MIRA
INFORM REPORT
|
Report No. : |
305341 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JAYANT
AGRO-ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
701,Tower 'A' |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
07.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-066691 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1992PLC066691 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMJ08573F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ7581Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limits : |
USD 5210000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Sales turnover of the company has declined during financial year 2014. However, the rating reflects company’s established position in the
castor oil and caster-oil-based derivatives business, backed by its
promoters’ extensive industry experience and sound liquidity profile of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BBB+ |
|
Rating Explanation |
Moderate degree at safety and moderate credit risk. |
|
Date |
28.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : A2 |
|
Rating Explanation |
Strong degree at safety and low credit risk. |
|
Date |
28.11.2014 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-40271300
LOCATIONS
|
Registered Office / Corporate Headquarters Office : |
701,Tower 'A' Peninsula Business
Park, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40271300 |
|
Fax No.: |
91-22-40271399 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
Plot No. 296-300, Near GIPCL and
ECPL, Behind Gujarat Carbon Compound, IPCL - Nandesari Road, Dhanora
Post Petrochemicals, District : Vadodara- 391346, Gujarat, India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
|
|
|
|
Factory 2 : |
Plot Nos. 601,602,624-627 and 603, Behind G.A.C.L., Post Petrochemicals,
District : Vadodara- 391346,
Gujarat, India |
|
Tel. No.: |
91-265-2230357 / 2230467 |
|
Fax No.: |
91-265-2230143 |
|
|
|
|
Lab Office : |
Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Abhay V. Udeshi |
|
Designation : |
Chairman and Executive Director (w.e.f. May 13, 2013) |
|
|
|
|
Name : |
Mr. Hemant V. Udeshi |
|
Designation : |
Managing Director |
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|
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|
Name : |
Dr. Subhash V. Udeshi |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Jayasinh V. Mariwala |
|
Designation : |
Chairman |
|
|
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|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Non – Executive / Independent Director |
|
Name : |
Mr. Mukesh C. Khagram |
|
Designation : |
Non – Executive / Independent Director |
|
|
|
|
Name : |
Mr. Vithaldas G. Udeshi |
|
Designation : |
Chairman (upto April 14, 2013) |
|
|
|
|
Name : |
Mr. Deepak V. Bhimani |
|
Designation : |
Non – Executive / Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh M. Kapadia |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Vikram V. Udeshi |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu
Undivided Family |
773946 |
5.16 |
|
|
8978830 |
59.86 |
|
|
9752776 |
65.02 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
9752776 |
65.02 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7200 |
0.05 |
|
|
400 |
0.00 |
|
|
627944 |
4.19 |
|
|
27944 |
0.19 |
|
|
600000 |
4.00 |
|
|
635544 |
4.24 |
|
|
|
|
|
|
663608 |
4.42 |
|
|
|
|
|
|
2712179 |
18.08 |
|
|
1235893 |
8.24 |
|
|
4611680 |
30.74 |
|
Total Public shareholding
(B) |
5247224 |
34.98 |
|
|
|
|
|
Total (A)+(B) |
15000000 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
15000000 |
100.00 |
(1) Indian
Bodies Corporate
Non Resident Indians
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Caster Oil and Caster Oil Derivatives and
Power Generation. |
|
|
|
|
Products : |
Cosmetics, Electronics, Foods, Paper, Plastic etc. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Central Bank of India · State Bank of India · Oriental Bank of Commerce · Kotak Mahindra Bank Limited · DBS Bank Limited · ICICI Bank Limited |
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Facilities : |
Loans are secured against hypothecation of equipments and mortgage of
office premises acquired out of sanctioned loan amount and also secured by
way of charge on pari passu basis on block of asset (present and future) of
the Company excluding the assets which are under first charge of term
lenders. Also secured against mortgage of factory premises on pari passu
basis in consortium. Some of the term loans are personally guaranteed by promoter directors
and some of the term loans by Chief Financial Officer ("CFO") of
the company along with one of the promoter director as well as individually
by CFO. Term loan
maturity profile:
Short term loans are secured in consortium by joint deed of
hypothecation, pari passu basis on raw material, work in process, finished
goods, spares and receivables and personal guarantee of the directors.
