MIRA
INFORM REPORT
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Report No. : |
334394 |
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Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
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Name : |
GODREJ INDUSTRIES LIMITED (w. e. f. 02.04.2001) |
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Formerly Known
As : |
GODREJ SOAPS LIMITED GUJARAT-GODREJ
INNOVATIVE CHEMICALS LIMITED |
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Registered
Office : |
Pirojshanagar Eastern |
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Tel. No.: |
91-22-25188010 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
07.03.1988 |
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Com. Reg. No.: |
11-097781 |
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Capital
Investment / Paid-up Capital : |
Rs.335.932 Million |
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CIN No.: [Company Identification
No.] |
L24241MH1988PLC097781 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08648D /
MUMG07967B |
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PAN No.: [Permanent Account No.] |
AAACG2953R |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Oleochemicals, their
Precursors and Derivatives, Bulk Edible Oils, Estate Management and
Investment Activities. |
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No. of Employees
: |
1371 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record, incorporated
during the year 1988. In the view of FY- 15, the financial position of the company seems to
be strong and healthy. It has decent sales turnover along with profitability
of 9.9%. Further, the company has decent net worth position and good liquidity
profile. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of good market position, he company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term Fund Based Limits AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
December 29, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Fund Based Limits A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
December 29, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management Non Cooperative (Tel No.: 91-22-25188010)
LOCATIONS
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Registered Office/ Factory 1 : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India |
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Tel. No.: |
91-22-25188010/ 25188020/ 25188030/ 25194493/ 66451211/ 1218 |
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Fax No.: |
91-22-25188066/ 25188074/ 66451213 |
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E-Mail : |
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Website : |
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Factory 2 : |
Valia (DTA and EOU) Burjorjinagar,
Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch - 393135,
Gujarat, India |
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Tel. No.: |
91-2643-270756-60 |
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Fax No.: |
91-2643-270018 |
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Factory 3 : |
Wadala LM. Nadkarni
Marg, Near M.P.T. Hospital, Wadala (East), Mumbai – 400037, Maharashtra,
India |
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Tel. No.: |
91-22-24148770/
24154816 |
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Fax No.: |
91-22-24126204 |
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Factory 4 : |
Ambernath Plot No.N-73, Additional Ambernath Industrial
Area, Anand Nagar, Village Jambivali, Taluka Ambernath (East), District:
Thane - 421506, Maharashtra,
India |
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Tel. No.: |
91-251-2624000 |
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Branch Offices : |
4th Floor, Delite Theatre Building, 4/1, Asaf Ali Road, New Delhi - 110002, India Phone :91-11-23261066 Fax : 91-11-23261088 Kolkata Block GN, Sector-V, Salt Lake City, Kolkata – 700091, West Bengal, India Phone : 91-33-23573555 Fax : 91-33-23573945 Block B, 2nd Floor, 284A, Chase Road,
Southgate, London N14 - 6HF., Phone : (004420) - 88860145 Fax : (004420) – 88869424 Delhi 6th
floor, Hanslaya Building, 15, Barakhamba Road, New Delhi-110002, India Phone:
91-11-233234860 |
DIRECTORS
As on 31.03.2015
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Name : |
Mr. A. B. Godrej |
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Designation : |
Chairman |
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Date of Birth/Age : |
71 Years |
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Qualification : |
B.S., M.S. from Massachusetts Institute of Technology, U.S.A. |
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Expertise in
specific functional area : |
Engineering and Management |
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Date of Appointment : |
07.03.1988 |
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Other Directorship : |
·
Godrej and Boyce Mfg. Company Limited ·
Godrej Consumer Products Limited ·
Godrej Properties Limited ·
Godrej Agrovet Limited ·
Godrej Hygiene Products Limited ·
Godrej Investments Private Limited ·
Godrej Consumer Products (UK) Limited, ·
Keyline Brands Limited ·
Rapidol (Pty) Limited ·
Godrej International Limited ·
Godrej Global Mid East FZE ·
Godrej Consumer Products Mauritius Limited ·
Kinky Group Pty. Limited ·
Godrej Consumer Products Holding (Mauritius)
Limited ·
Godrej Nigeria Limited ·
PT Megasari Makmur ·
PT Ekamas Sarijaya ·
PT Sarico Indah ·
PT Indomas Susemi Jaya ·
Argencos S.A. ·
PT Intrasari-Raya Laboratoria ·
Cuenca S.A. ·
Consell S.A. ·
Panamar Producciones Sri Argentina ·
Godrej Kinky Holdings Limited ·
Godrej Consumer Products Dutch Coperatief U.A. ·
Godrej Consumer Products (Netherland) B.V. ·
Godrej Consumer Holdings (Netherland) B.V. ·
Godrej Indonesia Netherland Holdings B.V. ·
Godrej Argentina Dutch Coperatief U.A. ·
Godrej Netherland Argentina Holding B.V. ·
Godrej Netherland Argentina B.V. ·
DGH Mauritius Private Limited ·
Swadeshi Detergents Limited ·
Vora Soaps Limited ·
Indian School of Business (Member of the
Executive Board) |
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Name : |
Mr. J. N. Godrej |
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Designation : |
Managing Director |
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Name : |
Mr. A. B.
