MIRA
INFORM REPORT
|
Report No. : |
303925 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.08.1991 |
|
|
|
|
Com. Reg. No.: |
04-016151 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 276.704 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15140GJ1991PLC016151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00194F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG3980A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Agro Processing, Cotton
Yarn, Maize Processing and Windmills Power Generation. |
|
|
|
|
No. of Employees
: |
3290 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment term are
reported to be regular and as per commitments. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 bank facilities: A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
25.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Instrument: A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
25.06.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Note: The subject company
of Ahmedabad Branch has been found under RBI Defaulters List. Name of the
Credit Grantors is Indusind Bank Limited and the amount charges is Rs. 78.700
Millions
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 DENIED BY
|
Name : |
Mr. Naresh Vidhani |
|
Designation : |
Account Manager |
|
Contact No.: |
91-79-26423316 |
LOCATIONS
|
Registered Office / Corporate Office: |
“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post
Navjivan, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-26423316-20/ 26405535-37/ 39 |
|
Fax No.: |
91-79-26423079 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
FACTORY: |
|
|
SOYA PROCESSING
UNIT: |
|
|
Kadi Division : |
Kadi-Thor Road, Kadi-382 715, Dist. Mehsana, Gujarat |
|
|
|
|
Pithampur Division: |
Plot No. : 414-417, Sector-III, Pithampur Industrial Area, Dist.: Dhar, Madhya Pradesh. |
|
|
|
|
Mandsaur Division: |
Survey No.41, Village Sondhani Near, Railway Crossing Mhow-Neemach Road, Mandsaur (M.P) |
|
|
|
|
Akola Division: |
Village & Post - Kanheri Gawali N.H. -8, Akola Balapur Raod, Ta.- Balapur, Dist. Akola (M.S.) 444 302 |
|
|
|
|
Maize Processing
Division : |
1.
Himatnagar Division, 1, Vrindavan Road, Village
Dalpur, Taluka Prantij (Himmatnagar) District Sabarkantha, Gujarat, India 2.
C-50 Eldeco Sidcul Industrial Park Sitaganj
262405 Distt Udhamsingh Nagar Sitarganj, Uttarakhand, India 3.
Village Hulsoggi, P.O. Manakatti, Taluka
Shiggoan, District Haveri, Karnataka, India |
|
|
|
|
Cotton Yarn
Division : |
1, Vrindavan Road, Village Dalpur, Taluka Prantij (Himmatnagar)
District Sabarkantha, Gujarat, India |
|
|
|
|
Wholly Owned
Subsidiary: |
#11-11 Tong Eng Building, 101-Cedi Street, Singapore – 069533. |
|
|
|
|
Branch Offices : |
Located
At: ·
Mumbai ·
New Delhi ·
Karnataka ·
Indore ·
Akola ·
Maharashtra |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
65 years |
|
Qualification : |
B. DS |
|
Experience : |
42 Years |
|
Date of Appointment : |
18.04.1988 |
|
|
|
|
Name : |
Mr. Manish V. Gupta |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
42 years |
|
Qualification : |
B.Com |
|
Experience : |
23 years |
|
Date of Appointment : |
28.12.1998 |
|
|
|
|
Name : |
Mr. Mohit V. Gupta |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
20.11.1981 |
|
Qualification : |
B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information
Systems |
|
|
|
|
Name : |
Mr. Sandeep N. Agrawal, |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
12.12.1971 |
|
Qualification : |
Commerce Graduate and MBA. |
|
Experience : |
More than 21 Years |
|
|
|
|
Name : |
Mrs. Sulochana V. Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.11.1953 |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Sudhin B. Choksey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chaitan M. Maniar |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.12.1935 |
|
Qualification : |
B. Com. LLB, MA |
|
|
|
|
Name : |
Mr. Prakash G. Ramrakhiani |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.11.1940 |
|
Qualification : |