Further, collaterally secured by equitable mortgage of all present and future
immovable properties comprising inter alia machinery, equipment, plant and
spares. |
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Name : |
T.P. Ostwal and Associates (Registered) Chartered Accountants |
|
|
|
|
Advocates &
Solicitors : |
|
|
Name : |
Tyabji Dayabhai and Company Chartered Accountants |
|
|
|
|
Name : |
PDS Legal Chartered Accountants |
|
|
|
|
Holding Company : |
Jayant Finvest Limited |
|
|
|
|
Subsidiary companies : |
· Ihsedu Agrochem Private Limited · Ihsedu Coreagri Services Private Limited · Ihsedu Itoh Green Chemicals Marketing Private Limited |
|
|
|
|
Joint Venture : |
Vithal Castor Polyols Private Limited |
|
|
|
|
Enterprises Controlled by directors/relatives: |
· Enlite Chemical Industries Limited · Gokuldas K. Udeshi Investment · Innovative Micro Systems Private Limited · Varun Leasing and Finance Private Limited · Kalyan Impex Private Limited · Gokulmani Agricom Limited · Akhandanand Engineering and Trading Company |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,000,000 |
Equity Shares |
Rs.5/- each |
Rs.395.000
Millions |
|
6,000,000 |
Preference Shares |
Rs.5/- each |
Rs.30.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.425.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.5/- each |
Rs.75.000 Millions |
|
|
|
|
|
Details of shareholders holding more than 5% shares
|
Name of Shareholders |
No. of Shares held |
% of Holding |
|
|
|
|
|
Jayant Finvest Limited |
7584390 |
50.34% |
|
|
|
|
Rights, preferences and restrictions attached to equity shares:
The company has one class of equity shares
having a face value of Rs. 5/- each 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 amounts, in proportion to their
shareholding.
Equity Shares held by holding company :
Holding Company:
7,584,390 (P.Y. 7,551,390) equity shares held
by Jayant Finvest Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.000 |
75.000 |
75.000 |
|
(b) Reserves & Surplus |
1746.844 |
1356.561 |
1098.899 |
|
(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) |
1821.844 |
1431.561 |
1173.899 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
257.535 |
339.027 |
291.637 |
|
(b) Deferred tax liabilities (Net) |
238.863 |
184.527 |
140.301 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.146 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
496.398 |
523.554 |
432.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1814.257 |
1821.829 |
1657.102 |
|
(b) Trade payables |
377.696 |
249.022 |
628.435 |
|
(c) Other current
liabilities |
275.977 |
224.183 |
395.080 |
|
(d) Short-term provisions |
34.430 |
78.551 |
56.392 |
|
Total Current Liabilities (4) |
2502.360 |
2373.585 |
2737.009 |
|
|
|
|
|
|
TOTAL |
4820.602 |
4328.700 |
4342.992 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1596.018 |
1553.495 |
1353.706 |
|
(ii) Intangible Assets |
23.397 |
36.952 |
50.508 |
|
(iii) Capital
work-in-progress |
135.986 |
153.760 |
96.230 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
154.903 |
64.903 |
64.903 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.820 |
78.016 |
69.403 |
|
(e) Other Non-current assets |
0.000 |
1.854 |
0.721 |
|
Total Non-Current Assets |
2003.124 |
1888.980 |
1635.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
10.000 |
|
(b) Inventories |
1018.233 |
745.118 |
831.668 |
|
(c) Trade receivables |
673.348 |
574.439 |
1079.929 |
|
(d) Cash and cash
equivalents |
90.832 |
80.577 |
144.904 |
|
(e) Short-term loans
and advances |
850.633 |
808.556 |
386.091 |
|
(f) Other current
assets |
184.432 |
231.030 |
254.929 |
|
Total Current Assets |
2817.478 |
2439.720 |
2707.521 |
|
|
|
|
|
|
TOTAL |
4820.602 |
4328.700 |
4342.992 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6528.141 |
12237.971 |
16624.214 |
|
|
|
Other Income |
223.699 |
44.152 |
59.203 |
|
|
|
TOTAL (A) |
