MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
JVL AGRO INDUSTRIES LIMITED |
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Registered
Office : |
Jhunjhunwala Bhavan, Nati Imili |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
17.11.1989 |
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Com. Reg. No.: |
20-011396 |
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Capital
Investment / Paid-up Capital : |
Rs. 167.900 Millions |
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CIN No.: [Company Identification
No.] |
L15140UP1989PLC011396 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
ALDJ00217A |
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PAN No.: [Permanent Account No.] |
AAACJ5704B |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Processing of Vanaspati, Retined Oil, Mustard Oil, etc. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
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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. The rating reflects sound financial risk profile marked by growing revenue
base and wide distribution network of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales in
the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
17.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3” |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
17.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Chittranjan Jha |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-542-2595930 |
|
Date : |
05.03.2014 |
LOCATIONS
|
Registered Office : |
Jhunjhunwala Bhavan, Nati Imili |
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Tel. No.: |
91-542-2211312/ 13 |
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Fax No.: |
91-542-2210480 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village Naupur, P.O. Thanagaddhihe, Kerakat, District Janupur, |
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Tel. No.: |
91-542-2625332 |
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Fax No.: |
91-542-2625332 |
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Factory 2 : |
JVL Agro Foods (a unit of JVL Agro Industries Limited) 207
MIA, Alwar 301001), |
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Factory 3 : |
JVL Oils and Foods (a unit of JVL Agro Industries Limited)
Village Chakia, P.O. Pahleja, District Rohtas, Bihar-821307, |
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Factory 4 : |
JVL Oil Refinery (A unit of JVL Agro Industries Limited) JL # 149, Mouza – Debhog, PS – Bhabanipur, Purba Medinipur, Haldia – 712657, West Bengal, India |
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Branch Office : |
Located At: v
Kolkata v
Mumbai v
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. D. N. Jhunjhunwala |
|
Designation : |
Chairman |
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Date of Birth/Age : |
02.02.1936 |
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Qualification : |
B. Sc (Industrial Chemistry) |
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Experience : |
Industrialist • Mr. D. N. Jhunjhunwala
is the Chairman of the Company. He is a graduate in Industrial Chemistry. He
has 50 years of experience in various facets of management, out of which 30
years were dedicated in various oil industries • Mr. D. N.
Jhunjhunwala promoted Jhunjhunwala Vanaspati Limited in 1989 and he was
President of Solvent Extractors Association, member of U.P. Oil Millers
Association, member of Vegetable Oil Refiners Association of India and he is
also involved with various philanthropic activities. He has written many
books on social and religious topics. |
|
Date of Appointment : |
17.11.1989 |
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Name : |
Mr. S. N. Jhunjhunwala |
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Designation : |
Managing Director |
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Date of Birth/Age : |
24.04.1957 |
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Qualification : |
B.Com |
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Experience : |
Industrialist • Mr. S. N.
