MIRA
INFORM REPORT
|
Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
RIDDHI SIDDHI GLUCO BIOLS LIMITED |
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|
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Registered
Office : |
701, Sakar-1, Opposite Gandhigram Railway Station, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.07.1990 |
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Com. Reg. No.: |
04-013967 |
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Capital
Investment / Paid-up Capital : |
Rs.144.748 millions |
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CIN No.: [Company
Identification No.] |
L24110GJ1990PLC013967 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is
engaged in Wind
Energy Generation and trading of agriculture and metal commodity items. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 40855000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
January 31, 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.: 91-79-26581000)
LOCATIONS
|
Registered Office : |
701, Sakar-1, Opposite Gandhigram Railway Station, Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26581000 |
|
Fax No. : |
91-79-26580894 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Factory 1 : |
Taluka: Alangulam / Tenkasi, District: Tirunelveli, Tamilnadu, India |
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Factory 2 : |
Site: KAS, District: Satara, Maharashtra, India |
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Factory 3 : |
Village: Vandhiya, District: Kutch, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sampatraj L Chowdhary |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
59
Years |
|
Qualification
: |
B.
Com |
|
Experience
: |
34
Years |
|
Date of Appointment : |
02.07.1990 |
|
|
|
|
Name : |
Mr. Ganpatraj L Chowdhary |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. P. G. Zalani |
|
Designation : |
Director |
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|
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|
Name : |
Mr. R. Sathyamurthi |
|
Designation : |
Director |
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|
Name : |
Mr. Jayprakash M. Patel |
|
Designation : |
Director |
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|
Name : |
Mr. Mukesh Kumar Chowdhary |
|
Designation : |
Whole Time Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1761941 |
18.59 |
|
|
3027691 |
31.94 |
|
|
4789632 |
50.53 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4789632 |
50.53 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
679 |
0.01 |
|
|
264728 |
2.79 |
|
|
13 |
0.00 |
|
|
13 |
0.00 |
|
|
265420 |
2.80 |
|
|
|
|
|
|
1722024 |
18.17 |
|
|
|
|
|
|
1020831 |
10.77 |
|
|
1619200 |
17.08 |
|
|
61193 |
0.65 |
|
|
6272 |
0.07 |
|
|
54921 |
0.58 |
|
|
4423248 |
46.67 |
|
Total
Public shareholding (B) |
4688668 |
49.47 |
|
Total
(A)+(B) |
9478300 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
9478300 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
ssShareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|
||
|
1 |
Rajuldevi
Choudhary |
3,98,620 |
4.21 |
4.21 |
|
2 |
Shrenikkumar
S Chowdhary |
25,000 |
0.26 |
0.26 |
|
3 |
Safari
Biotech Private Limited |
2,00,000 |
2.11 |
2.11 |
|
4 |
Telecon
Infotech Private Limited |
2,00,000 |
2.11 |
2.11 |
|
5 |
Ganpatraj
Chowdhary |
25,010 |
0.26 |
0.26 |
|
6 |
Vicas
