 |
1.45 |
|
|
16353252 |
1.71 |
|
|
13651293 |
1.43 |
|
|
1360 |
0.00 |
|
|
2700599 |
0.28 |
|
|
142202276 |
14.84 |
|
Total
Public shareholding (B) |
451678847 |
47.15 |
|
Total
(A)+(B) |
957940954 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
44000 |
0.00 |
|
|
44000 |
0.00 |
|
Total
(A)+(B)+(C) |
957984954 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
business of manufacturing, trading and marketing of agro products (mainly
rice) and Power Generation through Winds farms. |
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Brand Names : |
“RAINDROPS” |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
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No. of Employees : |
Approximately 350 (other on contract basis) |
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Bankers : |
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Facilities : |
Notes: Long Term
Borrowings Non-Convertible
Debentures A) Security Coverage :- a) 11.75%
Non-Convertible Debenture:- Rs.1400.000 millions secured by way of
mortgage / charge on the immovable property situated at Maharajpura, District
Mehsana, Gujarat and secured by way of pari passu first charge on fixed
assets of the rice mill division and Subservient charge on the total assets
of the company to maintain assets coverage 1.25 times. b) 11.75%
Non-Convertible Debenture:- Rs.990.000 millions secured by way of
mortgage / charge on the immovable property situated at Maharajpura , Dist.
Mehsana, Gujarat and secured by way of pari passu first charge on fixed
assets of the rice mill division and Subservient charge on the total assets
of the company to maintain assets coverage 1.25 times. c) 13.00%
Non-Convertible Debenture:- Rs.935.000 millions secured by way of
mortgage / charge on the immovable property situated at Maharajpura, Dist.
Mehsana, Gujarat and secured by way of pari passu first charge on fixed
assets of the rice mill division and Subservient charge on the total assets
of the company to maintain assets coverage 1.25 times. d) 12.00%
Non-Convertible Debenture:- Rs.2500.000 millions secured by way of
mortgage / charge on the immovable property situated at Maharajpura, Dist.
Mehsana, Gujarat and secured by way of pari passu first charge on fixed
assets of the rice mill division and Subservient charge on the total assets
of the company to maintain assets coverage 1.25 times. B)
Maturity Profile and rate of interest are set out as follows :- (Rs. in millions)
Term
Loans Security Coverage: a) External Commercial
Borrowing (ICICI bank, London): Secured by creation of first charge on 17
WTGs (RRB Make) at Surajbari, Gujarat and with Sundry Debtors thereon and pledge
of 902857 equity shares of the company by two promoter group companies. Since
then the loan has been repaid in full and securities are in the process of
release. b) ICICI Bank (Vehicle
Loan): Secured by hypothecation of Vehicle. c) Infrastructure Development
Finance Company Limited: Secured by creation of first charge on 6 WTG’s
(VESTAS Make) at Dhule, Maharashtra and 12 WTGs (RRB Make) at Tirunelveli,
Tamilnadu and Sundry Debtors thereon d) Indian Renewal Energy
Development Agency: Secured by first charge on 5 WTGs (Suzlon Make) at
Jaislamer, Rajasthan and 10 WTGs (Suzlon Make) at Dhule, Maharashtra and
Sundry Debtors thereon together with personal guarantee of Mr. Sanjay
Jhunjhunwala and Mr. Sandip Jhunjhunwala, promoters of the company. Corporate Loans Security Coverage: a) State Bank of India
(Formerly State Bank of Indore): Secured by first Pari-Passu charge on the
fixed assets of the Rice Division of the Company and second Pari-Passu charge
on the Current Assets of the Rice Division of The Company. Since then the
loan has been repaid in full and securities have been released. b) IFCI Limited: Secured
by first Pari-Passu charge on entire fixed assets of Rice division of the
Company with minimum assets coverage of 1.25. And pledge of 152728455 shares
of the company held by four promoter group companies, repayable in five equal
quarterly installments w e f October 2013. c) Jammu and Kashmir
Bank: Secured by residual charge on the companies total assets present and
future with minimum coverage 1.25 times and corporate guarantee of the
company, repayable in twelve quarterly installments w.e.f. February 2014 d) Dhanlaxmi Bank:
Secured by first Pari-Passu charge on entire fixed assets of the Rice
Division of the Company and Subservient charge over the entire assets of the
Rice Division of the company with minimum assets coverage of 1.25 to be
repayable in 36 equal monthly installments. e) Lakshmi Vilas Bank:
secured by first Pari-Passu charge on the fixed assets of the Rice Division
of the Company and Subservient charge over the current assets of the Rice
Division of the company both present and future with minimum assets coverage
1.25 times to be repayable in 8 equal Quarterly installments. Maturity
Profile of Secured and Unsecured Loans (Rs. in millions)
Short Term
Borrowings: Working Capital Loans Security Coverage:- Working Capital Loans
from Banks are secured by creation of first charge on pari passu basis on
hypothecation of stocks of Rice, Paddy, Book Debts and Stores, etc., both
Present and Future of the Rice Division and by second charge on all Fixed
Assets both Present and future of the Rice Division. |
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Banking
Relations : |
-- |
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|
Financial Institutions : |
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Auditors : |
|
|
Name : |
P.K.