6751.840 |
12282.123 |
16683.417 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4868.564 |
5040.316 |
6787.146 |
|
|
|
Purchases of Stock-in-Trade |
78.734 |
5024.317 |
7751.918 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and
Stock-in-Trade |
(31.337) |
128.090 |
250.427 |
|
|
|
Employee Benefits Expense |
131.201 |
131.568 |
100.330 |
|
|
|
Other Expenses |
922.065 |
1214.006 |
1107.424 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
5969.227 |
11538.297 |
15997.245 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
782.613 |
743.826 |
686.172 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
217.220 |
272.052 |
310.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
565.393 |
471.774 |
375.756 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.479 |
91.004 |
44.803 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
467.914 |
380.770 |
330.953 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.753 |
103.448 |
111.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
373.161 |
277.322 |
219.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
773.367 |
559.795 |
394.680 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
30.000 |
22.000 |
|
|
|
Dividend |
7.500 |
33.750 |
30.000 |
|
|
|
Interim Dividend |
37.500 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax on Dividend |
0.807 |
0.000 |
2.637 |
|
|
BALANCE CARRIED
TO THE B/S |
1060.721 |
773.367 |
559.795 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value Export |
4752.248 |
9909.781 |
14057.548 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Chemical |
85.608 |
66.211 |
59.202 |
|
|
|
Packing Material |
0.407 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
21.492 |
|
|
|
Purchase |
0.000 |
0.119 |
0.000 |
|
|
|
Capital Goods |
2.130 |
0.848 |
20.733 |
|
|
TOTAL IMPORTS |
88.145 |
67.178 |
101.427 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share |
24.88 |
18.49 |
14.65 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
|
|
Unaudited |
Unaudited |
|
Net Sales |
|
1765.900 |
1765.500 |
|
Total Expenditure |
|
1647.500 |
1655.600 |
|
PBIDT (Excl OI) |
|
118.400 |
110.000 |
|
Other Income |
|
21.400 |
12.800 |
|
Operating Profit |
|
139.800 |
122.800 |
|
Interest |
|
64.100 |
68.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
75.700 |
54.000 |
|
Depreciation |
|
28.100 |
28.000 |
|
Profit Before Tax |
|
47.600 |
26.000 |
|
Tax |
|
13.700 |
7.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
33.900 |
18.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
33.900 |
18.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
5.72 |
2.27 |
1.32 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
11.99 |
6.08 |
4.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.33 |
9.26 |
7.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.27 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14 |
1.51 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.03 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
75.000 |
75.000 |
75.000 |
|
Reserves & Surplus |
1,098.899 |
1,356.561 |
1,746.844 |
|
Net
worth |
1,173.899 |
1,431.561 |
1,821.844 |
|
|
|
|
|
|
long-term borrowings |
291.637 |
339.027 |
257.535 |
|
Short term borrowings |
1,657.102 |
1,821.829 |
1,814.257 |
|
Total
borrowings |
1,948.739 |
2,160.856 |
2,071.792 |
|
Debt/Equity
ratio |
1.660 |
1.509 |
1.137 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16624.214 |
12237.971 |
6528.141 |
|
|
|
(26.385) |
(46.657) |
c
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16624.214 |
12237.971 |
6528.141 |
|
Profit |
219.752 |
277.322 |
373.161 |
|
|
1.32% |
2.27% |
5.72% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE :
Registered office of the company has been
shifted from Akhandanand, 38, Marol, Co-Operative. Industrial Estate, Off. M. V.
Road, Sakinaka, Andheri (East), Mumbai- 400 059, Maharashtra, India to the
present address.
