MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
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Registered
Office : |
Ambuja Tower, Opposite Memnagar
Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.08.1991 |
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Com. Reg. No.: |
04-016151 |
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Capital Investment
/ Paid-up Capital : |
Rs. 276.700
Millions |
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CIN No.: [Company Identification
No.] |
L15140GJ1991PLC016151 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00194F |
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PAN No.: [Permanent Account No.] |
AAACG3980A |
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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
: |
Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation. |
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No. of Employees
: |
3290 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26188000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. The
company is performing well. Financial position of the company seems to be
strong and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
CRISIL |
|
Rating |
Long term bank facilities: “A4+” |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
11.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Instrument: “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
11.02.2014 |
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. Ashok |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-26423316 |
LOCATIONS
|
Registered Office : |
“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post
Navjivan, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-26423316-20/ 26405535-37/ 39 |
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Fax No.: |
91-79-26423079 |
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E-Mail : |
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Website : |
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PLANT LOCATIONS
: |
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|
Agro Processing
Division : |
1.
Edible Oil Refineries and Vanaspati Ghee Unit,
Kadi, District Mehsana, Gujarat, India 2.
Solvent Extraction Unit-I, Nani Kadi, District
Mehsana, Gujarat, India 3.
Solvent Extraction Unit-II, Kadi, District
Mehsana, Gujarat, India 4.
Solvent Extraction Unit-III, Kadi, District
Mehsana, Gujarat, India 5.
Solvent Extraction Unit-IV, Pithampur, District
Dhar, Madhya Pradesh, India 6.
Solvent Extraction Unit –V, Village
Kanheri-Gawali, Taluka Balapur, District Akola, Maharashtra, India 7.
Solvent Extraction Unit – VI, District Mandsaur,
Madhya Pradesh, India 8.
Wheat Processing Unit, Kadi, District Mehsana,
Gujarat, India 9.
Cattle Feed Unit, Kadi, District Mehsana,
Gujarat, India 10.
Wheat Processing Unit, Pithampur, District Dhar,
Madhya Pradesh, India |
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|
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Power Division : |
Wind Mills (In
the State of Gujarat) 1.
B-87, R S No. 471/P, Village Lamba, Taluka
Kalyanpur, District Jamnagar, Gujarat, India 2.
WTG No. 1, Machine No.1, Survey No. 400, Village Kuranga,
Taluka Dwarka, District Jamnagar, Gujarat, India 3.
WTG No. 2, Machine No.2, Survey No. 400, Village
Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India 4.
WTG No. 3, Machine No. 6, Survey No. 400, Village
Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India 5.
Survey No.213/2, Village Satapar, Taluka
Kalyanpur, District Jamnagar, Gujarat, India 6.
WTG No.1, V-4, Survey No. 43/1/P, Village
Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India 7.
WTG No.2, V-7, Survey No. 36/2/P, Village Motisindhodi,
Taluka Abdasa, District Kutch, Gujarat, India 8.
Survey No. 115/P, Village Mindiyali, Taluka
Anjar, District Kutch, Gujarat, India 9.
Power Plant (11 MW Cogeneration Plant) Village
Dalpur, District Sabarkantha, Gujarat, India |
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|
|
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Maize Processing
Division : |
1.
Bio-Chemical Division, Village Dalpur, District
Sabarkantha, Gujarat, India 2.
Sitarganj, District Udham Singh Nagar,
Uttarakhand, India 3.