Lilha and Company Chartered
Accountants |
|
Address : |
Kolkata, West Bengal, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
S.
Jaykishan Chartered
Accountants |
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Name of Companies, where control exist (either individually or with
others) and with whom the company had transactions during the year : |
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|
|
|
|
Wholly
Owned Subsidiaries: |
o
Ammalay General Trading LLC, Dubai o
Ammalay FZE, Sharjah, UAE o
Surimp International Pte Limited, Singapore o
Ammalay Mines Et Minerauux SARL, Morocco o
Surimp Shipping Limited, British Virgin Islands o
Alia North Limited, Hong Kong
|
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Associate Company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1600000000 |
Equity Shares |
Re.1/- each |
Rs.1600.000 millions |
|
4000000 |
Preference
Shares |
Rs.100/- each |
Rs.400.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
957984954 |
Equity Shares |
Re.1/- each |
Rs.957.985
millions |
|
4000000 |
4%
Non-Convertible Redeemable Preference Shares |
Rs.100/- each |
Rs.400.000
millions |
|
|
Total |
|
Rs.1357.985 millions |
|
|
|
|
|
Equity
Share Capital includes
i. 29945550 Equity Shares of Re.1/- each issued through QIP in FY 2009-10
ii. 352398 Equity shares of Re.1/- each issued against conversion of 350
FCCB of USD ($) 1,000/- each in FY 2009-10
iii. 638656636 Equity shares issued as right shares of Re.1/- each
during the FY 2010-11
iv. 2934760 Equity Shares of Re.1/- each representing 146738 Global
Depository Receipts in the ratio of 20 Equity Shares for each GDR
v. 88801800 Equity shares of Re.1/- each issued as fully paid up Bonus
Shares by capitalisation of
General reserve
Reconciliation
of No of Shares is set-out below
1.
Equity Share capital
|
Particulars
|
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the Reporting Date |
957984954 |
957.985 |
|
Outstanding at the end of the Reporting
Date |
957984954 |
957.985 |
2. Preference Share capital
|
Particulars
|
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the Reporting Date |
4000000 |
400.000 |
|
Outstanding
at the end of the Reporting Date |
4000000 |
400.000 |
Rights, preferences and restrictions attached
to the Equity Shares
i) Equity Shares of Re.1/- each
a) In respect of every
equity share, voting right shall be in same proportion as the capital paid upon
such equity share bears to the total paid up equity capital of the company.
b) The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend.
c) In the event of
liquidation, the holders of Equity shares are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholdings."
ii) Preference Shares of Rs.100/- each
a) In respect of every
preference share, dividend entitles @ 4% fixed rate in every year subject to
approval at Annual general meeting.
b) In the event of
liquidation, preference shareholders have preferential right over Equity
shareholders to receive the remaining assets of the company after distribution
of all preferential amounts, in proportion to their shareholdings, before
distribution to equity shareholders.