Jhunjhunwala is the Managing Director and is a Commerce graduate. He has 28
years of experience in solvent extraction, oil refining and vanaspati
manufacturing units. |
|
Date of Appointment : |
17.11.1989 |
|
|
|
|
Name : |
Mr. Adarsh Jhunjhunwala |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
05.07.1983 |
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Qualification : |
Chartered Accountant and MBA (Finance). |
|
Experience : |
Commerce and Financial Accounting • Mr. Adarsh Jhunjhunwala is a Whole time Director of the Company. |
|
Date of Appointment : |
27.02.2007 |
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|
|
Name : |
Mr. Harsh Agarwal |
|
Designation : |
Director |
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Date of Birth/Age : |
26.03.1987 |
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Qualification : |
Engineering Graduate |
|
Experience : |
Engineering Sri Harsh
Agrawal is a Director and has a deep insight and practical experience into
the field of electronics and telecommunication. |
|
Date of Appointment : |
30.09.2011 |
|
|
|
|
Name : |
Dr. S. K. Dikshit |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1946 |
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Experience : |
• Mr. S. K. Dikshit is a Director of the Company. He is a Doctor. • He has expertise in herbal products and medical science. |
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Date of Appointment : |
10.07.2011 |
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|
Name : |
Mr. Mahesh Kedia |
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Designation : |
Director |
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Date of Birth/Age : |
13.06.1963 |
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Qualification : |
B. Sc (Statistics), C.A |
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Experience : |
Commerce and Financial Accounting • Shri Mahesh Kedia is a Director, Chartered Accountant and a Science graduate |
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Date of Appointment : |
29.12.2003 |
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|
Name : |
Mr. Kanhaiya Lal Goenka |
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Designation : |
Director |
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Date of Birth/Age : |
03.03.1979 |
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Qualification : |
B. Com |
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Experience : |
Experience in solvent extraction, oil refining and vanaspati
manufacturing units. |
|
Date of Appointment : |
27.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Kumar Jaiswal |
|
Designation : |
Company Secretary |
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|
|
Audit Committee : |
Mr. D. N. Jhunjhunwala Dr. S. K. Dixit Mr. Mahesh Kedia |
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 |
|
|
|
|
|
|
|
|
24144487 |
14.38 |
|
|
64406900 |
38.35 |
|
|
88551387 |
52.73 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
88551387 |
52.73 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
79000 |
0.05 |
|
|
22504680 |
13.40 |
|
|
22583680 |
13.45 |
|
|
|
|
|
|
27642236 |
16.46 |
|
|
|
|
|
|
15034054 |
8.95 |
|
|
10855878 |
6.46 |
|
|
3272765 |
1.95 |
|
|
2200000 |
1.31 |
|
|
1072765 |
0.64 |
|
|
56804933 |
33.82 |
|
Total Public
shareholding (B) |
79388613 |
47.27 |
|
Total (A)+(B) |
167940000 |
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) |
167940000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing of Vanaspati, Retined Oil, Mustard Oil, etc. |
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Imports : |
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Products : |
Raw Materials |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual Production Qty. |
|
Vanaspati |
MT per annum |
84000 |
124570.52 |
|
Tins |
Pcs per annum |
42 Lac |
-- |
|
Deacidified Oil |
MT per annum |
132000 |
-- |
|
HDPE JARS |
Pcs per annum |
18 Lac |
-- |
|
Fatty Distillation |
MT per annum |
60000 |
-- |
|
Gasification |
NM3 per annum |
5328000 |
-- |
|
Red Palmolien and Enter Esterified |
MT per annum |
90000 |
-- |
|
Edible Oil (Alwar, Rajasthan) |
MT per annum |
81000 |
-- |
|
Refined Oils / Vanaspati (Pahleza, |
MT per annum |
150000 |
125293.54 |
|
Fatty Acid Oil |
MT |
-- |
12823.15 |
|
Mustard Oil |
MT |
-- |
41483.70 |
|
DOC |
MT |
-- |
72321.70 |
Notes:
1)
Shortage, Damages and Discarded of Vanaspati during
the year 2.750 MT (3.036 MT) and Refined Oil 1.500 MT (2.530 MT) and Mustard
Oil 1.100 MT (1.225 MT)
2)
Quantity including internal transfer of Ref Oil
798.309 MT (1471.50 MT) & Mustard 747.610 MT (798.831 MT)
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
·
Bank of · Punjab National Bank · Standard Chartered Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of · State Bank of Travancore · Vijaya Bank |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singh Dikshit and Company Chartered Accountants |
|
Address : |
Hathua Market, Chetganj, |
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|
|
|
Subsidiary Company : |
v JVL Overseas
Pte. Limited |
|
|
|
|
Other Related Companies : |
v Jhunjhunwala
Gases Private Limited v Jhunjhunwala
Oils Mills Limited v Nilamber Trexim
and Credit Private Limited |
|
|
|
|
Other Party : |
v Jhunjhunwala
Sewa Society |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Re. 1/- each |
Rs. 200.000 Millions |
|
5000 |
10% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
250000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs. 225.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
167940000 |
Equity Shares |
Re. 1/- each |
Rs. 167.900
Millions |
|
|
|
|
|
|
Reconciliation
of number of shares |
31.03.2013 |
|
Equity Shares : |
|
|
Balance as at beginning of the year 140440000 Equity Shares |
140440000 |
|
Add: 27500000
Preferential Warrant converted into equity shares of Re. 1/- each at premium
of Rs. 18/- each |
27500000 |
|
Less: Shares bought back during the year |
-- |
|
Balance as at
end of the year |
167940000 |
Rights, preferences and
restrictions attached to the shares
Equity shares: The Company has one class of equity shares having a par value of `1 per share. Each shareholder is eligible for one vote per share held. 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. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholdings.