Village Hulsoggi, P.O. Manakatti, Tq. Shiggoan,
District Haveri, Karnataka, India |
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Cotton Yarn
Division : |
Cotton Spinning Division, Village Dalpur, District Sabarkantha,
Gujarat, India |
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Branch Offices : |
Located
at: ·
Mumbai ·
New Delhi ·
Indore ·
Akola ·
Vietnam |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
64 years |
|
Qualification : |
B. DS |
|
Experience : |
41 Years |
|
Date of Appointment : |
18.04.1988 |
|
|
|
|
Name : |
Mr. Manish V. Gupta |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
41 years |
|
Qualification : |
B.Com |
|
Experience : |
22 years |
|
Date of Appointment : |
28.12.1998 |
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|
|
|
Name : |
Mr. Mohit V. Gupta |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
20.11.1981 |
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Qualification : |
B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information
Systems |
|
|
|
|
Name : |
Mr. Sandeep N. Agrawal, |
|
Designation : |
Whole Time Director |
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Date of Birth/Age : |
12.12.1971 |
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Qualification : |
Commerce Graduate and MBA. |
|
Experience : |
More than 21 Years |
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|
|
|
Name : |
Mrs. Sulochana V. Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
01.11.1953 |
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Experience : |
36 Years |
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|
Name : |
Mr. Sudhin B. Choksey |
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Designation : |
Director |
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|
Name : |
Mr. Chaitan M. Maniar |
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Designation : |
Director |
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Date of Birth/Age : |
04.12.1935 |
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Qualification : |
B. Com. LLB, MA |
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|
|
|
Name : |
Mr. Prakash G. Ramrakhiani |
|
Designation : |
Director |
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Date of Birth/Age : |
25.11.1940 |
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Qualification : |
B.A. [Hons], M.A. [Eco], IAS |
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|
|
|
Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
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Date of Birth/Age : |
04.12.1939 |
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Qualification : |
B. Com. LLB and Advocate |
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Experience : |
More than 42 years in the legal profession. |
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|
|
Name : |
Mr. Rohit J. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
22.02.1946 |
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Qualification : |
B. E. [Electrical] |
KEY EXECUTIVES
|
Name : |
Mr. N. Giridhar |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Manan C. Bhavsar |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Ashok |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
99563024 |
71.96 |
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|
99563024 |
71.96 |
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|
Total shareholding of Promoter and Promoter Group (A) |
99563024 |
71.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
67095 |
0.05 |
|
|
7450 |
0.01 |
|
|
74545 |
0.05 |
|
|
|
|
|
|
2593083 |
1.87 |
|
|
|
|
|
|
32060678 |
23.17 |
|
|
3319335 |
2.40 |
|
|
741210 |
0.54 |
|
|
2500 |
0.00 |
|
|
1600 |
0.00 |
|
|
737110 |
0.53 |
|
|
38714306 |
27.98 |
|
Total Public shareholding (B) |
38788851 |
28.04 |
|
Total (A)+(B) |
138351875 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
138351875 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Agro Processing, Cotton Yarn, Maize Processing and Windmills Power Generation. |
GENERAL INFORMATION
|
No. of Employees : |
3290 (Approximately) |
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Bankers : |
· Bank of India State Bank of India Union Bank of India HDFC Bank Limited State Bank of Mysore Yes Bank Limited Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Kantilal Patel
and Company (A member firm of PrimeGlobal, USA). Chartered Accountants |
|
Address : |
2nd Floor, |
|
Tel. No.: |
91-79-27551333/ 27552333 |
|
Fax No.: |
91-79-27550538 |
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E-Mail : |
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Wholly Owned Subsidiary : |
Gujarat Ambuja International Pte. Limited, Singapore |
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Enterprise significantly influenced by Key Managerial Persons : |
· Jay Infrastructure and Properties Private Limited Jay Ambe Infra Projects Private Limited Jay Infrastructure and Properties LLP |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138351875 |
Equity Shares |
Rs. 2/- each |
Rs. 276.700
Millions |
|
|
|
|
|
a. Reconciliation of the Shares Outstanding at the Beginning and at the
end of the Reporting Period
|
Equity shares |
31.03.2013 |
|
|
|
No. of Share |
Rs. in Millions |
|
Outstanding at the beginning of the period |
138351875 |
276.700 |
|
Outstanding at the end of the period. |
138351875 |
276.700 |
b. Terms/rights
attached to Equity Shares
i) The company has
only one class of equity shares carrying par value of Rs.2 per share, carrying
equal rights as to dividend, voting and in all other respects.
ii) During the
year ended 31st March 2013, the amount of per share dividend recognized as
distribution to equity shareholders was Rs.0.80 (31st March 2012: Rs.0.60).