Vehicles Private Limited |
10,21,943 |
10.78 |
10.78 |
|
7 |
Creflotex
Engineers Private Limited |
11,05,748 |
11.67 |
11.67 |
|
8 |
Ganpatraj
Lalchand Choudhary HUF |
4,15,808 |
4.39 |
4.39 |
|
9 |
Vascroft
Design Private Limited |
5,00,000 |
5.28 |
5.28 |
|
10 |
Ganpatraj
Lalchand Choudhary |
1,95,000 |
2.06 |
2.06 |
|
11 |
Sampatraj
Lalchand Chowdhary |
1,85,000 |
1.95 |
1.95 |
|
12 |
Shankarlal
Lalchand Chowdhary |
1,44,800 |
1.53 |
1.53 |
|
13 |
Pushpadevi
Sampatraj Chowdhary |
69,900 |
0.74 |
0.74 |
|
14 |
Parvatiben
Shankarlal Chowdhary |
65,000 |
0.69 |
0.69 |
|
15 |
Shankarlal
Lalchand Chowdhary |
50,000 |
0.53 |
0.53 |
|
16 |
Pushpadevi
Sampatraj Chowdhary |
35,000 |
0.37 |
0.37 |
|
17 |
Mukesh
Shankerlal Chowdhary |
25,000 |
0.26 |
0.26 |
|
18 |
Shankarlal
Lalchand Chowdhary |
24,900 |
0.26 |
0.26 |
|
19 |
Shripalkumar
Sampatraj Chowdhary |
20,000 |
0.21 |
0.21 |
|
20 |
Siddharth
Chowdhary |
20,000 |
0.21 |
0.21 |
|
21 |
Mukesh
Shankerlal Chowdhary |
17,903 |
0.19 |
0.19 |
|
22 |
Sampatraj
Lalchand Chowdhary |
15,000 |
0.16 |
0.16 |
|
23 |
Mukesh
Shankerlal Chowdhary |
10,000 |
0.11 |
0.11 |
|
24 |
Parvatiben
Shankarlal Chowdhary |
10,000 |
0.11 |
0.11 |
|
25 |
Shrenikkumar
Sampatraj Chowdhary |
10,000 |
0.11 |
0.11 |
|
|
Total |
47,89,632 |
50.53 |
50.53 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Morgan Stanley Mauritius Company Limited |
236528 |
2.50 |
2.50 |
|
|
2 |
Shreepal Starch Products Private Limited |
548799 |
5.79 |
5.79 |
|
|
3 |
Ajaya Jain |
133731 |
1.41 |
1.41 |
|
|
4 |
Siwana Agri Marketing Limited |
852897 |
9.00 |
9.00 |
|
|
5 |
Utkarsh Bhikhoobhai Shah |
100000 |
1.06 |
1.06 |
|
|
6 |
Aadarsh Utkarsh Shah |
100000 |
1.06 |
1.06 |
|
|
7 |
Prakshmal Mishrimal Sanghvi |
300000 |
3.17 |
3.17 |
|
|
8 |
Raamdeo Ramgopal Agrawal |
150000 |
1.58 |
1.58 |
|
|
9 |
Ravikumar Javerilal Oswal |
123830 |
1.31 |
1.31 |
|
|
|
Total |
2545785 |
26.86 |
26.86 |
|
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Shreepal
Starch Products Private Limited |
548799 |
5.79 |
5.79 |
|
|
2 |
Siwana
Agri Marketing Limited |
852897 |
9.00 |
9.00 |
|
|
|
Total |
1401696 |
14.79 |
14.79 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Wind
Energy Generation and trading of agriculture and metal commodity items. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
·
ICICI Bank Limited ·
Oriental Bank of Commerce ·
Indian Overseas Bank ·
IDBI Bank Limited |
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Facilities : |
Notes: LONG-TERM
BORROWINGS (a) ECBs carry an interest of 6 to 7% p.a. and are secured against the
windmills of the Company. ECB of JPY 7117.50 lacs is payable in 16 half
yearly installments and ECB of USD 177.78 lacs is payable in 16 half yearly
installments. (b) Vehicle loans are secured by hypothecation of underlying vehicle
taken against loan SHORT-TERM
BORROWINGS Nature of Security: The Company has Short
term loans from Non-Banking Finance Company which is secured against pledge
of Debt oriented mutual funds and is repayable within one year from the
balance sheet date and carries an interest rate of 11.5% p.a. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
3rd Floor, “Heritage”, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad – 380 014, Gujarat, India |
|
|
|
|
Subsidiary Company : |
Riddhi
Siddhi Corn Processing Private Limited (till 29th May, 2012) |
|
|
|
|
