MIRA INFORM REPORT

 

 

Report No. :

354222

Report Date :

14.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JVL AGRO INDUSTRIES LIMITED (w.e.f. 21.10.2008)

 

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

 

 

Formally known as :

JHUNJHUNWALA VANASPATI LIMITED

 

 

Registered Office :

Jhunjhunwala Bhavan, Nati Imili Varanasi – 221001, Uttar Pradesh

Tel. No.:

91-542-2211312

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

17.11.1989

 

 

Com. Reg. No.:

20-011396

 

 

Capital Investment / Paid-up Capital :

Rs. 167.900 Million

 

 

CIN No.:

[Company Identification No.]

L15140UP1989PLC011396

 

 

IEC No.:

1593000243

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

ALDJ00217A

 

 

PAN No.:

[Permanent Account No.]

AAACJ5704B

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer and importer of hydrogenated vegetable oil and refined oils. [Confirmed by management]

 

 

No. of Employees :

616 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. It was incorporated in the year 1989 and it is manufacturer and marketing of hydrogenated vegetable oil and refined oils.

 

The rating reflects company’s sound financial risk profile marked by steady increase in the scale of operations and stable financial performance coupled with moderate liquidity position.

 

The ratings continue to draw strength from the experience of the promoters, established brand in northern India and wide distribution network of the company.

 

However, rating is constrained on account of significant dependence on the import of raw materials, regulatory risks, foreign exchange fluctuations and risks related to volatility in raw material prices.

 

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

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities= BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

10.07.2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities= A3+

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

10.07.2015

 

 

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kartik Agrawal

Designation :

Company Secretary

Contact No.:

91-8795831001

Date :

10.12.2015

 

 

LOCATIONS

 

Registered Office :

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

Tel. No.:

91-542-2211312/ 13/ 2595930/32

Mob No.:

91-8795831001 (Mr. Kartik Agrawal)

Fax No.:

91-542-2210480/ 2595941

E-Mail :

rohitjaiswal@jvlagro.com

info@jvlagro.com

kartikagrawal@jvlagro.com

jvlagro@jhoola.com 

Website :

www.jvlagro.com

www.jhoola.com

Location

Owned

 

 

Factory 1 :

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

Tel. No.:

91-542-2625332

Fax No.:

91-542-262533

 

 

Factory 2 :

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

Tel. No.:

91-542-2881226/ 3240068

Fax No.:

91-542-2881292

 

 

Factory 3 :

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

 

 

Factory 4 :

JVL Oil Refinery (A unit of JVL Agro Industries Limited) JL # 149, Mouza – Debhog, PS – Bhabanipur, Purba Medinipur, Haldia – 712657, West Bengal, India

 

 

Factory 5 :

JVL Rice Mill (A unit of JVL Agro Industries Limited) Sasaram Akhorigola Road, Jorawarpur, District Rohtas, Bihar, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. D. N. Jhunjhunwala

Designation :

Chairman

Date of Birth/Age :

02.02.1936

Qualification :

B. Sc (Industrial Chemistry)

 

 

Name :

Mr. S. N. Jhunjhunwala

Designation :

Managing Director

Date of Birth/Age :

24.04.1957

Qualification :

B.Com

 

 

Name :

Mr. Adarsh Jhunjhunwala

Designation :

Whole time Director

Date of Birth/Age :

05.07.1983

Qualification :

Chartered Accountant and MBA (Finance).

 

 

Name :

Ms. Anju Jhunjhunwala

Designation :

Director

Date of Appointment :

25.08.2014

 

 

Name :

Dr. S. K. Dikshit

Designation :

Director

Date of Birth/Age :

01.07.1946

 

 

Name :

Mr. Mahesh Kedia

Designation :

Director

Date of Birth/Age :

13.06.1963

Qualification :

B. Sc (Statistics), C.A

 

 

Name :

Mr. Harsh Agarwal

Designation :

Director

Date of Birth/Age :

26.03.1987

Qualification :

Engineering Graduate

 

 

Name :

Mr. Kanhaiya Lal Goenka

Designation :