c. During the period
from 01.04.2007 to 31.03.2013, in the year 2007-08 company bought back 966615
equity shares out of 139318490 equity shares as per the Board resolution passed
by the company at its Board Meeting held on 16th January 2007.
d. Details of
shareholders holding more than 5% shares in the company.
|
Equity shares of
Rs. 2 each fully paid |
31.03.2013 |
|
|
Name of the Shareholders |
No. of Shares
Held |
% Holding in the
class |
|
Vijay Kumar Gupta |
39023083 |
28.206 |
|
Manish V. Gupta |
37025348 |
26.761 |
|
Mohit V. Gupta |
9017095 |
6.517 |
As per of the
company, including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents legal ownerships of shares.
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 |
276.700 |
276.700 |
276.700 |
|
(b) Reserves & Surplus |
6270.400 |
5271.000 |
4787.100 |
|
(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) |
6547.100 |
5547.700 |
5063.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
26.100 |
38.500 |
|
(b) Deferred tax liabilities (Net) |
583.500 |
493.200 |
492.100 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
6.800 |
6.800 |
38.200 |
|
Total Non-current
Liabilities (3) |
590.300 |
526.100 |
568.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1831.600 |
3563.300 |
2226.100 |
|
(b)
Trade payables |
2691.200 |
1378.500 |
1706.500 |
|
(c) Other
current liabilities |
309.300 |
351.900 |
263.500 |
|
(d) Short-term
provisions |
50.800 |
21.300 |
116.600 |
|
Total Current
Liabilities (4) |
4882.900 |
5315.000 |
4312.700 |
|
|
|
|
|
|
TOTAL |
12020.300 |
11388.800 |
9945.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4564.800 |
2881.600 |
2981.600 |
|
(ii)
Intangible Assets |
14.700 |
7.400 |
4.300 |
|
(iii) Capital
work-in-progress |
381.200 |
1690.600 |
452.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
446.000 |
443.200 |
437.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
264.800 |
266.400 |
239.700 |
|
(e) Other
Non-current assets |
4.500 |
5.800 |
8.800 |
|
Total Non-Current
Assets |
5676.000 |
5295.000 |
4124.100 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.300 |
345.500 |
|
(b)
Inventories |
4571.200 |
3711.000 |
3646.200 |
|
(c)
Trade receivables |
1088.000 |
1730.900 |
1148.700 |
|
(d) Cash
and cash equivalents |
324.200 |
224.000 |
173.000 |
|
(e)
Short-term loans and advances |
275.700 |
372.400 |
426.200 |
|
(f)
Other current assets |
85.200 |
55.200 |
81.600 |
|
Total
Current Assets |
6344.300 |
6093.800 |
5821.200 |
|
|
|
|
|
|
TOTAL |
12020.300 |
11388.800 |
9945.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations (Net) |
30046.200 |
21140.900 |
19409.000 |
|
|
|
Other Income |
94.500 |
55.100 |
168.500 |
|
|
|
TOTAL (A) |
30140.700 |
21196.000 |
19577.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20691.000 |
14290.100 |
12594.400 |
|
|
|
Purchase of Traded Goods |
4113.400 |
2587.900 |
3892.100 |
|
|
|
(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
(49.800) |
232.800 |
(1172.400) |
|
|
|
Employee Benefits Expenses |
660.700 |
471.800 |
510.400 |
|
|
|
Other Expenses |
2685.200 |
2500.700 |
2185.800 |
|
|
|
TOTAL (B) |
28100.500 |
20083.300 |
18010.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2040.200 |
1112.700 |
1567.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
217.000 |
208.900 |
125.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1823.200 |
903.800 |
1441.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
366.800 |
298.600 |
292.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1456.400 |
605.200 |
1149.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
322.900 |
108.200 |
208.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1133.500 |
497.000 |
941.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3486.700 |
3141.200 |
2397.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
110.600 |
83.000 |
83.000 |
|
|
|
Dividend Distribution Tax On Interim Dividend |
17.800 |
13.500 |
13.800 |
|
|
|
Transfer To General Reserve |
120.000 |
55.000 |
100.000 |
|
|
BALANCE CARRIED TO
THE B/S |
4371.800 |
3486.700 |
3141.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export Sales |
