MIRA INFORM REPORT
|
Report No. : |
308586 |
|
Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GAYATRI
BIOORGANICS LIMITED (w.e.f. 13.02.2008) |
|
|
|
|
Formerly Known
As : |
GAYATRI
STARCHKEM LIMITED (w.e.f. 24.10.1997) STARCHEM
INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
B3, 3rd Floor,
6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500 082,
Telangana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.12.1991 |
|
|
|
|
Com. Reg. No.: |
36-013512 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.817.813 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110TG1991PLC013512 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged into the manufacturing of
Starch, Modified Starches, Liquid Glucose, Sorbitol and its allied products,
and trading in Maize. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1057000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track. There seem
accumulated losses recorded by the company during the financial year 2014. Trade relations are
reported as fair. Business is active. Payment terms are reported to be slow
but correct. The company can
be considered for business dealings with some cautions. Note: CRISIL has placed
the rating on notice of withdrawal for the proposed term loan facility of
Gayatri Bioorganics Limited. |
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: D (Notice of withdrawal) |
|
Rating Explanation |
Expected to be in default. |
|
Date |
11.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: D (Notice of withdrawal) |
|
Rating Explanation |
Expected to be in default. |
|
Date |
11.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-40-66100111)
LOCATIONS
|
Registered Office/ Corporate Office : |
B3, 3rd Floor,
6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500 082,
Telangana, India |
|
Tel. No. : |
91-40-66100111/ 66100222 |
|
Fax No. : |
91-40-66100333 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
NH-9, Nandikandi Village, Sadasivapet Mandal,
Medak District – 502 306, Telangana, India |
|
|
|
|
Factory 2 : |
Balabhadrapuram Village, Biccavole Mandal, East
Godavari District – 533 343, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
T. Sandeep Kumar Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr.
Chintalapudi Venkata Rayudu |
|
Designation : |
Whole
Time Director |
|
Date of Birth/Age : |
02.07.1959 |
|
Qualification : |
PG in MPM, B.Com, B.L |
|
|
|
|
Name : |
Mr.
T.G. Pandya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
J. N. Karamchetti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs.
T. Sarita Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
T. R. Rajagopalan |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of holding
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19927496 |
39.13 |
|
|
6097247 |
11.97 |
|
|
26024743 |
51.10 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
26024743 |
51.10 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
514300 |
1.01 |
|
|
90 |
0.00 |
|
|
5000 |
0.01 |
|
|
519390 |
1.02 |
|
|
|
|
|
|
214950 |
0.42 |
|
|
|
|
|
|
4127720 |
8.11 |
|
|
570328 |
1.12 |
|
|
19467859 |
38.23 |
|
|
953859 |
1.87 |
|
|
18499990 |
36.33 |
|
|
14010 |
0.03 |
|
|
24380857 |
47.88 |
|
Total
Public shareholding (B) |
24900247 |
48.90 |
|
Total
(A)+(B) |
50924990 |
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) |
50924990 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into the manufacturing of
Starch, Modified Starches, Liquid Glucose, Sorbitol and its allied products, and
trading in Maize. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Notes: Long term borrowings $ Current maturities are
included * The term loan from bank
is taken from Punjab National Bank in the financial year 2010-11 which
carries an interest rate of 13.50% (Floating) per annum. It is repayable in
36 equal monthly installments of Rs.2.778 millions commencing from January
2012. The loan is secured against the first charge on fixed assets of the
Company situated at Balabadrapuram including land of 30.16 acres and second
charge of present and future assets at Nandikandi Unit. ** Details of term loans
obtained from the financial institutions Term loan - I is obtained from State
Industrial and Investment Corporation of Maharashtra Limited and carries an
interest rate of 17.50% (floating) per annum and is repayable in 1 quarterly
installment of Rs.7.500 millions and 15 quarterly installments of Rs.9.500
millions commencing from January 2011.The term loan - II is obtained from
State Industrial and Investment Corporation of Maharashtra Limited and carry
an interest rate of 16.25% (floating) per annum and are repayable in 1
quarterly installment of Rs.4.000 millions and 16 quarterly installments of
Rs.6.000 millions commencing from December 2011. The loans are secured
against first charge and hypothecation of entire fixed assets of the Company,