Choudhury |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Qualification : |
Masters In Economics and MMS from JBIMS |
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Expertise in
specific functional area : |
Marketing, General Management and Real Estate |
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Date of Appointment : |
04.08.2009 |
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Other Directorship : |
· Godrej Properties Limited · Godrej Agrovet Limited · Wadala Commodities Limited · Swadeshi Detergents Limited · Vora Soaps Limited · Godrej Waterside Properties Private Limited |
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Name : |
Mr. N. B. Godrej |
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Designation : |
Managing Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
B.S. from Massachusetts Institute of Technology, U.S.A., M.S. in Chem. Engg., Standford University. MBA, Harward Business School. |
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Expertise in
specific functional area : |
Engineering and Management |
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Date of Appointment : |
07.03.1988 |
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Other Directorship : |
· Godrej and Boyce Mfg. Company Limited · Godrej Consumer Products Limited · Mahindra and Mahindra Limited · Godrej Properties Limited · The Indian Hotels Company Limited · Tata Teleservices (Maharashtra) Limited · Godrej Agrovet Limited · Godrej Tyson Foods Limited · Isprava Technologies Limited · Godrej International Limited · Godrej Global Mid East FZE. · ACI Godrej Agrovet Private Limited - Bangladesh · Keyline Brands Limited · Rapidol (Pty) Limited · Godrej Nigeria Limited · Poultry Processors’ Association of India |
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Name : |
Mr. V. M. Crishna |
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Designation : |
Director |
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Date of Birth/Age : |
66 Years |
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Qualification : |
B.A. (Economics) |
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Expertise in
specific functional area : |
Economics |
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Date of Appointment : |
03.01.1995 |
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Other Directorship : |
· Godrej and Boyce Mfg. Company Limited · Godrej Agrovet Limited · Precision Wires India Limited · Naoroji Godrej Centre for Plant Research |
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Name : |
Mr. S. A.
Ahmadullah |
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Designation : |
Director |
KEY EXECUTIVES
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BOARD COMMITTEES |
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Audit Committee : |
·
K. K.
Dastur (Chairman) ·
S. A.
Ahmadullah ·
K. N.
Petigara ·
A. B.
Choudhury |
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Nomination and Compensation Committee : |
·
S. A.
Ahmadullah (Chairman) ·
B.
Choudhury ·
K. N.
Petigara ·
N. B.
Godrej |
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Shareholders Relationship / Shareholders
Committee : |
·
A. B.
Godrej (Chairman) ·
N. B.
Godrej ·
T. A.
Dubash ·
N. S.
Nabar |
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Corporate
Social : |
·
N. B. Godrej (Chairman) |
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Responsibility
Committee: |
·
T. A. Dubash ·
K. N. Petigara ·
A. B. Choudhury |
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Risk Management Committee : |
·
A. B.
Godrej (Chairman) ·
T. A.
Dubash ·
N. S.
Nabar |
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Management Committee : |
·
A. B.
Godrej (Chairman) ·
N. B.
Godrej ·
T. A.
Dubash ·
N. S.
Nabar |
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Name : |
P. Ganesh |
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Designation : |
Chief Financial
Officer and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of Total No. of Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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57431786 |
17.10 |
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193904681 |
57.73 |
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251336467 |
74.83 |
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Total
shareholding of Promoter and Promoter Group (A) |
251336467 |
74.83 |
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(B)
Public Shareholding |
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|
1503874 |
0.45 |
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|
88044 |
0.03 |
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|
10152831 |
3.02 |
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43235502 |
12.87 |
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54980251 |
16.37 |
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|
10008391 |
2.98 |
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|
12313545 |
3.67 |
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6068608 |
1.81 |
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|
1182533 |
0.35 |
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|
1182533 |
0.35 |
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29573077 |
8.80 |
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Total
Public shareholding (B) |
84553328 |
25.17 |
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Total
(A)+(B) |
335889795 |
100.00 |
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(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
335889795 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
No. |
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 |
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|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
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||
|
1 |
Burjis Nadir Godrej |
54,46,740 |
1.62 |
1.62 |
|
2 |
Freyan Vijay Crishna |
31,03,175 |
0.92 |
0.92 |
|
3 |
Godrej & Boyce Mfg. Co.
