MIRA INFORM REPORT
|
Report No. : |
318226 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
OLYMPIC OIL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
907-910, Meadows, Sahar Plaza, Andheri Kurla Road, J. B. Nagar, Andheri
(East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-42634444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.07.1980 |
|
|
|
|
Com. Reg. No.: |
11-022912 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 28.540 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15141MH1980PLC022912 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO05496B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC05370N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of
rapeseed meal, yellow peas, paper, aluminium foil, agri commodities, laptops
etc. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an establisheds company having moderate track. Management has reported high total outside liabilities to tangible
networth outside liabilities to tangible networth ratio during FY14. The rating also take into consideration working capital intensive
operations leading to high dependence on borrowings along with steep decline
in its cash balance which may further affect the liquidity profile of the
company. However, trade relations are fair. Business is active. Payment terms
are reported as slow. In view of experienced promoters, the company can be
considered for business dealings with caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = “A3” |
|
Rating Explanation |
Moderate degree of safety regarding timely payment of financial
obligations. |
|
Date |
March 25, 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. Ronak Jain |
|
Designation : |
CFO |
|
Contact No.: |
91-22-42634444 |
|
Date : |
20.04.2015 |
LOCATIONS
|
Registered Office : |
907-910, Meadows, Sahar Plaza, Andheri Kurla Road,
J. B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-42634444 |
|
Fax No.: |
91-22-28240906 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices : |
|
DIRECTORS
|
Name : |
Mr. Nipun Verma |
|
Designation : |
Chairman and Whole Time Director |
|
|
|
|
Name : |
Mr. Sharad Bhartia |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Arvind Srivastava |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ashok Vadilal Patel |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Gopal Saxena |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Atul Rastogi |
|
Designation : |
Compliance Officer |
|
|
|
|
Name : |
Mr. Mahesh Kuwalekar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
688660 |
24.13 |
|
|
688660 |
24.13 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
688660 |
24.13 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
|
|
|
|
314051 |
11.00 |
|
|
|
|
|
|
167818 |
5.88 |
|
|
1683470 |
58.99 |
|
|
1 |
0.00 |
|
|
1 |
0.00 |
|
|
2165340 |
75.87 |
|
Total Public
shareholding (B) |
2165340 |
75.87 |
|
Total (A)+(B) |
2854000 |
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) |
2854000 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Sunil Verma |
3,50,220 |
12.27 |
|
2 |
Nilima U Desai |
36,100 |
1.26 |
|
3 |
Sujay U Desai |
1,10,700 |
3.88 |
|
4 |
Uday Jayant Desai |
1,91,640 |
6.71 |
|
|
Total |
6,88,660 |
24.13 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Aditi Malaviya |
30000 |
1.05 |
|
|
2 |
Ajay Mehrotra |
69000 |
2.42 |
|
|
3 |
Ajay Verma |
90000 |
3.15 |
|
|
4 |
Alka Bajpai |
30900 |
1.08 |
|
|
5 |
Amit Kumar Agarwal HUF |
30000 |
1.05 |
|
|
6 |
Anita Sanganeria |
48600 |
1.70 |
|
|
7 |
Arvind Srivastava |
50000 |
1.75 |
|
|
8 |
Ashish Agarwal |
30000 |
1.05 |
|
|
9 |
Atul Kumar Trivedi |
73600 |
2.58 |
|
|
10 |
Epoch Synthetics Private Limited |
29800 |
1.04 |
|
|
11 |
Gopal Saxena |
46600 |
1.63 |
|
|
12 |
Hemant Rasikial Kamodia |
80000 |
2.80 |
|
|
13 |
J. U. D Trading Private Limited |
140000 |
4.91 |
|
|
14 |
Jeetendra Singh |
34650 |
1.21 |
|
|
15 |
Madhu Agarwal |
60000 |
2.10 |
|
|
16 |
Manish Agarwal |
30000 |
1.05 |
|
|
17 |
Mini Singh |
30000 |
1.05 |
|
|
18 |
Nagendra Shukla |
70000 |
2.45 |
|
|
19 |
Nextgen Entertainment Private Limited |
140000 |
4.91 |
|
|
20 |
Niraj Jitendra Kumar Kamodia |
60000 |
2.10 |
|
|
21 |
Nitin Kumar Verma |
45000 |
1.58 |
|
|
22 |
Rajendra Prasad Yadav |
50000 |
1.75 |
|
|
23 |
Rakesh Kumar |
50000 |
1.75 |
|
|
24 |
Ram Prakash Mishra |
78760 |
2.76 |
|
|
25 |
Ramesh Vishwakarma |
80000 |
2.80 |
|
|
26 |
Rashmi Tiwari |
68000 |
2.38 |
|
|
27 |
Sachin Kumar Verma |
46000 |
1.61 |
|
|
28 |
Saurabh Verma |
60000 |
2.10 |
|
|
29 |
Suresh Pandya |
40000 |
1.40 |
|
|
30 |
Teena Agarwal |
60000 |
2.10 |
|
|
31 |
Vineet Kumar Pandey |
80200 |
2.81 |
|
|
32 |
Yamini Trivedi |
56000 |
1.96 |
|
|
|
Total |
1887110 |
66.12 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer
of rapeseed meal, yellow peas, paper, aluminium foil, agri commodities,
laptops etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cheque and Credit |
|
|
|
|
Purchasing : |
Cheque and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
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||||||||||||
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Customers : |
|
||||||||||||
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|
||||||||||||
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No. of Employees : |
30 (Approximately) |
||||||||||||
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|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
|
|
|
|
Auditors : |
|
|
Name : |
Shankarlal Jain and Associates Chartered Accountants |
|
Address : |
12, Engineer Building, 265 Princess Street, Mumbai – 400002,
Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Million |
|
200 |
11% Redeemable Cum. Pref. Shares |
Rs. 100/- each |
Rs. 0.020 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 40.020 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2854000 |
Equity Shares |
Rs. 10/-
each |
Rs. 28.540
Million |
|
|
|
|
|
The reconciliation of the number of Shares
Outstanding and the amount of Share Capital as at 31st March
|
Equity Shares |
Number
of Shares |
|
Number of Shares
and Share Capital at the beginning |
2854000 |
|
Shares issued
during the year as Bonus shares in the ratio of 1:3 |
-- |
|
Number of Shares and Share Capital at the
end |
2854000 |
|
Particulars |
Rs. In Million |
|
Share capital at
the beginning of the year |
28.540 |
|
Add: Shares issued
during the year as bonus shares in the
ratio of 1:3 |
-- |
|
|
28.540 |
Terms/Rights attached
to equity shares
The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each shareholder is entitled to one vote per share
Following are the
Share holders holding more than 5% of Equity Shares :
|
Particulars |
No. of shares |
|
Mr. Sunil Verma |
350220 |
|
Mr. Uday Desai |
191640 |
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 |
28.540 |
28.540 |
7.135 |
|
(b) Reserves & Surplus |
102.983 |
35.172 |
23.225 |
|
(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) |
131.523 |
63.712 |
30.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.513 |
0.252 |
0.050 |
|
Total Non-current
Liabilities (3) |
0.513 |
0.252 |
0.050 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
435.231 |
278.122 |
197.753 |
|
(b) Trade
payables |
7535.807 |
9351.073 |
3978.089 |
|
(c) Other
current liabilities |
853.256 |
1933.641 |
33.099 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
8824.294 |
11562.836 |
4208.941 |
|
|
|
|
|
|
TOTAL |
8956.330 |
11626.800 |
4239.351 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5.893 |
2.646 |
0.656 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.000 |
10.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.262 |
0.102 |
0.014 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
16.155 |
12.748 |
0.670 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
45.407 |
266.397 |
597.038 |
|
(c) Trade
receivables |
1377.731 |
190.585 |
555.032 |
|
(d) Cash
and cash equivalents |
6922.558 |
10424.534 |
2852.517 |
|
(e)
Short-term loans and advances |
385.636 |
372.705 |
90.477 |
|
(f) Other
current assets |
208.843 |
359.831 |
143.617 |
|
Total
Current Assets |
8940.175 |
11614.052 |
4238.681 |
|
|
|
|
|
|
TOTAL |
8956.330 |
11626.800 |
4239.351 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20368.161 |
16828.797 |
6653.078 |
|
|
|
Other Income |
17.232 |
128.581 |
17.635 |
|
|
|
TOTAL (A) |
20385.393 |
16957.378 |
6670.713 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
19864.810 |
16493.796 |
7110.525 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
220.990 |
330.641 |
(588.224) |
|
|
|
Employees benefits expense |
4.880 |
4.040 |
1.464 |
|
|
|
Other expenses |
86.387 |
17.921 |
21.178 |
|
|
|
TOTAL (B) |
20177.067 |
16846.398 |
6544.943 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
208.326 |
110.980 |
125.770 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
102.125 |
60.599 |
100.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
106.201 |
50.381 |
24.825 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.600 |
0.373 |
0.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
104.601 |
50.008 |
24.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.790 |
16.657 |
8.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
67.811 |
33.351 |
16.602 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.486 |
18.540 |
1.938 |
|
|
|
BALANCE CARRIED
TO THE B/S |
67.811 |
30.486 |
18.540 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
23.76 |
20.78 |
29.59 |
|
QUARTERLY RESULTS
|
Particulars (Rs.
In Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
4312.700 |
3349.600 |
4664.800 |
|
Total Expenditure |
4265.000 |
3311.500 |
4614.900 |
|
PBIDT (Excl OI) |
47.700 |
38.100 |
50.000 |
|
Other Income |
0.600 |
0.400 |
0.800 |
|
Operating Profit |
48.200 |
38.500 |
50.800 |
|
Interest |
16.500 |
6.400 |
22.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
31.700 |
32.100 |
28.500 |
|
Depreciation |
1.500 |
0.500 |
0.500 |
|
Profit Before Tax |
30.200 |
31.600 |
28.000 |
|
Tax |
10.000 |
10.500 |
6.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.200 |
21.100 |
21.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.00 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.200 |
21.100 |
21.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.33
|
0.20 |
0.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.23
|
0.66 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.17 |
0.43 |
0.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.80 |
0.78 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
3.31 |
4.37 |
6.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
1.00 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7.135 |
28.540 |
28.540 |
|
Reserves & Surplus |
23.225 |
35.172 |
102.983 |
|
Net
worth |
30.360 |
63.712 |
131.523 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
197.753 |
278.122 |
435.231 |
|
Total
borrowings |
197.753 |
278.122 |
435.231 |
|
Debt/Equity
ratio |
6.514 |
4.365 |
3.309 |
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 |
6653.078 |
16828.797 |
20368.161 |
|
|
|
152.948 |
21.032 |
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 |
6653.078 |
16828.797 |
20368.161 |
|
Profit |
16.602 |
33.351 |
67.811 |
|
|
0.25% |
0.20% |
0.33% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
------- |
|
22] |
Litigations that the firm
/ promoter involved in |
-------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter corporate deposits |
435.231 |
278.122 |
|
|
|
|
|
Total |
435.231 |
278.122 |
NATURE OF OPERATION:
The company is engaged in importing,exporting and trading of
Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri
Commodities, Laptops, Computers, Invertors, Polymers and Coal etc.
PERFORMANCE,
OPERATIONS AND FUTURE PROSPECTS
- During the year the Company achieved a turnover of Rs. 19582.515 Million as compared to Rs.16218.273 Million in the previous fiscal year 2012-2013 registering an increase of 20.74%. The Turnover of the Company showed a positive growth for the year.
- Profit before interest, depreciation and tax in 2013-14 has increased from Rs. 62.579 Million to Rs. 159.886 Million as compared to the previous fiscal year.
- After providing for interest of Rs.53.685 Million (Rs. 12.197 Million in previous fiscal) and depreciation of Rs. 1.599 Million (Rs. 0.372 Million in previous fiscal), the profit after tax of the Company has increased from Rs. 33.352 Million to Rs. 67.811 Million as compared to previous year.
- Despite of the uncertainties and challenges in the economic environment the Company has successfully added strong value addition in its development by scaling new heights in revenue.
