MIRA INFORM REPORT
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Report No. : |
330498 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
VADILAL INDUSTRIES LIMITED |
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Registered
Office : |
Vadilal House, 53, Shrimali Society, Near Navrangpura
Railway Crossing, Ahmedabad – 380009, |
|
Tel. No.: |
91-79-30153154/30153184 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
28.04.1982 |
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Com. Reg. No.: |
04-5169 |
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Capital
Investment / Paid-up Capital : |
Rs. 71.878 Million |
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CIN No.: [Company Identification
No.] |
L91110GJ1982PLC005169 |
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IEC No.: |
088021666 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00404F |
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PAN No.: [Permanent Account No.] |
AAACV4887F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Ice Creams, Frozen deserts and processed
food products. |
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No. of Employees
: |
481 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company incorporated in the
year 1982, having satisfactory track. Rating takes into consideration Vadilal’s established Brand in the
domestic Ice-cream market. Company has restricted its external debt to some extent in financial
year 2015 as compared to previous year. However profitability of the company
reported to be low. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. Company can be considered for business dealings with usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Ratings = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
30.09.2014 |
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|
|
|
Rating Agency Name |
CRISIL |
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Rating |
Short Term Ratings = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
30.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vinod Soni |
|
Designation : |
Export Department |
|
Contact No.: |
91-79-30153154/30153184 |
|
Date : |
03.07.2015 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Vadilal House, 53, Shrimali Society, Near Navrangpura Railway Crossing,
Ahmedabad – 380 009, |
|
Tel. No.: |
91-79-30153154/30153184 (Mr. Vinod ) |
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Fax No.: |
91-79-26564027 |
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E-Mail : |
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|
Website : |
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|
|
|
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Factories : |
Ice-cream
Division ·
Village Pundhra, Taluka Mansa, District
Gandhinagar – 382015, Gujarat, India ·
Parsakhera Industrial Area, Bareilly - 243002,
Uttar Pradesh, India ·
Dudheshwar Road, Ahmedabad - 380009, Gujarat,
India Processed Food
Division
Forex Division
(Money Changing Business)
Tel. No.:
91-79-26564025/ 26421193 Website: www.vadilalmarkets.com |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ramchandra R. Gandhi |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Devanshu R. Gandhi |
|
Designation : |
Managing Director |
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Address: |
1577/33/F, Patel Block, Near. Old Gujarat High Court Railway Crossing, P.O. Navjivan, Ahmedabad - 380014, Gujarat, India |
|
Age : |
46 Years |
|
Experience : |
26 Years |
|
DIN NO.: |
00010146 |
|
|
|
|
Name : |
Mr. Kshitish M. Shah |
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Designation : |
Director |
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Address: |
Ashutosh, 3, Patel Society, Gulbai Tekra, Ellisbridge, Ahmedabad - 380 006, Gujarat, India |
|
DIN NO.: |
00563191 |
|
|
|
|
Name : |
Mr. Rohit J. Patel |
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Designation : |
Director |
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Address: |
7, Anand Park, Naranpura, Ahmedabad - 380 013, Gujarat, India |
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DIN NO.: |
00012367 |
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|
|
|
Name : |
Mr. Rajesh J. Pandya |
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Designation : |
Director (from 25.06.2009) |
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Address: |
9, Karnavati Society,Bhairavnath Road, Kankaria,Ahmedabad - 380 028, Gujarat, India |
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DIN NO.: |
02711000 |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil Patel |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
186351 |
2.59 |
|
|
3413175 |
47.49 |