7791.300 |
5384.800 |
5472.400 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6689.300 |
2556.400 |
3128.900 |
|
|
|
Stores and Components |
14.100 |
6.800 |
12.600 |
|
|
|
Capital Goods |
53.700 |
234.600 |
55.400 |
|
|
TOTAL IMPORTS |
6757.100 |
2797.800 |
3196.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.19 |
3.59 |
6.80 |
|
Expected Sales (2013-2014): Rs. 31000.000 Millions
The above information has been parted by Mr. Ashok (Finance Manager)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5287.100 |
5700.900 |
11309.000 |
|
Total Expenditure |
5035.100 |
5491.300 |
10614.800 |
|
PBIDT (Excl OI) |
252.000 |
209.600 |
694.200 |
|
Other Income |
37.500 |
82.100 |
43.200 |
|
Operating Profit |
289.500 |
291.700 |
737.400 |
|
Interest |
37.000 |
36.800 |
57.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
252.600 |
254.900 |
679.900 |
|
Depreciation |
116.100 |
117.800 |
120.200 |
|
Profit Before Tax |
136.500 |
137.100 |
559.700 |
|
Tax |
27.500 |
31.600 |
138.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
109.000 |
105.600 |
421.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
109.000 |
105.600 |
421.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.76
|
2.34 |
4.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.85
|
2.86 |
5.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.01
|
6.54 |
12.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.11 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28
|
0.65 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.15 |
1.35 |
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 |
276.700 |
276.700 |
276.700 |
|
Reserves & Surplus |
4787.100 |
5271.000 |
6270.400 |
|
Net
worth |
5063.800 |
5547.700 |
6547.100 |
|
|
|
|
|
|
long-term borrowings |
38.500 |
26.100 |
0.000 |
|
Short term borrowings |
2226.100 |
3563.300 |
1831.600 |
|
Total
borrowings |
2264.600 |
3589.400 |
1831.600 |
|
Debt/Equity
ratio |
0.447 |
0.647 |
0.280 |
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 |
19409.000 |
21140.900 |
30046.200 |
|
|
|
8.923 |
42.124 |
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 |
19409.000 |
21140.900 |
30046.200 |
|
Profit |
941.000 |
497.000 |
1133.500 |
|
|
4.85% |
2.35% |
3.77% |
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 |
Yes |
|
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 |
No |
|
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 |
10086124 |
06/05/2013 * |
10,810,600,000.00 |
BOI CONSORTIUM - BOI LEAD + UBI + SBM + HDFC BK + SBI + YES BK |
AHMEDABAD LARGE CORPORATE
BRANCH, 2ND FLOOR BOI B |
B76179225 |
* Date of charge modification
COMPANY INFORMATION
Subject is Agro Processing conglomerate with various manufacturing plants
at different locations in states of Gujarat, Maharashtra, Madhya Pradesh,
Uttarakhand and Karnataka. The Group’s product profile includes Solvent
Extraction comprising of all types of Oil Seed processing, Edible Oil Refining,
Cotton Yarn Spinning, Maize based Starch and its derivatives, Wheat Processing,
Cattle Feed and Power Generation through Wind Mills, Bio gas and Thermal Power
Plants. The Company’s shares are listed with BSE and NSE.
The company has also setup a wholly-owned subsidiary at Singapore to
focus on international trading activities.
BUSINESS OPERATIONS
A. OPERATIONAL
PERFORMANCE
The Company recorded operational revenue of Rs.30046.200 Millions as compared to Rs.21140.900 Millions during the previous financial year registering growth of more than 42 % compared to previous financial year. The revenue from Exports also has more or less similar growth rate at around 40% for the year 2012-13. The various profit parameters have significant growth during the year. The Company achieved EBIDTA margin of 6.77% in FY 2012-13 against the same at the level of 5.25% in FY 2011-12. The growth of 1.50% in EBIDTA margin shows the efficiency in managing the operations of the Company considering the fact of huge uncertainty in the market and economy. The other operational parameters have also registered sizeable growth during the year.