B.A. [Hons], M.A. [Eco], IAS |
|
|
|
|
Name : |
Mr. Ashok C. Gandhi |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.12.1939 |
|
Qualification : |
B. Com. LLB and Advocate |
|
Experience : |
More than 42 years in the legal profession. |
|
|
|
|
Name : |
Mr. Rohit J. Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.02.1946 |
|
Qualification : |
B. E. [Electrical] |
KEY EXECUTIVES
|
Name : |
Mr. N. Giridhar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Manan C. Bhavsar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Dr. K.R. Chandratra |
|
Designation : |
Practising Company Secretary, Pune |
MAJOR SHAREHOLDERS / 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 |
|
|
|
|
|
|
|
|
99564393 |
71.96 |
|
|
99564393 |
71.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
99564393 |
71.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
67095 |
0.05 |
|
|
29052 |
0.02 |
|
|
130822 |
0.09 |
|
|
226969 |
0.16 |
|
|
|
|
|
|
3066504 |
2.22 |
|
|
|
|
|
|
30969665 |
22.38 |
|
|
3745053 |
2.71 |
|
|
779291 |
0.56 |
|
|
13050 |
0.01 |
|
|
763741 |
0.55 |
|
|
2500 |
0.00 |
|
|
38560513 |
27.87 |
|
Total Public shareholding (B) |
38787482 |
28.04 |
|
Total (A)+(B) |
138351875 |
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) |
138351875 |
0.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Agro Processing,
Cotton Yarn, Maize Processing and Windmills Power Generation. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
3290 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of India State Bank of India Union Bank of India HDFC Bank Limited State Bank of Mysore Yes Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: SHORT TERM
BORROWINGS Working Capital and
Short term loan from banks is secured by a hypothecation of current assets
and certain tangible movable plant and machinery and joint equitable mortgage
of certain immovable fixed assets of the Company, personal guarantee of three
promoter directors and lien on certain Fixed Deposits of the company. |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kantilal Patel
and Company (A member firm of PrimeGlobal, USA). Chartered Accountants |
|
Address : |
2nd Floor, |
|
Tel. No.: |
91-79-27551333/ 27552333 |
|
Mobile No.: |
91-79-27550538 |
|
Fax No.: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly Owned
Subsidiary : |
Gujarat Ambuja International Pte. Limited, Singapore |
|
|
|
|
Enterprise significantly influenced by Key Managerial Persons : |
· SMAS IInverstors LLP Jay Infrastructure and Properties LLP |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138351875 |
Equity Shares |
Rs. 2/- each |
Rs.276.700
Millions |
|
|
|
|
|
a. Reconciliation of the Shares Outstanding at the Beginning and at the end
of the Reporting Period
|
Equity shares |
31.03.2014 |
|
|
|
No. of Share |
Rs. in Millions |
|
Outstanding at the beginning of the period |
138351875 |
276.700 |
|
Outstanding at the end of the period. |
138351875 |
276.700 |
b. Terms/rights attached
to Equity Shares
i) The company has
only one class of equity shares carrying par value of Rs.2 per share, carrying
equal rights as to dividend, voting and in all other respects.
ii) During the
year ended 31st March 2013, the amount of per share dividend recognized as
distribution to equity shareholders was Rs.0.80 (31st March 2012: Rs.0.60).
c. During the period
from 01.04.2007 to 31.03.2013, in the year 2007-08 company bought back 966615
equity shares out of 139318490 equity shares as per the Board resolution passed
by the company at its Board Meeting held on 16th January 2007.
d. Details of
shareholders holding more than 5% shares in the company.
|
Equity shares of
Rs. 2 each fully paid |
31.03.2014 |
|
|
Name of the Shareholders |
No. of Shares
Held |
% Holding in the
class |
|
Vijay Kumar Gupta |
39023083 |
28.206 |
|
Manish V. Gupta |
37025348 |
26.761 |
|
Mohit V. Gupta |
9017095 |
6.517 |
As per of the
company, including its register of shareholders/members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents legal ownerships of shares.