|
|
1072694 |
14.92 |
|
|
1072694 |
14.92 |
|
|
4672220 |
65.00 |
|
|
|
|
|
|
10896 |
0.15 |
|
|
0 |
0.00 |
|
|
10896 |
0.15 |
|
Total shareholding of Promoter and Promoter Group (A) |
4683116 |
65.15 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
11053 |
0.15 |
|
|
9132 |
0.13 |
|
|
700 |
0.01 |
|
|
20885 |
0.29 |
|
|
|
|
|
|
457449 |
6.36 |
|
|
|
|
|
|
1267342 |
17.63 |
|
|
555750 |
7.73 |
|
|
203288 |
2.83 |
|
|
52785 |
0.73 |
|
|
150503 |
2.09 |
|
|
2483829 |
34.56 |
|
Total Public shareholding (B) |
2504714 |
34.85 |
|
Total (A)+(B) |
7187830 |
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) |
7187830 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Vadilal International Private Limited |
28,09,704 |
39.09 |
|
2 |
Vadilal Finance Company Private Limited |
3,28,311 |
4.57 |
|
3 |
Veronica Construction Private Limited |
2,44,600 |
3.40 |
|
4 |
Rajesh Ramchandra Gandhi |
2,27,721 |
3.17 |
|
5 |
Devanshu Laxmanbhai Gandhi |
1,81,715 |
2.53 |
|
6 |
Virendra R Gandhi |
1,57,225 |
2.19 |
|
7 |
Devanshu L Gandhi |
1,56,577 |
2.18 |
|
8 |
Mamta Rajesh Gandhi |
1,22,251 |
1.70 |
|
9 |
Virendra Ramchandra Gandhi HUF |
1,19,699 |
1.67 |
|
10 |
ILA V. Gandhi |
1,07,931 |
1.50 |
|
11 |
Rajesh R Gandhi HUF |
62,411 |
0.87 |
|
12 |
Deval Devanshu Gandhi |
58,816 |
0.82 |
|
13 |
Janmajay Virendrabhai Gandhi |
14,893 |
0.21 |
|
14 |
Nitaaliashemali Piyush Surati |
11,558 |
0.16 |
|
15 |
Manojkumar Vadilal Modi |
10,896 |
0.15 |
|
16 |
Vadilal Marketing Private Limited |
10,330 |
0.14 |
|
17 |
Byad Packaging Private Limited |
10,137 |
0.14 |
|
18 |
Ramchandra R. Gandhi |
10,000 |
0.14 |
|
19 |
Vortex Icecream Private Limited |
9,943 |
0.14 |
|
20 |
Ushaben Navinchandra Modi |
9,089 |
0.13 |
|
21 |
Naynaben Surendrabhai Chokshi |
8,033 |
0.11 |
|
22 |
Laxman R Gandhi HUF |
4,241 |
0.06 |
|
23 |
Virendra Ramchandra Gandhi |
2,977 |
0.04 |
|
24 |
Devanshu L Gandhi |
1,600 |
0.02 |
|
25 |
Devanshu L Gandhi |
558 |
0.01 |
|
26 |
Piyushbhai Chandulal Surati |
500 |
0.01 |
|
27 |
Devalben D Gandhi |
450 |
0.01 |
|
28 |
Pravinchandra Surati |
300 |
0.00 |
|
29 |
Nitaben Ramchandra Gandhi |
250 |
0.00 |
|
30 |
Piyushbhai C Surati |
200 |
0.00 |
|
31 |
Vadilal Enterprises Limited |
150 |
0.00 |
|
32 |
Virendra R Gandhi |
50 |
0.00 |
|
|
Total |
46,83,116 |
65.15 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Wallfort Financial Services Ltd |
100000 |
1.39 |
|
|
2 |
Vimal P Khandwala - HUF |
76740 |
1.07 |
|
|
3 |
Sanjiv Dhireshbhai Shah |
216215 |
3.01 |
|
|
|
Total |
392955 |
5.47 |
Details of disclosure made by the Trading Members holding 1% or more of
the Total No. of shares of the company.
|
Sl. No. |
Name of the Trading Member |
Name of the Beneficial Owner |
No. of shares held |
% of total no. of shares |
Date of reporting by the Trading Member |
|
1 |
WALLFORT FINANCIAL SERVICES LTD. |
WALLFORT FINANCIAL SERVICES LIMITED |
1,00,000 |
1.39 |
14/05/2015 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ice Creams, Frozen deserts and processed
food products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Frozen Desert Food |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash, Cheque and Credit (60, 90 Days) |
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Purchasing : |
Cash, Cheque and Credit (60, 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
481 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM BORROWING A 1) Existing Term loans from IDBI, SBI and Exim Bank aggregating to Rs. 21.00 Million, New Term loan from BOB,SBI and Exim Bank aggregating to Rs.30 Million and further term loan from BOB And SBT Rs. 340.000 Million and Additional Term loan of Rs. 90.000 Million and Rs.21 Million from SBI are secured by English Mortgage on Immovable properties and hypothecation on movable properties of the company situated at the following places by way of 1st and 2nd charge on pari – passu basis : i Dudheshwar, Ahmedabad (Icecream Plant) (1st Charge) (Owned property) i Dharampur, Dist.: Valsad (Canning Unit) (1st Charge) (Owned property) iii Basement and 3rd Floor, Vadilal House, Navrangpura, Ahmedabad (Office Complex) (1st Charge) (Owned property) iv Village Pundhra, Tal : Kalol, Dist. :Gandhinagar (Icecream Plant) (1st Charge) (Owned property) v Unit - I, Parsakhera Industrial Estate,Bareilly, U.P.(Icecream Plant (1st Charge) (Leased property) vi Dharampur, Dist,: Valsad (IQF Unit - excluding specific plant & machineries) (2nd charge) (Owned property) vii Ground and 2nd Floor, Vadilal House, Navrangpura, Ahmedabad (Office Complex) (2nd Charge) (Owned property) viii Dharampur, Dist. : Valsad (New Land) (1st Charge) (Owned property) ix Unit - II, Parsakhera Industrial Estate, Bareilly, U.P. (Icecream Plant) (Only on movable properties as 1st Charge) (Excluding specific plant and machineries) x Gomtipur, Ahmedabad (earlier in Gujarat Cup Company, a Partnership Firm) (Only on movable properties as 1st Charge) xi Gomtipur, Ahmedabad (earlier in Vadilal Cone Company) (Only on movable properties as 1st Charge) SHORT TERM