Ltd. |
19,39,04,681 |
57.73 |
57.73 |
|
4 |
Jamshyd Naoroji Godrej |
64,03,169 |
1.91 |
1.91 |
|
5 |
Nadir Barjorji Godrej |
12,20,572 |
0.36 |
0.36 |
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6 |
Navroze Jamshyd Godrej |
64,03,181 |
1.91 |
1.91 |
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7 |
Nisaba Adi Godrej |
42,68,781 |
1.27 |
1.27 |
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8 |
Nyrika Vijay Crishna |
31,03,175 |
0.92 |
0.92 |
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9 |
Pirojsha Adi Godrej |
42,68,786 |
1.27 |
1.27 |
|
10 |
Rati Nadir Godrej |
6,00,000 |
0.18 |
0.18 |
|
11 |
Rishad Kaikhushru Godrej |
1,28,06,350 |
3.81 |
3.81 |
|
12 |
Sohrab Nadir Godrej |
55,39,074 |
1.65 |
1.65 |
|
13 |
Tanya Arvind Dubash |
42,68,783 |
1.27 |
1.27 |
|
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Total |
25,13,36,467 |
74.83 |
74.83 |
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 |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
IL And FS Trust Company Ltd |
4377463 |
1.30 |
1.30 |
|
|
2 |
HDFC Standard Life Insurance Company
Ltd |
6249042 |
1.86 |
1.86 |
|
|
3 |
Acacia Partners Lp |
3942811 |
1.17 |
1.17 |
|
|
4 |
Blackrocks Global Fund Asian
Dragon Fund |
5274371 |
1.57 |
1.57 |
|
|
5 |
JP Morgan Sicav Investments
company (Mauritius) Ltd |
3522896 |
1.05 |
1.05 |
|
|
6 |
Life Insurance Corporation Of
India |
10152831 |
3.02 |
3.02 |
|
|
|
Total |
33519414 |
9.98 |
9.98 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Oleochemicals, their Precursors
and Derivatives, Bulk Edible Oils, Estate Management and Investment
Activities. |
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Products : |
· Oleo chemicals · Precursors and Derivatives ·
Bulk Edible Oils |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1371 (Approximately) |
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Bankers : |
·
Central Bank of India ·
State Bank of India ·
Bank of India ·
HDFC Bank Limited ·
Citibank N.A. ·
HSBC Limited ·
DBS Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company
: |
Godrej and Boyce Manufacturing Company Limited, India |
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Subsidiary
companies : |
Godrej Agrovet Limited ·
Crop
Sciense Advisors LLP ·
Godrej Seeds and Genetics Limited ·
Godvet Agrochem Limited Godrej Properties Limited · Godrej Realty Private Limited · Godrej Real Estate Private Limited · Happy Highrises Limited · Godrej Premium Builders Private Limited · Godrej Buildcon Private Limited · Godrej Garden City Properties Private Limited · Godrej Projects Development Private Limited · Godrej Landmark Redevelopers Private Limited · Godrej Redevelopers (Mumbai) Private Limited · Godrej Green Homes Limited · Godrej Home Developers Private Limited · Godrej Hill Side Properties Private Limited · Godrej Property Developers LLP · Mosiac Landmark LLP · Dream World Landmarks LLP · Oxford Realty LLP · SSPDL Green Acres LLP · M S Ramaiah Ventures LLP · Oasis Landmarks LLP · Caroa Properties LLP · Amitis Developers LLP · Godrej Costruction Projects LLP · Godrej Housing Projects LLP · Godrej Buildcorp LLP ·
Natures Basket Limited ·
Ensemble Holdings and Finance Limited ·
Godrej International Limited ·
Godrej International Trading and Investments Pte
Limited ·
Godrej International Limited (Labuan) (w.e.f.
March 11, 2015) |
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Fellow
Subsidiaries : |
·
Wadala Commodities Limited (merged into Godrej Industries Ltd. w.e.f. November 21,
2014) ·
Godrej (Malaysia) Sdn Bhd (Incorporated in Malaysia) ·
Godrej (Singapore) Pte. Limited (Incorporated in Singapore) ·
JT
Dragon Pte. Limited. (Incorporated
in Singapore) Godrej Infotech
Limited ·
Godrej
(Vietnam) Co. Limited.
(Incorporated in Vietnam) (a wholly owned subsidiary of JT Dragon Pte.
Limited.) ·
Godrej
Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North
Carolina, USA on February 28, 2014) ·
LVD
Godrej Infotech NV (Incorporated in Belgium on December 18, 2009 and a
subsidiary w.e.f.October 22, 2014) ·
Godrej
Americas ·
First
Rock Infrastructures Private Limited.
(a wholly-owned subsidiary w.e.f. March 31, 2015) ·
Veromatic International BV (Incorporated in
Netherlands) ·
Veromatic Services BV (Incorporated in
Netherlands) ·
Busbar Systems (India) Limited (a Wholly-owned
subsidiary w.e.f. February 1, 2013) ·
Mercury Mfg. Co. Limited (a subsidiary w.e.f.