Details of equity
shares held by shareholders holding more than 5% shares to the aggregate shares
in the Company
|
Name of Shareholders |
No. of Shares |
% of Holding |
|
a. Nilamber Trexim and Credit Private Limited |
16912900 |
12.04% |
|
b. Jhunjhunwala Oil Mills Limited |
7419000 |
5.28% |
|
c. Jhunjhunwala Gases Private Limited |
16075000 |
11.45% |
|
d. Lotus Global Investments Limited |
8307795 |
5.92% |
|
e. Aryan Multibusiness Private Limited |
12000000 |
8.54 % |
|
Paharia Markets and Investment Private Limited |
12000000 |
0.00% |
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 |
167.900 |
140.400 |
128.400 |
|
(b) Reserves & Surplus |
3,922.300 |
2,857.100 |
2,102.100 |
|
(c) Money received against
share warrants |
0.000 |
253.100 |
190.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4,090.200 |
3,250.600 |
2,420.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,004.400 |
811.500 |
358.400 |
|
(b) Deferred tax liabilities
(Net) |
282.700 |
223.300 |
199.700 |
|
(c) Other long term
liabilities |
22.600 |
15.600 |
22.600 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1,309.700 |
1,050.400 |
580.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,107.500 |
947.400 |
946.700 |
|
(b) Trade payables |
7,291.000 |
7,773.500 |
6,034.200 |
|
(c) Other current liabilities |
491.300 |
412.200 |
326.600 |
|
(d) Short-term provisions |
33.600 |
30.000 |
30.000 |
|
Total
Current Liabilities (4) |
8,923.400 |
9,163.100 |
7,337.500 |
|
|
|
|
|
|
TOTAL |
14,323.300 |
13,464.100 |
10,338.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3,088.100 |
1,516.800 |
1,583.800 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
184.900 |
942.500 |
103.900 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
56.100 |
109.500 |
197.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
398.900 |
462.900 |
89.400 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3,728.000 |
3,031.700 |
1,974.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4,532.100 |
4,406.700 |
3,115.900 |
|
(c) Trade receivables |
1,608.600 |
1,589.200 |
1,208.000 |
|
(d) Cash and cash equivalents |
3,237.300 |
3,345.700 |
3,327.700 |
|
(e) Short-term loans and
advances |
1,217.300 |
1,090.800 |
712.800 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
10,595.300 |
10,432.400 |
8,364.400 |
|
|
|
|
|
|
TOTAL |
14,323.300 |
13,464.100 |
10,338.700 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
SALES |
|
|
|
|
Income |
38,110.800 |
29,582.300 |
21,807.900 |
|
Other Income |
62.600 |
92.400 |
61.300 |
|
TOTAL
(A) |
38,173.400 |
29,674.700 |
21,869.200 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials Consumed |
22,016.200 |
16,528.400 |
15,070.500 |
|
Purchases of Stock-in-Trade |
14,146.100 |
12,161.800 |
5,782.700 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
404.000 |
(508.300) |
(275.000) |
|
Employees benefits expense |
73.400 |
60.000 |
41.300 |
|
Exceptional items |
(263.000) |
(205.900) |
(185.600) |
|
Other expenses |
681.100 |
600.700 |
573.900 |
|
TOTAL
(B) |
37,057.800 |
28,636.700 |
21,007.800 |
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1,115.600 |
1,038.000 |
861.400 |
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
241.300 |
216.300 |
175.000 |
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
874.300 |
821.700 |
686.400 |
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
102.100 |
96.400 |
86.100 |
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
772.200 |
725.300 |
600.300 |
|
|
|
|
|
|
TAX
(I) |
168.500 |
156.400 |
100.100 |
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
603.700 |
568.900 |
500.200 |
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1,719.600 |
1,373.800 |
1,082.600 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
40.000 |
|
Transfer to Capital Reserve |