BORROWING A 1) Working Capital facilities from consortium banks namely BOB, SBI, SBT, IDBI and Exim Bank aggregating to Rs. 65.28 Million (enhanced from Rs. 452.500 Million after repayment of Rs. 40.000 Million to SIB) are secured by way of English mortgage on Immovable properties and hypothecation on movable properties of the company situated at the following places by way of 1st & 2nd Charge on pari-passu basis :- i Dudheshwar, Ahmedabad (Icecream Plant) (2nd Charge) (Owned property) ii Dharampur, Dist. : Valsad (Canning Unit) (2nd Charge) (Owned property) iii Basement and 3rd Floor, Vadilal House, Navrangpura, Ahmedabad (Office Complex) (2nd Charge) (Owned property) iv Village Pundhra, Taluka Kalol, Dist. : Gandhinagar (Icecream Plant) (2nd Charge) (Owned property) v Unit - I, Parsakhera Industrial Estate,Bareilly,U.P. (Icecream Plant (2nd Charge) (Leased property) vi Dharampur, Dist,: Valsad (IQF Unit - excluding specific plant & machineries) (1st charge) (Owned property) vii Ground and 2nd Floor, Vadilal House, Navrangpura, Ahmedabad (Office Complex) (1st Charge) (Owned property) viii 4 Flats No. 801 to 804, Maruti Centre, Gurukul, Drive-in Road, Ahmedabad (Flats) (1st Charge) (Owned property) ix Unit - II, Parsakhera Industrial Estate, Bareilly, U.P. (Icecream Plant) (Only on movable properties as 2nd Charge) (Excluding specific plant & machineries) x Gomtipur, Ahmedabad (earlier in Gujarat Cup Company, a Partnership Firm) (Only on movable properties as 2nd Charge) xi Gomtipur, Ahmedabad (earlier in Vadilal Cone Company) ( Only on movable properties as 2nd Charge) xii Dharampur, Dist : Valsad (New land) (2nd charge) (Owned property) xiii Bareilly, Parsakhera Industrial area, U.P. (New land – F-12) (2nd Charge) (Leased property) 2) The Working Capital facilities are also secured by way of hypothecation on entire current assets of the Company on 1st pari-passu charge basis. B Working Capital facilities are also secured by Personal Guarantee of some of the Directors of the Company and also guaranteed by Three Companies C The cash credit and working capital demand loan is repayable on demand and carries interest @ 13.00 % to 14.50 % D Loans and Advances from Related Parties are repayable on demand and carry interest @ 10.50 % E inter corporate deposits are repayable between 60 days to 90 days and carry Interest @11.00 % to 16.00% F Fixed deposits are repayable for 12 months and carry interest @10.25 % |
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Auditors : |
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|
Name : |
Kantilal Patel and Company Chartered Accountants |
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Address : |
Ahmedabad – 380009, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries (As on
31.03.2014) |
Vadilal Industries (USA) Inc. |
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Associate: (As on 31.03.2014) |
Vadilal Forex and Consultancy Services Ltd |
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Enterprises owned or
significantly influenced by key management personnel or their relatives : (As on 31.03.2014) |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :Not Available
Issued
& Subscribed CapitalPaid-up Capital : Rs.71.878 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
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Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7188230 |
Equity Shares |
Rs. 10/- each |
Rs.71.882
Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7187830 |
Equity Shares |
Rs.10/- each |
Rs.71.878
Million |
|
|
|
|
|
a. Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity shares |
31st March, 2014 |
31st March, 2013 |
||
|
|
No. of Share |
Rs. In Million |
No. of Share |
Rs. In Million |
|
At the beginning of
the period |
7187830 |
71.878 |
7187830 |
71.878 |
|
|
|
|
|
|
|
Outstanding at the
end of the period |
7187830 |
71.878 |
7187830 |
71.878 |
b. Terms / rights
attached to equity shares
The company has only one class of equity shares having a par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting
During the year ended 31 March 2014, the amount of per share dividend recognized as distribution to equity shareholders is Rs. 1.00 (31 March 2013: Rs. 1.50).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Shares held by holding/ultimate holding company and/or their subsidiaries / associates
The Company does not have any holding company.