both present and future, at Nandikandi unit including land and building
together with plant and machinery and irrevocable personal guarantee of the
promoter director. Defaults as on the
balance sheet date in repayment of principal in respect of SICOM Loan
Rs.6.000 millions cleared by end of April 2014 and PNB Term Loan of Rs.2.778
millions by the 10th April. # Vehicle loan is
obtained from Karur Vysya Bank in the financial year 2009-10 and carries an
interest rate of 11.50% per annum and is repayable in 60 equal monthly
installment including interest of Rs.0.016 million with the last installment
due in September 2014. The loan is secured against the hypothecation of
vehicle. Short term borrowings * The cash credit and
over draft facilities from bank carry an interest rate of 13.50% (floating)
per annum computed on a monthly basis on the actual amount utilised and are
repayable on demand. The loan is secured against hypothecation on entire
stocks, book debts, loans and advance etc., at the Balabadrapuram and
Nandikandi units. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Bhaskara Rao and Company Chartered Accountants |
|
Address : |
5-D, Fifth Floor, 6-3-652, Kautilya Apartment, Raj Bhavan Quarters Colony, Somajiguda, Hyderabad – 500 082, Telangana, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
K.K. Rao and Associates Cost Accountants |
|
Address : |
2-B, Samrat Residential Complex, #5-9-12, Saifabad,
Opposite: A.G’S Office, Hyderabad – 500 004, Telangana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises where key management personnel
have control or significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51000000 |
Equity Shares |
Rs.10/- each |
Rs.510.000 millions |
|
3900000 |
6% cumulative redeemable
optionally convertible preference shares |
Rs.100/- each |
Rs.390.000 millions |
|
|
Total
|
|
Rs.900.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50924990 |
Equity Shares |
Rs.10/- each |
Rs.509.250 millions |
|
3085635 |
6% cumulative redeemable
optionally convertible preference shares |
Rs.100/- each |
Rs.308.563 millions |
|
|
Total
|
|
Rs.817.813
millions |
|
|
|
|
|
The reconciliation of the number of equity
shares outstanding is set out below:
|
Particulars |
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity Shares |
|
|
|
At
the commencement of the year |
50924990 |
509.250 |
|
Shares
issued during the year |
-- |
-- |
|
At the end of the year |
50924990 |
509.250 |
|
|
|
|
|
6% cumulative redeemable optionally
convertible preference shares |
|
|
|
At
the commencement of the year |
3085635 |
308.563 |
|
Shares
issued during the year |
-- |
-- |
|
At the end of the year |
3085635 |
308.563 |
Rights preferences and
restrictions attached to equity shares
The Company has a single class
of equity shares. Accordingly, all equity shares rank equally with regard to
dividends and share in the Company’s residual assets. The equity shareholders
are entitled to receive dividend as declared from time to time subject to
payment of dividend to preference shareholders. The voting rights of an equity
shareholder are in proportion to its share of the paid-up equity capital of the
Company. Voting rights cannot be exercised in respect of shares on which any
call or other sums presently payable have not been paid.
Rights preferences and restrictions attached to 6% cumulative redeemable
optionally convertible preference shares
The Company had 3,838,135
outstanding 6% Cumulative Redeemable Optionally Convertible Preference Shares
of Rs.100 each to the Promoters issued on 12 September 2007. Out of these
shares 752,500 are due for conversion since 12 September 2010 and accordingly
the Board of Directors in their meeting held on 10 November 2010 approved the
conversion of the above mentioned shares into 7,525,000 Equity Shares of Rs.10
each and the balance 3,085,635 shares carry the option of being converted at
the option of the holder into ordinary Equity Shares of the Company after the
expiry of a period of sixty months at a price to be determined in accordance
with the then prevailing SEBI (DIP) guidelines or can be redeemed by the
Company at par at the end of year 5, 6, 7 and 8 from the date of allotment.
None of the preference shareholders have exercised the option in the above
period.
Particulars of shareholder holding more than
5% equity shares are:
|
Name of shareholders |
As at 31st
March, 2014 |
|
|
No. of Shares |
% of holding |
|
|
Equity shares of Rs.10
each fully paid-up held by: |
|
|
|
T.
Sandeep Kumar Reddy |
14796055 |
29.05 |
|
Fursa
Mauritius |
18499990 |
36.33 |
|
T.
Indira |
2545602 |
5.00 |
6% cumulative redeemable optionally
convertible preference shares of Rs.100 each held by:
|
Name of shareholders |
As at 31st
March, 2014 |
|
|
No. of Shares |
% of holding |
|
|
T.