October 1, 2013) ·
MiracleTouch
Developers Private Limited (a
wholly-owned subsidiary w.e.f. March 31, 2015) ·
East
View Estates Private Limited (a
wholly-owned subsidiary w.e.f. March 31, 2015) |
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Other related parties with whom the Company had
transactions during the year Associate / Joint Venture Companies : |
·
Godrej
Vikhroli Properties LLP ·
Godrej
Consumer Products Ltd. (also a fellow subsidiary) ·
Godrej
Household Products Lanka Private Limited ·
Godrej
Household Products (Bangladesh) Private Limited ·
Godrej
Consumer Products Bangladesh Limited
Godrej South Africa (Proprietary) Limited ·
Godrej
Netherlands B.V. ·
Godrej
UK Limited ·
Godrej
Consumer Products (UK) Limited ·
Inecto
Manufacturing Limited ·
Godrej
Consumer Investments (Chile) Spa ·
Godrej
Holdings (Chile) Limitada (a)
Cosmetica
Nacional (b)
Plasticos
Nacional ·
Godrej
Consumer Products Mauritius Limited. ·
Godrej
Nigeria Limited |
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Related Party Information |
·
Godrej
Argentina Dutch Cooperatief U.A. ·
Godrej
Netherlands Argentina Holding B.V. ·
Godrej
Netherlands Argentina B.V. ·
Issue
Group Brazil Limited ·
Laboratoria
Cuenca S.A -Deciral
S.A -Issue
Group Uruguay S.A -Consell
S.A ·
Argencos
S.A ·
Panamar
Producciones S.A ·
Godrej
Consumer Investments Holdings Limited (merged with Godrej Africa Holdings Limited w.e.f. March 31, 2015) ·
Godrej
Easy IP Holdings Limited. (w.e.f. October 16, 2014) ·
Godrej
Consumer Products Holding (Mauritius) Limited ·
Indovest
Capital Limited ·
Godrej
Global Mid East FZE ·
Godrej
Indonesia IP Holdings Limited (w.e.f. March 17, 2015) ·
Godrej
Megasari Holdings Limited
(w.e.f. March 18, 2015) ·
Godrej
Consumer Products Dutch Cooperatief U.A. ·
Godrej
Consumer Products (Netherlands) B.V. ·
Godrej
Consumer Holdings (Netherlands) B.V. -PT
Indomas Susemi Jaya -PT
Intrasari Raya -PT
Megasari Makmur -PT
Ekamas Sarijaya -PT
Sarico Indah ·
Godrej
Mauritius Africa Holdings Limited ·
Darling
Trading Company Mauritius Limited (w.e.f. January 22, 2015) ·
Godrej
Africa Holdings Limited
(w.e.f. January 19, 2015) ·
Godrej
Weave Holdings Limited
(merged with Godrej Africa Holdings Limited
w.e.f. March 31, 2015) ·
DGH
Mauritius Private Limited
(merged with Godrej Africa Holdings Limited
w.e.f. March 31, 2015) ·
Weave
Business Holding Mauritius Private Limited
(merged with Godrej Africa Holdings Limited
w.e.f. March 31, 2015) ·
DGH
Phase Three Mauritius Private Limited
(merged with Godrej Africa Holdings Limited
w.e.f. ·
March
31, 2015) ·
Frika
Weave (Pty) Limited (w.e.f. March 1, 2015) ·
Kinky
Group (Proprietory) Limited ·
Lorna
Nigeria Limited ·
Weave
Ghana Limited (w.e.f. October 1, 2014) ·
Godrej
West Africa Holdings Limited ·
Subinite
Pty Limited ·
Weave
IP Holding Mauritius Private Limited ·
Weave
Mozambique Limitada ·
Weave
Trading Mauritius Private Limited ·
Hair
Trading (Offshore) S.A.L. ·
Godrej
East Africa Holdings Limited ·
Style
Industries Limited ·
Godrej
Tanzania Holdings Limited ·
DGH
Tanzania Limited ·
Sigma
Hair Ind Limited |
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Enterprises over which key management personnel
exercise significant influence : |
·
Godrej South Africa Pty Limited ·
Laboratorio Cuenca S.A. ·
Godrej Global Mideast FZE ·
Godrej Investments P. Limited ·
Vora Soaps Limited ·
Godrej Tyson Foods Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.1/- each |
Rs.800.000 Million |
|
100000000 |
Unclassified Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
|
|
Rs.1800.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
335881974 |
Equity Shares |
Rs.1/- each |
Rs.335.900
Million |
|
|
|
|
|
Reconciliation of
number of Shares
|
|
31.03.2015 |
|
|
Equity Shares |
Number |
Rs. In Million |
|
Number of Shares outstanding at the beginning of the year |
335,455,260 |
335.500 |
|
Issued during the year |
426,714 |
0.400 |
|
Number of Shares outstanding at the end of the year |
335,881,974 |
335.900 |
Rights, Preferences
and Restrictions attached to Shares
Equity Shares : The Company has one class of equity shares. Each
equity share entitles the holder to one vote. The final dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts in proportion to their
shareholding.
