MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TIRUPATI INDUSTRIES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
42 to 45, Emerald Industrial Estate, Dheku, Taluka Khalapur,
District Raigad - 410203, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.07.1973 |
|
|
|
|
Com. Reg. No.: |
11-016686 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 54.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1973PLC016686 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09314E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1645F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing and Processing
Vegetable oil, Chemicals
and Allied Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Reserves of the company seems to be low. However, general financial
position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow
on talks over coal supply contracts, uncertainty over cancellation of blocks
weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-219-2266163 / 22-67495050).
LOCATIONS
|
Registered Office/ Factory : |
42 to 45, Emerald Industrial Estate, Dheku, Taluka Khalapur, District Raigad - 410203, Maharashtra, India |
|
Tel. No.: |
91-219-2266163 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
403, Trade World 'B' Wing, Kamala City, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-67495050 |
|
Fax No.: |
91-22-67499292 |
|
|
|
|
Branch Office : |
Office No 107 A, Navneelam Building, Dr R G Thadani Marg, Near Podar
Hospital Signal, Worli, Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-23428859 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Ramesh J. Sanghvi |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Neil K. Karani |
|
Designation : |
Managing Director (w.e.f. 31st January, 2013) |
|
|
|
|
Name : |
Mr. Manchand A. Jhaveri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jyotiram S. Nale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hitesh M. Jhaveri |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Milee J. Shah |
|
Designation : |
Company Secretary (w.e.f. 10th May, 2013) |
|
|
|
|
Name : |
Mr. Jyotiram Nale |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Audit Committee: |
Mr.
Jyotiram Nale Mr.
Manchand Jhaveri Mr. Hitesh Jhaveri |
|
|
|
|
Nomination and
Remuneration Committee: |
Mr.
Ramesh Sanghvi Mr.
Hitesh Jhaveri Mr. Manchand Jhaveri |
|
|
|
|
Stakeholders
Relationship Committee: |
Mr.
Jyotiram Nale Mr.
Manchand Jhaveri Mr. Hitesh Jhaveri |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3158110 |
58.16 |
|
|
335350 |
6.18 |
|
|
3493460 |
64.34 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
3493460 |
64.34 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1300 |
0.02 |
|
|
1300 |
0.02 |
|
|
|
|
|
|
153321 |
2.82 |
|
|
|
|
|
|
930954 |
17.14 |
|
|
581762 |
10.71 |
|
|
269243 |
4.96 |
|
|
330 |
0.01 |
|
|
220710 |
4.06 |
|
|
38693 |
0.71 |
|
|
10 |
0.00 |
|
|
9500 |
0.17 |
|
|
1935280 |
35.64 |
|
Total Public
shareholding (B) |
1936580 |
35.66 |
|
Total (A)+(B) |
5430040 |
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) |
5430040 |
0.00 |
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image016.gif){kind=small}
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image017.gif){kind=small}
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image018.gif){kind=small}
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image020.gif)
Shareholding belonging to the category
"Promoter and Promoter Group"
|
. |
Name of the
Shareholder |
Details of Shares
held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Neil Ketan Karani |
12,50,400 |
23.03 |
16.76 |
|
2 |
Ketan Fatehchand |
11,87,830 |
21.88 |
15.92 |
|
3 |
Alka Ketan Karani |
2,81,920 |
5.19 |
3.78 |
|
4 |
Priya Ketan Karani |
2,50,000 |
4.60 |
3.35 |
|
5 |
Nova Oleochem Limited |
2,40,000 |
4.42 |
3.22 |
|
6 |
Kumud Fatehchand Karani |
1,62,420 |
2.99 |
2.18 |
|
7 |
Karani Traders Private Limited |
95,350 |
1.76 |
1.28 |
|
8 |
Fatehchand Chimanlal Karani |
25,540 |
0.47 |
0.34 |
|
|
Total |
34,93,460 |
64.34 |