Details
of shareholders holding more than 5% Equity Shares Capital
|
Name
of Shareholders |
As at 31st
March, 2013 |
|
|
No. of Shares |
% holding |
|
|
Aspective
Vanijya Private Limited |
158113769 |
16.50% |
|
Shree
Krishna Gyanodaya Flour Mills Private Limited |
141030896 |
14.72% |
|
Wellington
Management Co LLP |
108277986 |
11.30% |
|
Snehapushp
Barter Private Limited |
65336400 |
6.82% |
|
REI
Steel and Timber Private Limited |
56103048 |
5.86% |
|
Subhchintak
Vancom Private Limited |
54774000 |
5.72% |
|
BNY
Mellon Investment Funds Newton Asian Income Fund |
49000000 |
5.11% |
As per of the company, including
its register of shareholders/ members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownerships of shares.
Notes to Preference Share
Capital
4% Non-Convertible
Redeemable Preference shares allotted on 30.06.2003 were redeemable at par at
any time after a period of 12 years from the date of their allotment. Since
then the redemption period has been extended to 30.06.2022 in the Annual
General Meeting held on 27.09.2010.
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 |
1357.985 |
1357.985 |
1357.985 |
|
(b) Reserves & Surplus |
24782.562 |
23579.545 |
22253.848 |
|
(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) |
26140.547 |
24937.530 |
23611.833 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
13350.449 |
13919.096 |
7915.813 |
|
(b) Deferred tax liabilities (Net) |
1459.472 |
1128.167 |
799.852 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
18.952 |
16.573 |
14.169 |
|
Total
Non-current Liabilities (3) |
14828.873 |
15063.836 |
8729.834 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
38064.670 |
33484.542 |
30115.965 |
|
(b)
Trade payables |
7189.841 |
5600.055 |
3061.004 |
|
(c)
Other current liabilities |
6922.630 |
1880.933 |
844.686 |
|
(d)
Short-term provisions |
1110.439 |
1140.994 |
1639.209 |
|
Total
Current Liabilities (4) |
53287.580 |
42106.524 |
35660.864 |
|
|
|
|
|
|
TOTAL |
94257.000 |
82107.890 |
68002.531 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13381.313 |
12605.573 |
4062.327 |
|
(ii)
Intangible Assets |
1.202 |
2.411 |
3.619 |
|
(iii)
Capital work-in-progress |
4334.940 |
1154.504 |
2340.287 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2228.890 |
1335.373 |
1325.027 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
4601.051 |
4828.386 |
3446.111 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
24547.396 |
19926.247 |
11177.371 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
46722.675 |
37340.732 |
35710.745 |
|
(c)
Trade receivables |
12828.869 |
13302.363 |
11190.756 |
|
(d)
Cash and cash equivalents |
1909.525 |
2747.564 |
3523.619 |
|
(e)
Short-term loans and advances |
8164.588 |
8765.869 |
6394.184 |
|
(f)
Other current assets |
83.947 |
25.115 |
5.856 |
|
Total
Current Assets |
69709.604 |
62181.643 |
56825.160 |
|
|
|
|
|
|
TOTAL |
94257.000 |
82107.890 |
68002.531 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
50890.930 |
42254.844 |
37243.526 |
|
|
|
Other Income |
118.692 |
294.629 |
38.647 |
|
|
|
TOTAL (A) |
51009.622 |
42549.473 |
37282.173 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Raw Materials Consumed |
28064.362 |
37052.220 |
19712.016 |
|
|
|
Purchases
of Stock In Trade |
11087.013 |
5462.634 |
6826.690 |
|
|
|
(Increase)/decrease
in inventories of Finished Goods |
1036.069 |
(10046.085) |
1742.151 |
|
|
|
Employee
benefits expenses |
307.829 |
221.061 |
172.039 |
|
|
|
Other
expenses |
1183.728 |
1243.147 |
1071.792 |
|
|
|
TOTAL (B) |
41679.001 |
33932.977 |
29524.688 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9330.621 |
8616.496 |
7757.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6092.632 |
5397.292 |
3314.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3237.989 |
3219.204 |
4443.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
640.634 |
387.877 |
221.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2597.355 |
2831.327 |
4222.198 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
487.224 |
569.027 |
1397.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2110.131 |