Export sales for the year 2012-13 was Rs.7860.400 Millions as compared to Rs.5603.800 Millions for the year 2011-12. The Company achieved Earnings before Interest, Depreciation and Tax (EBIDTA) of Rs.2040.200 Millions for the year 2012-13 against that of Rs.1112.700 Millions for the year 2011-12.
The Cash Profit before tax, Profit after tax and EPS for the year remained at Rs.1823.200 Millions, Rs.1133.500 Millions and Rs.8.19 per share respectively.
B. CAPITAL PROJECTS
FOR THE YEAR 2012-13
The Company has successfully commenced the commercial production of its 750 TPD new maize processing, derivatives and other value added products processing Unit in the Haveri District in the State of Karnataka in the second half of the financial year. Apart from this, the 11 MW Cogeneration Power Plant has also begun its operation at Village Dalpur, Himmatnagar. This project has helped the Cotton Yarn segment to control its power cost significantly. The Company has also carried out routine modernization and improvements at all of its other manufacturing Units. The Board of Directors is proud to inform that the Company is ploughing back the retained earnings for the future growth of the Company.
FINANCE AND INSURANCE
WORKING CAPITAL
The Company has adequate working capital facilities from the consortium of Banks. The CRISIL has continued with the highest rating for safety as per Basel-II norms.
TERM LOANS
During the year, the Company has not availed term loan from any Banks/Financial Institutions. The Company has prepaid the term loan availed for Cotton Yarn Segment and Wind Mills. As on the date of annual report, the Company does not have any outstanding term debts.
INSURANCE
All Assets and insurable interests of the Company, including building, plant and machineries, stocks, stores and spares have been adequately insured against various risks and perils.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL BUSINESS ENVIRONMENT
The sentiments in the global business remained neutral during the year. Generally the business improved across the Globe with changing outlook for the future. There was more stability in the global market compared to last few years. The position of EU started improving and US and other majors like China, Japan etc. have achieved the consistence growth. Various economic fundamentals were also stable, the global inflation was also least volatile compared to previous few years. This entire factor has resulted in global stability in business.
The above factors are expected to continue in Financial Year 2013-14 also. The overall outlook for the year is generally stable with continued improvement in EU and US economy.
INDIAN ECONOMY AND
INDUSTRY AND SCENARIO
The performance of Indian Economy was not at par with the global sentiments in Financial Year 2012-13. The year started with positive note in first Quarter for Indian economy. However, the factors like political instability, high inflation, increasing current account deficit and revenue deficit have spoiled the stable performance across the various sectors of industries. The Government initiated some steps to overcome all these, however the results of the same was not visible during the year. The sectors purely depending on domestic inputs with higher exports have performed well during the last Financial Year.
The above negative sentiments are continuing in current Financial Year also and the current business sentiments are having negative outlook for the Economy. However, traditionally the first half of the year is a low performing part for the Indian economy, due to non agriculture season, its core area for Economy.
INDUSTRY STRUCTURE
AND DEVELOPMENTS AND COMPANY’S PERFORMANCE
The Company is more focusing in corn processing segment as its core operational area. The other Segments have also contributed in the growth of the Company with consistent performance. The Company is also improving its operations in trading activities over a period of last few years.
During the last Financial Year, the Company performed well on all fronts and has registered positive EBIDTA.
The Company is engaged in manufacturing and exports of various “agro based products”. The Company has also investment and contribution in environment friendly power generation through windmills and non conventional source of energy (Biomass). With the commissioning of Karnataka corn processing plant and also addition of value added derivatives in Uttarakhand corn processing plant, the Company is hoping to achieve improved topline and operating margins in this Segment.
SEGMENT WISE
PERFORMANCE
The Company’s presence is in the segments of Agro Processing, Cotton Yarn, Maize processing and Windmills Power generation.