Director

Date of Birth/Age :

03.03.1979

Qualification :

B. Com

 

 

KEY EXECUTIVES

 

Name :

Mr. Kartik Agrawal

Designation :

Company Secretary

 

 

Name :

Mr. Deepak Kumar Chopra

Designation :

Chief Executive Officer

 

 

Name :

Mr. R. C. Garg

Designation :

Chief Finance Officer

 

 

Audit Committee :

Mr. Mahesh Kedia

Mr. Harsh Agrawal

Mr. Kanhaiya Lal Goenka

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

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

26609637

15.84

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

66176388

39.40

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

92786025

55.25

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

 

 

Total shareholding of Promoter and Promoter Group (A)

92786025

55.25

(B) Public Shareholding

 

 

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

 

 

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

79000

0.05

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

22504680

13.40

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

22583680

13.45

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

 

 

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

26315794

15.67

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

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 million

18534259

11.04

Individual shareholders holding nominal share capital in excess of Rs.0.100 million

6633587

3.95

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

1086655

0.65

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

868855

0.52

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

217800

0.13

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

52570295

31.30

Total Public shareholding (B)

75153975

44.75

Total (A)+(B)

167940000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

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

0

0.00

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

0

0.00

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

0

0.00

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

167940000

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and importer of hydrogenated vegetable oil and refined oils. [Confirmed by management]

 

 

Products :

Hydrogenated vegetable oil and refined oils

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Japan
  • Srilanka
  • Pakistan
  • UK
  • USA

 

 

Terms :

 

Selling :

L/C, Cash Credit (30 / 60 Days)

 

 

Purchasing :

L/C, Cash Credit (30 / 60 Days)

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

616 (Approximately)

 

 

Bankers :

Banker Name :

Bank of Baroda

Branch :

Not Divulged

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

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

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long Term Borrowings

 

 

Bank of Baroda

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

66.000

0.000

(For Rice Mill Unit - Hypothecation of Plant and Machinery and Other Fixed Assets situated at P.O.Akurhi Gola Dist. Rohtas and personal guarantee of two directors /guarantors. And Equitable mortgage of factory land and building)

174.700

0.000

Schedule of Repayment :

 

 

For Alwar Unit

 

 

15 installment of Rs.4.400 million having maturity in FY 2019-20

 

 

For Rice Mill Unit :

 

 

Remaining 4 installment of Rs.5.000 million, 8 installment of Rs.7.500 million, 9 installment of Rs.10.000 million and 1 installment of Rs.4.700 million having maturity in F.Y. 2020-21

 

 

State Bank of India

50.600

81.800

State Bank of Bikaner and Jaipur

31.300

49.900

State Bank of Hyderabad

12.200

23.900

State Bank of Travancore

33.600

51.100

(Equitable mortgage of land and factory building and other construction at village pahleza, mauza-chakia, Dehri, Bihar, on pari-passu basis with other term lenders. Hypothecation charge on other fixed assets including plant and machinery of the projects at Pahleza, Chakia, Dehri, Bihar on pari-0passu basis with other term lenders of the project and collaterally secured by second charge on current assets of the company's unit at Chakia, Dehri, Bihar on pari passu basis with personal guarantee of two directors)

 

 

Schedule of Repayment :

 

 

For State Bank of India

 

 

Remaining 6 installment of Rs.7.800 million each and 1 installment of Rs.3.800 million having maturity F.Y. 2016-17

 

 

For State Bank of Bikaner and Jaipur : Remaining 6 installment of Rs.4.600 million each and 1 installment of Rs.3.700 million having maturity in F.Y. 2016-17

 

 

For State Bank of Hyderabad 3 installment of Rs.2.900 million, each and 3 installment of Rs.1.200 million, having maturity in F. Y. 2015-16

 

 

For State Bank of Travancore remaining 6 installment of Rs.5.000 million, each and 1 installment of Rs.3.600 million having maturity in F.Y. 2015-16

 

 

Standard Chartered Bank

(Exclusive first charge on all movable and immovable fixed assets of Haldia facility and personal guarantee of two directors and second charge on all current assets of Haldia facility. Remaining 10 quarterly installment of USD 1.058 Mio each.