SEGMENT-WISE
PERFORMANCE
The operation of the company consists of a single segment. The company deals in bulk quantities. Hence, the Accounting Standard on Segment Reporting (AS-17) issued by Institute of Chartered Accountants of India does not apply.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global economic
outlook
Global activity has broadly strengthened and is gradually improving in 2014-15, with much of the impetus coming from advanced economies. Activity in many emerging market economies has disappointed in a less favorable external financial environment. The renewed increase in financial volatility in early 2014, highlights the challenges for emerging market economies posed by the changing external environment. Although market pressures were relatively broad based, countries especially third world, with higher inflation and wider current account deficits were generally more affected. Some of these weaknesses have been present for some time, but with prospects of improved returns in advanced economies, investor sentiment is now less favorable toward emerging market risks. In view of possible capital flow reversals, risks related to sizable external funding needs and disorderly currency depreciations are a concern. Some emerging market economies have tightened macroeconomic policies to shore up confidence and strengthen their commitment to policy objectives. The cost of capital has increased as a result, and this is dampening investment and weighing down on growth. Looking ahead, global growth is projected to strengthen, led by strong growth in the United States and positive but varied growth projections for the euro area: stronger in the core, but weaker in countries with high debt (both private and public) and financial fragmentation. In emerging markets and developing economies, growth is projected to pick up helped by stronger external demand from advanced economies, but tighter financial conditions will be a dampener to domestic demand growth.
Domestic outlook
The Indian economy continued to face an uphill task in attaining a higher growth trajectory, given the continued impact of the global economic crisis. The challenges included an elevated current account deficit, persistent inflation and sharp depreciation of the rupee against the US dollar, which spiraled in mid-2013-14. Other domestic impediments like rising food and retail inflation, high input costs, pressure on profit margins and infrastructural bottlenecks contributed to the pressure on the economy. These challenges prompted the government to calibrate the fiscal policy, and launch preventive administrative measures along with appropriate institutional mechanisms to fast track investments in the country.
Backed by a favorable monsoon season, India’s agricultural sector did witness some recovery, particularly in the second and third quarters of the last fiscal. However, subdued growth in the manufacturing sector resulted in the overall GDP growth rate hovering around 4.6% during the year to the dismay of the Indian Government. Going forward, the economy has started picking positive cues from the advanced economies, alleviating external constraints, and paving the way to recovery. The stability of the new incumbent government is expected to ease the economic condition of the nation. The recovery is strengthening but remains uneven.
Global Scenario of
Agro Industry
Agriculture is the dominant sector of Indian economy, which determines the growth and sustainability. About 150 million hectares of land is available in the country for its globalization. About 65 per cent of the population still relies on agriculture for employment and livelihood. India is the first in the world in the production of milk, pulses, jute and jute-like fibres; second in rice, wheat, sugarcane, groundnut, vegetables, fruits and cotton production; and is a leading producer of spices and plantation crops as well as livestock, fisheries and poultry.
India is one of the world’s largest food grains producers, the second largest vegetable producer and rice producer, making it one of the world’s agricultural powerhouses. Growth in agriculture and allied activities lose 4.6% in the current quarter. With global agricultural trade on a sustained rise coupled with robust economic growth across the world, the Agro sector has a number of trade opportunities in its offering, which is an important contributor to India’s growth story. The total food production in India is likely to increase substantially in the coming years which will throw open enormous opportunities for large scale investments in food and food warehousing, logistics management and processing. By 2020, the demand for food grains is expected to touch 360 MT.
Olympic Oil Industries business is focused on trading in various Agro products in India and internationally. The company has been trading and merchandising Oilseeds, Grains, Pulses, Spices, and various agro based products in all the principal world markets. Capitalizing on India’s vast geographical spread and range of seasons, Olympic has successfully provided quality range of products, to its buyers all over the India. The company is present in every aspect of trade of bulk agro commodities from importing, selling domestically, to exporting and doing third country trade.
Industry Structure
and Development
In the past few years, Indian agriculture has done remarkably well in terms of output growth. The 11 th Five Year Plan (2007-12) witnessed an average annual growth of 3.6 per cent in the gross domestic product (GDP) from agriculture and allied sectors. The growth target for agriculture in the 12th Five Year Plan is estimated to be 4 per cent. Indian agriculture is benefitting huge from rising external demand and the sector’s wider participation in the global economy.