46.83 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Chetan Fakirchand Karani |
200000 |
3.68 |
2.68 |
|
|
2 |
Anupam Stock Broking Private Limited |
68917 |
1.27 |
0.92 |
|
|
|
Total |
268917 |
4.95 |
3.60 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Fatehchnd Chimanlal Karani |
25,540 |
0.47 |
|
2 |
Kumud Fatehchand Karani |
1,62,420 |
2.99 |
|
|
Total |
1,87,960 |
3.46 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing and Processing
Vegetable oil, Chemicals
and Allied Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. P. Trivedi and Associates Chartered Accountants |
|
Address : |
56, Balasinor Co-operative Housing Society Limited, S.V. Road, Kandivili (West), Mumbai – 400067, Maharashtra, India |
|
|
|
|
Internal Auditor
(2014 – 2015): |
Mayra
and Khatri Chartered
Accountants |
|
|
|
|
Cost Auditor: |
Mr. Rajesh
Soni |
|
|
|
|
Associate
Concern: |
Nova Oleochem Limited |
|
|
|
|
Subsidiary Company: |
Monopoly
Innovations Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5430040 |
Equity Shares |
Rs.10/- each |
Rs.54.300
Millions |
|
|
Less : Calls In arrears |
|
Rs.0.100
Million |
|
|
Total |
|
Rs.54.200 Millions |
Information on
shareholders holding more than 5% shares
|
Name of Shareholder |
Relationship |
As at March 31, 2014 |
|
|
|
|
No of Equity shares held |
Percentage |
|
|
|
|
|
|
Neil Ketan Karani |
Managing Director |
1250400 |
23.03 |
|
Ketan Karani |
Director |
1187830 |
21.87 |
|
Alka Ketan Karani |
Relative of Promoter |
281920 |
5.19 |
Reconciliation of
number of shares
|
Particulars |
As at March 31, 2014 |
|
|
|
Number |
Rs. (In Millions) |
|
Shares outstanding at the beginning of the year |
5,430,040 |
54.300 |
|
Shares Issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
5,430,040 |
54.300 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
54.200 |
54.200 |
54.198 |
|
(b) Reserves & Surplus |
47.825 |
31.689 |
19.051 |
|
(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) |
102.025 |
85.889 |
73.249 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
0.081 |
0.799 |
1.597 |
|
(b) Deferred tax
liabilities (Net) |
0.463 |
0.713 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1.334 |
0.980 |
0.776 |
|
Total
Non-current Liabilities (3) |
1.878 |
2.492 |
2.373 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
76.379 |
3.201 |
0.000 |
|
(b)
Trade payables |
46.485 |
62.125 |
84.874 |
|
(c)
Other current liabilities |
2.074 |
1.573 |
1.099 |
|
(d)
Short-term provisions |
3.819 |
2.445 |
0.846 |
|
Total
Current Liabilities (4) |
128.757 |
69.344 |
86.819 |
|
|
|
|
|
|
TOTAL |
232.660 |
157.725 |
162.441 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11.853 |
12.185 |
14.087 |
|
(ii)
Intangible Assets |
0.047 |
0.001 |
0.002 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
7.685 |
0.000 |
|
(b)
Non-current Investments |
15.204 |
20.929 |
20.929 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
3.728 |
|
(d) Long-term Loan and Advances |
2.543 |
6.013 |
0.191 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
29.647 |
46.813 |
38.937 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
31.320 |
71.197 |
40.533 |
|
(c)
Trade receivables |
144.651 |
26.048 |
74.341 |
|
(d)
Cash and cash equivalents |
7.192 |
6.228 |
1.395 |
|
(e)
Short-term loans and advances |
1.195 |
1.434 |
1.235 |
|
(f)
Other current assets |
18.655 |
6.005 |
6.000 |
|
Total
Current Assets |
203.013 |
110.912 |
123.504 |
|
|
|
|
|
|
TOTAL |
232.660 |
157.725 |
162.441 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
424.300 |
283.219 |
198.927 |
|
|
|
Other Income |
0.388 |
0.428 |
0.540 |
|
|
|
TOTAL (A) |
424.688 |
283.647 |
199.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
316.701 |
245.511 |
193.050 |
|
|
|
Changes in inventories of finished goods, work-in-progress |
25.737 |
(3.700) |
(16.255) |
|
|
|
Other Manufacturing Expenses |
13.961 |
9.749 |
3.460 |
|
|
|
Employees benefits expense |
6.236 |
2.777 |
1.078 |
|
|
|
Other expenses |
31.106 |
10.358 |
7.039 |
|
|
|
sale of Non-Current Investments |
