MIRA INFORM REPORT

 

 

Report No. :

316932

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

JVL AGRO INDUSTRIES LIMITED

 

JVL OIL REFINEY (A Unit of JVL AGRO INDUSTRIES LIMITED)

 

 

Registered Office :

Jhunjhunwala Bhavan, Nati Imili Varanasi - 221001, Uttar Pradesh

Tel. No.:

91-542-2211312/ 313/ 2595930/ 32

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.11.1989

 

 

Com. Reg. No.:

20-011396

 

 

Capital Investment / Paid-up Capital :

Rs. 167.900 Million

 

 

CIN No.:

[Company Identification No.]

L15140UP1989PLC011396

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

ALDJ00217A

 

 

PAN No.:

[Permanent Account No.]

AAACJ5704B

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and importer of hydrogenated vegetable oil and refined oils. 

 

 

No. of Employees :

600 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

JVL, the third-largest edible oil company in India, has the country’s largest hydrogenated vegetable oil manufacturing unit, in Jaunpur (Uttar Pradesh). It is one of the fastest-growing professionally managed industrial groups and has a strong presence in Uttar Pradesh (with a market share of 30 per cent), Bihar, West Bengal, Jharkhand and Odisha.

 

The rating reflects sound financial risk profile marked by growing revenue base and wide distribution network of the company.

 

Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

Rating

Long Term Rating (BBB) (Suspended)

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

25 March 2015

 

 

Rating Agency Name

CARE

Rating

Short Term Rating (A3+) (Suspended)

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

25 March 2015

 

 

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 PARTED BY

 

Name :

Mr. Kartik Agrawal

Designation :

Company Secretary

Contact No.:

91-542-2595930/ 8795831001

Date :

09.04.2015

 

 

LOCATIONS

 

Registered Office :

Jhunjhunwala Bhavan, Nati Imili Varanasi - 221001, Uttar Pradesh, India

Tel. No.:

91-542-2211312/ 13/ 2595930/32

Mob No>

91-8795831001 (Mr. Kartik Agrawal)

Fax No.:

91-542-2210480/ 2595941

E-Mail :

rohitjaiswal@jvlagro.com

info@jvlagro.com

kartikagrawal@jvlagro.com

jvlagro@jhoola.com 

Website :

www.jvlagro.com

www.jhoola.com

Location

Owned

 

 

Factory 1 :

Village Naupur, P.O. Thanagaddhihe, Kerakat, District Janupur, Uttar Pradesh, India

Tel. No.:

91-542-2625332

Fax No.:

91-542-262533

 

 

Factory 2 :

JVL Agro Foods (a unit of JVL Agro Industries Limited) 207 Mautalaya Industrial Area, Alwar 301001), Rajasthan, India

Tel. No.:

91-542-2881226/ 3240068

Fax No.:

91-542-2881292

 

 

Factory 3 :

JVL Oils and Foods (a unit of JVL Agro Industries Limited) Village Chakia, P.O. Pahleja, District Rohtas, Bihar-821307, Uttar Pradesh, India

 

 

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

 

 

Branch Office

9th Floor, 902 A Diamond Prestige 41A, A.J.C. Bose Road, Kolkata – 700017, West Bengal, India

 

 

Branch Office :

Located At:

 

v  Kolkata

v  Mumbai

v  Delhi

 

 

DIRECTORS

 

As on: 31.03.2014

 

Name :

Mr. D. N. Jhunjhunwala

Designation :

Chairman

Date of Birth/Age :

02.02.1936

Qualification :

B. Sc (Industrial Chemistry)

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

 

 

Name :

Mr. S. N. Jhunjhunwala

Designation :

Managing Director

Date of Birth/Age :

24.04.1957

Qualification :

B.Com

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

Designation :

Whole time Director

Date of Birth/Age :

05.07.1983

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

 

 

Name :

Mr. Harsh Agarwal

Designation :

Director

Date of Birth/Age :

26.03.1987

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

Designation :

Director

Date of Birth/Age :

01.07.1946

Experience :

• Mr. S. K. Dikshit is a Director of the Company. He is a Doctor.

 

• He has expertise in herbal products and medical science.