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 |
276.700 |
276.700 |
276.700 |
|
(b) Reserves & Surplus |
7273.700 |
6270.400 |
5271.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7550.400 |
6547.100 |
5547.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
26.100 |
|
(b) Deferred tax liabilities (Net) |
519.900 |
583.500 |
493.200 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
17.400 |
6.800 |
6.800 |
|
Total Non-current Liabilities (3) |
537.300 |
590.300 |
526.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4014.700 |
1831.600 |
3563.300 |
|
(b) Trade payables |
670.900 |
2691.200 |
1378.500 |
|
(c) Other current
liabilities |
266.600 |
309.300 |
351.900 |
|
(d) Short-term provisions |
62.000 |
50.800 |
21.300 |
|
Total Current Liabilities (4) |
5014.200 |
4882.900 |
5315.000 |
|
|
|
|
|
|
TOTAL |
13101.900 |
12020.300 |
11388.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4781.000 |
4564.800 |
2881.600 |
|
(ii) Intangible Assets |
12.400 |
14.700 |
7.400 |
|
(iii) Capital
work-in-progress |
635.800 |
381.200 |
1690.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
417.200 |
446.000 |
443.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
380.100 |
264.800 |
266.400 |
|
(e) Other Non-current assets |
3.700 |
4.500 |
5.800 |
|
Total Non-Current Assets |
6230.200 |
5676.000 |
5295.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.300 |
|
(b) Inventories |
4972.900 |
4571.200 |
3711.000 |
|
(c) Trade receivables |
1496.000 |
1088.000 |
1730.900 |
|
(d) Cash and cash
equivalents |
57.800 |
324.200 |
224.000 |
|
(e) Short-term loans and
advances |
298.300 |
275.700 |
372.400 |
|
(f) Other current assets |
46.700 |
85.200 |
55.200 |
|
Total Current Assets |
6871.700 |
6344.300 |
6093.800 |
|
|
|
|
|
|
TOTAL |
13101.900 |
12020.300 |
11388.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations (Net) |
30918.100 |
30046.200 |
21140.900 |
|
|
|
Other Income |
100.900 |
94.500 |
55.100 |
|
|
|
TOTAL (A) |
31019.000 |
30140.700 |
21196.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23665.300 |
20691.000 |
14290.100 |
|
|
|
Purchase of Traded Goods |
1902.300 |
4113.400 |
2587.900 |
|
|
|
(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
(830.200) |
(49.800) |
232.800 |
|
|
|
Employee Benefits Expenses |
722.000 |
645.200 |
471.800 |
|
|
|
Other Expenses |
3509.300 |
2700.700 |
2500.700 |
|
|
|
TOTAL (B) |
28968.700 |
28100.500 |
20083.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2050.300 |
2040.200 |
1112.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
206.500 |
217.000 |
208.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1843.800 |
1823.200 |
903.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
474.100 |
366.800 |
298.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1369.700 |
1456.400 |
605.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
253.100 |
322.900 |
108.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1116.600 |
1133.500 |
497.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4371.800 |
3486.700 |
3141.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
96.800 |
110.600 |
83.000 |
|
|
|
Dividend Distribution Tax On Interim Dividend |
16.500 |
17.800 |
13.500 |
|
|
|
Transfer To General Reserve |
120.000 |
120.000 |
55.000 |
|
|
BALANCE CARRIED
TO THE B/S |
233.300 |
4371.800 |
3486.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export Sales |
6068.800 |
7791.300 |
5384.800 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1464.700 |
6689.300 |
2556.400 |
|
|
|
Stores and Components |
18.900 |
14.100 |
6.800 |
|
|
|
Capital Goods |
192.000 |
53.700 |
234.600 |
|
|
TOTAL IMPORTS |
1675.600 |
6757.100 |
2797.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.07 |
8.19 |
3.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
3.61 |
3.77 |
2.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.63 |
6.79 |
5.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.37 |
13.01 |
6.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.22 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.53 |
0.28 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.30 |
1.15 |
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 |
276.700 |
276.700 |
276.700 |
|
Reserves & Surplus |
5271.000 |
6270.400 |
7273.700 |
|
Net
worth |
5547.700 |
6547.100 |
7550.400 |
|
|
|
|
|
|
long-term borrowings |
26.100 |
0.000 |
0.000 |
|
Short term borrowings |
3563.300 |
1831.600 |
4014.700 |
|
Total
borrowings |
3589.400 |
1831.600 |
4014.700 |
|
Debt/Equity
ratio |
0.647 |
0.280 |
0.532 |
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) |
|
Revenue from operations |
21140.900 |