(6.425) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
387.316 |
264.695 |
188.372 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.372 |
18.952 |
11.095 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.269 |
2.025 |
0.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.103 |
16.927 |
11.007 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.460 |
1.673 |
1.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
24.643 |
15.254 |
9.573 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.310 |
2.386 |
-1.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
16.333 |
12.868 |
11.477 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.414 |
16.546 |
5.069 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
45.747 |
29.414 |
16.546 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
129.701 |
17.917 |
6.058 |
|
|
TOTAL EARNINGS |
129.701 |
17.917 |
6.058 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
3.01 |
2.37 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.85 |
4.54 |
5.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.81 |
5.39 |
4.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.33 |
11.81 |
6.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.18 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75 |
0.05 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.60 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
54.198 |
54.200 |
54.200 |
|
Reserves & Surplus |
19.051 |
31.689 |
47.825 |
|
Net worth |
73.249 |
85.889 |
102.025 |
|
|
|
|
|
|
long-term borrowings |
1.597 |
0.799 |
0.081 |
|
Short term borrowings |
0.000 |
3.201 |
76.379 |
|
Total borrowings |
1.597 |
4.000 |
76.460 |
|
Debt/Equity ratio |
0.022 |
0.047 |
0.749 |
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
198.927 |
283.219 |
424.300 |
|
|
|
42.373 |
49.813 |
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
198.927 |
283.219 |
424.300 |
|
Profit |
11.477 |
12.868 |
16.333 |
|
|
5.77% |
4.54% |
3.85% |
%20LIMITED%20-%20290258_MIRA%2016-Oct-2014_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
|
|
|
|
|
Current
maturities of long-term debt |
0.918 |
0.799 |
0.000 |
|
|
|
|
|
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits - Inter Corporate from others |
0.000 |
0.453 |
|
|
|
|
|
Total |
0.000 |
0.453 |
OPERATIONS REVIEW
During the year, the Company has increased its production activities and penetrated sales in domestic and international markets, which resulted in higher income from operations at Rs. 424.299 millions and has also increased the profit before tax at Rs. 24.643 millions as against Rs. 15.254 millions in the previous year. The Directors of the Company are confident that the same tempo of higher sales and increased profitability shall be maintained in the future. The Company has also achieved enhanced results from its export business of its GEMChem range of chemicals and has increased the market share of its vegetable oils under the brand MONOPOLY.
MANAGEMENT DISCUSSION
AND ANALYSIS
OIL INDUSTRY
The demand for edible oils in India has shown a steady growth at a CAGR of about 4%. The growth has been driven by improvement in per capita consumption, which in turn is attributable to rising income levels and living standards. However, the current per capita consumption levels of India are lower than the global averages. The Indian edible oils market continues to be underpenetrated and given the positive macro and demographic fundamentals it has a favourable demand growth outlook over the medium-to-long term
OUTLOOK
The outlook for the Company is extremely positive. The Company has grown as it can be ascertained from its results. The Brands and businesses of the Company are being well accepted due to their competitive pricing and high quality offerings. They will strive to continue their growth momentum in this manner and also continuously improve their processes to give their customers excellent quality products at par with international standards.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th
JUNE 2014
(Rs.