2262.300 |
2824.547 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
3863.014 |
2243.144 |
4185.440 |
|
|
TOTAL EARNINGS |
3863.014 |
2243.144 |
4185.440 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.755 |
13.731 |
NA |
|
|
|
Traded Goods |
1026.003 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
1026.758 |
13.731 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.18 |
2.34 |
3.49 |
|
|
|
- Diluted |
1.97 |
2.11 |
3.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.14 |
5.32 |
7.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.10 |
6.70 |
11.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.96 |
3.56 |
6.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.97 |
1.90 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.48 |
1.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1357.985 |
1357.985 |
1357.985 |
|
Reserves & Surplus |
22253.848 |
23579.545 |
24782.562 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
23611.833 |
24937.530 |
26140.547 |
|
|
|
|
|
|
Long-term borrowings |
7915.813 |
13919.096 |
13350.449 |
|
Short term borrowings |
30115.965 |
33484.542 |
38064.670 |
|
Total borrowings |
38031.778 |
47403.638 |
51415.119 |
|
Debt/Equity ratio |
1.611 |
1.901 |
1.967 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
37243.526 |
42254.844 |
50890.930 |
|
|
|
13.456 |
20.438 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
37243.526 |
42254.844 |
50890.930 |
|
Profit |
2824.547 |
2262.300 |
2110.131 |
|
|
7.58% |
5.35% |
4.15% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10495093 |
28/03/2014 |
30,927,000.00 |
LAKSHMI VILAS BANK LIMITED |
JANPATH BRANCH, GF:8,9,10; TOLSTOY HOUSE, 15-17,
TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
C04636270 |
|
2 |
10486363 |
28/03/2014 |
210,000,000.00 |
BANK OF BARODA |
BARODA HOUSE, P.B.
NO.506, MANDAVI, BARODA, GUJARA |
C00993972 |
|
3 |
10487086 |
26/03/2014 |
186,000,000.00 |
INDIAN OVERSEAS BANK |
INTERNATIONAL BUSINESS BRANCH, 2, WOOD
STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
C01198019 |
|
4 |
10494021 |
22/03/2014 |
350,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 21, H B SARANI, CENTRE
POINT, KOLKATA, WEST BENGAL - 700001, INDIA |
C04422739 |
|
5 |
10490399 |
20/03/2014 |
100,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 3RD FLOOR, AC
MARKET, 1 |
C03839479 |
|
6 |
10490012 |
20/03/2014 |
5,891,600,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
79A, MEHTA HOUSE, BOMBAY
SAMACHAR MARG,GREATER MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA |
C03604741 |
|
7 |
10481561 |
30/01/2014 |
100,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
BALLYGUNGE BRANCH,, 204,
RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA |
B98057011 |
|
8 |
10476089 |
28/12/2013 |
450,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
GF:8,9,10, TOLSTOY HOUSE,
NO.15-17, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B95685418 |
|
9 |
10411331 |
18/03/2013 |
750,000,000.00 |
ANDHRA BANK |
CHOWRINGHEE BRANCH,, 58, CHWORINGHEE ROAD,
KOLKATA, WEST BENGAL - 700071, INDIA |
B70621131 |
|
10 |
10373248 |
27/08/2012 |
500,000,000.00 |
DHANLAXMI BANK LIMITED |
DHANLAXMI BANK BUILDING
NAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA |
B56679442 |
|
11 |
10371687 |
01/08/2012 |
750,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, 8, CAMAC
STREET,, KOLKATA, WEST BENGAL - 700017, INDIA |
B56073232 |
|
12 |
10372890 |
01/08/2012 |
800,000,000.00 |
STATE BANK OF BIKANER AND
JAIPUR |
BALLYGUANGE BRANCH, 204,
RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA |
B56503220 |
|
13 |
10375671 |
27/07/2012 |
8,500,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 3, N.S. ROAD,
KOLKATA, WEST BENGAL - 700001, INDIA |
B57768574 |
|
14 |
10364973 |
24/12/2012 * |
1,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI -
110019, INDIA |
B64944549 |
|
15 |
10359423 |
20/07/2012 * |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI
MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B44052488 |
|
16 |
10352569 |
24/04/2012 |