Sandeep Kumar Reddy |
2269376 |
73.55 |
|
T.
Sarita Reddy |
391944 |
12.70 |
|
T.
Indira |
424315 |
13.75 |
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 |
817.813 |
817.813 |
817.813 |
|
(b) Reserves & Surplus |
(447.893) |
(461.427) |
(470.386) |
|
(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) |
369.920 |
356.386 |
347.427 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
40.477 |
109.536 |
205.003 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
15.910 |
14.273 |
11.037 |
|
Total Non-current
Liabilities (3) |
56.387 |
123.809 |
216.040 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
328.079 |
254.703 |
198.259 |
|
(b) Trade
payables |
842.846 |
250.433 |
127.363 |
|
(c) Other
current liabilities |
164.492 |
198.415 |
142.530 |
|
(d) Short-term
provisions |
1.478 |
1.316 |
1.407 |
|
Total Current
Liabilities (4) |
1336.895 |
704.867 |
469.559 |
|
|
|
|
|
|
TOTAL |
1763.202 |
1185.062 |
1033.026 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
488.775 |
525.362 |
484.413 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.678 |
3.678 |
37.882 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.015 |
0.015 |
0.015 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.256 |
15.265 |
24.270 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
508.724 |
544.320 |
546.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
242.464 |
121.248 |
182.873 |
|
(c) Trade
receivables |
953.689 |
479.696 |
268.226 |
|
(d) Cash and
cash equivalents |
23.756 |
20.955 |
15.148 |
|
(e)
Short-term loans and advances |
33.469 |
18.343 |
19.802 |
|
(f) Other
current assets |
1.100 |
0.500 |
0.397 |
|
Total
Current Assets |
1254.478 |
640.742 |
486.446 |
|
|
|
|
|
|
TOTAL |
1763.202 |
1185.062 |
1033.026 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2147.600 |
1519.301 |
1309.353 |
|
|
|
Other Income |
3.041 |
1.188 |
0.673 |
|
|
|
TOTAL |
2150.641 |
1520.489 |
1310.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
903.234 |
1095.479 |
1108.560 |
|
|
|
Cost of traded goods purchased |
792.654 |
0.000 |
0.000 |
|
|
|
Change in inventory of finished goods and
work-in-progress |
36.869 |
59.746 |
(97.887) |
|
|
|
Employee benefits expense |
90.797 |
82.607 |
74.093 |
|
|
|
Other expenses |
195.299 |
162.659 |
139.043 |
|
|
|
TOTAL |
2018.853 |
1400.491 |
1223.809 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
131.788 |
119.998 |
86.217 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
75.750 |
74.760 |
76.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
56.038 |
45.238 |
9.822 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
42.503 |
39.457 |
37.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
13.535 |
5.781 |
(28.054) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(3.178) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
13.535 |
8.959 |
(28.054) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(462.427) |
(471.386) |
(443.332) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(448.892) |
(462.427) |
(471.386) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB basis |
44.267 |
66.591 |
27.464 |
|
|
TOTAL EARNINGS |
44.267 |
66.591 |
27.464 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
0.000 |
0.000 |
2.724 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
2.724 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.25 |
0.16 |
(0.52) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
1234.000 |
483.300 |
480.000 |
|
Total
Expenditure |
1203.300 |
435.500 |
456.500 |
|
PBIDT
(Excl OI) |
30.700 |
47.800 |
23.500 |
|
Other
Income |
0.800 |
0.500 |
0.400 |
|
Operating
Profit |
31.400 |
48.300 |
24.000 |
|
Interest |
14.100 |
18.300 |
22.500 |
|
Exceptional
Items |
0.000 |
0.000 |
10.100 |
|
PBDT |
17.300 |
30.000 |
11.600 |
|
Depreciation |
10.700 |
10.800 |
3.200 |
|
Profit
Before Tax |
6.600 |
19.200 |
8.400 |
|
Tax |
0.000 |
4.800 |
1.500 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
6.600 |
14.400 |
6.900 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
6.600 |
14.400 |
6.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.63 |
0.59 |
(2.14) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
6.14 |
7.90 |
6.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.77 |
0.49 |
(2.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.02 |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00 |
1.02 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.91 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
817.813 |
817.813 |
817.813 |
|
Reserves & Surplus |
(470.386) |
(461.427) |
(447.893) |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
347.427 |
356.386 |
369.920 |
|
|
|
|
|
|
Long Term borrowings |
205.003 |
109.536 |
40.477 |
|
Short Term borrowings |
198.259 |
254.703 |
328.079 |
|
Total borrowings |
403.262 |
364.239 |
368.556 |
|
Debt/Equity ratio |
1.161 |
1.022 |
0.996 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1,309.353 |
1,519.301 |
2,147.600 |
|
|
|
16.034 |
41.354 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1,309.353 |
1,519.301 |
2,147.600 |
|
Profit |
(28.054) |
8.959 |
13.535 |
|
|
(2.14%) |
0.59% |
0.63% |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
COMPANY OVERVIEW
The Company was incorporated
under the name Starchem Industries Limited on 2nd December 1991 and
later on the name was changed to Gayatri Starchem Limited on 24th
October 1997. On 13th February 2008 the name was changed to Gayatri
BioOrganics Limited and is listed on the Bombay Stock Exchange (BSE). The
Company is into the manufacturing of Starch, Modified Starches, Liquid Glucose,
Sorbitol, and its allied products, and trading in Maize in South India.