225.700 |
143.200 |
139.000 |
|
Provision for Dividend |
28.800 |
25.700 |
25.700 |
|
Provision for Dividend tax |
4.700 |
4.200 |
4.300 |
|
Deferred tax |
59.400 |
23.500 |
16.700 |
|
Income tax for earlier year |
0.000 |
0.000 |
0.900 |
|
Balance
Carried to the B/S |
2014.100 |
1719.600 |
13738.000 |
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
F.O.B. Value of Exports |
323.500 |
25.900 |
0.000 |
|
TOTAL
EARNINGS |
323.500 |
25.900 |
0.000 |
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.19 |
4.43 |
3.89 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.58 |
1.91 |
2.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.02 |
2.45 |
2.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.48 |
5.84 |
5.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51 |
0.54 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.14 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
128.400 |
140.400 |
167.900 |
|
Reserves & Surplus |
2,102.100 |
2,857.100 |
3,922.300 |
|
Net
worth |
2,230.500 |
2,997.500 |
4,090.200 |
|
|
|
|
|
|
long-term borrowings |
358.400 |
811.500 |
1,004.400 |
|
Short term borrowings |
946.700 |
947.400 |
1,107.500 |
|
Total
borrowings |
1,305.100 |
1,758.900 |
2,111.900 |
|
Debt/Equity
ratio |
0.585 |
0.587 |
0.516 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
218,079.000 |
29,582.300 |
38,110.800 |
|
|
|
(86.435) |
28.830 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
218,079.000 |
29,582.300 |
38,110.800 |
|
Profit |
500.200 |
568.900 |
603.700 |
|
|
0.23% |
1.92% |
1.58% |
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] |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
HDFC Bank Limited |
0.000 |
146.500 |
|
|
|
|
|
Total |
0.000 |
146.500 |
PERFORMANCE IN THE
YEAR 2012-13
In the financial year 2012-13, the Company performed unexpectedly. The Company crossed its top line target of Rs. 35000.000 Millions. The total revenue of the financial year 2012-13 is Rs. 38373.800 Millions which was Rs. 29788.200 Millions in the financial year 2011-12. There is a growth of 28.82%. The revenue of all the four quarters of 2012-13 surpassed the corresponding period of the last financial year 2011-12. As far as the half yearly trend is concerned, the turnover of the Company for the first half year period ended as on September 30, 2012 is Rs. 20193.300 Millions which was Rs. 13018.600 Millions in the same period in financial year 2011-12. They can clearly see that the Company performed tremendously in the financial year 2012-13. Profit after tax has also gone up from Rs. 568.900 Millions in 2011-12 to Rs. 603.700 Millions in the year 2012-13. EBIDTA for the year 2011- 12 was Rs. 1038.000 Millions and increased to Rs. 1115.600 Millions in year 2012-13 i.e. by 7.48 %. Further the Cash profit also increased from Rs. 665.300 Millions in the year 2011-12 to Rs. 705.800 Millions in the year 2012-13.
CURRENT PERFORMANCE
The Company is moving aggressively on its sales and marketing efforts and reaching out to bigger population in line with its plan to become a pan-India company. It continues to follow the policy of perpetual technological upgradation. The Company is ISO 9001:2008-certified in recognition of the organisation’s quality system.
EXPANSION PLANS
The Company has commissioned its 1,200 MT Haldia unit. This project is contributing and strengthening the position of the Company in the national edible oil sector and enhance the presence of the Company in the Northern, Eastern, North eastern and central region markets of India. This is the biggest and technologically most advanced project of the Company. The Company already has an existing network of sales and distribution in Eastern and North-eastern market and will be able to leverage that in selling the output of the Haldia unit under its brand.