662.700

866.100

Less: Current Maturity of Long Term Borrowings

364.500

328.700

Total [A]

666.600

744.100

 

 

 

Short Term Borrowings

 

 

Cash Credit Limit From Banks

 

 

Bank of Baroda

259.100

519.100

Punjab National Bank

528.900

491.300

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

 

 

For Rice Mill Unit - Bank of Baroda

137.400

0.000

(Secured by hypothecation of entire stock in trade, trade receivables and movable current assets movable current assets and secured by first charge on the fixed assets and personal guarantee by two directors)

 

 

State Bank of India

145.500

104.500

State Bank of Bikaner and Jaipur

33.300

0.100

State Bank of Travancore

65.700

34.400

State Bank of Hyderabad

29.500

0.000

Vijaya Bank

64.800

39.400

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

 

 

Allahabad Bank

12.400

0.000

Corporation Bank

122.400

2.300

Indian Overseas Bank

65.900

0.000

Union Bank of India

44.800

41.200

Oriental Bank of Commerce

28.000

30.200

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

 

 

Standard Chartered Bank

90.900

0.000

Loan Against Fixed Deposits Receipt From Bank

 

 

(Secured by pledge of Fixed Deposits Receipts)

79.600

75.100

Total [B]

1708.200

1337.600

 

 

 

TOTAL [A+B]

2374.800

2081.700

 

 

Auditors :

 

Name :

Singh Dikshit and Company

Chartered Accountants

Address :

Hathua Market, Chetganj, Varanasi, Uttar Pradesh, India

Tel No.:

91-542-2401272

Fax No.:

91-542-2390321

Email:

cavishwakarma@gmail.com

 

 

Collaborators :

Not Divulged

 

 

Membership :

Not Divulged

 

 

Relative of Key Managerial Personnel :

·         S. N. Jhunjhunwala HUF

 

 

Other Related Companies :

·         Jhunjhunwala Gases Private Limited

·         Jhunjhunwala Oils Mills Limited

·         Nilamber Trexim and Credit Private Limited

·         Hari Fertilizers Limited

 

 

Other :

·         Jhunjhunwala Sewa Society

 

 

Subsidiary Company :

·         JVL Oversease Pte Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

Re. 1/- each

Rs. 200.000 Million

5000

10% Cumulative Redeemable Preference Shares

Rs. 100/- each

Rs. 0.500 Million

250000

Cumulative Redeemable Preference Shares

Rs. 100/- each

Rs. 25.000 Million

 

 

 

 

 

Total

 

Rs. 225.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

167940000

Equity Shares

Re. 1/- each

Rs. 167.900 Million

 

 

 

 

 

 

Reconciliation of number of shares

 

Equity Shares :

 

31.03.2015

Balance as at beginning of the year 167940000 Equity Shares

167940000

Add: Shares Issued

0.000

Less: Shares bought back during the year

0.000

Balance as at end of the year

167940000

 

 

Rights, preferences and restrictions attached to the shares

 

Equity Shares: The Company has one class of equity shares having a par value of Re.1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholdings.

 

 

Details of equity shares held by shareholders holding more than 5% shares to the aggregate shares in the company:

 

Name of Shareholders

 

No. of Shares

% of Holding

Nilamber Trexim and Credit Private Limited

16912900

10.07

Jhunjhunwala Gases Private Limited

7419000

9.57

Aryan Multibusiness Private Limited

16075000

7.15

Paharia Markets and Investment Private Limited

8307795

7.15

 

 

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

167.900

167.900

167.900

(b) Reserves & Surplus

5080.700

4493.600

3922.300

(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)

5248.600

4661.500

4090.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

666.600

744.100

1004.400

(b) Deferred tax liabilities (Net)

318.400

338.700

282.700

(c) Other long term liabilities

115.800

116.900

22.600

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1100.800

1199.700

1309.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1708.200

1337.600

1107.500

(b) Trade payables

9684.200

8347.900

7291.000

(c) Other current liabilities

516.200

465.600

491.300

(d) Short-term provisions

40.500

41.500

33.600

Total Current Liabilities (4)