AGRO PROCESSING SEGMENT
This segment has two major activities in the form of solvent extraction of oil seed and refining of raw edible oil. The performance of this segment has improved significantly. During the first quarter, Iran imported sizeable quantity of deoiled cake from India. Subsequently, the Government also worked out trade with Iran in INR. This has resulted in good demand of deoiled cakes throughout the year with better returns. The crop of oil seed was good, the volatility in the prices were also under check during the season. The exchange rate volatility was also under check during the season and the Government of India’s initiative for INR trade with Iran also minimized the currency risk.
The refining activity was also higher and contributed for improvement in various financial parameters. The Import trading activity was also higher during the year and it helped the Company for improved top line.
Revenue from this Segment registered growth of around 52%. Earnings before interest and tax increased from Rs.715.600 Millions to Rs.971.500 Millions registering a growth of 35.76% as compared to previous financial year.
COTTON YARN SEGMENT
The Segment has performed well and recovered from the huge negative contribution. The commissioning of 11 MW cogeneration power plant, consistency in cotton price, import of raw cotton in past and favorable exchange rate scenario contributed recovery of the Segment and it started generating cash profit by the second half of the financial year 2012-13. The Government continued with the pre registration of cotton yarn exports, but also maintained positive export policy for export of yarn. The Company also imported sizeable quantity of cotton from US and Brazil, which fetched better recovery and higher export price of yarn. All these have contributed for absolute “U” turn in performance of this segment during the last Financial Year.
The feel good factors for this segment are continuing in First Quarter of current financial year also and the same are also likely to be continued throughout the year.
In second half of 2012, the Government of Gujarat also announced its textile policy and gave good incentives for spinning industries. This gave the Company enough encouragements to modernize the some portion of spinning machines of initial set up during 1995. The Company is planning to invest around INR 500.000 Millions for modernization. This would help the Company to remove bottlenecks, improve productivity and increase the automation.
Revenue from this Segment is at consistence level of above INR 2000.000 Millions.
CORN PROCESSING
SEGMENT - THE GOLDEN TRIANGLE
The Corn Processing continued to perform at improved levels. The Karnataka Unit started functioning during the FY 2012-13. The Company has now geographical presence in the North, West and South India, thereby forming the golden triangle. This segment of the Company is now one of the best performing corn processing Units in India. It has good capacity and diversified products profile to maintain the growth even in bad economic scenario.
Earnings before interest and tax increased from Rs.4394.100 Millions to Rs.5809.200 Millions registering a growth of 32.20% as compared to previous financial year. With the stability of operation of Karnataka Unit and additions in value added products at Uttarakhand Unit, the segment is poised to carry forward its growth story in coming years.
POWER DIVISION AND
CONTRIBUTION TO RENEWABLE ENERGY
The Company has presence in environment friendly renewable energy and has total investment in 8 wind turbines with total capacity of 8.45 MW. Overall performance of all wind turbines during the Financial Year 2012-13 was satisfactory and the same has contributed to reduction in power cost for both agro processing and maize processing divisions. The Company has also investment and contribution in environment friendly power generation through windmills and non conventional source of energy (Biomass). Apart from this, the 11 MW Cogeneration Power Plant has also begun its operation at Village Dalpur, Himmatnagar.
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE and OVER ALL ANALYSIS
The performance during the last financial year as a whole is satisfactory considering the decent topline under present economic scenario.
OUTLOOK FOR THE YEAR
2013-14
In the financial year 2012-13, the performance of various Segments of the Company was satisfactory. The commercial production of new maize processing Unit in Karnataka has started in the second half of the financial year 2012-13. This new project will help the maize processing division to gain more market share and will help the Company by improving overall performance in the financial year 2013-14.