2,050,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,, 33, NETAJI
SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B38542056 |
|
17 |
10351267 |
29/03/2012 |
1,500,000,000.00 |
JAMMU AND KASHMIR BANK
LIMITED |
(CORPORATE HEADQUARTERS), M.A. ROAD,
SRINAGAR, KASHMIR, SRINAGAR, JAMMU AND KASHMIR - 190001, INDIA |
B38034641 |
|
18 |
10346657 |
27/03/2012 |
500,000,000.00 |
LAKSHMI VILAS BANK
LIMITED |
FLAT NO. G-8-9-10, TOLSTOY
HOUSE, TOLSTOY MARG, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B36692648 |
|
19 |
10337012 |
30/03/2012 * |
500,000,000.00 |
DHANLAXMI BANK LIMITED |
DHANALAKSHMI BANK
BUILDING, NAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA |
B38996658 |
|
20 |
10337393 |
04/04/2012 * |
935,000,000.00 |
IL & FS TRUST COMPANY
LIMITED |
IL & FS FINANCIAL
CENTRE PLOT NO. C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA - 400051, INDIA |
B39987292 |
|
21 |
10243624 |
25/11/2010 * |
990,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI
MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A99756348 |
|
22 |
10206385 |
21/08/2010 * |
1,400,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI
MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A94397940 |
|
23 |
10206032 |
14/05/2010 * |
550,000,000.00 |
IDBI BANK LIMITED |
44, SHAKESPEARE SARANI, KOLKATA, WEST
BENGAL - 700 017, INDIA |
A85145357 |
|
24 |
10095518 |
28/03/2008 |
387,200,000.00 |
INDIAN RENEWABLE ENERGY
DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT
CORE, 4A LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A34659193 |
|
25 |
10093793 |
14/03/2008 |
137,500,000.00 |
INDIAN RENEWABLE ENERGY
DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT
CORE, 4 |
A34396994 |
|
26 |
10058993 |
27/07/2011 * |
2,770,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH,
11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B18772855 |
|
27 |
80046198 |
28/03/2006 |
249,700,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
LIMITED |
CORE-4A, EAST COURT, NEW DELHI, DELHI -
110003, INDIA |
- |
|
28 |
80046200 |
05/07/2005 * |
185,000,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
LIMITED |
CORE-4A, EAST COURT, LODI ROAD, NEW DELHI,
DELHI - 110003, INDIA |
- |
|
29 |
80027281 |
24/06/2011 * |
42,500,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 3, N.S. ROAD,
KOLKATA, WEST BENGAL - 700001, INDIA |
B16096935 |
|
30 |
80024435 |
24/12/2012 * |
44,600,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 3, N.S. ROAD,
KOLKATA, WEST BENGAL - 700001, INDIA |
B65463143 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG
TERM BORROWINGS |
|
|
|
Foreign Currency Convertible Bonds |
5691.840 |
5353.528 |
|
SHORT
TERM BORROWINGS |
|
|
|
Commercial
Papers |
37.000 |
4650.000 |
|
Total
|
5728.840 |
10003.528 |
Notes:
Long Term
Borrowings
Maturity
Profile of Secured and Unsecured Loans
(Rs. in millions)
|
Particulars |
Repayment Terms |
2014-15 |
2015-16 |
2016-17 |
|
Foreign
Currency Convertible Bonds |
On Maturity |
5691.840 |
-- |
-- |
Foreign Currency
Convertible Bonds
The
Company issued on 13.11.2009, 5.5% 105000 Foreign Currency Convertible Bonds
(FCCB) of US $ 1000 each aggregating US $105 million [Rs.4937.100 millions] at
par. The bonds are redeemable on 13th November, 2014 unless
previously converted; these bonds are convertible into equity shares at an
initial conversion price of Rs.46.70 per equity share with existing fixed rate of
exchange on conversion @ Rs.47.02 = US $ 1.00 at the option of the bond holder
at any time on or after 22nd December, 2009 and prior to the close
of business on 13th November, 2014. The outstanding 104,650 bonds
when fully converted would result in issue of additional 105367088 equity
shares of Re.1/-each. Apart from this, FCCB holders retain the right to
subscribe in Equity Shares to the extent of 210734176 Equity Shares of the
Company as per Letter of Offer issued by the Company for Issue of Right Equity
Shares in the ratio of 2:1 at a price of Rs.19.50 (Including Share Premium of
Rs.18.50 per share) at the time of conversion into Equity Shares on or before
13th November, 2014.
