MIRA INFORM REPORT
|
Report No. : |
335468 |
|
Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
|
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 Express Highway, Vikhroli, Mumbai -
400079, Maharashtra |
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Tel. No.: |
91-22-25188010 |
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Country : |
India |
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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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|
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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
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
|
Rating |
Long Term Fund Based Limits AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
December 29, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limits A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
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
|
Registered Office/ Factory 1 : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India |
|
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 |
|
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
|
Name : |
Mr. A. B. Godrej |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
71 Years |
|
Qualification : |
B.S., M.S. from Massachusetts Institute of Technology, U.S.A. |
|
Expertise in
specific functional area : |
Engineering and Management |
|
Date of Appointment : |
07.03.1988 |
|
Other Directorship : |
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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 |
|
Designation : |
Director |
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Date of Birth/Age : |
70 Years |
|
Qualification : |
Masters In Economics and MMS from JBIMS |
|
Expertise in
specific functional area : |
Marketing, General Management and Real Estate |
|
Date of Appointment : |
04.08.2009 |
|
Other Directorship : |
|
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|
|
|
Name : |
Mr. N. B. Godrej |
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Designation : |
Managing Director |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
B.S. from Massachusetts Institute of Technology, U.S.A., M.S. in Chem. Engg., Standford University. MBA, Harward Business School. |
|
Expertise in
specific functional area : |
Engineering and Management |
|
Date of Appointment : |
07.03.1988 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. V. M. Crishna |
|
Designation : |
Director |
|
Date of Birth/Age : |
66 Years |
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Qualification : |
B.A. (Economics) |
|
Expertise in
specific functional area : |
Economics |
|
Date of Appointment : |
03.01.1995 |
|
Other Directorship : |
|
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|
|
|
Name : |
Mr. S. A. Ahmadullah |
|
Designation : |
Director |
KEY EXECUTIVES
|
BOARD COMMITTEES |
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Audit Committee : |
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Nomination and Compensation Committee : |
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Shareholders Relationship / Shareholders
Committee : |
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Corporate
Social : |
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Responsibility
Committee: |
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Risk Management Committee : |
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Management Committee : |
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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 |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
57431786 |
17.10 |
|
|
193904681 |
57.73 |
|
|
251336467 |
74.83 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
251336467 |
74.83 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
1503874 |
0.45 |
|
|
88044 |
0.03 |
|
|
10152831 |
3.02 |
|
|
43235502 |
12.87 |
|
|
54980251 |
16.37 |
|
|
|
|
|
|
10008391 |
2.98 |
|
|
|
|
|
|
12313545 |
3.67 |
|
|
6068608 |
1.81 |
|
|
1182533 |
0.35 |
|
|
1182533 |
0.35 |
|
|
29573077 |
8.80 |
|
Total
Public shareholding (B) |
84553328 |
25.17 |
|
Total
(A)+(B) |
335889795 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
335889795 |
100.00 |
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 : |
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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 : |
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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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|
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Subsidiary
companies : |
Godrej Agrovet Limited ·
Crop
Sciense Advisors LLP ·
Godrej Seeds and Genetics Limited ·
Godvet Agrochem Limited Godrej Properties Limited
|
|
|
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Fellow
Subsidiaries : |
Godrej Infotech
Limited
|
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Other related parties with whom the Company had
transactions during the year Associate / Joint Venture Companies : |
(a)
Cosmetica
Nacional (b)
Plasticos
Nacional
·
Godrej
Nigeria Limited |
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|
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Related Party Information |
-Deciral S.A -Issue Group Uruguay S.A -Consell S.A
-PT Indomas Susemi Jaya -PT Intrasari Raya -PT Megasari Makmur -PT Ekamas Sarijaya -PT Sarico Indah
|
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Enterprises over which key management personnel exercise
significant influence : |
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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 |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
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.386.45 |
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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
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.