Share Holding
Information
|
|
31.03.2015 |
|
|
Equity Shares |
Number |
Rs. In Million |
|
(a) Equity Shares held by Godrej and Boyce Manufacturing Company
Limited - Holding Company |
193,904,681 |
193.900 |
|
(b) Shareholders holding more than 5% of Equity Shares in the Company
Godrej and Boyce Manufacturing Company Limited - 57.73% (Previous Year 55.81% |
193,904,681 |
193.900 |
Equity Shares
Reserved for Issue under Options
|
|
31.03.2015 |
|
|
Equity Shares |
Number |
Rs. In Million |
|
Employee Stock Grant for which vesting date shall be
such date as may be decided by the Compensation Committee (*) |
-- |
-- |
|
Employee Stock
Grant vesting on 30/04/14 (*) |
-- |
-- |
|
Employee Stock
Grant vesting on 31/05/14 |
-- |
-- |
|
Employee Stock
Grant vesting on 30/11/14 (*) |
-- |
-- |
|
Employee Stock
Grant vesting on 31/07/14 (*) |
-- |
-- |
|
Employee Stock
Grant vesting on 31/03/15 (*) |
5,487 |
0.000 |
|
Employee Stock
Grant vesting on 31/05/15 |
98,987 |
0.100 |
|
Employee Stock
Grant vesting on 31/07/15 (*) |
2,274 |
0.000 |
|
Employee Stock
Grant vesting on 31/05/16 (*) |
107,097 |
0.100 |
|
Employee Stock
Grant vesting on 31/07/16 (*) |
55,641 |
0.000 |
|
Employee Stock
Grant vesting on 31/05/17 (*) |
55,641 |
0.100 |
The exercise
period in respect of the stock grants mentioned above is one month.
During the period
of five years immediately preceding the date as at which the Balance Sheet is
prepared:
Pursuant to the
Scheme of Amalgamation of Wadala Commodities Limited (WCL) with the Company:
(i) 200243 equity
shares allotted as fully paid up to the Equity Shareholders of WCL and 10
equity shares alloted as fully paid up to the Preference Shareholders of WCL,
without payment being received in cash.
(ii) 67,504
equity shares have been allotted as fully paid up bonus shares to the non-promoter
shareholders of the Company.
There are no
calls unpaid.
There are no
forfeited shares.
(*) Amount less
than ` 0.01
crore.
NOTE :
(1) In the
current year, the Honourable Bombay High Court and High Court of Madhya
Pradesh, Indore Bench, approved a Scheme of Amalgamation (“Scheme”) of Wadala
Commodities Limited (WCL) with the Company effective from April 1, 2014 being
the appointed date. The Effective Date is November 21, 2014, being the date of
filing the approval of the Respective High Courts with the ROC.
The Company has
issued 200243 equity shares in the Company in lieu of the equity shares in WCL
and 10 equity shares in the Company in lieu of the preference shares in WCL
held by the shareholders of the erstwhile WCL and also issued 67,504 bonus
equity shares in the Company to the non-promoter shareholders of the Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
335.900 |
331.200 |
335.200 |
|
(b) Reserves & Surplus |
16246.900 |
14018.100 |
15906.000 |
|
(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) |
16582.800 |
14349.300 |
16241.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10127.800 |
6632.600 |
4223.600 |
|
(b) Deferred tax liabilities
(Net) |
170.200 |
394.800 |
343.800 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
83.000 |
72.300 |
100.200 |
|
Total
Non-current Liabilities (3) |
10381.000 |
7099.700 |
4667.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7823.700 |
6759.400 |
4452.600 |
|
(b) Trade payables |
3971.300 |
5534.900 |
3803.200 |
|
(c) Other current liabilities |
3176.300 |
1930.100 |
1401.700 |
|
(d) Short-term provisions |
772.600 |
730.500 |
744.700 |
|
Total
Current Liabilities (4) |
15743.900 |
14954.900 |
10402.200 |
|
|
|
|
|
|
TOTAL |
42707.700 |
36403.900 |
31311.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6471.300 |
6138.500 |
3208.500 |
|
(ii) Intangible Assets |
6.700 |
7.800 |
5.300 |
|
(iii) Capital work-in-progress |
6669.600 |
3820.000 |
4890.200 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23777.800 |
20482.600 |
12782.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
529.600 |
657.500 |
992.700 |
|
(e) Other Non-current assets |
1.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
37456.000 |
31106.400 |
21879.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
609.800 |
|
(b) Inventories |
1663.400 |
2321.700 |
1382.500 |
|
(c) Trade receivables |
1043.000 |
939.900 |
1384.900 |
|
(d) Cash and cash equivalents |
1073.000 |
685.500 |
4465.400 |
|
(e) Short-term loans and
advances |
1221.600 |
1044.700 |
1346.700 |
|
(f) Other current assets |
250.700 |
305.700 |
242.300 |
|
Total
Current Assets |
5251.700 |
5297.500 |
9431.600 |
|
|
|
|
|
|
TOTAL |
42707.700 |
36403.900 |
31311.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
14546.400 |
14535.500 |
14646.300 |
|
|
Other Income |
376.200 |
407.700 |
348.300 |
|
|
TOTAL
(A) |
14922.600 |
14943.200 |
14994.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9424.100 |
9844.000 |
9543.100 |
|
|
Purchases of Stock-in-Trade |
33.900 |
37.000 |
37.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
261.300 |
(536.200) |
256.400 |
|
|
Employees benefits expense |
1276.000 |
1123.300 |
1153.300 |
|
|
Exceptional Items |
(1996.100) |
(1042.100) |
(587.100) |
|
|
Other expenses |
2838.400 |
3073.900 |
2740.100 |
|
|
TOTAL
(B) |
11837.600 |
12499.900 |
13143.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3085.000 |
2443.300 |
1851.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1477.400 |
948.400 |