Short Term
Borrowings
In
case of Commercial Papers maximum balance outstanding during the year was
Rs.4900.000 millions (previous year Rs.7350.000 millions)
COMPANY INFORMATION
Subject is the global
leader in the processing of Basmati rice. The company follows an integrated
model of operations right from procurement, maturing, processing, packaging,
branding and distribution. The company matures its products to ensure a high
quality for all its products. The company sells its products both in the
domestic and the international markets. The company launched its
"Raindrops" brand in the domestic market and is today a leading brand
in India.
FINANCIAL AND PERFORMANCE REVIEW
The Company has
consistently followed an integrated model of operations right from procurement,
maturing, processing, packaging, branding and distribution. With the help of
strong distribution network, Company serves a wide range of quality products to
its consumers. Further, Company continues to strengthen its relationship with
major customers in organised retail sector. Company has launched several
products under “Raindrops” brand to consolidate its position in the markets.
“Raindrops” is one of the fastest emerging brands in FMCG Sector in India.
During the year, the
Company has achieved a turnover of Rs.50890.000 millions on a standalone basis
as against Rs.42250.000 millions in the previous year, a 20% increase over the
previous year. The company had a net profit of Rs.2110.000 millions during the
year compared to net profit of Rs.2260.000 millions for the previous year. They
have registered significant movement in top line, however, the bottom line was
slightly pressed due to increased financing costs.
BUSINESS SEGMENTS
The Company operates in two
Business segments i.e. business of manufacturing, trading and marketing of agro
products and Power Generation through Winds farms. However, the Company has
discontinued the segment reporting for wind power generation as the total
revenue, assets, profit or the capital employed in the wind power generation is
less than 10 per cent threshold limits of revenue, result, and assets, which is
required for reportable segment as provided in Accounting Standard 17 (AS 17)“
Segment Reporting” issued by the Institute of Chartered Accountants of India
(ICAI) / Company (Accounting Standards) Rules, 2006.
RICE AND OTHER PRODUCTS
During the financial year
2012-2013, revenue from sale of rice and other products was Rs.50630.000
millions as compared to Rs.42000.000 millions in the immediately preceding
previous year, this reflects an increase of over 20%.
During the year, the
Company has taken various measures and steps to increase the presence of its
“Raindrops” brand. For instance, Company has proudly associated with the mega
cricketing bonanza in India, as an associate sponsor of Delhi Daredevils and
Kings XI Punjab. This platform gave them an opportunity to reach millions of
Indian families.
As part of their continued
efforts at modernizing and implementation of up-gradation of processes, they
have substantially improved their overall operational efficiency. The company
has also launched “Raindrops” in the international markets. The brand has been
well accepted in the markets and despite the general slowdown in exports out
from India, export sales of the Company has increased to Rs.4930.000 millions
against export of Rs.2330.000 millions during the previous year. An increase of
112% over the last year. The consistent quality, commitment, innovation and
consumer engagements have continued to add value to consumers and provide growth
momentum.
The company has taken
various measures to increase the export sales post the launch of “Raindrops”
brand in Gulf Co-operative Council (GCC) countries. Encouraged by the very good
response from the market, the company is looking to increase its market share.
They intend to focus more on these territories to expand and eventually extend
their coverage to other international markets.
WIND POWER PERFORMANCE
The Company has its wind power
generation farms in the States of Rajasthan, Maharashtra, Tamil Nadu and
Gujarat with a total installed capacity of 46.1 MW. During the financial year
2012- 2013, revenue from the wind power generation was Rs.259.300 millions.