In order to boost investments in the sector, the Government of India has allowed 100 per cent foreign direct investment (FDI) under automatic route in storage and warehousing including cold storages. The government has also allowed 100 per cent FDI under the automatic route for the development of seeds. The budget presented by the incumbent government at the centre has provided a plethora of openings for industry and trade. Infact, the industrial sector is showing a better growth by 2.2%.
Agriculture is the essence of India. Since time immemorial, the majority of its population bank on agriculture sector directly or indirectly. This is the reason, the contribution of Indian agriculture industry to GDP (Gross Domestic Products) is around 25 per cent. Agriculture in India is a crucial sector in socio-economic development of the country. Comparing the total farming output of India with other countries, India is ranked second worldwide. Because of the transforming farming scenario and the international competition, augmentation in production and meticulous distribution of food receive higher priority across the globe.
India is the largest producer of agricultural products like cashew nuts, coconuts, tea, ginger, turmeric, black pepper, the second largest cultivator of vegetables, and the third largest producer of fruits. The total production of fruit is around 27.83 MT (Million Tons) and 54 MT in vegetables. India has also strengthened its position in the cultivation of flowers and it is estimated that 35,000 hectare of flowers of various kinds like rose, jasmine, marigold, and so on are grown in one or the other parts of India. Above all, India is now exporting rice & wheat. That has made India self-sufficient in food. India today, is exploring avenues to cut down on its imports of all kinds of edibles.
Agriculture industry in India has seen some remarkable changes since independence. It has become very important from the perspective of employment generation. The Indian economy is reckoned as agri oriented. With an increased level of sophisticated technologies in use, the application of modern bio technologies and rendering due importance to seeds, fertilizers and irrigation sources, agriculture has reached a new height in the country.
Government has played a pivotal role in the upliftment and expansion of agro industry by providing various facilities and schemes to the farmers and petty growers. Various policies and programs have come into force, farmer awareness programs coupled with subsidy/ incentives have been launched in order to meet the growing challenges. Now the sector is getting accustomed to modern processing technologies and re-devised methods of growing quality seed material. Irrigation methods have also drastically evolved into micro-irrigation technologies mandating drip irrigation. Indian farming sector can perfectly narrate a saga of success by individually being a noble contributor to Gross Domestic Product of the country.
Agro Industry remains a promising and a lucrative sector and riding on an impressive growth.
OUTLOOK
The Indian economy has shown a substantial growth in the year 2013-14 and this will have a positive impact on all the sectors. However, to tap the full potential of this emerging opportunity, the domestic industry needs to improve its cost effectiveness, scale of operations and quality/reliability in order to be able to compete with other global suppliers in the export market
Commodities prices have maintained their high volatility, making it difficult to take long-term views on prices. The volatility of the rupee against the dollar has further been a cause of concern for exporters.
They are committed to deliver quality products on a consistent basis and at competitive prices. Their strategy has been to make optimum utilisation of the resources, raw materials, timely delivery schedules and finally develop strong customer relationship and thereby backing their prime motto to be a Customer driven Company.
Factors that may
affect our results of the operations
Our financial conditions and results of operations are affected by numerous factors inter alia –
- Growth of unorganized sector and threat from local regional players.
- Change in freight and forwarding charges.
- General economic and business conditions.
- The Company’s ability to successfully implement our growth strategy, fluctuation in Exchange rates.
- Prices of raw materials.
- Changes in laws and regulations relating to the industry in which we operate.
- Changes in political and
social conditions in India.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10415817 |
24/12/2013 * |
2,500,000,000.00 |
Oriental Bank Of Commerce |
Large corporate branch, E-Block, Harsha Bhawan, Connaught place, New Delhi, Delhi - 110001, INDIA |
B93580132 |
|
2 |
90237812 |
06/05/1980 |
2,000,000.00 |
THE UNITED WESTERN BANK LTD |
HEAD OFFICE 172/4; RAVIWAR PETH, JALGAON, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Computer
- Office
Equipments
- Furniture
and Fixture
- Vehicles
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. 62.92 |
|
|
1 |
Rs. 93.57 |
|
Euro |
1 |
Rs. 67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.