PERFORMANCE DURING THE YEAR
STARCH DEPARTMENT
The Company has a Crushing
Capacity of 1,35,000 MTPA considering Medak plant Crushing Capacity of 90,000
MTPA and the Second Unit located at Biccavole, East Godavari District Crushing
Capacity of 45,000 MTPA. The Company crushed 67,409 MTs maize as against 71,935
MTs maize during the previous year. The management is also trying to achieve
optimum level of crushing of installed Capacity of both Units of the Company.
SORBITOL DIVISION
The Company has present
crushing capacity of Sorbitol at 17000 TPA and produced 8,236 MTs of Sorbitol
during the Financial Year ended 31st March, 2014. The Company also
trying to achieve optimum level of installed capacity of the Sorbitol Plant.
The Company recorded net
profit of Rs.13.535 millions as against a net profit of Rs.8.959 millions and
the management is hoping that performance of the Company will improve further
in the years to come.
EXPORTS
The Company made exports of
Starch amounting to Rs.44.267 millions during the year and the company is
foreseeing good opportunities in export market for the years to come.
OUTLOOK FOR THE FINANCIAL YEAR 2014-15
It is gratifying to say
that the products of this Company are well accepted in the market and are being
patronized by the major clients. The Company is hopeful of achieving 100% of
the installed capacity of both the units. However, the availability of maize
crop, power and working Capital will be the key factors for achieving the
targeted results of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Business Environment
In FY 2013-14 the global
economy showed signs of recovery with growth in demand from the developed
countries in the second half of the year. Emerging markets, including India,
had to face multiple challenges of rising current account deficit, depreciation
of the local currency and additional pressure due to capital outflows. The
Company’s performance for the year 2013-14 has to be viewed in the context of
aforesaid economic and market environment.
Industry Structure and Developments
The Company is engaged in
the business of producing Sorbitol and Starch. Sorbitol is a water soluble
polyhydric alcohol having sweet taste and high stability besides properties of
plasticizing. It finds application as input material in various industrial
sectors such as Tooth Paste, Pharmaceuticals, Vitamin-C, Cosmetics, Paper and
Paints etc. Sorbitol and Starch industries in India are very much fragmented
and scattered throughout India. In case of Sorbitol at present only four major
players are there in South India. When it comes to Starch, nearly 50% of Indian
Starch production comes from Gujarat where four major Starch Factories are
located.
The consumer industry i.e.
Tooth Paste, Pharma, Cosmetic, Paint etc. have shown growth which may lead to
further improved business to the company. However, the growth in demand for
Sorbitol is fluctuating and presently the prices are encouraging. When it comes
to Starch, since 60% of starch goes for food based industry, the demand is not
even throughout the year. Further the industry is also suffering from excess
capacity and can be compensated only when the demand picks up continuously.