d. Aggregate number
of bonus shares issued, share issued for consideration other than cash and
shares bought back during the period of five years immediately preceding the
reporting date: Nil
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
71.878 |
71.878 |
71.878 |
|
(b) Reserves & Surplus |
1076.269 |
1077.196 |
1079.167 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Deferred Government Grant |
2.526 |
1.919 |
2.238 |
|
Total Shareholders’
Funds (1) + (2) |
1150.673 |
1150.993 |
1153.283 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
607.539 |
819.965 |
756.096 |
|
(b) Deferred tax liabilities (Net) |
153.536 |
141.959 |
129.061 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.617 |
9.806 |
5.397 |
|
Total Non-current
Liabilities (3) |
772.692 |
971.730 |
890.554 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
642.330 |
608.459 |
736.970 |
|
(b) Trade
payables |
650.022 |
588.481 |
394.531 |
|
(c) Other
current liabilities |
453.514 |
431.425 |
343.124 |
|
(d) Short-term
provisions |
22.742 |
28.752 |
24.873 |
|
Total Current
Liabilities (4) |
1768.608 |
1657.117 |
1499.498 |
|
|
|
|
|
|
TOTAL |
3691.973 |
3779.840 |
3543.335 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2248.999 |
2311.573 |
2061.685 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
149.678 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
13.407 |
|
(b) Non-current Investments |
14.623 |
14.623 |
15.661 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
186.600 |
|
(d) Long-term Loan and Advances |
159.396 |
175.047 |
7.068 |
|
(e) Other
Non-current assets |
6.677 |
6.762 |
0.000 |
|
Total Non-Current
Assets |
2429.695 |
2508.005 |
2434.099 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.114 |
0.115 |
0.107 |
|
(b)
Inventories |
960.528 |
996.789 |
867.254 |
|
(c) Trade
receivables |
173.852 |
165.131 |
153.742 |
|
(d) Cash
and cash equivalents |
46.622 |
29.805 |
11.272 |
|
(e) Short-term
loans and advances |
55.799 |
58.337 |
50.720 |
|
(f) Other
current assets |
25.363 |
21.658 |
26.141 |
|
Total
Current Assets |
1262.278 |
1271.835 |
1109.236 |
|
|
|
|
|
|
TOTAL |
3691.973 |
3779.840 |
3543.335 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4034.313 |
3636.151 |
3211.354 |
|
|
Other Income |
30.786 |
15.640 |
72.078 |
|
|
TOTAL
|
4065.099 |
3651.791 |
3283.432 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2367.808 |
2076.700 |
1801.875 |
|
|
Purchases of Stock-in-Trade |
0.576 |
64.477 |
118.296 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
99.282 |
(71.534) |
(89.385) |
|
|
Employees benefits expense |
198.964 |
189.521 |
153.718 |
|
|
Other expenses |
958.436 |
972.373 |
849.917 |
|
|
|
19.693 |
13.505 |
|
|
|
TOTAL |
3644.759 |
3245.042 |
2834.421 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
420.340 |
406.749 |
449.011 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
257.324 |
252.413 |
248.163 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
163.016 |
154.336 |
200.848 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
130.481 |
128.075 |
109.850 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
32.535 |
26.261 |
90.998 |
|
|
|
|
|
|
|
Less |
TAX |
13.245 |
12.006 |
31.256 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
19.290 |
14.255 |
59.742 |
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
N.A |
485.858 |
348.749 |
|
|
TOTAL EARNINGS |
N.A |
485.858 |
348.749 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
N.A |
39.352 |
34.261 |
|
|
Stores and Spares |
N.A |
2.403 |
2.612 |
|
|
Capital Goods |
N.A |
17.127 |
41.918 |
|
|
TOTAL
IMPORTS |
N.A |
58.882 |
78.791 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.68 |
1.98 |
8.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
N.A |
431.425 |
343.124 |
|
Cash generated from operations |
N.A |
574.896 |
366.393 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.48 |
0.39 |
1.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.42 |
11.19 |
13.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.88 |
0.70 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.02 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.09 |
1.62 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.77 |
0.74 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.709 (BSE) |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
71.878 |
71.878 |
71.878 |
|
Reserves & Surplus |
1079.167 |
1077.196 |
1076.269 |
|
Deferred Government Grant |
2.526 |
1.919 |
2.238 |
|
Net
worth |
1153.571 |
1150.993 |
1150.385 |
|
|
|
|
|
|
long-term borrowings |
756.096 |
819.965 |
607.539 |
|
Short term borrowings |
736.970 |
608.459 |
642.330 |
|
Total
borrowings |
1493.066 |
1428.424 |
1249.869 |
|
Debt/Equity
ratio |
1.294 |
1.241 |
1.086 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3211.354 |
3636.151 |
4034.313 |
|
|
|
13.228 |
10.950 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3211.354 |
3636.151 |
4034.313 |
|
Profit |
59.742 |
14.255 |
19.290 |
|
|
1.86% |
0.39% |
0.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVENUE FROM OPERATIONS (As on 31.03.2014)
The Company has earned the Revenue from Operations (Net) of Rs. 3636.151
Million and Other Income of Rs. 15.640 Million during the year ended on 31st
March, 2014 as against Rs.3211.354 Million and Rs. 72.078 Milllion respectively
earned during the previous year ended on 31st March, 2013.
CORPORATE INFORMATION:
The Company is
engaged in the business of manufacturing Ice-cream, Flavored Milk, Frozen Dessert
and processing and exporting Processed Food Products, such as Frozen Fruits,
Vegetable, Canned Pulp,Ready-to eat and Ready-toserve products etc.
The Company is
having two ice-cream production facilities – one in Gujarat and the other in
Uttar Pradesh and sales its products in India except states of Maharashtra,
Karnataka, Andhra Pradesh, Kerala and Goa.
The company is
processing Frozen Fruits, Vegetables and Processed Foods at factory situated at
Dharampur, Dist.Valsad, Gujarat. The Company is exporting to various Countries.
The company is having RBI license under AD.II category and engaged in
Money changing business.
QUALITY ASSURANCE AND AWARDS
AWARDS AND CERTIFICATIONS:
Vadilal has won 22
awards over 3 consecutive years : 2008 , 2009 & 2010 at ‘The Great Indian
Ice Cream Contest” organized by the Indian Dairy Association. Various
categories for awards were: The Best in Class (3): Chocolate Frozen
Dessert, Standard Chocolate Ice Cream, Rose Coconut Shell (Innovation –
Novelty) Gold Medal (4) : Standard Chocolate Ice Cream, Chocolate
Frozen Dessert, Vanilla Frozen Dessert and Rose Coconut Shell (Innovation –
Novelty), Bronze Medal (1) Natural Orange (Premium without Inclusion).