648.200 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1607.600 |
1494.900 |
1202.800 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
285.900 |
246.100 |
231.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1321.700 |
1248.800 |
971.600 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(166.400) |
51.900 |
4.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1488.100 |
1196.900 |
967.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
5268.800 |
4820.600 |
4836.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on Equity Shares |
588.000 |
587.000 |
586.900 |
|
|
Tax on distributed profits |
119.700 |
99.800 |
95.200 |
|
|
Proposed Dividend for on
additional shares |
0.000 |
0.100 |
29.800 |
|
|
Credit for Dividend
Distribution Tax |
(79.600) |
(57.900) |
(18.500) |
|
|
Depreciation (in transition to
New Companies Act) |
30.200 |
0.000 |
0.000 |
|
|
Transfer to General Reserve |
148.800 |
119.700 |
290.200 |
|
|
Total
(M) |
807.100 |
748.700 |
983.600 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
5949.800 |
5268.800 |
4820.600 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4930.400 |
5012.600 |
4973.000 |
|
|
Dividend |
0.000 |
119.300 |
116.300 |
|
|
Sale of Investments |
0.000 |
0.000 |
2632.700 |
|
|
TOTAL
EARNINGS |
4930.400 |
5131.900 |
7722.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3096.700 |
3928.500 |
2367.400 |
|
|
Components and Stores parts |
19.300 |
15.200 |
17.200 |
|
|
Capital Goods |
66.500 |
77.000 |
75.900 |
|
|
TOTAL
IMPORTS |
3182.500 |
4020.700 |
2460.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.4352 |
3.5693 |
2.9568 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2272.300 |
766.900 |
585.900 |
|
Cash generated from operations |
(1201.900) |
461.600 |
201.400 |
|
Net cash flow from operating activity |
(1237.800) |
408.600 |
135.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.23 |
8.23 |
6.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
21.21 |
16.81 |
12.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.78 |
10.32 |
7.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22 |
0.99 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.35 |
0.91 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.374 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
335.200 |
331.200 |
335.900 |
|
Reserves & Surplus |
15906.000 |
14018.100 |
16246.900 |
|
Net
worth |
16241.200 |
14349.300 |
16582.800 |
|
|
|
|
|
|
long-term borrowings |
4223.600 |
6632.600 |
10127.800 |
|
Short term borrowings |
4452.600 |
6759.400 |
7823.700 |
|
Current Maturities of
Long-Term Debts |
585.900 |
766.900 |
2272.300 |
|
Total
borrowings |
9262.100 |
14158.900 |
20223.800 |
|
Debt/Equity
ratio |
0.570 |
0.987 |
1.220 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
14646.300 |
14535.500 |
14546.400 |
|
|
|
-0.757 |
0.075 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
14646.300 |
14535.500 |
14546.400 |
|
Profit |
967.400 |
1196.900 |
1488.100 |
|
|
6.61% |
8.23% |
10.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||
|
Bench:-
Bombay |
|
|||||||
|
Lodging No:- |
NMSL/2201/2014 |
Failing Date:- |
22.09.2014 |
Reg. No.:- |
NMS/21/2015 |
Reg. Date:- |
12.01.2015 |
|
|
Main Matter |
||||||||
|
Lodging No:- |
SL/915/2013 |
|
|
Reg. No.:- |
S/816/2013 |
|
|
|
|
|
||||||||
|
Petitioner:- |
M/S JAMES FRANCIS IVORY |
Respondent:- |
WAHID CHOWHAN AND 3 ORS- |
|||||
|
Petn.Adv:- |
MRS FRANCISCA PHILIP AND SANTOSH SUB |
Resp.Adv.: |
BHARUCHA AND PARTNERS (190) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
Category: |
NOTICE OF MOTION |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR DIRECTION |
|||||
|
Last Date:- |
21.01.2015 |
|||||||
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||||
|
|
|
|||||||
|
Act:- |
Code of Civil Procedure, 1908 |
|
|
|||||
Review of Operations
The Company’s performance during the year as compared with that during the previous year is summarized below.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The global economy continued to grow in FY15 at a steady pace, but growth was unevenly distributed, as some nations were still grappling with post global financial crisis adjustments. There were additional global shocks due to volatile geopolitical environments in various parts of the world like Africa, Middle-East and the CIS. The UN/DESA estimates the growth of the World Gross Product (WGP) to be 2.6% in 2014, marginally better than
2013 where it grew at 2.5%. However this is lesser than the mid-year estimate of 2.9%, given by the same organization. While most of the developing economies including the US, Japan and the EU have recovered from the depths of the 2008-2012 period, developing economies like Africa, China and South East Asia are still far away from to reverting to the pre 2011 GDP growth.
Going forward, the UN/DESA estimates the world economy (WGP) is to grow at 3.1% and 3.3% respectively in 2015 and 2016. This is contingent on the expectation that the Federal Reserve will gradually normalize its stance on monetary policy and start to increase rates by Q2 FY16, while the ECB will keep its interest rates at the current levels throughout the financial year. Fiscal policy is expected to remain restrictive in the US, but with lesser intensity than past years. For some of the major EU economies, the focus will continue to be on fiscal prudence, albeit with a more moderate fiscal policy.