11949.100

10192.600

8923.400

 

 

 

 

TOTAL

18298.500

16053.800

14323.300

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4096.300

3638.700

3088.100

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

16.900

192.600

184.900

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

54.400

55.300

56.100

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

204.800

254.200

398.900

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4372.400

4140.800

3728.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5626.100

4542.000

4532.100

(c) Trade receivables

2887.500

1886.400

1608.600

(d) Cash and cash equivalents

4128.900

4393.200

3237.300

(e) Short-term loans and advances

1283.600

1091.400

1217.300

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

13926.100

11913.000

10595.300

 

 

 

 

TOTAL

18298.500

16053.800

14323.300

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

44038.800

43504.700

38810.800

 

 

Other Income

58.000

44.400

62.600

 

 

TOTAL                                              (A)

44096.800

43549.100

38873.400

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

32641.300

33471.900

22016.200

 

 

Purchase of Stock-in-trade

9584.000

9597.000

14146.100

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

39.600

(1140.000)

404.000

 

 

Employee Benefits Expenses

120.400

101.100

73.400

 

 

Exceptional Items

(410.100)

(548.400)

(263.000)

 

 

Other Expenses

883.700

827.800

681.100

 

 

TOTAL                                              (B)

42858.900

42309.400

37057.800

 

 

 

 

 

 

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

1237.900

1239.700

1815.600

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

420.700

352.000

241.300

 

 

 

 

 

 

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

817.200

887.700

1574.300

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

162.400

187.500

102.100

 

 

 

 

 

 

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

654.800

700.200

1472.200

 

 

 

 

 

Less

TAX                                                                  (H)

28.500

87.600

168.500

 

 

 

 

 

 

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

626.300

612.600

1303.700

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2342.100

2014.100

1719.600

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

20.000

20.000

50.000

 

 

Transfer to Capital Reserve

2.500

223.300

225.700

 

 

Provision

(2.000)

2.000

0.000

 

 

Proposed Dividend on Equity Shares

33.600

33.600

28.800

 

 

Dividend Distribution Tax

6.700

5.700

4.700

 

 

Depreciation Adjustment

0.900

0.000

0.000

 

BALANCE CARRIED TO THE B/S

2906.700

2342.100

2714.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

248.300

208.800

323.500

 

 

 

 

 

 

IMPORTS - IMPORTED OILS

39364.300

35352.400

34668.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.73

3.65

4.19

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

364.500

328.700

275.000

Cash generated from operations

NA

NA

NA

Net cash from operating Activities

110.400

2200.600

441.200

Net Cash Flow from Operating Activities

(599.700)

1356.600

(106.900)

 

 

QUARTERLY RESULTS

 

Particulars

 

 

30.06.2015

(Unaudited)

30.09.2015

(Unaudited)

 

 

1st Quarter

2nd Quarter

Net sales

 

11055.000

10110.000

Total Expenditure

 

10876.000

9940.500

PBIDT (Excluding Other Income)

 

179.000

169.500

Other income

 

6.500

7.000

Operating Profit

 

185.500

176.500

Interest

 

62.500

79.000

Exceptional Items

 

104.000

83.600

PBDT

 

227.000

181.100

Depreciation

 

45.000

46.000

Profit Before Tax

 

182.000

135.100

Tax

 

10.000

7.500

Provisions and contingencies

 

NA

NA

Profit after tax

 

172.000

127.600

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

172.000

127.600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

PAT / Sales

(%)

1.42

1.41

3.36

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

2.81

2.85

4.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

3.59

4.43

10.45

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.15

0.36

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.52

0.52

0.58

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.17

1.19

 

 

STOCK PRICES

 

Face Value

Rs.1/-

Market Value

Rs.18.90/-

 

 

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

167.900

167.900

167.900

Reserves & Surplus

3922.300

4493.600

5080.700

Share Application money pending allotment

0.000

0.000

0.000

Net worth

4090.200

4661.500

5248.600

 