Date of Appointment :

10.07.2011

 

 

Name :

Mr. Mahesh Kedia

Designation :

Director

Date of Birth/Age :

13.06.1963

Qualification :

B. Sc (Statistics), C.A

Experience :

Commerce and Financial Accounting

• Shri Mahesh Kedia is a Director, Chartered Accountant and a Science graduate

Date of Appointment :

29.12.2003

 

 

Name :

Mr. Kanhaiya Lal Goenka

Designation :

Director

Date of Birth/Age :

03.03.1979

Qualification :

B. Com

Experience :

Experience in solvent extraction, oil refining and vanaspati manufacturing units.

Date of Appointment :

27.02.2007

 

 

Name :

Ms. Anju Jhunjhunwala

Designation :

Director

Date of Appointment :

25.08.2014

 

 

KEY EXECUTIVES

 

Name :

Mr. Kartik Agrawal

Designation :

Company Secretary

 

 

Audit Committee :

Mr. D. N. Jhunjhunwala

Dr. S. K. Dixit

Mr. Mahesh Kedia

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 31.03.2015

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

24144487

14.38

http://www.bseindia.com/include/images/clear.gifBodies Corporate

64406900

38.35

http://www.bseindia.com/include/images/clear.gifSub Total

88551387

52.73

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

88551387

52.73

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

79000

0.05

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

22504680

13.40

http://www.bseindia.com/include/images/clear.gifSub Total

22583680

13.45

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

31457819

18.73

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

17773955

10.58

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

6487663

3.86

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1085496

0.65

http://www.bseindia.com/include/images/clear.gifTrust & Foundation

156400

0.09

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

929096

0.55

http://www.bseindia.com/include/images/clear.gifSub Total

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

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

167940000

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and importer of hydrogenated vegetable oil and refined oils. 

 

 

Products :

Hydrogenated vegetable oil and refined oils

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Japan
  • Sri Lanka
  • Pakistan
  • UK
  • USA

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

600  (Approximately)

 

 

Bankers :
  • Bank of Baroda
  • Punjab National Bank
  • State Bank of India
  • State Bank of Bikaner and Jaipur
  • State Bank of Hyderabad
  • State Bank of Travancore
  • Vijaya Bank
  • Corporation Bank
  • Indian Overseas Bank
  • Union Bank of India
  • Oriental Bank of Commerce
  • Allahabad Bank
  • Standard Chartered Bank

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2014

As on

31.03.2013

Long term borrowings

 

 

Bank of Baroda

0.000

24.900

Punjab National Bank (For Naupur and Alwar Unit - First pari passu charge on the entire assets by way of mortgage / joint deed of hypothecation / interse agreement and personal guarantee by two directors, their relative and a group company. Also secured by mortgage of joint property of one director.)

0.000

6.900

State Bank of India

81.800

115.600

State Bank of Bikaner and Jaipur

49.900

63.800

State Bank of Hyderabad

23.900

35.600

State Bank of Travancore (Equitable mortgage of land and factory building and other construction at village Pahleza, mauza - Chakia, Dehri, Bihar, on pari-passu basis with other term lenders.

Hypothecation charge on other fixed assets including plant and machinery of the projects at Pahleza, Chakia, Dehri, Bihar on pari passu basis with other term lender of the project and collaterally secured by second charge on current assets of company’s unit at chakia, Dehri, Bihar on pari passu basis with personal guarantee

of two directors)

51.100

57.000

Standard Chartered Bank (Exclusive first charge on all movable and immovable fixed assets of Haldia facility and personal guarantee of two directors and second charge on all current assets of Haldia facility.

866.100

975.600

Less: Current Maturity of Long Term Borrowings

(328.700

(275.000)

 

 

 

Short term borrowings

 

 

Bank of Baroda

519.100

522.300

Punjab National Bank

(For Naupur and Alwar Unit secured by hypothecation of entire stock in trade, trade receivables and movable current assets. Secured by first charge on the fixed assets and personal guarantee by two directors, their relative and a group company. Also secured by mortgage of joint property of one director.)

491.300

512.800

State Bank of India

104.500

0.000

State Bank of Bikaner and Jaipur

0.100

0.000

State Bank of Travancore (Hypothecation of entire current assets of unit at Chakia, Dehri, Bihar on

pari-passu basis with other working capital bankers and personal guarantee of two directors and collaterally secured by second charge on equitable mortgage of the land and factory at Chakia,Dehri,Bihar on pari passu basis with other

Terms lenders and hypothecation charge on other fixed assets including plant and machinery at Chakia, Dehri, Bihar on pari passu basis with other term lenders.)