In the same contest held in 2013 , Vadilal won 5 awards. So the total tally of
Awards won is now 27 in 4 years of contest.
Best in Class in
Kids category – Joker Ice Trooper, Gold in Kids category – Joker Ice Trooper,
Silver in Vanilla Frozen Dessert – Vanilla Frozen Dessert. Bronze in Vanilla
Ice cream – Happinezz Vanilla Ice cream. Bronze in Premium – Pista Happinezz
Ice cream garnished with Green Pista. In 2013, we have been voted as the “Most
Trusted Ice cream brand in India” as per the The Brand Trust Report- 2013.
Also, the Economic Times Survey ranked us among the “Top 20 Food” brands in
India.
ISO 22000:2005 AND
ISO 9001:2008 CERTIFICATES
The Company has
always made continuous efforts to improve the “OVERALL PRODUCT QUALITY” by
following the stringent GMP norms and continuous process innovation.
This is the evident of the achievement of FSMS (Food Safety Management
System) Certifications i.e. BRC:Issue-6 with Grade “A”,
ISO-22000:2005 and HALAL for our Processed Food Division (PFD),
located at Dharampur, Dist. Valsad, Gujarat. The PFD Manufacturing facility is
also listed in “Two Star Export House” Status by Joint Director General
of Foreign Trade, Ministry of Commerce and Industry for export of Processed
Foods Products -APEDA. The Ice Cream plants of the Company located in
two locations i.e. Pundhra in Gujarat & Barelly in UP are also certified
for ISO-22000:2005 and BRC : Issue 6 for Food Safety Management System
is another feather in the cap of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS (As on 31.03.2014)
1) INDUSTRY STRUCTURE & DEVELOPMENT, BUSINESS OVERVIEW AND
SUSTAINABLE GROWTH
OPPORTUNITIES.
a) Ice-cream Division
Overview
Milk and milk based products are a part of staple diet in India. Indian
Ice cream market is estimated to be around Rs. 40000.000 Mill;ionout of which over
40 percent belongs to the organized sector, growing at 20% YoY. There are about
big and medium, 7000 ice cream companies in India and innumerable small and
seasonal companies doing business. India is also one of the fastest growing
countries in ice-cream production and consumption.
An ice cream treat perks up a mundane day also. In fact, Vadilal range
of ice cream and frozen dessert products have been bringing delight and
happinezz to the consumers’ life since over 80 years. Increasing urbanization, rising
disposable incomes and increasing “out of home food” consumption coupled with
the ever increasing food variety available in the markets closer to home; are
some of the reasons fueling the Ice cream segment.
The industry structure as well as the improving infrastructure offers
opportunities for organized players to invest and grow. Vadilal Ice-cream
division has shown a sustainable annual growth consistently. With the widest
range of flavors and SKUs, the Company has managed to bring something new every
day to the dessert plate.
The Company works to deliver the best tasting products and continuously
improve ice cream range for nutritional profile and benefits. Since the
inception, the Company has been committed towards delivering the best quality products
at affordable prices conveniently within reach of the consumers.
Developments
Keeping with the
tradition of regular growth through innovative product launches, the Company
launched Badabite, Flingo and Gourmet which created a considerable furore in
the Indian Ice-cream Market in 2011. As Badabite, Flingo and Gourmet continue
with the high trajectory growth in 2013 as
well with new variants, the
Company was again confronted with huge challenge of sustaining the
innovation trends.
As the Company
updated the production and research technology, it became more feasible for to
offer premium and innovative products in the market. 2012 saw the launch of
another pioneer range of products targeted at Kids under the brand name of Ice
Trooper. Vadilal have always endeavored to delight consumers through new
launches. In fact, the Company is proud to the fact that there are many
products which have been introduced in Indian market and they went to become
regular must have products for all ice cream manufacturers.
Further, with the entry of international
brands in India, the overall consumer awareness and consequent size of the
premium segment has witnessed robust growth. And taking a clue from
international trends, the Company has also launched many variants in the
premium segment like ice cream bars, ice cream sandwiches, ice cream logs, ice
cream pastries, ice cream cakes etc. under the brand name Artisan and made them
easily available to the consumer.
New mega brands,
installation of latest state-of-the-art machines and significant expansion in
production facilities, aggressive marketing and expansion of retailing have
combined to make the Company an even stronger force to reckon with in the
domestic ice-cream market. In fact Vadilal has industry’s widest distribution
network which enables delivery of Vadilal ice-creams in semi urban and rural
areas also.
The Company has mammoth production facilities which can churn out 6
lakhs cones, 10 lakh candies and more than 8 lakhs of ice-cream cups every day.
It is the first and the only ice cream producer in India to have machines with
such a huge capacity. Vadilal is the largest player in Cones, Cups and\ Candies
categories. One of the factory located at Pundhra has been certified by Export
Council for India : thus enabling export of Vadilal ice creams across USA and
other developed nations also.