 

 

 

long-term borrowings

1004.400

744.100

666.600

Short term borrowings

1107.500

1337.600

1708.200

Current Maturities of Long term debt

275.000

328.700

364.500

Total borrowings

2386.900

2410.400

2739.300

Debt/Equity ratio

0.584

0.517

0.522

 

 

 

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

38810.800

43504.700

44038.800

 

 

12.094

1.228

 

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

38810.800

43504.700

44038.800

Profit

1303.700

612.600

626.300

 

3.36%

1.41%

1.42%

 

 

 

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)

Yes

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

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

 

In the financial year 2014-15, the Company’s sales rose by 1.23%. This was due to the fact of fall in oil prices. Despite this, the Company could achieve all time high sales of Rs.44038.800 million. The total revenue of the financial year 2014-15 is Rs.44096.800 million which was Rs.43549.100 million in the financial year 2013-14. There is a growth of 1.26%. As far as the half-yearly trend is concerned, the turnover of the Company for the first half year period ended as on September 30, 2014 is Rs.23893.500 million which was Rs.20210.000 million in the same period in financial year 2013-14. They can see that the Company performed quite well in the financial year 2014-15. Profit after tax has also gone up from Rs.612.600 million in 2013-14 to Rs.626.300 million in the year 2014-15. EBIDTA for the year 2013-14 was Rs.1239.700 million and decreased to Rs.1237.900 million in year 2014-15 i.e. by (0.15%). Further the Cash profit also decreased from Rs.800.100 million in the year 2013- 14 to Rs.788.700 million in the year 2014-15.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

GLOBAL ECONOMIC OVERVIEW

 

The global economy is on the path of regaining its lost momentum as many high-income countries continue to deal with the repercussions of the global financial crisis. Resultantly, global growth has picked up, albeit marginally in 2014, to 2.6% from 2.5% in 2013. Several major forces are driving the global outlook including softer commodity prices, persistently low interest rates and a reasonable uptick in consumption. Most importantly, the sharp decline in oil prices since mid- 2014 is expected to support global activities and help offset some of the headwinds to growth in oil-importing economies including that of India.

 

Reduced crude prices pose a serious challenge for oil-exporting countries. Conflicts in Syria, inflow of refugees into Turkey, terrorist attacks in Iraq, the civil war in Yemen and uncertainty over the nature and timing of the US-Iran nuke deal have hampered growth prospects.

 

Anticipating continued depression in oil prices, the UAE and Saudi Arabia have revised their forecasted GDP growths. Kenya and Nigeria are reeling under geopolitical tension and the expected GDP growth has also been similarly revised. Turkey has projected a GDP growth of 3.1%. The devaluation of the Nigerian naira, Turkish lira, Kenyan shilling and Moroccan dirham against the US dollar during the second half of 2014-15 posed a threat to growth in these markets.

 

In the coming years, IMF projects world growth to pick up modestly to 3.5% by end-2015; it is estimated to grow to 3.7% by 2016. According to IMF reports, while advanced economies are expected to grow stronger at an increased rate of 2.4% in 2015, emerging markets are predicted to show a weaker growth of 4.3%, reflecting uncertainty in some of the large emerging market and oil economies.

 

High-income countries are likely to witness growth of 2.2% till 2017, up from 1.8% in 2014, on the back of gradually recovering labour markets, ebbing fiscal consolidation and lowering financing costs.

 

 

INDIAN ECONOMIC REVIEW

 

With a new and stable government at the helm after a considerable while, the economy has bounced back to its growth track after a couple years. The Indian economy grew at 7.3% in 2014-15 on the back of an improvement in the performance of both the services as well as the manufacturing sectors.