34.400

5.700

Vijaya Bank

(Hypothecation of entire current assets of unit at Chakia, Dehri,Bihar on pari-passu basis with other working capital bankers and personal guarantee of two directors and collaterally secured by second charge on equitable mortgage of the land and factory at Chakia,Dehri,Bihar on pari passu basis ith other terms lenders and hypothecation charge on other fixed assets including plant & machinery at Chakia, Dehri, Bihar on pari passu basis with other term lenders.))

39.400

0.000

Allahabad Bank (For Haldia Unit - secured by first hypothecation charge on entire current assets including stock, trade receivables and movable current assets. Secured by second charge on the fixed assets and personal guarantee by two directors.)

0.000

0.500

Corporation Bank

2.300

0.000

Union Bank of India

41.200

0.000

Oriental Bank of Commerce

((For Haldia Unit - Secured by first hypothecation charge on entire current assets including stock, trade -receivables and movable current assets. Secured by second charge on the fixed assets and personal guarantee by two directors.))

30.200

0.000

Loan Against Fixed Deposits Receipt From Bank (Secured by pledge of Fixed Deposits Receipts )

75.100

66.200

 

 

 

Total

2081.700

2111.900

 

Auditors :

 

Name :

Singh Dikshit and Company

Chartered Accountants

Address :

Hathua Market, Chetganj, Varanasi, Uttar Pradesh, India

Tel No.:

91-542-2401272

Fax No.:

91-542-2390321

Email:

cavishwakarma@gmail.com

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

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

v  Hari Fertilizers Limited

 

 

Other Party :

v  Jhunjhunwala Sewa Society

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2014

 

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 167940000 Equity Shares

167940000

Add: Shares Issued

000

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 Rs. 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

10.07

b. Jhunjhunwala Oil Mills Limited

7419000

9.57

c. Jhunjhunwala Gases Private Limited

16075000

7.15

d. Lotus Global Investments Limited

8307795

7.15

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 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

167.900

167.900

140.400

(b) Reserves & Surplus

4493.600

3922.300

2857.100

(c) Money received against share warrants

0.000

0.000

253.100

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

4661.500

4090.200

3250.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

744.100

1004.400

811.500

(b) Deferred tax liabilities (Net)

338.700

282.700

223.300

(c) Other long term liabilities

116.900

22.600

15.600

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1199.700

1309.700

1050.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1337.600

1107.500

947.400

(b) Trade payables

8347.900

7291.000

7773.500

(c) Other current liabilities

465.600

491.300

412.200

(d) Short-term provisions

41.500

33.600

30.000

Total Current Liabilities (4)

10192.600

8923.400

9163.100

 

 

 

 

TOTAL

16053.800

14323.300

13464.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3638.700

3088.100

1516.800

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

192.600

184.900

942.500

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

55.300

56.100

109.500

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

254.200

398.900

462.900

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4140.800

3728.000

3031.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4542.000

4532.100

4406.700

(c) Trade receivables

1886.400

1608.600

1589.200

(d) Cash and cash equivalents

4393.200

3237.300

3345.700

(e) Short-term loans and advances

1091.400

1217.300

1090.800

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

11913.000

10595.300

10432.400

 

 

 

 

TOTAL

16053.800

14323.300

13464.100

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

SALES

 

 

 

Income

43504.700

38810.800

29,582.300

Other Income

44.400

62.600

92.400

TOTAL (A)

43549.100

38873.400

29,674.700

 

 

 

 

EXPENSES

 

 

 

Cost of Materials Consumed

33471.900

22016.200

16,528.400

Purchases of Stock-in-Trade

9597.000

14146.100

12,161.800

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1140.000)

404.000

(508.300)

Employees benefits expense

101.100

73.400

60.000

Exceptional items

(548.400)

(263.000)

(205.900)

Other expenses

827.800

681.100

600.700

TOTAL (B)

42309.400

37,057.800

28,636.700

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1239.700

1115.600

1038.000

 

 

 

 

FINANCIAL EXPENSES (D)

352.000

241.300

216.300

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

887.700

874.300

821.700

 

 

 

 

DEPRECIATION/ AMORTISATION (F)

187.500

102.100

96.400

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

700.200

772.200

725.300

 

 

 

 

TAX (I)

87.600

168.500

156.400

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

612.600

603.700

568.900

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

2014.100

1719.600

1373.800

 

 

 

 