30046.200 |
30918.100 |
|
|
|
42.124 |
2.902 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
21140.900 |
30046.200 |
30918.100 |
|
Profit/(Loss) After Tax |
497.000 |
1133.500 |
1116.600 |
|
|
2.35% |
3.77% |
3.61% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION
DETAILS:
HIGH COURT OF GUJARAT
STAMP NUMBER No. 34 of 2013 To STAMP NUMBER No. 39 of 2013
|
Status : PENDING |
|
CCIN No :
001087201300034 |
|
|
|||||
|
|
|||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
||||
|
1 |
COMMISSIONER OF INCOME TAX II |
MRS MAUNA M BHATT for: null |
||||
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
|||
|
1 |
GUJARAT AMBUJA EXPORTS LTD |
|
|||
|
Presented On |
: 07/01/2013 |
Registered On |
: 07/01/2013 |
||
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
||
|
Case Originated From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 0 times |
||
|
StageName |
: ADMISSION (FRESH MATTERS) |
||||
|
Classification |
|
|
Act |
|
Other
Forums
|
|
S.No. |
CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
|
1 |
ITA/202/AHD/1999 |
INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH |
JUDICIAL MEMBER
AND ACCOUNTANT MEMBER |
20/07/2012 |
AHMEDABAD |
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Short term
Borrowing |
|
|
|
Short term loan from Banks |
75.500 |
0.000 |
|
|
|
|
|
Total |
75.500 |
0.000 |
COMPANY INFORMATION
Subject is Agro Processing conglomerate with various manufacturing plants
at different locations in states of Gujarat, Maharashtra, Madhya Pradesh,
Uttarakhand and Karnataka. The Group’s product profile includes Solvent
Extraction comprising of all types of Oil Seed processing, Edible Oil Refining,
Cotton Yarn Spinning, Maize based Starch and its derivatives, Wheat Processing,
Cattle Feed and Power Generation through Wind Mills, Bio gas and Thermal Power
Plants. The Company’s shares are listed with BSE and NSE.
The company has also setup a wholly-owned subsidiary at Singapore to
focus on international trading activities.
OPERATIONAL
PERFORMANCE:
The company recorded operational revenue of Rs. 30918.100 Millions as compared to Rs. 300046.200 Millions during the previous financial year. The various profit parameters have significant growth during the year. The company achieved EBIDTA margin of 6.81% in FY 2013-14 against the same at the level of 6.77% in FY 2012-13.
Export sales for the year 2013-14 was Rs. 6261.100 Millions for the year 2012-13 mainly due to surge in the domestic market in respect of Agro processing segment products. The company achieved Earning before Interest, Depreciation and Tax (EBIDTA) of Rs. 2050.300 Millions for the year 2013-14 against that of Rs.2040.200 Millions for the year 2012-13.
The cash Profit before tax, Profit after and EPS for the year remained at Rs 1843.800 Millions, Rs. 1116.800 Millions and Rs. 8.07 per share respectively.
Highlights of performance are discussed in detail in the Management Discussion and analysis report attached as Annexure to Directors Reports.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10506595 |
23/06/2014 |
400,000,000.00 |
HDFC BANK LIMITED |
HDFC HOUSE, NR. MITHAKHALI SIX ROADS,
NAVRANGPURA,, AHMEDABAD, GUJARAT - 380009, INDIA |
C09659657 |
|
2 |
10086124 |
06/05/2013 * |
10,810,600,000.00 |
BOI CONSORTIUM - BOI LEAD + UBI + SBM + HDFC
BK + SBI + YES BK |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND
FLOOR BOI BUILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
B76179225 |
* Date of charge modification
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULT QUARTER AND HALF YEAR ENDED 30.09.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Unaudited) |
Half Years ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5324.322 |
5826.213 |
11150.535 |
|
b) Other operating income |
13.030 |
18.983 |
32.013 |
|
Total
income from Operations(net) |
5337.352 |
5845.196 |
11182.548 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
3281.649 |
3364.792 |
6646.441 |
|
Purchase of stock in trade |
894.066 |
224.858 |
1118.924 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(2.846) |
788.601 |
785.755 |
|
Employees benefit expenses |
168.003 |
197.415 |
365.415 |
|
Depreciation and amortization expenses |
134.143 |
115.235 |
249.378 |
|
Exchange Fluctuation (Gain) / Loss |
40.951 |
30.088 |
71.039 |
|
Other expenditure |
665.282 |
688.522 |
1353.804 |
|
Total expenses |
5181.248 |
5409.511 |
10590.759 |
|
3. Profit from operations before other income and
financial costs |
156.104 |
435.685 |
591.789 |
|
4. Other income |
16.574 |
17.754 |
34.328 |
|
5. Profit from ordinary activities before finance costs |
172.678 |
453.439 |
626.117 |
|