UNAUDITED STANDALONE FINANCIAL
RESULTS FOR QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2013
[RS. IN MILLIONS]
|
Sr. No. |
PARTICULARS |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
PART-I |
|
|
|
|
1. |
Income from Operations |
|
|
|
|
a) |
Net Sales (Net of Excise
duty) |
11244.362 |
5694.410 |
22221.976 |
|
b) |
Other Operating Income |
64.636 |
6.498 |
75.019 |
|
|
Total Income (1a+1b) |
11308.998 |
5700.908 |
22296.995 |
|
2. |
Expenditure |
|
|
|
|
a) |
Cost of materials consumed |
10245.607 |
4008.568 |
17898.069 |
|
b) |
Purchases of
stock-in-trade |
1001.456 |
367.286 |
1536.328 |
|
c) |
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(2002.295) |
183.770 |
(1505.271) |
|
d) |
Employee benefits expense |
218.014 |
159.862 |
526.568 |
|
e) |
Depreciation and
amortisation expense |
120.236 |
117.815 |
354.134 |
|
f) |
Exchange Fluctuation
(Gain)/Loss (Net) |
(23.266) |
52.980 |
215.528 |
|
g) |
Other Expenditure |
1152.010 |
665.953 |
2393.803 |
|
|
Total |
107111.762 |
5556.234 |
21419.159 |
|
3. |
Profit / (Loss) from
operations before other income, finance costs and exceptional items(1-2) |
597.236 |
144.674 |
877.836 |
|
4. |
Other income |
19.914 |
29.192 |
86.629 |
|
5. |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
617.150 |
173.866 |
964.465 |
|
6. |
Finance costs |
57.496 |
36.750 |
131.191 |
|
7. |
Profit / (Loss) from ordinary
activities after finance costs but before exceptional item and before tax
(5-6) |
559.654 |
137.116 |
833.274 |
|
8. |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit / (Loss) from
ordinary activities before tax(7+8) |
559.654 |
137.116 |
833.274 |
|
10. |
Tax expense : |
|
|
|
|
|
: Current tax |
119.957 |
28.216 |
176.670 |
|
|
: Less : MAT Credit
Entitlement |
0.000 |
0.000 |
0.000 |
|
|
: Deferred tax |
18.410 |
3.330 |
20.757 |
|
|
: (Excess)/Short provision
of tax of earlier years |
0.000 |
0.000 |
0.000 |
|
11. |
Net Profit/(Loss) from
ordinary activities after tax(9-10) |
421.287 |
105.570 |
635.847 |
|
12. |
Extra ordinary items (Net
of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13. |
Net Profit / (loss) for the period (11-12) |
421.287 |
105.570 |
635.847 |
|
14. |
Paid-up equity share
capital (? 2/- each Face Value) |
276.704 |
276.704 |
276.704 |
|
15. |
Reserve excluding
Revaluation Reserves |
|
|
|
|
16. |
Earnings Per Share (EPS) |
|
|
|
|
a) |
Basic and Diluted EPS
before extraordinary items (of Rs. 2/- each) |
3.05 |
0.76 |
4.60 |
|
b) |
Basic and Diluted EPS
after extraordinary items (of Rs. 2/- each) |
3.05 |
0.76 |
4.60 |
|
|
PART-II |
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
38968883 |
41543858 |
38968883 |
|
|
- Percentage of
Shareholding |
28.17% |
30.03% |
28.17% |
|
2. |
Promoters and Promoter
Group Shareholding |
|
|
|
|
a) |
Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
0 |
0 |
0 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
0.00% |
0.00% |
0.00% |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
0.00% |
0.00% |
0.00% |
|
b) |
Non - encumbered |
|
|
|
|
|
- Number of shares |
99382992 |
96808017 |
99382992 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
71.83% |
69.97% |
71.83% |
|
|
Particulars |
Quarter
Ended 31.12.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
23 |
|
|
Disposed of during the quarter |
23 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER
& NINE MONTHS ENDED
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Cotton Yarn Division |
629.722 |
617.764 |
1807.794 |
|
b. Maize Processing Division |
2312.545 |
2017.487 |
6310.242 |
|
c. Other Agro Processing Division |
8354.671 |
3037.285 |
14116.349 |
|
d. Power Division |
142.827 |
166.253 |
465.876 |
|
e. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
11439.765 |
5838.789 |
22700.261 |
|
Less: Inter – segment revenue |
130.767 |
137.881 |
403.266 |
|