 

Lower oil prices and widespread monetary easing has pegged India to grow by 8% in 2015-16 according to forecasts by the OECD, compared to China, which is estimated to grow at 7% during the same time. With labour costs spiking in China, India is now expected to emerge as the fastest growing major economy in 2015-16. Further, the per capita income at current prices during 2014-15 rose by 9.2% to Rs.0.087 million as against Rs.0.080 million in the previous fiscal (it was Rs.0.064 million in 2011-12 and Rs.0.072 million in 2012-13). Gross fixed capital formation increased from 3% in 2013-14 to 4.1% in 2014-15. Average retail inflation moderated to 6.3% in 2014-15 as against 8.9% in 2013-14.

 

Food inflation declined from 9.5% in 2013-14 to 4.8% in 2014-15. India’s current account could be a surplus in 2015, after 32 consecutive quarters in deficit, and the deficit for the upcoming fiscal could halve to 0.6% of the GDP from 1.1% during the current fiscal. The GVA (gross value-addition), a new concept introduced by CSO to measure the economic activity, rose by 7.2% in 2014-15 compared to 6.6% in the previous fiscal. The manufacturing sector GVA rose by 7.1% during the year as against 5.3% in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9% as against 4.8% a year ago.

 

 

INDIAN EDIBLE OIL INDUSTRY

 

India, with 21% of world’s area and 15% of world’s production, is the fourth largest oilseed producing country in the world, next to the US, China and Brazil. Oilseeds in India account for the second largest agricultural commodity after cereals, accounting for 13% of the country’s gross cropped area, nearly 5% of the gross national product and 10% of the overall value of agricultural products.

 

The industry comprises 15,000 oil mills, 600 solvent extraction units, 600 vegetable oil refineries and 250 vanaspati manufacturing units spread across the country. These are engaged in crushing and processing of oilseeds, oilcakes, rice, bran and vegetable oils.

 

The Indian edible oil industry is a highly fragmented one and in terms of volumes, palm oil, soya bean oil and mustard oil are the three largest consumed edible oils in India.

 

According to the SEA, the vegetable oil availability from kharif oilseeds and secondary sources is estimated at 54.60 lac tonnes compared to last year’s 57.95 lac tonnes i.e. down by 3.35 lac tonnes for 2014-15. This indicates that local prices have ceased to be a determinant of domestic demand-supply dynamics which has instead been dictated by cues from global markets. A strong inflow of cheap oil from overseas is keeping the local scenario depressed. This equation is unlikely to change in the near-term and a setback in rabi oilseeds harvest might not lead to a massive rise in the prices. Domestic oilseeds production is projected to drop by 9% in 2014- 15. Although global farm commodity prices have eased significantly, any plunge in pulses and oilseed planting raises risks of imported inflation as the country meets around half of its annual requirement of cooking oils through overseas purchases.

 

The Indian edible oil industry, which has grown at a CAGR of 13% from 2009-14 in terms of the revenue, is expected to cross Rs.2,080 billion by 2019 due to the increasing number of edible oil brands and rising consumption of edible oil in the country.

 

 

COMPANY OVERVIEW

 

JVL Agro Industries Limited (formally known as Jhunjhunwala Vanaspati Limited) was incorporated in 1989. The

Company manufactures hydrogenated vegetable oil (vanaspati), refined oils and rice from its manufacturing facilities in Naupur (UP), Pahleza (Bihar), Alwar (Rajasthan), Haldia (West Bengal) and Sasaram (Bihar).

 

The Company commenced with a production capacity of 25 metric tonnes per day; today, the Company is the single largest manufacturer of edible oil in India (3000 metric tonnes per day).

 

The Company’s name was changed from Jhunjhunwala Vanaspati Limited to JVL Agro Industries Limited on October 21, 2008 due to diversification of Company operations from a hydrogenated vegetable oil manufacturer to multiproduct dealer.

 

 

OUTLOOK

 

The Indian edible oils market continues to be underpenetrated and given the positive macro and demographic fundamentals, the prospects of medium to long-term growth seem bright. The Indian per capita consumption for edible oil is expected to grow from the current consumption levels of ~16 kilograms to ~24 kilograms by 2020 with a conservative CAGR of around 6%. This growth is expected to translate into an edible oil consumption market of approximately 32 million tonnes by 2020.