Transfer to General Reserve

20.000

50.000

50.000

Transfer to Capital Reserve

223.300

225.700

143.200

Provision

2.000

0.000

25.700

Proposed Dividend on Equity Shares

33.600

28.800

4.200

Dividend Distribution Tax

5.700

4.700

0.000

Balance Carried to the B/S

2342.100

2014.100

1719.600

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

F.O.B. Value of Exports

208.800

323.500

25.000

TOTAL EARNINGS

208.800

323.500

25.000

 

 

 

 

IMPORTS

 

 

 

Imported Oils

35352.400

34668.000

25537.200

TOTAL IMPORTS

35352.400

34668.000

25537.200

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.65

4.19

4.43

 

 

Expected Sales (2014-2015): Rs.50000.000 Million

 

The above information has been parted by Mr. Kartik Agrawal (Company Secretary)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.41

1.56

1.92

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

2.85

2.87

3.51

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.43

5.48

5.84

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.19

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.45

0.52

0.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.19

1.14

 

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

Unaudited

30.06.2014

Unaudited

30.09.2014

Unaudited

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Revenue

12,100.500

11,793.000

10,025.100

Other Income

6.000

6.200

6.500

Total Income

12,106.500

11,799.200

10,031.600

Expenditure

(11,819.900)

(11,509.900)

(9,747.800)

Interest

(50.100)

(31.700)

(66.700)

PBDT

236.500

257.600

217.100

Depreciation

(53.900)

(54.000)

(54.500)

PBT

182.600

203.600

162.600

Tax

(12.500)

(15.000)

(12.000)

Net Profit

170.100

188.600

150.600

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

140.400

167.900

167.900

Reserves & Surplus

2857.100

3922.300

4493.600

Money received against share warrants

253.100

0.000

0.000

Net worth

3250.600

4090.200

4661.500

 

 

 

 

long-term borrowings

811.500

1004.400

744.100

Short term borrowings

947.400

1107.500

1337.600

Total borrowings

1758.900

2111.900

2081.700

Debt/Equity ratio

0.541

0.516

0.447

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Income

29582.300

38810.800

43504.700

 

 

31.196

12.094

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Income

29582.300

38810.800

43504.700

Profit

568.900

603.700

612.600

 

1.92%

1.56%

1.41%

 

 

 

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

--

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

 

 

 

PERFORMANCE IN THE YEAR 2013-14

 

In the financial year 2013-14, the Company performed unexpectedly. The Company crossed its top line target of Rs. 44000.000 Million. The total revenue of the financial year 2013-14 is Rs. 44053.100 Million which was Rs. 38373.800 Million in the financial year 2012-13. There is a growth of 14.80%. The revenue of all the four quarters of 2013-14 surpassed the corresponding period of the last financial year 2012-13. 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, 2013 is Rs. 20210.000 Million which was Rs. 20193.300 Million in the same period in financial year 2012-13. They can clearly see that the Company performed tremendously well in the financial year 2013-14. Profit after tax has also gone up from Rs. 603.700 Million in 2012-13 to Rs. 612.600 Million in the year 2013-14. EBIDTA for the year 2012-13 was Rs. 1115.600 Million and increased to Rs. 1239.700 Million in year 2013- 14 i.e. by 11.12%. Further the Cash profit also increased from Rs. 705.800 Million in the year 2012-13 to Rs. 800.100 Million in the year 2013-14.

 

 

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 up gradation. The Company is ISO 9001:2008-certified in recognition of the organization’s quality system.

 

EXPANSION PLANS

 

The company is in the process of getting the final approval from the Ministry of Food Processing for its proposed food park on 80 acres in Bihar. The company will set-up units related to the FMCG space in this food park.

 

The company proposes to set-up a 500 metric tons per day plant in Ethiopia. This will be a big step for the company to start its work in Africa which is the next big area of growth.

 

The company is in the process of buyng a land in North-East to set-up an edible oil refinery of 750 MTPD.

 

The sunflower oil processing plant of the company in West Bengal (Haldia) should start production in the next quarter. This will be in addition to the portfolio of soybean, mustard, cotton, palm and vanaspati oils of the company.

 

The company will start its rice mill in the full-fledged manned from this season of paddy production in Bihar from third quarter of financial year 2014-15 onwards.

 

The Company is in the process of buying land in Gujarat to set-up a refinery of 1000 MTPD (with captive power plant) based on palm oil and Soyabean oil.