Enterprises commonly controlled or influenced by Directors / Key
Management Personnel of the Company and their Relatives (EHSI) : |
·
Vicas Vehicles Private Limited ·
Creelotex Engineers Private Limited ·
Vascroft Design Private Limited ·
Safari Biotech Private Limited ·
Telecon Infotech Private Limited ·
Indigro Exports Private Limited ·
GrainSpan Nutrients Private Limited ·
Imperio Realties Private Limited ·
Riddhi Siddhi Corn Processing Private Limited (w.e.f. 30th
May, 2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 millions |
|
12000000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 millions |
|
|
Total |
|
Rs.260.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9478300 |
Equity Shares |
Rs.10/- each |
Rs.94.783
millions |
|
Less: |
Calls in arrears-other than directors |
|
Rs.0.035
million |
|
5000000 |
8% Non-Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs.50.000
millions |
|
|
Total |
|
Rs.144.748
millions |
a. Reconciliation of shares outstanding at the beginning and at the end
of the reporting period
Equity Shares
|
Particulars |
31.03.2013 |
|
|
No. of shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the year |
9478300 |
94.783 |
|
Less: Cancelled during the year as per the
Composite Scheme of Arrangement |
-- |
-- |
|
Outstanding at the end of the year |
9478300 |
94.783 |
The Company has given an effect
of reduction in the equity share capital in the financial statements for the
year ended on 31st March, 2012 on account of Composite Scheme of
Arrangement under sections 391 and 394 read with sections 100 to 104 of the
Companies Act, 1956 in the nature of Demerger, approved by the Hon’ble High
Court of Gujarat vide its order dated 7th February, 2012.
Preference Shares
|
Particulars |
31.03.2013 |
|
|
No. of shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the year |
5000000 |
50.000 |
|
Outstanding at the end of the year |
5000000 |
50.000 |
b. Terms / Rights attached
to the equity shares
The Company has only one
class of equity shares having a par value of Rs.10 per share. Each holder of equity
shares is entitled to one vote per share. The dividend proposed by the Board of
Directors is subject to approval of the shareholders in ensuing Annual General
Meeting. The Company declares and pays dividend in Indian rupees. The Board of
Directors have recommended dividend payout of Rs.10 per share to the equity
shareholders of the Company.
In the event of liquidation
of the Company, the holders of the equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
Shareholders.
c. Terms / Rights attached
to the preference shares
Preference
shares are redeemable at par on 3rd November, 2013 with a put and call option
anytime after 3rd November, 2009.
d. Details of equity shareholders holding more than 5 % shares in the
company
|
Particulars |
31.03.2013 |
|
|
No. of shares
held |
% Holding |
|
|
Creelotex
Engineers Private Limited |
1105748 |
12.00 |
|
Vicas
Vehicles Private Limited |
1021943 |
11.00 |
|
Siwana
Agri Marketing Limited |
852897 |
9.00 |
|
Marg
Biotech Private Limited |
600000 |
6.00 |
|
Shreepal
Starch Products Private Limited |
548799 |
6.00 |
|
Vascroft
Design Private Limited |
500000 |
5.00 |
e. Details of preference shareholders holding more than 5 % shares in
the company
|
Particulars |
31.03.2013 |
|
|
No. of shares
held |
% Holding |
|
|
Siwana Agri Marketing Limited |
5000000 |
100% |
f.