The Company is also adding a capacity of 400 MTPD of soya oil processing at Haldia and this should complete the product offering of the Company by offering soya, mustard, palm and Vanaspati which are the four most widely consumed oil in India accounting for at least 75 % of the Indian edible oil consumption.
The capacity of mustard seed crushing increased from 200 MTPD to 400 MTPD. This will also reduce their dependence on others for the feed for solvent extraction plant. The capacity of their solvent extraction plant increased from 250 MTPD to 450 MTPD. The above capacity expansion will reduce cost of production and will help the Company in being more competitive. The expanded production will also help the Company in catering to the large geography. The storage capacity of seed increased by 6400 MT by installing new silos. This increase in capacity will reduce the storage / handling / wastage expenditure of the Company, otherwise incurred on storing seed outside the factory in private warehouse.
The Company has also devised a mechanism to procure the seeds directly from the farmers instead of the intermediaries to reduce its cost of purchase and to be more secure for the raw material availability as its requirement has doubled. There is huge opportunity in the Western market of country and for taking the advantage of this opportunity company is looking for land in the Western coast for setting up a refinery. Further, most of the Western Indian states are near the port, this is an advantage because setting up of an unit at the port will reduce the logistics cost of the Company, and this will make then more competitive in the market. Their Haldia unit is a strong example of it.
For better and cheap procurement of raw material the Company is planning to set up a supply chain network in Indonesia and for this purpose a step down subsidiary of the Company is incorporated in Indonesia. The Company is pleased to announce that its subsidiary has been able to source 7500 MT of raw material for it at cheaper price and going forward this availability should expand. Further the Company has also signed an agreement to acquire 12500 acres land in Ethiopia (with the option to acquire 62,000 acres) for the agro-related activities and this will diversify the business.
The Company has acquired 500 acres of land in Bihar to commission an agro-based complex, as part of its plan to enter into other commodities in which the Company can leverage its existing sales and distribution network. In line with above the plan, the Company has started work on setting up a 12 MTPH rice mill on this land. Rice as a commodity can be sold through the existing sales and distribution network of the Company in Central India.
Hence, the Company will leverage its existing network to market rice. It will be sold under the brands of the Company. The first face of this project is expected to start before the end of this financial year. The Company has also started the cultivation of high quality paddy in this area to come up with the best quality of rice for sale.
The Company has completed the technological up-gradation of its plant in Uttar Pradesh with the help of Alfa Laval (India) and this up-gradation should help the Company in cost reduction / production increase from this financial year.
The Company has surpassed its target of Rs. 35000.000 millions topline comfortably in the last financial. In the current year the Company is expected to reach a topline of Rs. 42000.000 millions. The Company is working towards becoming a billion dollar Topline Company in the next two year.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global gross domestic product (GDP) grew 3.2% in 2012 against 3.9% in 2011, affected by turbulence in what was always expected to be a slow and bumpy recovery. The key impediments were prolonged Eurozone turmoil, instability in the US economy, disruption of global oil supplies and slow investments in emerging markets. Economic conditions improved in the third quarter of 2012, primarily due to acceleration in emerging market economies and in the US (Source: IMF). On the brighter side of things, global growth is projected to increase during 2013 as factors decelerating global commerce are expected to decline. However, this upturn is projected to be more deliberate and time-consuming. Overall it can be said that the global economy could grow at 3.5% in 2013.
INDIAN ECONOMY
India’s economic growth decelerated for the second year in succession, declining from 6.2% in 2011-12 to 5% in 2012- 13, the slowest growth in a decade. In turn, the subdued performance of the services sector was largely due to a slowdown in the global economy. India’s industrial output declined, led mainly by a sharp contraction in the manufacturing, mining and capital goods sectors (proxies for investment activity). The issues constraining industrial production growth were low investment on account of high interest rates, depreciating rupee, inflation and policy slowdown. CRISIL estimates that the Indian economy could grow 6.7% in 2013-14 due to a consumption revival catalysed by an acceleration in the agricultural sector (predicated on a normal monsoon), lower interest rates and higher governmental spending.