 

Other FMCG products will be introduced among the consumers leveraging the capacity of the existing marketing channel of the Company.

 

The Company has also launched sunflower oil in the premium segment.

 

The Company is also inclined to come up with more of high value added premium products.

 

 

 

MANAGEMENT DISCUSSION AND ANALYSIS:

 

GLOBAL ECONOMY

 

After a relatively weak first quarter in 2013, the global economy gained momentum. The Eurozone gradually moved out of recession, the US expanded despite fiscal adjustments. Global GDP growth was estimated at a modest 2.9 per cent in 2013, strengthening to 3.5 per cent in 2014 mainly as a result of a growing momentum in OECD economies. However, challenges included postponed fiscal negotiations in the US, the future monetary policy of major central banks, longevity of the Eurozone recovery and continued reforms in emerging economies. On account of this, recovery resulted primarily from rising global industrial production.

 

 

INDIAN ECONOMY

 

Buoyed by a good performance from the farming sector, India’s economic growth in the current fiscal was estimated at 4.7 per cent, compared to a growth rate of 4.5 per cent in 2012-13. However the mining and manufacturing sectors remain a cause of concern (Source: Central Statistics Office).

 

 

INDIAN EDIBLE OIL INDUSTRY

 

India’s low-margin, high-turnover domestic vegetable oil industry is estimated at Rs. 800000.000 Million. India stands fourth as the world’s largest after the US, China and Brazil. The consumption of vegetable oil rose due to a rise in household incomes and consumer demand. However, the per capita consumption of oils and fats is estimated to be much lower than that most of the developed countries. India is the third-largest importer of edible oil in the world. Reports suggest that the domestic edible oil industry was traditionally dominated by unorganized players. However the organized players are finding feet with rising demand for packaged food, revolution in the retail space, growing health consciousness amongst the Indian consumers and the implementation of value-added tax. The Solvent Extractors Association of India estimates the oil industry to comprise 15,000 oil mills, 600 solvent extraction units, 250 Vanaspati (hydrogenated oil) plants and over 600 refineries. The mustard oil segment is estimated at 20 per cent of the total edible oil industry; the unorganized players constitute more than 50 per cent of the total market; the packaged and branded oil segment constitute only about 10 per cent but are expected to grow significantly (Source: Money control).

 

 

OUTLOOK

 

With an increase in the proportion of the higher-margin refinery sales to overall sales, the margins of companies are likely to improve in 2014-15 compared to 2013-14 and 2012-13 as per an India Ratings forecast. The agency expects fully integrated refiners with wider product portfolios to benefit more than those with limited product diversification. The companies whose portfolios include branded products could see additional gains. The government needs to implement reforms in oilseed cultivation to spur stagnating growth and ensure the country’s self-sufficiency as the country’s population grows and lifestyles improve. One of the measures that could be fruitful in reducing imports and achieving self-sufficiency is palm oil cultivation. Currently, palm oil cultivation within India is negligible, marked by low acreage and yields. Another measure which can be considered is to provide special incentives to farmers to switch from grain cultivation to oilseed cultivation. India, on one hand, has excess of grains, which have to be exported cheap for want of proper storage facilities, while on the other, it imports edible oils which are short in domestic supply.

 

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

Trade Tax Liability under appeal before H'bleHigh Court, Allahabad

3.600

Excise Demand under appeal at different stage at H'ble High Court, Allahabad

0.300

Entry Tax demand under appeal before H'ble Supreme Court for different years for

which Bank Guarantee given by the company

6.700

Excise Duty on Fatty Acid not paid for different years under appeal at Appelate

Tribunal, Custom, Excise & Service Tax, New Delhi.

108.500

Total

150.3314

 

 

INDEX OF CAHREGS:

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10540220

30/12/2014

461,700,000.00

BANK OF BARODA

INTERNATIONAL BANKING BRANCH, NADESAR, VARANASI - 221002, 
UTTAR PRADESH, INDIA

C39006259

2

10537900

15/11/2014

50,000,000.00

PUNJAB NATIONAL BANK

MAHMOORGANJ, VARANASI - 221010, UTTAR PRADESH, INDIA

C37621497

3

10512560

25/02/2015 *

975,000,000.00

STANDARD CHARTERED BANK

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA 
ROAD, NEW DELHI - 110001, INDIA