UNSECURED LOAN :
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Terms Loan From Related Parties |
0.000 |
97.720 |
|
|
|
|
|
TOTAL |
0.000 |
97.720 |
|
Unsecured loan from bank is against pledge
of agri commodity of an enterprise controlled by directors and personal
guarantee of Chief Financial Officer of the Company. |
||
VIEW OF INDEX CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393993 |
12/05/2014 * |
210,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
C09677758 |
|
2 |
10212249 |
30/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
ANDHERI OVERSEAS
BRANCH, LEELA GALLERIA,1ST FLOOR, |
A83170209 |
|
3 |
10212248 |
27/03/2010 |
304,600,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
ANDHERI OVERSEAS
BRANCH, LEELA GALLERIA,1ST FLOOR, |
A83169904 |
|
4 |
10193875 |
16/11/2010 * |
110,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, M G ROAD, MUMBAI, MAHARASHTRA - 400023,
INDIA |
B00134833 |
|
5 |
10071036 |
16/11/2010 * |
85,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00093815 |
|
6 |
10071038 |
16/11/2010 * |
545,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00123455 |
|
7 |
10071040 |
16/11/2010 * |
350,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,MMO BUILDING,IST FLOOR, |
B00092270 |
|
8 |
90188898 |
08/05/2014 * |
2,450,400,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH,FORT, IST FLOOR,MMO BUIL |
C11589066 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Claims against company not acknowledged as debts - |
|
|
|
Excise/Service Tax |
15.912 |
15.020 |
|
Income Tax |
23.870 |
18.182 |
|
Custom |
20.000 |
20.000 |
|
Bank Guarantee Given to Peninsula Land Ltd |
7.206 |
7.206 |
|
Bank Guarantee Given to Gujarat State Agricultural
Marketing Board (GSAMB) |
3.000 |
3.000 |
|
Liability on account of co-borrowing |
81.000 |
81.000 |
|
Guarantees Given on behalf of its Subsidiaries |
2278.000 |
1232.000 |
|
Guarantees Given to Banks on behalf of Enterprises Controlled by Directors - |
|
|
|
for Discounting of Bills |
200.000 |
200.000 |
|
for Collateral Management Arrangement Financing
Facilities |
450.000 |
450.000 |
|
|
|
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH
SEPTEMBER, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1732.912 |
1714.266 |
3447.18 |
|
|
Other Operating
Income |
32.628 |
51.626 |
84.254 |
|
|
Total Income From Operations (Net) |
1765.540 |
1765.892 |
3531.432 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1376.236 |
1400.683 |
2776.919 |
|
|
Purchase
of stock in trade |
14.718 |
12.509 |
27.227 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(16.615) |
(40.845) |
(57.460) |
|
|
Employee
benefits expenses |
32.882 |
32.592 |
65.474 |
|
|
Depreciation
and amortization expenses |
27.988 |
28.103 |
56.091 |
|
|
Other
expenses |
248.351 |
242.594 |
490.945 |
|
|
Total Expenses |
1683.560 |
1675.636 |
3359.196 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
81.980 |
90.256 |
172.236 |
|
|
|
|
|
|
|
4. |
Other
Income |
12.835 |
21.243 |
34.258 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
94.815 |
111.679 |
206.494 |
|
|
|
|
|
|
|
6. |
Finance
Cost |
68.786 |
64.093 |
132.879 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
26.029 |
47.586 |
73.615 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
26.029 |
47.586 |
73.615 |
|
|
|
|
|
|
|
10. |
Tax Expense |
7.320 |
13.656 |
20.976 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
18.709 |
33.930 |
52.639 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
18.709 |
33.930 |
52.639 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
75.000 |
75.000 |
75.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
--- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.5/-)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.25 |
2.26 |
3.51 |
|
|
b) Basic
and diluted EPS after extraordinary items |
1.25 |
2.26 |
3.51 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
5247224 |
5247224 |
5247224 |
|
|
-
Percentage of Shareholding |
34.98 |
34.98 |
34.98 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
9752776 |
9752776 |
9752776 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
65.02 |
65.02 |
65.02 |
|
Particulars |
Quarter Ended 30.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarte |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
1714.314 |
1701.200 |
3415.514 |
|
|
Castor Oil |
11.913 |
6.100 |
18.013 |
|
|
Power Generation |
6.685 |
6.966 |
13.651 |
|
|
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
1732.912 |
1714.266 |
3447.178 |
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Net Sales/Income
From Operations |
1732.912 |
1714.266 |
3447.178 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Castor Oil Derivatives |
81.660 |
81.231 |
162.891 |
|
|
Castor Oil |
1.050 |
0.437 |
2.087 |