Details of calls in arrears
|
Particulars |
31.03.2012 |
|
|
No. of shares
held |
Amount (Rs. in
millions) |
|
|
Other
than Directors |
7000 |
0.035 |
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 |
144.748 |
144.748 |
161.379 |
|
(b) Reserves & Surplus |
10068.956 |
9957.642 |
3410.971 |
|
(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) |
10213.704 |
10102.390 |
3572.350 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1203.110 |
1349.136 |
302.976 |
|
(b) Deferred tax liabilities (Net) |
166.801 |
133.701 |
429.208 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
2.290 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1372.201 |
1482.837 |
732.184 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
210.000 |
0.000 |
1455.751 |
|
(b)
Trade payables |
4.125 |
813.986 |
297.431 |
|
(c)
Other current liabilities |
611.663 |
810.310 |
2093.555 |
|
(d) Short-term
provisions |
164.136 |
1844.337 |
260.762 |
|
Total Current
Liabilities (4) |
989.924 |
3468.633 |
4107.499 |
|
|
|
|
|
|
TOTAL |
12575.829 |
15053.860 |
8412.033 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1661.705 |
1900.638 |
3649.167 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.039 |
|
(iii)
Capital work-in-progress |
0.000 |
43.000 |
1470.758 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
519.370 |
0.022 |
0.022 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
150.462 |
5.488 |
224.229 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2331.537 |
1949.148 |
5344.215 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
6428.183 |
0.000 |
1.100 |
|
(b)
Inventories |
1325.082 |
0.000 |
976.646 |
|
(c)
Trade receivables |
134.856 |
79.289 |
1412.564 |
|
(d) Cash
and cash equivalents |
143.376 |
74.435 |
88.238 |
|
(e)
Short-term loans and advances |
2200.882 |
1588.695 |
546.850 |
|
(f)
Other current assets |
11.913 |
11362.293 |
42.420 |
|
Total
Current Assets |
10244.292 |
13104.712 |
3067.818 |
|
|
|
|
|
|
TOTAL |
12575.829 |
15053.860 |
8412.033 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4754.531 |
236.990 |
69.146 |
|
|
|
Other Income |
480.406 |
0.000 |
8.690 |
|
|
|
TOTAL (A) |
5234.937 |
236.990 |
77.836 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases
of Stock-in-Trade |
5829.979 |
109.265 |
52.357 |
|
|
|
Changes
in inventories of Stock-in-Trade |
(1325.082) |
0.000 |
0.000 |
|
|
|
Employee
benefits expenses |
14.375 |
0.000 |
0.000 |
|
|
|
Other expenses |
23.958 |
5.626 |
0.427 |
|
|
|
TOTAL (B) |
4543.230 |
114.891 |
52.784 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
691.707 |
122.099 |
25.052 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
117.823 |
256.624 |
24.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
573.884 |
(134.525) |
0.853 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
286.879 |
257.623 |
30.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
287.005 |
(392.148) |
(29.358) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
59.905 |
(968.358) |
(1674.242) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
227.100 |
576.210 |
1644.884 |
|
|
|
|
|
|
|
|
|
|
Excess
provision of Dividend and Dividend Tax written back on 7,000 shares with
calls in arrears |
0.203 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2210.081 |
1973.918 |
695.441 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
4.000 |
4.000 |
4.000 |
|
|
|
Proposed Dividend on Equity Shares |
94.713 |
236.958 |
139.180 |
|
|
|
Tax on Dividend and Proposed Dividend |
16.776 |
39.089 |
23.227 |
|
|
|
Transfer to General Reserve |
60.000 |
60.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2261.895 |
2210.081 |
1973.918 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Sales |
0.000 |
621.011 |
696.212 |
|
|
TOTAL EARNINGS |
0.000 |
621.011 |
696.212 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
4.132 |
11.228 |
|
|
|
Stores & Spares |
0.000 |
7.109 |
10.458 |
|
|
|
Capital Goods |
0.000 |
2.705 |
8.538 |
|
|
TOTAL IMPORTS |
0.000 |
13.946 |
30.224 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
(i) Continuing Operations |
23.48 |
(51.46) |
(6.50) |
|
|
|
(ii) Total Operations |
23.48 |
55.44 |
147.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.34 |
243.14
|
2113.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.04 |
(165.47)
|
(42.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.38 |
(2.61)
|