Every season inspires the Company to delight consumers through a new
product/flavour. The Company is making steady progress in launching new
products in the “premium” segment as well. Company has launched Sorbet Ice
candies in flavours like Kiwi, Cranberry for the first time in India. This
range of exotic fruit based ice candies has been launched under the brand name
of Falala. Apart from Kiwi, Cranberry, there are other flavours like Tropical
Mixed Fruit and Alphonso Mango (called as Aam Chaska). Aam Chaska : offering
the taste of real alphonso mango in sorbet form has been appreciated highly by
the customers. Artisan range of premium ice cream pastries, logs and cakes have
also generated very commendable response from the market.
The Company also forayed into high end artisanal gelatice ice cream
outlet under the name of MELTIN. Through the Melt In launch, Vadilal has again
proven its leadership in launching international ice cream experiences in
India.
The Company is having two ice-cream production facilities – one at
Pundhra in Gandhinagar district, Gujarat and the other one at Bareilly in Uttar
Pradesh. To increase the production capacity and to have better automation, the
Company has undertaken expansion-cum-modernisation project of its aforesaid
Ice-cream factories, which has been successfully completed.
Vadilal has won 22
awards over 3 consecutive years : 2008 , 2009 & 2010 at ‘The Great Indian
Ice Cream Contest” organized by the Indian Dairy Association. Various
categories for awards were: The Best in Class (3): Chocolate
Frozen Dessert, Standard Chocolate Ice Cream, Rose Coconut Shell (Innovation –
Novelty) Gold Medal (4) : Standard Chocolate Ice Cream, Chocolate Frozen
Dessert, Vanilla Frozen Dessert and Rose Coconut Shell (Innovation – Novelty), Bronze
Medal (1) Natural Orange (Premium without Inclusion). In the same contest
held in 2013 , Vadilal won 5 awards. So the total tally of Awards won is now 27
in 4 years of contest.
Best in Class in
Kids category – Joker Ice Trooper, Gold in Kids category – Joker Ice Trooper,
Silver in Vanilla Frozen Dessert – Vanilla Frozen Dessert. Bronze in Vanilla Ice
cream – Happinezz Vanilla Ice cream. Bronze in Premium – Pista Happinezz Ice
cream garnished with Green Pista.
In 2013, we have
been voted as the “Most Trusted Ice cream brand in India” as per the The Brand
Trust Report-2013. Also, the Economic Times Survey ranked us among the “Top 20
Food” brands in
India.
Apart from ice
creams, Vadilal is aggressively expanding in categories which offer value chain
benefits and strong growth.
Vadilal already
has strong backward linkages with the farmer community for milk procurement for
ice creams at its plant near Ahmedabad. So, Vadilal recently forayed in the
flavored milk segment under the brand name “Power Sip”. Power Sip comes in a
uniquely shaped bottle so as to ensure a proper grip for the consumer and is available
in flavors like “Kesar”, “Elaichi”, “Coffee” and “Rose”. R&D is going on
for development of other flavors also.
b) Processed Food Division
i. Overview:
In today’s times
the consumer is looking at products that, apart from addressing their requirements,
are also have a convenience value. How convenient is it to use a particular
product, affects the buying decision. This thought is valid for products across
categories, including food. This is one of the reasons behind growing
popularity of ‘Ready to eat’ food products.
Frozen food fits
nicely on the parameters of being convenient and quick to consume. However, it
still faces the challenges in terms of consumers’ perceptions and apprehensions
about its nfitness to be consumed. A larger segment of consumer are still not
aware that frozen food is really free of any preservatives and the secret of
its longer shelf life lies in the temperature that it is stored in.
Despite of this,
the consumers are gradually showing an acceptance towards frozen foods. Increasing
exposure to various information sources, cross-culture dynamics in the urban
localities and increasing foot-hold of social media is acting as a catalyst to
spreading the right knowledge. Additionally, the increasing number of women in
the workforce, changes in consumer purchasing patterns, busy lifestyles and the
availability of a wide range of frozen products in different categories are the
factors leading to the growth of the frozen food market.
ii. Global Market View:
According to a study, globally the frozen food is expected to reach
sales of $186 billion by 2015.
The overall global
frozen food scenario has showcased a positive outlook over the years. As per
holistic stats, the global frozen food market is expected to be reach sales of
$186 billion by 2015 at an estimated CAGR of 3.9%. U.S.A. is expected to
witness a moderate CAGR of 4% from 2010 to 2015 while Rest of the World (ROW)
segment (which includes Latin America, Australasia and others) is expected to
witness a CAGR of 4.7%. Asian frozen food market is expected to grow at an
estimated CAGR of 3.4% from 2010 to 2015. Japan leads the Asian countries in
terms of frozen food consumption. The recent past has seen new competitive
trends taking shape in frozen as well as other processed Foods.
The industry is continuously experiencing a great amount of openness to
competitive products in the major frozen food eating countries like USA &
Europe, from across the world.
While there has
been an increase in consumption of frozen foods in developed countries, now
more and more consumers’ from developing countries are showing acceptance
towards frozen foods as it provides a lot of convenience and ease.
The Consumers all
across the world show as much preference for branded products in frozen foods category
as other consumer goods. And the industry is witnessing an emergence of strong
brands in the category. The unorganized sector comprising unbranded frozen
products remains the biggest challenge to the organized sector of branded
frozen food products. The existence of private labels, especially in Europe
where they constitute around 40% of the total frozen foods market, is the major
factor restricting the growth of the market. Ready meals are the most expensive
ones among the frozen food product categories and, thus, account for the
largest market share of 40% in terms of revenue.