|
|
Power Generation |
5.044 |
5.048 |
10.092 |
|
|
Unallocated |
2.863 |
-- |
2.863 |
|
|
TOTAL |
91.217 |
86.716 |
177.933 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Finance cost |
68.786 |
64.093 |
132.879 |
|
|
Interest Income |
3.598 |
24.963 |
28.561 |
|
|
Other Un-allocable Expenditure net off Un-allocable income |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
26.029 |
47.586 |
73.615 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Castor Oil Derivatives |
1241.504 |
1178.783 |
1241.504 |
|
|
Castor Oil |
123.617 |
121.923 |
123.617 |
|
|
Power Generation |
70.170 |
69.820 |
70.176 |
|
|
Unallocated |
314.506 |
339.330 |
314.506 |
|
|
TOTAL |
1749.803 |
1709.856 |
1749.803 |
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
|
|
|
(Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
75.000 |
|
(b) Reserves &
Surplus |
|
|
1674.803 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
1749.803 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
189.170 |
|
(b) Deferred tax
liabilities (Net) |
|
|
183.565 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
372.735 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1627.087 |
|
(b) Trade payables |
|
|
257.823 |
|
(c) Other current
liabilities |
|
|
181.166 |
|
(d) Short-term provisions |
|
|
24.552 |
|
Total Current Liabilities
(4) |
|
|
2090.628 |
|
|
|
|
|
|
TOTAL |
|
|
4213.166 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1646.695 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
154.903 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
95.281 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
1896.879 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
964.543 |
|
(c) Trade receivables |
|
|
563.652 |
|
(d) Cash and cash
equivalents |
|
|
52.937 |
|
(e) Short-term loans and
advances |
|
|
632.727 |
|
(f) Other current assets |
|
|
102.428 |
|
Total Current Assets |
|
|
2316.287 |
|
|
|
|
|
|
TOTAL |
|
|
4213.166 |
Note :
1. The Auditors of the Company have carried out the Limited Review of the above Unaudited Financial Results.
2. The above results, after reviewed by the Audit Committee, were approved by the Board and taken on record, in the meeting held on November 8, 2014.
3. The Dividend on Equity Shares declared at the AGM held on September 27, 2014 @ 50 paise per share of Rs. 5/- each, amounting to Rs. 7.500 Millions has been paid on September 29, 2014.
4. The above results are prepared in accordance with the recognition and measurement principles laid down in Accounting Standards (As-25) "Interim Financial Reporting" issued by the Institute of Chartered Accountants of India.
5. The consolidated Financial Results have been prepared in accordance with the Accounting Standard (AS-21) on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India.
6. The Company has changed its policy of providing depreciation on fixed assets effective April 01, 2014 as required by Companies Act, 2013. Management of the Company estimated the useful life of all the assets, revised the remaining useful life of asset wherever appropriate based on an evaluation. Company applied the revised useful life of the asset on the original cost of acquisition. As a result of these changes, the depreciation charge for the quarter and half year ended September 30, 2014 on standalone basis is higher by Rs. 0.728 and Rs. 3.520 Millions respectively and on consolidated basis depreciation is lower by Rs. 0.377 Millions and higher by Rs. 1.387 Millions respectively. The effect relating to the period prior to April 01, 2014 is debit of Rs. 158.733 Millions (excluding deferred tax of Rs. 71.073 Millions) on standalone basis and on consolidated basis debit to reserve is Rs. 182.733 (excluding deferred tax of Rs. 79.191 Millions) which has been adjusted by debiting to reserves of the company as required by Schedule II of the Companies Act, 2013.
7. The Company has changed its method of valuation of inventories of raw material as well as finished goods from First in First Out basis to Moving Average with effect from April 1, 2014. Due to change in method of stock valuation value of inventories is reduced by Rs. 0.176 Millions on standalone basis and on consolidated basis value of inventories is lower by Rs. 5.863 Millions and accordingly the impact on the profits for the quarter and half year ended September 30, 2014 is lower to that extent respectively.
8. Previous quarter/half year figures have been regrouped/recast wherever necessary.
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant
·
Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicle
·
Leasehold Land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
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 |
|
46 |
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.