Wind power generation farms at Rajasthan, is registered with United Nations
Framework Convention on Climate Change (UNFCC) and has earned revenue of
Rs.1.200 millions through sale of Certified Emission Reduction (CER/Carbon
Credits) during the year. Further, Company`s wind power generation farms
situated at Tamil Nadu, Maharashtra and Gujarat have also got registered with
UNFCC and are expected to earn revenue from sale of Certified Emission
Reduction (CER/Carbon Credits) from these projects in the future.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The global economy
continues to be sluggish with a moderation in growth in China adding to the
continuation of the crisis in the European Union and the United States being
unable to show clear signs of economic recovery. The global economy seems
fragile with revival of economic activity not yet discernible.
The Indian economy is
estimated to have registered a growth rate of 5.0 per cent in 2012-13 in terms
of gross domestic product at factor cost at constant 2004-05 prices, following
a growth of 6.2 percent in 2011-12. Growth in 2011-12 and 2012-13 is on the
lower side, in the context of the decadal average of 7.9 per cent during
2003-04 to 2012-13.Agricultural growth at 1.8% year-on-year was lower compared
to 3.6% of the previous fiscal because of the delayed onset of monsoon that
resulted in food grain production contracting by about 3.5%.
On the domestic front
managing growth and price stability has been a prime concern in policy
formulation. Agriculture and services sector have provided support to overall
growth, weakening industrial activity tightening of the monetary position is
causing borrowing costs to rise and consequently investments have fallen
thereby pulling down economic performance.
THE AGRICULTURE INDUSTRY
There has been a decline in
the overall area coverage of food grains during kharif 2012-13 as compared to
kharif 2011-12 due to deficient south-west monsoon. The area coverage under
food grains during kharif 2012-13 stood at 665.03 lakhs hectares compared to
720.86 lakhs hectares last year. The major decline in the area of kharif food
grains has been due to shortfall in the area under rice in Andhra Pradesh, West
Bengal, Jharkhand and Bihar, coarse cereals mainly due to lower coverage under
bajra in Rajasthan; and also pulses. The area under oil seeds has also been
lower as compared to the previous year. The area coverage under kharif rice
during 2012-13 is around 391.62 lakh hectares which is lower by 9.06 lakhs
hectares compared to last year. The area coverage under sugarcane during the
current year has marginally improved to 51 lakhs hectares, which is higher by
about 0.13 lakhs hectares as compared to the previous year and the area under
cotton has decreased to 116.14 lakhs hectares as compared to 121.78 lakhs
hectares during 2010-11 registering a decrease of 5.64 lakhs hectares.
As per the 1st Advance
Estimates (covering only kharif crops), production of food grains during
2012-13 is estimated at 117.18 million tonnes. Oilseeds production stood at
18.78 million tonnes, sugarcane at 335.33 million tons and cotton at 33.4
million bales of 170 kg each. These production estimates are at lower levels
compared to last year primarily due to deficient south west monsoon in 2012 and
resultant acreage losses.
INDIAN AND EMERGING MARKET
OPERATIONS
Indian branded business in
particular, continues to grow ahead of the market growth rate. Manpower
increases in strategically relevant therapy areas helped grow the power brands.
Strategic initiatives were undertaken to strengthen their presence in Pain
management to achieve leadership position in the coming years. The emerging
markets business outside India has registered growth and company has clearly
outlined this as a strategic area for growth. The Company maintained its market
share of ~20% in the Indian Basmati Rice Industry and ~17% in the global
Basmati rice industry, same as the year before.
THE YEAR– BUSINESS
OVERVIEW
2012-13 marks the year when
Subject domestic operations saw the increasing presence of its brands. The
company products are sold under umbrella brand of “Raindrops”. “Raindrops” has
been rated as the No. 1 brand for basmati rice in India and is available in
most retail verticals. The branding exercise for their flagship brand has
resulted in increase in the branded rice.
During the year, the total
revenue on consolidated basis increased to Rs.95480.000 millions from
Rs.54110.000 millions an increase of 76%. The EBIDTA of the company has
increased to Rs.14900.000 millions from Rs.10250.000 millions an increase in
45% during the year. The Net profit increased to Rs.7010.000 millions in the
financial year ended March 2013 compared to a profit of Rs.3980.000 millions in
the previous year.