C45078045

4

10512563

25/02/2015 *

975,000,000.00

STANDARD CHARTERED BANK

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA 
ROAD, NEW DELHI - 110001, INDIA

C45075678

5

10514526

18/06/2014

5,500,000,000.00

CORPORATION BANK

CORPORATE BANKING BRANCH, CENTRE POINT, I FLOOR, 
21, HEMANT BASUSARANI, KOLKATA - 700001, WEST BENGAL, INDIA

C15851744

6

10463592

09/10/2013

33,000,000.00

BANK OF BARODA

I B BRNCH, VARANASI - 221002, UTTAR PRADESH, INDIA

B90878158

7

10463597

09/10/2013

66,000,000.00

BANK OF BARODA

I B BRNCH, VARANASI - 221002, UTTAR PRADESH, INDIA

B90879172

8

10463602

09/10/2013

1,296,000,000.00

BANK OF BARODA

I B BRNCH, VARANASI - 221002, UTTAR PRADESH, INDIA

B90879818

9

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

10

10426347

22/04/2013

775,000,000.00

UNION BANK OF INDIA

BRANCH - VARANASI CANTONMENT, S - 21/ 54, THE MALL ROAD, VARANASI, UTTAR PRADESH, INDIA

B75350124

* Date of charge modification

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

 

[RS. IN MILLIONS]

 

PARTICULARS

 

 

 

3 Months Ended

9 Months Ended

31.12.2014

[Unaudited]

30.09.2014

[Unaudited]

31.12.2014

[Unaudited]

(a) Net sates/income from operations (Net of excise duty)

10025.100

11793.000

11196.500

(b) Other Operating Income

0.000

0.000

0.000

Total income from operations (net)

10025.100

11793.000

11196.500

Expenses

 

 

 

(a) Cost of materials consumed

7210.000

8280.000

8160.000

(b) Purchases of stock-in trade

1650.000

2450.000

2770.000

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

361.200

225.900

-30.100

(d) Employee benefits expense

32.600

32.500

32.400

(e) Depreciation and Amortization Expenses

84.500

54.000

46.600

(f) Other Expenses

464.000

521.500

20.100

(g)Foreign Exchange

0.000

0.000

0.000

Total expenses

9802.300

11563.900

10999.000

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)

222.800

229.100

197.500

Other Income

8.600

6.200

10.500

Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)

231.400

235.300

208.000

Finance Costs

66.700

31.700

55.000

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)

164.700

203.600

153.000

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities before tax (7+8)

164.700

203.600

153.000

Tax expenses

12.000

15.000

20.000

Net Profit / (Loss) from ordinary activities after tax (9-10)

152.700

188.600

133.000

Extraordinary item (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period (11-12)

152.700

188.600

133.000

Paid-up equity share capital (Nominal value Rs.1 per share)

167.900

167.900

167.900

Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

5002.900

4352.300

422.400

i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic and diluted

0.90

1.12

0.79

 

 

 

 

A. PARTICULARS OF SHAREHOLDING

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

79388613

79388613

79388613

- Percentage of shareholding

47.27

47.27

47.27

2. Promoters and Promoters group Shareholding

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

5000000

5000000

5000000

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

5.65

5.65

5.65

Percentage of shares (as a % of total share capital of the company)

2.98

2.98

2.98

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

63551387

63551387

63551387

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

94.35

94.35

94.35

Percentage of shares (as a % of total share capital of the company)

49.75

49.75

49.75

 

 

 

Note:

 

 

1. The above results were reviewed by the audit Committee and taken on record at the Board Meeting held on 09.02.2015.


2. The Company has started commercial production from its new rice mill in Bihar. The response so far is encouraging and the Company sees a promising figures in the rice’s milling business.


3. The Company has commissioned the plant of processing sunflower oil in its unit of Haldia port in West Bengal and has launched branded sunflower oil in the market. 


4. To enter into the premium segment, the Company has launched a new brand called "Royal" and has introduced mustard and refined oil in this segment. The Company will very soon will be launching vanaspati ghee and rice also under this brand. High value brands should increase the profitability of the Company.


5. Sales in quarter ended 30.12.2014 is reduced due to reduction in trading sale and decrease in the sale prices.


6. The above results were subjected to Limited review.

 

 

 

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, India Prisons Service, Interpol, etc.

 

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.62.33

UK Pound

1

Rs.92.53

Euro

1

Rs.67.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

MTN

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--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

 

44

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.