Outlook
The outlook for the
company’s products is reasonably good but the management feels that the Company
should be provided with sufficient working capital to achieve higher operation
levels. The Company is improving its operating efficiencies in terms of better
utilization of plant capacities. The Company is optimistic about its growth
prospects in the future. During the year the Company explored exports markets
for the products and achieved significant business. It has ambitious plans to
capture more new markets to expand the business.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From
Mr. T Sandeep Reddy, Director *** |
15.273 |
13.148 |
|
SHORT TERM
BORROWINGS |
|
|
|
From
related parties ** |
179.330 |
104.625 |
|
Total |
194.603 |
117.773 |
Notes:
Long term borrowings
*** Loans from Mr. T.
Sandeep Reddy, Director of the Company (related party) includes an amount of
Rs.10.762 millions (previous year Rs.10.762 millions) carrying no interest and
Rs.2.385 millions (previous year Rs.2.385 millions) carries an interest rate of
15% per annum. The loans do not have a fixed repayment term and will be repaid
subject to the Company having adequate cash profits.
Short term borrowings
**
Loans from related parties carry an interest rate of 14.50% per annum and are
repayable on demand.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10537131 |
27/10/2014 * |
200,000,000.00 |
PUNJAB NATIONAL BANK |
8-2-672, SUFI CHAMBERS,
ROAD NO.1, BANJARA HILLS, HYDERABAD, TELANGANA - 500034, INDIA |
C38925657 |
|
2 |
10512284 |
16/06/2014 |
200,000,000.00 |
SICOM LIMITED |
SOLITAIRE CORPORATE PARK,
BUILDING NO:4, GURU HARGOVINDJI ROAD,ANDHERI (EAST), MUMBAI, MAHARASHTRA -
400093, INDIA |
C14653265 |
|
3 |
10257541 |
16/12/2010 |
100,000,000.00 |
SICOM LIMITED |
NIRMAL BUILDING, 1ST
FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B02211191 |
|
4 |
10253558 |
21/07/2011 * |
350,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH,
8-2-672, SUFI CHAMBERS, ROAD NO.1, BANJARA HILLS, HYDERABAD, ANDHRA
PRADESH |
B18286625 |
|
5 |
10198665 |
06/01/2010 |
150,000,000.00 |
SICOM LIMITED |
NIRMAL BLDG, 1ST FLOOR,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A77870228 |
|
6 |
10177070 |
12/08/2009 |
720,000.00 |
THE KARUR VYSYA BANK
LIMITED |
PLOT NO.265J, KEERTHI MANSION,
ROAD NO.10, JUBILEE HILLS, HYDERABAD, ANDHRA PRADESH - 500033, INDIA |
A70390935 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Customs duty * |
83.174 |
83.174 |
|
b. Claim against the Company not acknowledged as
debts |
23.708 |
23.708 |
* Amount paid under protest Rs.3.700 millions.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON
30TH
SEPTEMBER, 2014
(Rs. in millions)
|
Particulars |
Quarter Ended |
Half
Year Ended |
|||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
|||||
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
481.695 |
1232.354 |
1714.049 |
|
|
|
b) Other Operating Income |
1.553 |
1.640 |
3.193 |
|
|
|
Total Income from
Operations (Net) |
483.248 |
1233.994 |
1717.242 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
338.414 |
308.360 |
646.774 |
|
|
b) |
Cost of Traded Goods |
40.602 |
820.493 |
861.095 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(30.705) |
1.462 |
(29.243) |
|
|
d) |
Employee benefit expenses |
26.734 |
24.717 |
51.451 |
|
|
e) |
Depreciation and amortization expense |
10.815 |
10.665 |
21.480 |
|
|
f) |
Other
expenses |
60.435 |
48.290 |
108.725 |
|
|
Total Expenses |
446.295 |
1213.987 |
1660.282 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
36.953 |
20.007 |
56.960 |
|
4 |
Other
Income |
0.498 |
0.759 |
1.257 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
37.450 |
20.766 |
58.216 |
|
6 |
Finance
Costs |
18.256 |
14.139 |
32.395 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional items
(5-6) |
19.194 |
6.627 |
25.821 |
|
8 |
Exceptional
Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
19.194 |
6.627 |
25.821 |
|
|
10 |
Tax
Expense – Current |
4.777 |
-- |
4.777 |
|
|
11 |
Net Profit /(Loss) from ordinary
activities after tax (9-10) |
14.417 |
6.627 |
21.044 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
14.417 |
6.627 |
21.044 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.10/- each) |
509.250 |
509.250 |
509.250 |
|
|
15 |
Reserve
excluding revaluation reserves |
-- |
-- |
-- |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
0.18 |
0.02 |
0.20 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
24900204 |
24900204 |
24900204 |
|
|
|
-
Percentage of Shareholding |
48.90% |
48.90% |
48.90% |
|
2 |
|
Promoters and promoter group
shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
16500000 |
16500000 |
16500000 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
63.40% |
63.40% |
63.40% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
32.40% |
32.40% |
32.40% |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
9524786 |
9524786 |
9524786 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
36.60% |
36.60% |
36.60% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
18.70% |
18.70% |
18.70% |
|
|
Particulars |
Quarter ended 30.09.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending
at the beginning of the quarter |
0 |
|
|
|
Received
during the quarter |
3 |
|
|
|
Disposed
during the quarter |
3 |
|
|
|
Remaining
unresolved at the end of the quarter |
0 |
Notes:
1. The above results have been reviewed by the Audit
Committee and approved by the Board of Directors of the Company at their
meetings on November 10, 2014.