Total income from operations (net) |
11308.998 |
5700.908 |
22296.995 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Cotton Yarn Division |
(22.213) |
41.754 |
62.904 |
|
b. Maize Processing Division |
364.501 |
87.685 |
669.069 |
|
c. Other Agro Processing Division |
303.973 |
(9.464) |
226.418 |
|
d. Power Division |
31.261 |
40.407 |
125.057 |
|
e. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
|
|
|
|
Less : i Inter Segment Profit / (Loss) |
22.546 |
17.989 |
67.494 |
|
Less : ii Finance costs |
57.496 |
36.750 |
131.191 |
|
Less : iii (Gain /Loss on account of restatement of monetary Assets and Liabilities |
(24.125) |
(29.979) |
(8.288) |
|
Less : iv Net unallocable (Income)/Expenditure |
61.951 |
(1.494) |
59.777 |
|
Less : v Exceptional items |
0.000 |
0.000 |
0.000 |
|
Total Profit Before Tax |
559.654 |
137.116 |
833.274 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Cotton Yarn Division |
1207.975 |
1182.231 |
1207.975 |
|
b. Maize Processing Division |
4782.039 |
4211.890 |
4782.039 |
|
c. Other Agro Processing Division |
5782.571 |
2157.614 |
5782.571 |
|
d. Power Division |
513.467 |
524.144 |
513.467 |
|
e. Unallocated Assets |
|
|
|
|
Less : Unallocated Liabilities |
(5216.399) |
(1330.026) |
(5216.399) |
|
Total |
7069.653 |
6745.853 |
7069.653 |
NOTE:
1)
The above standalone unaudited financial results have
been reviewed by the Audit Committee of the Board and approved and taken on
record by the Board of Directors of the Company at its meeting held on 25th
January, 2014. Further, in accordance with the requirements of Clause - 41 of
the Listing Agreement with the Stock Exchange, the Statutory Auditors have
carried out Limited Review and the Review Report has been approved by the
Board.
2)
The Break up details of Exchange Fluctuation (Gain)
/ Loss are as follows.
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
(Gain) / Loss (Net) on account of Sales/Purchase @ |
87.293 |
105.880 |
224.603 |
|
(Gain) / Loss (Net) on account of restatement of foreign currency working
capital borrowings @ |
(86.434) |
(22.921) |
(0.787) |
|
(Gain) / Loss (Net) on account of restatement of foreign currency
working capital borrowings @@ |
(24.125) |
(29.979) |
(8.288) |
|
|
|
|
|
|
Total |
(23.266) |
52.980 |
215.528 |
@ Allocated to respective segments.
@@ Shown as unallocated expenditure
3)
Figures for the previous period have been regrouped
/ rearranged wherever necessary to make them comparable with current figures.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the Company /disputed liabilities not acknowledged
as debts |
63.400 |
21.600 |
|
(b) Disputed Statutory Claims |
|
|
|
i) Excise, Customs, Service Tax and DGFT |
74.300 |
60.000 |
|
ii) Income Tax |
|
|
|
a) Appeals preferred by Company |
52.900 |
293.600 |
|
b) Appeals preferred by Department |
6.200 |
266.800 |
|
iii) Sales Tax , VAT, Entry Tax and Mandi Tax |
22.300 |
22.300 |
|
iv) Others |
13.300 |
12.500 |
|
TOTAL |
169.000 |
655.200 |
|
(c) Export
obligation on duty free imports (Differential amount of custom duty in respect of machinery and inputs
imported under EPCG and Advance License Scheme) |
0.000 |
3.800 |
|
(d) Corporate guarantee in favour of Bank on behalf of wholly owned
subsidiary Gujarat Ambuja International Pte Limited (Outstanding against this as at 31st March) |
136.300 (US $ 2500000) Nil |
127.200 (US $ 2500000) Nil |
|
Note: Outflow in respect
of 1 (a) and (b) disputes/ contingencies is dependent upon final outcome of
the disputes or ultimate agreement to resolve the differences. |
||
FIXED ASSETS:
Tangible assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Windmills
·
Plant and Equipments
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible assets
· Brands / Trademarks
·
Technical know how
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. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.