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015

 (Rs. In Million)

Particulars

3 Months Ended

Preceeding 3 Months Ended

Half Year Ended

 

30.09.2015

30.06.2015

30.09.2015

 

UNAUDITED

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

10110.000

11055.000

21165.000

Total income from Operations(net)

 

 

 

2.Expenditure

 

 

 

a) Cost of material consumed

7710.000

9410.000

17120.000

b) Purchases of stock in trade

1520.000

1400.000

2920.000

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

466.800

(190.600)

276.200

d) Employees benefit expenses

32.300

32.100

64.400

e) Depreciation and amortization expenses

46.000

45.000

91.000

f) Other expenditure

211.400

224.500

435.900

Total expenses

123.500

10921.000

20907.500

3. Profit from operations before other income and financial costs

123.500

134.000

257.500

4. Other income

7.000

6.500

13.500

5. Profit from ordinary activities before finance costs

130.500

140.500

271.000

6. Finance costs

79.000

62.500

141.500

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

51.500

78.000

129.500

8. Exchange Currency Fluctuation Loss/ (Gain)

83.600

104.000

187.600

9. Profit from ordinary activities before tax Expense:

135.100

182.000

317.100

10.Tax expenses

7.500

10.000

17.500

11.Net Profit / (Loss) from ordinary activities after tax

127.600

172.000

299.600

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period

127.600

172.000

299.600

14.Paid-up equity share capital (Nominal value Re.1/- per share)

167.900

167.100

167.900

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

5380.300

5252.700

5380.300

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

 

 

 

(a) Basic and diluted

0.76

1.02

1.78

 

 

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

75153975

79388613

75153975

- Percentage of shareholding

44.75

47.27

44.75

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

5000000

5000000

5000000

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

5.39

5.65

5.39

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

2.98

2.98

2.98

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

87786025

83551387

87786025

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

94.61

94.35

94.61

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

52.27

49.75

52.27

 

 

 

 

 

B. Investor Complaints

 

 

Pending at the beginning of the quarter

1

 

Receiving during the quarter

2

 

Disposed of during the quarter

2

 

Remaining unreserved at the end of the quarter

1

 

 

 

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015

Rs. In Million

SOURCES OF FUNDS

 

 

 

30.09.2015

(Unaudited)

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

167.900

(b) Reserves & Surplus

 

 

5380.300

Sub-total Shareholders’

 

 

5548.200

 

 

 

 

(2) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

481.400

(b) Deferred tax liabilities (Net)

 

 

318.400

(c) Other long term liabilities

 

 

155.000

(d) long-term provisions

 

 

0.000

Sub-total of Non-Current liabilities

 

 

954.800

 

 

 

 

(3) Current liabilities

 

 

 

(a) Short term borrowings

 

 

1679.500

(b) Trade payables

 

 

10775.000

(c) Other current liabilities

 

 

520.000

(d) Short-term provisions

 

 

40.500

Sub-total of Current liabilities

 

 

13015.000

 

 

 

 

TOTAL

 

 

19518.000

 

 

 

 

II.             ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

4142.700

(b) Non-Current investments

 

 

51.900

(c) Deferred tax assets (net)

 

 

0.000

(d) Long term loans and advances

 

 

52.100

(e) Other non-current assets

 

 

0.000

Sub-total of Non-Current Assets

 

 

4246.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

7453.700

(c) Trade receivables

 

 

2868.800

(d) Cash and cash equivalents

 

 

3803.800

(e) Short-term loans and advances

 

 

1145.000

(f) Other current assets

 

 

0.000

Sub-total of Current Assets

 

 

15271.300

 

 

 

 

TOTAL

 

 

19518.000

 

NOTES:

 

1.     The above Results were reviewed by audit committee and taken on record at the Board meeting concluded on 14.11.2015.