2. The entire operations of the company relate to only
one segment namely "Maize Processing and its sales.
3. The Company had 3,838,135 outstanding 6%
Cumulative Redeemable Optionally Convertible Preference Shares of Rs.100 each
to the Promoters issued on 12 September 2007. Out of these shares 752,500 are
due for conversion since 12 September 2010 and accordingly the Board of
Directors in their meeting held on November 10, 2010 approved the conversion of
the above mentioned shares into 7,525,000 Equity Shares of Rs.10 each and the
balance 3,085,635 shares carry the option of being converted at the option of
the holder into ordinary Equity Shares of the Company after the expiry of a
period of sixty months at a price to be determined in accordance with the then
prevailing SEBI (DIP) guidelines or can be redeemed by the Company at par at
the end of year 5, 6, 7 and 8 from the date of allotment. None of the
preference shareholders have exercised the option for conversion.
4. The conversion of outstanding Cumulative
Redeemable Optionally Convertible Preference Shares into equity, if made, would
have the effect of reducing the loss per share and would therefore be
anti-dilutive. Hence, the preference shares are anti-dilutive and have not been
considered in the calculation of diluted earning per share.
5. Depreciation for the quarter has been
provided on the fixed assets at the rates specified in schedule XIV of
Companies Act 1956. Technical assessment of useful life’s of the assets
specified in schedule II of the Companies Act 2013 is being undertaken and
adjustments if any for depreciation based on technical assessment will be
carried out in the year.
6. Matter of Qualification in the Auditor's
Report Statutory Auditors of the Company
have included a qualification with respect to non-provisioning of Debtors
overdue and outstanding for more than one year aggregating to Rs.31.164
millions. This was also subject matter of qualification in the Auditors report
for the year ended March 31, 2014.
Management Response to Qualification in the
Auditor's Report
No provision is considered necessary as the Management
believes that the same are fully recoverable as it is in the process of
collecting the amounts and also taking steps to recover the balance
7. The statutory Auditors have carried out
limited review of the above financial results.
8. The figures of earlier periods have been
re-grouped, to be in conformity with current period's classification.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
30.09.2014 (Rs.
In Millions) |
|
(Unaudited)
|
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
817.813 |
|
(b) Reserves and surplus |
(426.848) |
|
Sub-total
- Shareholders' funds |
390.965 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
215.688 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
|
(c) Other Long Term Liability |
0.000 |
|
(d) Long Term Provision |
16.809 |
|
Sub-total
- Non-current liabilities |
232.497 |
|
|
|
|
Current
liabilities |
|
|
(a) Short -term borrowings |
334.938 |
|
(b) Trade payables |
438.805 |
|
(c) Other Current Liability |
170.371 |
|
(d) Short-term provision |
6.255 |
|
Sub-total
- Current liabilities |
950.369 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
1573.831 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
523.987 |
|
(b) Non-current investment |
0.015 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term loans and advances |
20.521 |
|
(e) Other non-current assets |
0.000 |
|
Sub-total
- Non-current assets Current assets |
544.523 |
|
Current assets |
|
|
(a) Current Investment |
0.000 |
|
(b) Inventories |
412.896 |
|
(c) Trade receivables |
553.528 |
|
(d) Cash and cash equivalents |
24.004 |
|
(e) Short-term loans and advances |
38.230 |
|
(f) Other current assets |
0.650 |
|
Sub-total
- Current assets |
1029.308 |
|
|
|
|
TOTAL
- ASSETS |
1573.831 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.