During the year, the
consolidated revenue of the company stood at Rs.95480.000 millions with an
increase of 76% as compared to that of the last year. 2012-13 marks the year
when the subsidiaries became the revenue generator for Subject.
During the year the PAT of
the five wholly owned subsidiaries stood at Rs.4900.000 millions.
Capitalising on the ability
to deliver consistent quantities of quality products, the company has
successfully launched Raindrops in the Gulf markets this year. 2012-13 was a
year of dramatic turnaround for Subject as it accomplished the demanding goals
it set for itself. The company achieved many a milestone viz., a sterling
overall business performance driven by the subsidiaries. Profitability went up
by a few notches to underlie the strong business foundation the Company has
with its focus on branding and distribution, manufacturing and consistent
product quality and availability.
SUSTAINED GROWTH IN REVENUE
The revenue of the company
grew by 76% on consolidated basis to Rs.95480.000 millions from Rs.54110.000
millions achieved during the previous year.
(Rs. in millions)
|
Particulars |
FY 13 |
FY 12 |
Change |
% Change |
|
Revenue |
95480.000 |
54110.000 |
41370.000 |
76% |
The revenue growth in FY 2013
is higher by 76% over FY 2012 driven by growth in international revenue. The
revenue split was lead by international operations at 52% (compared to 26% as
in FY 2012) while domestic operations contributed 48% (compared to 74% in FY
2012).The company has entered into various distribution arrangements with the
leading distributors in the gulf region to make Raindrops the first global
basmati rice brand.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
i) Outstanding Guarantees
and counter guarantees to a Bank in favour of Govt. Authorities and Others
[Deposit held NIL (PY Rs.7.500 millions)] |
-- |
56.955 |
|
ii)
Guarantee provided to Banks and Financial Institutions for loans provided to
Subsidiaries |
12192.801 |
593.186 |
|
iii)
Claim not acknowledged as debts relating to cases being contested by the
company |
|
|
|
~
Under PDIF Act |
11.900 |
-- |
|
~
Under Sales Tax |
11.400 |
-- |
FIXED ASSETS:
Tangible
Assets
·
Free
Hold Land
·
Lease
Hold Land
·
Building
·
Plant
and Machinery
·
Windfarm
Generators
·
Office
Equipment
·
Tubewell
·
Computer
·
Vehicles
·
Furniture
and Fixtures
Intangible
Assets
·
Computer
Software
WEBSITE DETAILS:
COMPANY OVERVIEW
Raindrops basmati rice comes from the house of Subject – World’s largest
basmati processing company. Subject was established in the year 1994 with a
vision to consolidate the fragmented basmati rice industry. Today subject is
India’s Leading Food Major and is listed in Bombay Stock Exchange (BSE),
National Stock Exchange (NSE), London Stock Exchange and Singapore Stock
Exchange.
The company commands a sizeable 22% share of World’s Basmati Market.
It follows an integrated business model and is equipped with the latest
technology available globally. The state-of-the-art facilities and ISO
9001:2000 conforming to quality standards have resulted in superior quality
grain at an excellent value proposition.
The company enjoys investment grade rating from Credit Analysis and
Research Limited (CARE) for short term debt.
The Company offers a wide range of brands like Raindrps ELG (Extra Long Grain),
Raindrops Gold Supreme, Raindrops Gold Royal, Raindrops Gold Super, Raindrops
Supreme, Raindrops Royal, Raindrops Select, Raindrops Super, Raindrops Popular,
Raindrops Daily and Raindrops Rozana. With wide choice at all the price points,
subject has become a household name.
FUTURE PLANS
Subject endeavours to strengthen its relationship with everyone
associated with the company. It has equipped itself with powerful strategies to
face any challenge in the future. Procurement network helps the company to
acquire superior quality of rice at low cost, to maintain regular flow of raw
material and to strengthen the company's relationship with the farmers.
There is a huge demand for parboiled rice in the Gulf and this will be a
major driving force behind the company's exports in the coming year. Subject is
fully equipped to capitalize on the growing demand of basmati rice.
The company looks forward to increase its market share on the one hand
with larger volumes and also a change in its product mix with a larger share of
branded and export sales.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.