INDIAN EDIBLE OIL
INDUSTRY
India is one of the largest global producers of oilseeds. The major cultivated oilseeds comprise groundnut, mustard seed, sesame seed, safflower, linseed, niger seed, castor seed, soybean and sunflower. Coconut is the other important source of edible oil; soya, groundnut and mustard seed contribute a large percentage of the country’s total oilseed production. India imports around 56% of total edible oil imports; as a result, edible oil prices generally exhibit a correlation with international prices (Source: 2013 Outlook: Indian Agricultural Commodities-Edible Oil and Cotton, January 2013).
OUTLOOK
India is expected to emerge as a 20-million TPA vegetable oil economy in five years, with local production of 6 million tonnes and imports of 14 million tonnes. India’s imports of edible oil in the current marketing year are likely to rise to 11 million tonnes compared to nearly 10 million tonnes a year ago (Source: Reuters, March 25, 2013).
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10463592 |
09/10/2013 |
33,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B90878158 |
|
2 |
10463597 |
09/10/2013 |
66,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B90879172 |
|
3 |
10463602 |
09/10/2013 |
1,296,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B90879818 |
|
4 |
10434696 |
19/06/2013 |
5,525,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, MOOKHERJEE HOUSE, 1ST FLOOR, 17, BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B78665445 |
|
5 |
10426347 |
22/04/2013 |
775,000,000.00 |
UNION BANK OF INDIA |
BRANCH - VARANASI CANTONMENT, S - 21/ 54, THE MALL ROAD, VARANASI, UTTAR PRADESH - 221002, INDIA |
B75350124 |
|
6 |
10426238 |
25/03/2013 |
575,000,000.00 |
ORIENTAL BANK OF COMMERCE |
D-58/9, A-I, NATARAJ CINEMA COMPLEX, SIGRA, VARANASI, UTTAR PRADESH - 221010, INDIA |
B75309369 |
|
7 |
10423717 |
20/03/2013 |
900,000,000.00 |
ALLAHABAD BANK |
STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOL |
B74425331 |
|
8 |
10356401 |
29/03/2012 |
33,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B39872122 |
|
9 |
10356409 |
29/03/2012 |
66,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B39875893 |
|
10 |
10356406 |
29/03/2012 |
2,903,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B39874573 |
|
11 |
10343811 |
27/03/2012 |
900,000,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT) |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B35674274 |
|
12 |
10344733 |
21/03/2012 |
250,000,000.00 |
IDBI BANK LIMITED |
FIRST FLOOR, VIDEOCON TOWER, E-1, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA |
B35945617 |
|
13 |
10193996 |
29/08/2013 * |
680,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B83649475 |
|
14 |
10193999 |
01/08/2013 * |
5,660,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B83142067 |
|
15 |
10197202 |
01/08/2013 * |
5,991,300,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B83139311 |
|
16 |
10173029 |
09/04/2013 * |
3,596,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75887042 |
|
17 |
10161144 |
28/06/2012 * |
5,046,700,000.00 |
PUNJAB NATIONAL BANK |
MAHMOORGANJ, VARANASI, UTTAR PRADESH - 221010, INDIA |
B44078038 |
|
18 |
10024508 |
18/10/2006 |
30,000,000.00 |
BANK OF BARODA |
NICHI BAGH, VARANASI, UTTAR PRADESH - 221001, INDIA |
A06130603 |
|
19 |
10011663 |
29/03/2012 * |
10,323,000,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B39875307 |
|
20 |
80039672 |
15/04/2011 * |
7,827,300,000.00 |
BANK OF BARODA |
I B BRNCH, VARANASI, UTTAR PRADESH - 221002, INDIA |
B13550546 |
* Date of charge modification
FIXED ASSETS:
v Land (Free Hold)
v Land (Lease Hold)
v Buildings
v Plant and
Machinery
v Office Equipments
v Furniture and
Fittings
v Vehicles
v Turbine
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. 60.700 |
|
|
1 |
Rs. 100.97 |
|
Euro |
1 |
Rs. 84.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.