(0.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.04)
|
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.13
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.35 |
3.78
|
0.75 |
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 |
161.379 |
144.748 |
144.748 |
|
Reserves & Surplus |
3410.971 |
9957.642 |
10068.956 |
|
Net
worth |
3572.350 |
10102.390 |
10213.704 |
|
|
|
|
|
|
long-term borrowings |
302.976 |
1349.136 |
1203.110 |
|
Short term borrowings |
1455.751 |
0.000 |
210.000 |
|
Total
borrowings |
1758.727 |
1349.136 |
1413.110 |
|
Debt/Equity
ratio |
0.492 |
0.134 |
0.138 |
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) |
|
Sales |
69.146 |
236.990 |
4754.531 |
|
|
|
242.739 |
1,906.216 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
69.146 |
236.990 |
4754.531 |
|
Profit |
1644.884 |
576.210 |
227.100 |
|
|
2378.86% |
243.14% |
4.78% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term borrowings:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current Maturities of
long term borrowings |
177.942 |
175.910 |
1272.073 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10287109 |
12/05/2011 |
910,000,000.00 |
ICICI BANK LIMITED |
SUITE 1504 B-1505, LEVEL 15, INTERNATIONAL COMMERCIAL
CENTRE,1 AUSTIN ROAD, WEST KOWLOON, - 48619, HONG KONG |
B12937686 |
|
2 |
10249145 |
08/11/2010 |
465,000,000.00 |
ICICI BANK LIMITED |
SUIT 1504 B - 1505, LEVEL 15, INTERNATIONAL
COMMERCIAL CENTRE, 1 AUSTIN ROAD, WEST KOWLOON, - 48619, HONG KONG |
A98820038 |
CORPORATE INFORMATION:
The Company has made
investment in Wind Farms and is currently engaged in generating and selling power.
During the year, the Company has altered its object clause in the Memorandum of
Association and it has started business of trading in agriculture and metal
commodity items.
During the previous year,
as per the Composite Scheme of Arrangement, the Company had transferred its
Corn Wet Milling business to Riddhi Siddhi Corn Processing Private Limited.
As per Honorable High Court
of Gujarat’s order approving the Scheme of Arrangement (“the Scheme”) in the
nature of demerger, from the Appointed Date of 1st October, 2011
with Effective Date of 29th May, 2012, the Corn Wet Milling
undertaking was transferred to Riddhi Siddhi Corn Processing Private Limited
(“RSCPPL”). The Scheme and related transactions for demerger and reduction in share
capital was given effect to in the audited financial statements for the year
ended 31st March, 2012.
As part of the Scheme, all
assets and liabilities of the Corn Wet Milling undertaking including employees
and their related liabilities were transferred to the RSCPPL, however
contingent liabilities related to the period prior to Appointment Date i.e. 1st
October 2011, arising out of regulatory, tax, labour, operational or
environmental matters etc. remained with the Company.
As per the High Court Order,
resultant excess of Rs.6380.706 millions being the amount of net sale
consideration and net value of assets and liabilities transferred had been
added to the capital reserve under reserves and surplus and accordingly Corn
Wet Milling undertaking was disclosed as discontinued operations in the prior
year financial statements. In view of specific option granted by the Honorable
High Court of Gujarat’s order, during the current financial year, the Company
has transferred the said amount to the General Reserve.
SEGMENT REPORTING:
a.
The Company has
disclosed business segment as the primary segment. Segments have been
identified taking in to account the nature of the products, the differing risks
and return, the organization structure and internal reporting system.
b.
After the Demerger of
Corn Wet milling business and its transfer to the Resulting Company in the
previous year, the Company’s Operations pre-dominantly relates to Wind Energy
Generation and trading of agriculture and metal commodity items. Accordingly,
the Company has identified “Wind Energy Generation” and “Trading business” as
the operating segments, consisting of sale of wind power and trading of
commodity items respectively. Others consist of investment activities which
comprises of less than 10% revenues. The Company has transferred the starch
business to Riddhi Siddhi Corn Processing Private Limited (RSCPPL) with effect
from 1st October, 2011 and accordingly the starch business has been
reported as discontinued operations.
c.