Growth opportunities:
Arguably, the
frozen food industry has a lot of latent scope of growth. If the challenges
like infrastructure, improving industry structure, organizing the business are
met and faced successfully, the industry is bound to grow leap and bounds.
In Indian context,
the frozen food has got a remarkable presence in the modern trade retail
formats; however there has been a big segment of the business served by
traditional trade retail and grocery stores still remains untapped. If the
bottle necks like freezer space and availability of proper infrastructure at
mid-sized general trade stores have been solved, the growth of frozen food
category can be exponential.
c) Forex Division
RBI AUTHORISED AD.II CATEGORY LICENCE HOLDER.
The Division is
RBI approved Authorized Dealer Category II and carries out Money Changing and
current account related transactions [other than trade related]. The Division
takes care in Money Changing activities such as buying and selling Travelers
Cheques, Travel Card, Currency Notes of all major traded currencies of the
world. Besides having licence under AD.II category, the division takes care of
issuance of Demand Drafts, transfer of money abroad through Swifts, Telegraphic
Transfer.
FUTURE STRATEGY
a) Ice-cream Division
Today, Vadilal is
at a juncture wherein, going forward, Vadilal is confident of becoming the
largest Icecream brand in the country. The Company wants to continue with the
expansion of retail penetration. The Company plans to foray into other dairy
based value additions simultaneously. Overall, the Company wants to focus on
strengthening the brand across the nation and making it the Numero Uno brand.
The Company aims to increase the per capita
consumption of Ice-creams in India through various initiatives in product
development, marketing, distribution and trade promotions.
As the Indian
market place evolves, Vadilal too plans to enhance Ice-cream experience through
parlour chain of Vadilal Hangouts and Vadilal Scoop Shops. Vadilal would
increase the customistaion level and also foray into the Online Market space.
Further, the Company would consolidate brand positioning in the “premium” and
“super premium” segment. The Company plans to increase share in the “Premium”
icecream segment to 30% in the coming year.
The core strategy
in future will also be based on ways to increase consumers delight through a
range of product offers with world class quality. The Company also believes in
sustainable development and in future also, the Company will constantly try to
reduce its carbon footprints
Processed Food Division
Vadilal Quick
Treat brand is moving in a very organized manner with initial focused objective
of increasing the awareness and distribution in the domestic market. The
opening of newer markets is a simultaneous process, while increasing the
awareness and consumption in the existing market is the priority. In India,
frozen food market is still at the nascent stage. Consumers are still
apprehensive about consuming frozen food. They have health, usage of
preservative, and storage related perceptions that act as hurdles to the growth
of the category.
However, the brand
has been able to find a successful footing in Gujarat with its Processed Foods
products like mango pulp, IQF green peas, sweet corn and other vegetables. With
its frozen range of IQF vegetables and Ready -to-Eat (RTE) and Ready-to- Serve
(RTS) products, Vadilal has been operational in the states of Rajasthan and
Maharashtra besides Gujarat. In the year, it has started distribution in Delhi,
Uttar Pradesh and Madhya Pradesh. This is in addition to increased penetration
in Maharashtra. The next phase includes Punjab and few places in south India.
With the increased awareness about frozen food the brand aspire to be present
at every nook and corner of the county.
For the exports market, a deeper penetration is a key to growth. While
the ethnic markets abroad are the prime target audiences, the main stream market
may also have a considerable growth potential.
Vadilal Quick Treat intends to become the most preferred brand when it
comes to frozen food and the marketing strategies will be formed keeping
consumers at the center.
With more than 100
importers and distributors across America, Australia, Europe, UAE and Africa,
the Company can pretty much say ‘for anywhere’ too. As major exporter and
market player in frozen Foods today, the Company has an extensive distribution
network across all the major continents. With focused efforts, the Company is
now a part of some of the major retail chains like Woolworths, Coles (SA),
Tesco, Carrefour, Loblaws, Lulu, Fresh n Easy, to name a few.
Globally, Vadilal
Quick Treat has adopted a product focused strategy. Keeping 3-4products in
focus, the company is looking at America, Canada and Australia to drive growth
through branded business. These markets will see a sufficient amount of
consumer marketing activities to make a strong base for the next year. Europe
and Gulf will see the growth of institutional business.
To make life of
its consumers easier, the Company has put in its best of intelligence,
expertise and efforts for a long time to create these convenience food products
that not only serve its customers’ taste buds but also make life in the kitchen
utterly simpler for them. And to highlight this philosophy, the Company has
introduced a new brand identity and a baseline – ‘Shortcut to Happiness’.
3) HIGHLIGHTS OF FINANCIAL PERFORMANCE AND OPERATIONAL PERFORMANCE.
Inspite of tough
competition in Ice-cream business, your Company has earned revenue from
operations (gross) of Rs. 3717.032 Million during the year ended on 31st March,
2014 as against Rs. 3285.885 Million earned during the previous year ended on
31st March, 2013.
The Company has
earned the Profit before Interest, Tax, Depreciation and Amortisation (EBITDA)
of Rs. 420.255 Million during the year ended on 31st March, 2014 as compared to
Rs. 44.9011Million earned during the previous year ended on 31st March, 2013.