India experienced a better financial year than FY 14, with advance GDP estimates pegging the growth at 7.4%, compared to 6.9% last year (like for like comparison). Latest available IIP data also shows significant growth compared to FY 14. The majority secured by the NDA in the Parliament boosted market and consumer sentiment significantly in FY15, with the Sensex P/E multiples reaching 18.8 in Q3 and the consumer confidence index also improving significantly compared to FY14. Some reform measures like deregulation of diesel prices, and the introduction of the GST bill have been initiated by the government in the last 12 months.
The continued success of the economy will depend on how well some of these planned reform measures are executed. In summary, the outlook on the economy remains bullish, with most global forums expecting India’s GDP growth to rise by 0.4-0.5% in the coming year.
FY15 was a challenging year for Indian farmers and Indian agriculture with the growth of agri GDP slowing down from 5% in FY14 to ~3% this year. El Nino during southwest monsoons, and unseasonal rain in the Rabi season significantly impacted crops across the country. Commodity prices remained volatile throughout the year with crude palm oil prices correcting 25% during the year. Farmers also suffered due to poor realizations for broiler and fish and subdued realizations in milk, eggs in FY15.
The prices of agri-produce are expected to remain moderate for the year ahead and will depend on the intensity of El Nino effect on the monsoon. As protein and milk demand increases in the country on the back of population growth and enhanced per capita consumption – demand for compound feed will be on the rise. Another factor that should aid the increase in compound feed sales, is the shift in feeding practices of Indian farmers. Having one of the largest livestock population in the world, the potential for compound feed in India is huge, as currently only a small fraction of this livestock is on compound feed.
India has immense room for growth in palm oil production and in agri-chemicals. Our agri –chemical consumption per hectare is much lower than peer countries. As the MSP growth in grains moderates, farmers are likely to switch to horticulture crops where consumption of agri- chemicals is much higher, hence providing significant head room for growth to agri-chemical companies in India.
Volatility in commodity prices, especially the downward trends in the second half of the year affected the oleo-chemicals business significantly. Oleo-chemicals are used in a variety of applications including personal care (hair care, skin care, oral care, cosmetics), home care (laundry detergents), and pharmaceuticals. While the demand for oleo chemicals is set to grow moderately well in India and globally, driven by growth in end-use industries, there is expected to be downward price pressures owing to overcapacity in the market, especially in South East Asia.
Growth in the real estate sector continued to be lukewarm during FY15 with residential absorption rates picking up from FY14 levels, but a simultaneous increase in the overhang implying new supplies coming into the market. The RBI’s consecutive rate cuts came in too late in the year to substantially benefit the borrowers and affect the sales numbers for FY15 but will stand the sector in good stead for FY16. Office space absorption levels have risen marginally from FY14, particularly in the second half of the year. Costs of key input materials such as cement and steel have moved downward throughout FY15, reversing the trend seen during FY14. The prospects look good for the sector in FY16 as buyer sentiment improves, while urbanization and migration continue to fuel demand. The domestic manufacturing policy of the government should positively impact the commercial transactions space as well.
OUTLOOK
The outlook for the coming year 2015-16 looks promising for the Chemicals business at this point in time. Demand is showing signs of improvement and with a price advantage on raw material we are likely to perform well. Change in season pattern may impact oil seeds crop which in turn can have bearing on profitability.
The company is also focusing on specialty fatty acids, fatty alcohol and esters by strengthening its R&D capabilities and investing in newer technologies. These are building blocks to foray into newer and greener technologies which will not only improve our leadership position in terms of market share but also profitability.
FUTURE PLAN OF
ACTION:
· Tailor-made specialty fatty alcohols and fatty acids for low volume, high value markets.
· Specially chemicals, derive form Glycerin, Fatty Acids and Fatty Alcohols so as to enter niche markets in the fields of Pharmaceuticals, Personal Care and Industrial Lubricants.