 

2.     Sales in Quarter ending 30.9.2015 is reduced due to reduction in trading sales.

 

3.     The company started the work on the development of its Mega Food Park.

 

4.     The above results were subject to limited review.

 

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10540220

30/12/2014

461,700,000.00

BANK OF BARODA

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

C39006259

2

10537900

15/11/2014

50,000,000.00

PUNJAB NATIONAL BANK

MAHMOORGANJ, VARANASI, UTTAR PRADESH - 221010, INDIA

C37621497

3

10512563

25/02/2015 *

975,000,000.00

STANDARD CHARTERED BANK

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

C45075678

4

10512560

25/02/2015 *

975,000,000.00

STANDARD CHARTERED BANK

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

C45078045

5

10514526

18/06/2014

5,500,000,000.00

CORPORATION BANK

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

C15851744

6

10463592

09/10/2013

33,000,000.00

BANK OF BARODA

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

B90878158

7

10463597

09/10/2013

66,000,000.00

BANK OF BARODA

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

B90879172

8

10463602

09/10/2013

1,296,000,000.00

BANK OF BARODA

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

B90879818

9

10434696

19/06/2013

5,525,000,000.00

CORPORATION BANK

CORPORATE BANKING BRANCH, MOOKHERJEE HOUSE, 1ST F
LOOR, 17, BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA

B78665445

10

10426347

22/04/2013

775,000,000.00

UNION BANK OF INDIA

BRANCH - VARANASI CANTONMENT, S - 21/ 54, THE MALL ROAD, VARANASI, UTTAR PRADESH - 221002, INDIA

B75350124

11

10426238

25/03/2013

575,000,000.00

ORIENTAL BANK OF COMMERCE

D-58/9, A-I, NATARAJ CINEMA COMPLEX, SIGRA, VARANASI, UTTAR PRADESH - 221010, INDIA

B75309369

12

10423717

20/03/2013

900,000,000.00

ALLAHABAD BANK

STEPHEN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA

B74425331

13

10356401

29/03/2012

33,000,000.00

BANK OF BARODA

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

B39872122

14

10356406

29/03/2012

2,903,000,000.00

BANK OF BARODA

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

B39874573

15

10356409

29/03/2012

66,000,000.00

BANK OF BARODA

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

B39875893

16

10343811

18/06/2014 *

900,000,000.00

STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT)

CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA

C07748734

17

10344733

21/03/2012

250,000,000.00

IDBI BANK LIMITED

FIRST FLOOR, VIDEOCON TOWER,, E-1, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA

B35945617

18

10197202

01/08/2013 *

5,991,300,000.00

STATE BANK OF INDIA (LEAD BANK)

COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA

B83139311

19

10193999

01/08/2013 *

5,660,000,000.00

STATE BANK OF INDIA (LEAD BANK)

COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA

B83142067

20

10193996

29/08/2013 *

680,000,000.00

STATE BANK OF INDIA (LEAD BANK)

COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA

B83649475

21

10173029

09/04/2013 *

3,596,200,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA

B75887042

22

10161144

28/06/2012 *

5,046,700,000.00

PUNJAB NATIONAL BANK

MAHMOORGANJ, VARANASI, UTTAR PRADESH - 221010, INDIA

B44078038

23

10024508

18/10/2006

30,000,000.00

BANK OF BARODA

NICHI BAGH, VARANASI, UTTAR PRADESH - 221001, INDIA

A06130603

24

10011663

28/06/2014 *

14,396,200,000.00

BANK OF BARODA

INTERNATIONAL BANKING BRANCH, VARUNA BRIDGE, CANTT, VARANASI, UTTAR PRADESH - 221002, INDIA

C11306164

25

80039672

28/06/2014 *

14,396,200,000.00

BANK OF BARODA

INTERNATIONAL BANKING BRANCH, VARUNA BRIDGE, CANTT, VARANASI, UTTAR PRADESH - 221002, INDIA

C11303856

26

80052317

03/01/2001

222,000,000.00

BANK OF BARODA

NICHI BAGH, VARANASI, UTTAR PRADESH - 221001, INDIA

-

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land (Free Hold)

·         Land (Lease Hold)

·         Buildings

·         Plant and Machinery

·         Office Equipments

·         Furniture and Fittings

·         Vehicles

·         Turbine

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.66.79

UK Pound

1

Rs.101.10

Euro

1

Rs.73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

48

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

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

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