Secondary segment
reporting is based on the geographical location of customers. Since, company
has its operation activities limited to India only; no separate disclosure
pertaining to secondary segment based on geographical location has been given.
OPERATIONS:
The Company in the last
year had demerged and transferred the Corn Wet Milling business into a New
Company in which a French company has majority stake. The funds received in the
process are utilized in the Trading and Investment activities pending identification
of New project in the Company. The continuing operations of the company at
present comprises of Wind Farm Business, Trading and Investment Activities and
revenue from these operations for the year ended 31st March, 2013,
was Rs.4754.531 millions against Rs.236.990 millions of the previous year. Net
Profit from continuing operations was Rs.227.100 millions against loss of
Rs.525.849 millions of previous financial year. Earning per share (EPS) for the
year was Rs.23.48.
MANAGEMENT DISCUSSION AND
ANALYSIS
High inflation, global
financial issues pertaining to European countries and other internal issues of
their country have affected their country’s business sentiment and growth
prospects. India’s gross domestic product (GDP) growth slumped to 5% in the
financial year ended 31st March, 2013, the lowest in a decade. In
spite of efforts to spur growth, the underlying sentiment is weak and would
pose further difficulties to the economy and growth.
As the shareholders are
aware the company transferred its corn wet milling business in FY 2012 and the
proceeds received have been deployed in various debt schemes pending
identification of new business. Considering the present economic situation in
the country, the management is proceeding very cautiously in the selection of
new business.
Wind Energy Business
As at the end of 31st
March, 2013 the total capacity of wind mills stood at 33.15 MW located in
Tamilnadu (28.5 MW), Maharashtra (3 MW) and Gujarat (1.65 MW). Energy generated
from the wind mills were sold to the respective state level distribution
companies. Total energy generated during the year was 49.637 million units
yielding revenue of Rs.164.725 millions. Persistent grid and local issues in
Tamilnadu affected generation from the wind mills in that state. Changing wind
pattern has also affected generation in other locations as well. The company is
working with the respective developers to improve generation and yield.
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(i)
Claims against the Company not acknowledged as debt |
|
|
|
a.
Excise Duty |
248.648 |
241.208 |
|
b.
Sales Tax |
0.100 |
0.100 |
|
c.
Service Tax |
2.760 |
0.803 |
|
d.
Income Tax |
92.113 |
92.113 |
|
e.
Other Maters |
0.000 |
3.500 |
|
Total
|
343.621 |
337.724 |
a.
Towards Levy of
excise duty, including penalty but other than interest thereof on account of dispute
in classification of finished goods, against which Company has appealed before
Appellate Authorities and Commissioner (Appeals).
b.
Towards penalty
charges on account of dispute for sales tax demand against the pending form 19
to be submitted to tax authorities.
c.
Towards Service Tax
demand on refund claimed on services availed on export of goods i.e. CHA
Services, Port Services and Goods Transport Services.
d.
The Company has
received the High Court order on 1st May, 2012 and hence had not
paid advance income tax pursuant to the gain on demerger and sale of Corn Wet
Milling undertaking. The Company has filed the Interest waiver application as
required under CBDT Circular 400/29/2002-IT(B) for waiver of interest under
section 234 A, B and C of the Income-tax Act, 1961. Hence, the amount Rs.92.113
millions (Previous Year: Rs.92.113 millions) pertains to the possible claim of
interest in case the waiver application is not accepted.
e.
Others include
possible claim relating to dispute with workers of Rs. NIL (Previous Year:
Rs.0.300 million) and a claim in case lodged against Company for an accident in
Maize Starch Powder(MSP) plant of Gokak Unit amounting to Rs. NIL (Previous
Year: Rs.3.200 millions)
It is not practicable to
estimate the timing of cash outflows, if any in respect of matters (a) to (e)
above, pending resolution of the proceedings with the respective appellate
authorities.
FIXED ASSETS:
Tangible
Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Vehicles
Intangible
Assets
·
Tradename and Trademark
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.