· Enhancing their knowledge base of product applications and formulations, through customer engagement.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans From Banks |
9162.900 |
6044.700 |
|
Term Loans From Others |
750.000 |
0.000 |
|
Fixed
Deposit |
214.900 |
587.900 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans Repayable On Demand From Bank |
904.400 |
521.000 |
|
Short Term Borrowings from Banks |
1000.000 |
550.000 |
|
Other Loans - Commercial Papers |
5900.000 |
4730.000 |
|
Loans of ESOP Trust |
0.000 |
888.400 |
|
Total |
17932.200 |
13322.000 |
|
Note : Terms of Repayment for Long Term Loan : (a) Unsecured
loan from Bank amounting to Rs. 312.500 Million (previous year Rs. 898.700
Million) carries interest at LIBOR + 2.17% p.a., is for a term of 60 months
and repayable in September 2016 (previous year September 2015 to September
2016). Unsecured loan
from Bank amounting to Rs. 1250.000 Million (previous year Rs. 1198.200
Million) carries interest at LIBOR + 2.5% p.a., is for a term of 60 months
and repayable during the period June 2016 to December 2017 (previous year
June 2016 to December 2017). Unsecured loan
from Bank amounting to Rs. 1250.000 Million (previous year Rs. 1198.200
Million) carries interest at LIBOR + 2.05% p.a., is for a term of 60 months
and repayable during the period February 2017 to August 2018 (Previous year
February 2017 to August 2018). (b) Unsecured
loan from Bank amounting to Rs. 937.300 Million (previous year Rs.1499.600
Million) carries interest at Base Rate + 0.95% p.a., is for a term upto 60
months and repayable during the period April 2016 to April 2017 (previous year
July 2015 to April 2017). (c) Unsecured
loan from Bank amounting to Rs. 1579.600 Million (previous year Rs. Nil) carries
interest at LIBOR + 2.40% p.a., is for a term of 60 months and repayable
during the period October 2017 to July 2019. Unsecured loan
from Bank amounting to Rs.1059.100 Million (previous year Rs. Nil) carries
interest at LIBOR + 2.35% p.a., is for a term of 60 months and repayable
during the period September 2017 to July 2019. Unsecured loan
from Bank amounting to Rs. 524.400 Million (previous year Rs. Nil) carries
interest at LIBOR + 2.45% p.a., is for a term of 60 months and repayable
during the period November 2017 to August 2019. (d) Unsecured
loan from Bank amounting to Rs. 1000.000 Million (previous year Rs. Nil) carries
interest at Base Rate + 0.50% p.a., is for a term upto 36 months and
repayable during the period May 2017 to February 2018. (e) Unsecured
loan from Bank amounting to Rs. 500.000 Million (previous year Rs. 750.000
Million) carries interest at 10.40% p.a., is for a term upto 36 months and
repayable during the period June 2016 to December 2016 (previous year
December 2015 to December 2016). (f) Unsecured
loan from Bank amounting to Rs. 750.000 Million (previous year Rs. Nil) carries
interest at SBI Base Rate + 0.35% p.a., is for a term upto 36 months and
repayable during the period July 2017 to January 2018. (g) Unsecured
loan from Others amounting to Rs. 750.000 Million (previous year Rs. Nil) carries
interest at SBI Base Rate + 0.35% p.a., is for a term upto 60 months and
repayable during the period June 2017 to June 2019. (h) Fixed deposits from public have
a maturity period of 13, 24 or 36 months. (2) The Company does not have any
default as on the Balance Sheet date in repayment of loan or interest. Terms of Repayment for Short Term Loan : (2) Unsecured
loan from bank is at base rate and repayable within 6 months. (3) (a) Unsecured
loan from Bank amounting to Rs. 250.000 Million (previous year Rs. Nil) carries
interest at Base Rate and is repayable by April 2015. (b) Unsecured
loan from Bank amounting to Rs. 250.000 Million (previous year Rs. Nil) carries
interest at Base Rate + 0.10% p.a., and is repayable by June 2015. (c) Unsecured
loans from Bank aggregating to Rs. 500.000 Million (previous year Rs. 550.000
Million) carries interest at 10.20% p.a., and is repayable by September 2015. (4) Commercial
Papers of ` 590
crore (previous year Rs. 4730.000 Million) carries interest at 8.48% to 9.00% and
are repayable during the period April to August 2015. (5) The Company does not have any
default as on the Balance Sheet date in repayment of loan or Interest. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80033888 |
24/12/2010 * |
2,160,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1st FLOOR, MMO BUILDING, |
B02802890 |
|
2 |
80033889 |
01/03/1999 |
250,000,000.00 |
INDUSTRIAL INVEST BANK OF INDIA |
EARNEST HOUSE,11TH FLOOR, 194,NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
3 |
80033890 |
22/01/1999 |
250,000,000.00 |
ICICI LIMITED |
BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA |
- |
|
4 |
80033891 |
18/03/1996 |
150,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
a) Claims against the
Company not acknowledged as debts: |
|
|
|
(i) Excise duty / Service Tax demands relating to disputed classification, post Manufacturing expenses, assessable values, etc. which the Company has contested and is in appeal at various levels. |
1078.900 |
878.900 |
|
(ii) Customs Duty demands relating to lower charge, differential duty, classification, etc. |
43.400 |
43.400 |
|
(iii) Sales Tax demands relating to purchase tax on Branch Transfer / disallowance of high seas sales. |
481.500 |
337.600 |
|
(iv) Octroi demand relating to classification issue on import of Palm Stearine and interest thereon. |
2.900 |
2.900 |
|
(v) Stamp duties claimed on certain properties which are under appeal by the Group. |
33.100 |
33.100 |
|
(vi) Income tax demands against which the Group has preferred appeals. |
894.400 |
371.800 |
|
(vii) Industrial relations matters under appeal. |
25.300 |
23.800 |
|
(viii) Others |
223.800 |
122.100 |
FIXED ASSETS
Tangible Assets
·
Land
Freehold
Leasehold
· Buildings
· Plant and Equipment
· Research Centre
· Furniture and Fixtures
· Office and Other Equipment
· Vehicles/Vessels
Intangible Assets
· Trademarks
· Software
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.64.00 |
|
|
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
65 |
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.