6. Finance costs |
20.304 |
45.851 |
66.155 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
152.374 |
407.588 |
559.962 |
|
8. Exceptional
item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
152.374 |
407.588 |
559.962 |
|
10.Tax expenses |
|
|
|
|
Current Tax |
8.000 |
109.000 |
117.000 |
|
Deferred Tax |
23.772 |
1.055 |
24.827 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
120.602 |
297.533 |
418.135 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
120.602 |
297.5333 |
418.135 |
|
14.Paid-up equity share capital (Nominal value
Rs.2/- per share) |
276.704 |
276.704 |
276.704 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.2/- each) (not annualised): |
|
|
|
|
(a) Basic |
0.87 |
2.15 |
3.02 |
|
(b) Diluted |
0.87 |
2.15 |
3.02 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
38787482 |
38787482 |
38787482 |
|
- Percentage of shareholding |
28.04 |
28.04 |
28.04 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
99564393 |
99564393 |
99564393 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.96 |
71.96 |
71.96 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (Unaudited) |
Half
Years ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Segment Revenue |
|
|
|
|
Cotton Yarn Division |
591.677 |
474.250 |
1065.927 |
|
Maize Processing Division |
2384.070 |
2589.925 |
4973.995 |
|
Other Agro Processing Division |
2336.149 |
2755.454 |
5091.603 |
|
Power Division |
217.085 |
237.566 |
454.650 |
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
5528.981 |
6057.194 |
11586.175 |
|
Less : Inter Segment Revenue |
191.629 |
211.998 |
403.627 |
|
Net
Sales / Income Segment Revenue |
5337.352 |
5845.196 |
1182.548 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
Cotton Yarn Division |
(17.359) |
(10.403) |
(27.762) |
|
Maize Processing Division |
303.818 |
468.511 |
772.329 |
|
Other Agro Processing Division |
(93.704) |
60.025 |
(33.679) |
|
Power Division |
60.036 |
65.149 |
125.185 |
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
252.791 |
583.282 |
836.073 |
|
Less
: Inter Segment
Profit |
41.837 |
46.776 |
88.613 |
|
Less:
Finance Costs |
20.304 |
45.851 |
66.155 |
|
Less
: (Gain)/ Loss on account of restatement of monetary assets and Liabilities |
6.212 |
18.099 |
24.311 |
|
Less
: Net Un- allocable expenditure
(Net of income) |
32.064 |
64.968 |
97.032 |
|
Less
: Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Total Profit before Tax |
152.374 |
407.588 |
559.962 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
(Segment
Assets – Segment Liabilities) |
|
|
|
|
Cotton Yarn Division |
918.580 |
1177.644 |
918.580 |
|
Maize Processing Division |
4979.939 |
5830.608 |
4979.939 |
|
Other Agro Processing Division |
1840.784 |
3052.927 |
1840.784 |
|
Power Division |
789.791 |
555.758 |
789.791 |
|
Unallocated Assets |
|
|
|
|
Less: Unallocated
Liabilities |
(744.124) |
(2617.280) |
(744.124) |
|
Total |
7784.970 |
7799.657 |
7784.970 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
SOURCES
OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
276.704 |
|
(b) Reserves & Surplus |
7508.267 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7784.971 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
45.350 |
|
(b) Deferred tax liabilities
(Net) |
519.850 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
17.390 |
|
Total
Non-current Liabilities (3) |
582.590 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1464.252 |
|
(b) Trade payables |
2027.487 |
|
(c) Other current liabilities |
185.794 |
|
(d) Short-term provisions |
49.993 |
|
Total
Current Liabilities (4) |
3727.526 |
|
|
|
|
TOTAL |
12095.087 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
4934.066 |
|
(ii) Intangible Assets |
12.734 |
|
(iii) Capital work-in-progress |
815.671 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
420.609 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
363.807 |
|
(e) Other Non-current assets |
2.333 |
|
Total
Non-Current Assets |
6549.220 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
320.000 |
|
(b) Inventories |
3532.249 |
|
(c) Trade receivables |
1322.430 |
|
(d) Cash and cash equivalents |
73.602 |
|
(e) Short-term loans and advances |
272.915 |
|
(f) Other current assets |
24.671 |
|
Total
Current Assets |
5545.867 |
|
|
|
|
TOTAL |
12095.087 |
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Windmills
·
Plant and Equipments
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
· Brands / Trademarks
·
Technical know how
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 records 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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.