in Millions)
|
Sr. No. |
Particulars |
Quarter Ended 30th June 14 |
|
|
|
Unaudited |
|
1 |
Income from
Operations |
|
|
|
(a) Net Sales/Income from Operations (Net of Excise Duty) |
97.587 |
|
|
(b) Other Operation Income |
0.153 |
|
|
Total Income from
Operations (Net) |
97.740 |
|
2 |
Expenditure |
|
|
|
(a) Cost of materials consumed |
90.413 |
|
|
(b) Purchase of Stock-in-trade |
-- |
|
|
(c) Change in inventories of finished Goods work- in- progress and stock- in-trade |
(6.739) |
|
|
(d) Employees benefits expenses |
2.169 |
|
|
(e) Depreciation and amortisation expenses |
0.345 |
|
|
(f) Other Expenses (Any Item exceeding 10% of the total expenses relating to continuing operations be shown separately) |
4.422 |
|
|
Total Expenses |
90.610 |
|
|
|
|
|
3 |
Profit from Operations before Other Income, finance costs and exceptional items (1 - 2) |
7.130 |
|
4 |
Other Income |
0.120 |
|
5 |
Profit from ordinary activities before finance costs and exceptional item (3 + 4) |
7.250 |
|
6 |
Finance costs (Interest) |
3.054 |
|
7 |
Profit from ordinary activities after finance costs but before exceptional Items (5 - 6 ) |
4.196 |
|
8 |
Exceptional Items |
- |
|
9 |
Profit from
Ordinary Activities before Tax (7 + 8) |
4.196 |
|
10 |
Tax Expenses |
0.800 |
|
11 |
Net Profit from
Ordinary Activities after Tax (9 - 10) |
3.396 |
|
|
Brand Devlopment W/off Extraordinary Item |
-- |
|
|
Net Profit from Ordinary Activities after Tax (11- 12) |
3.396 |
|
12 |
Paid -up equity Share Capital of Rs.10 each |
54.300 |
|
13 |
Reserve and Surplus excluding revaluation reserve |
-- |
|
14 |
Earning Per Share (of Rs. 10/- each) (not annualised) Basic |
0.625 |
|
|
Diluted |
0.519 |
|
|
|
|
|
|
Particulars of
Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
- Number of Shares |
1936580 |
|
|
- Percentage of Shareholding |
35.67 |
|
2 |
Promoters and
Promoter Group Shareholding ** |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
NIL |
|
|
- Percentage of shares (as a % of the total Shareholding of promoter and promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
b) Non - encumbered |
|
|
|
- Number of Shares |
3493460 |
|
|
- Percentage of shares (as a % of the total Shareholding of the Promoter and Promoter group) |
100 |
|
|
- Percentage of Shares (as a % of the total Share Capital of the Company)+B45 |
64.33 |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.06.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 14, 2014.
The Statutory Auditors of the company have carried out Limited Review of the
above and unaudited results.
During the quarter, the company has allotted 20,30,000 warrants convertible
into shares of face value of Rs. 10/- each at a price of Rs. 11/- per Share on
preferential basis to public categories & promoter group category. Fund
raised by allotment of warrants has been allotted for the purpose approved by
the shareholder.
The Financial Result are in according with the standard Accounting Policies
followed by the Company in preparation of it statutory accounts. Deferred Tax
will be Considered at the year end.
Previous Period / year figures have been rearranged / regrouped, reclassified
and restated whoever considered necessary, to conform to the classification
adopted in the current Quarter.
Segment Reporting as defined in AS 17 is not applicable to the Company for this
quarter.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10427458 |
30/04/2013 |
3,390,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B75720219 |
|
2 |
10417325 |
23/04/2013 * |
70,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
B77052447 |
|
3 |
10416303 |
25/03/2013 |
70,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, PLOT NO.C-60,, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
B72160666 |
|
4 |
90352062 |
20/04/1987 |
1,100,000.00 |
BHARAT PETROLIUM CORPORATION LTD. |
BALLARD ESTATE, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.11 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--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.