The Company has
earned Profit before Tax of Rs. 39.766 Million during the year under review as
compared to Rs. 90.998 Million earned during the previous year ended on 31st
March, 2013. The Company has earned Profit of Rs. 142.55 lacs for the year
ended on 31st March, 2014 after providing Finance Cost and Depreciation
and Amortisation expenses and after
making Provision for Current Tax of Rs. Rs. 0.415 Million after considering MAT
Credit Entitlement, Deferred Tax Charge of Rs. 12.898 Million and other
adjustments, as compared to Profit of Rs.59.742 Million earned by the Company
during the previous year ended on 31st March, 2013.
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
From Others |
|
7.199 |
|
Deposits |
|
|
|
Public Fixed Deposits |
|
79.550 |
|
|
N.A |
|
|
SHORT TERM
BORROWING |
|
|
|
Deposits |
|
98.035 |
|
|
|
|
|
Total |
|
184.784 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10466525 |
05/11/2014 * |
250,000,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDHESHWAR WATER TANK, DUDHESHWAR, AHMEDABAD - 380004, GUJARAT, INDIA |
C34340273 |
|
2 |
10400746 |
28/01/2013 |
40,000,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDHESHWAR WATER TANK, DUDHESHWAR, AHMEDABAD - 380004, GUJARAT, INDIA |
B67088922 |
|
3 |
10325036 |
29/12/2011 |
30,000,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDHESHWAR WATER TANK, DUDHESHWAR, AHMEDABAD - 380004, GUJARAT, INDIA |
B28525137 |
|
4 |
10295339 |
30/06/2011 |
200,000,000.00 |
STATE BANK OF
TRAVANCORE |
GROUND FLOOR,
KAIVANNA BUILDING, AMBAWADI, NR. P |
B16246241 |
|
5 |
10297658 |
30/06/2011 |
140,000,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDHESHWAR WATER TANK, DUDHE |
B17014994 |
|
6 |
10206930 |
30/10/2010 * |
100,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTER ONE
BUILDING, FLOOR - 21,, WORLD TRADE CEN |
A99074965 |
|
7 |
10199709 |
30/10/2010 * |
100,000,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDHESHWAR WATER TANK, DUDHESHWAR, AHMEDABAD - 380004, GUJARAT, INDIA |
A98917990 |
|
8 |
10189818 |
23/11/2009 |
2,740,000.00 |
BANK OF BARODA |
CHINABAG ESTATE,
NR. DUDESHWAR WATER TANK, DUDHESHWAR, AHMEDABAD - 380004, GUJARAT, INDIA |
A75001925 |
|
9 |
10052133 |
01/06/2015 * |
400,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
GROUP, "COMMERCIAL BRANCH", PARAMSIDDHI COMPLEX, OPP V.S.
HOSP.ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
C55743520 |
|
10 |
10044578 |
22/11/2007 * |
80,000,000.00 |
INDUSTRIL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI COMPLEX,
NR. LAL BUNGLOW, OFF. C. G. ROAD,AHMEDABAD - 380006, GUJARAT, INDIA |
A27654615 |
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2014 (Rs. in
millions) |
|
I) Guarantees given by the company against Term Loans given to companies in which Directors are interested is Rs. 1.809 Million (P.Y.Rs. 1.474 Million). Outstanding against this as at 31.03.2014 |
|
|
Outstanding against this as at 31.03.2010 |
75.891 |
|
II) I) For Excise - |
|
|
a) Related to a matter decided in favour
of the company, against which the Excise department has preferred an appeal.
Gross Rs. 0.886 Million(P.Y. Rs.1.803 Million)Net of tax |
0.599 |
|
II) For Income Tax - |
|
|
a) Which is disputed by the company
and against which company has preferred appeal, based on the demand notices
raised by Income Tax Dept. And received by the company. |
0.449 |
|
b) Against which Income Tax department has preferred appeal |
16.665 |
|
c) In respect of erstwhile Vadilal Financial
Services Limited (VFSL) Income Tax Demand (including interest) for which the
company has preferred appeal.. |
0.193 |
|
III) For Sales
Tax - Disputed by the company and against which company has preferred an appeal. Gross Rs.87.09 Million ( P.Y. Rs. 8.709 Million ) Net of Tax |
5.883 |
|
IV) For other
Matters – Gross Rs 11.69 Million (P.Y. Rs 0.939 Million) Net of Tax |
0.790 |
|
V) Other Money for which the Company is contingently liable i)Liability in respect of Bills Discounted with Third Party |
410.219 |
|
ii)Liabilities in respect of Foreign Bills Purchased by
Banks |
6.284 |
Note:
a) Future cash outflows in respect of A (II) (i) to (iv) above depends on ultimate settlement / conclusions with the relevant authorities.
b) Future cash outflows in respect of A (II) (v) above depends if company is unable to fulfill export obligations between 2018-19 to 2023-24 of Rs. 4971.39 Million (P.Y. Rs. 493.869 Million) for import made between the year of 2006-07 to 2013-14. The fulfillment of export obligation is considered on the basis of license claimed at the time of export.
c) Future cash outflows in respect of A (III) above depends if Vendors are unable to fulfill the liability.
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Capital Work
in Progress
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.63.39 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
MAN |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--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.