MIRA INFORM REPORT

 

 

Report No. :

326508

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

KWALITY LIMITED

 

 

Registered Office :

KDIL House, F-82, Shivaji Place, Rajouri Garden, New Delhi 110027

Tel. No.:

91-11-47006500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

21.08.1992

 

 

Com. Reg. No.:

55-255519

 

 

Capital Investment / Paid-up Capital :

Rs.218.730 Million

 

 

CIN No.:

[Company Identification No.]

L74899DL1992PLC255519

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer of Dairy products like Ghee, Skimmed Milk Powder, Curd, Whole Milk Powder, Dairy Whitener, Lactose and Milk.

 

 

No. of Employees :

800 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (55)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 11000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company incorporated in the year 1992.

 

The company has achieved top line growth of 23.99% in sales turnover in financial year 2014 as compare to financial year 2013.

 

Profit of the company has increased to Rs.1266.300 Million in Financial year as compare to Rs.965.300 Million in Financial year 2013.

 

Net worth of the company is strong and overall financial are decent.

 

Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In a view of long standing existence, the company can be considered normal 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.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

INDIA RATINGS

Rating

Long Term BBB+ (Suspended)

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

November, 2012

 

Note: Reason for Suspension:-

 

The Rating have been withdrawn due to lack of adequate information.

 

 

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 DENIED BY

 

Name :

Mr. Ranjeet Kumar

Designation :

Assistant General Manager Fonance

Contact No.:

91-11-47006500

Date :

06.06.2015

 

 

 

LOCATIONS

 

Registered Office :

KDIL House, F-82, Shivaji Place, Rajouri Garden, New Delhi 110027, India

Tel. No.:

91-11-47006500

Fax No.:

91-11-25191800

E-Mail :

cs@kdil.in

ranjitkumar@kdil.in

investor@kdil.in,

Website :

http://www.kdil.in

 

 

Factory 1 :

Village Softa, Tehsil Palwal, Faridabad – 121 004, Haryana, India

Tel. No.:

91-129-2205323/ 2205332

Fax No.:

91-129-2205332

 

 

Factory 2 :

Bakra Mandi, Ajmer, Rajasthan, India

 

 

Factory 3 :

Village Kumarherha, NH-73, Saharanpur, Uttar Pradesh, India

 

 

Factory 4 :

Village Mumrejpur, Dibai, Bulandsaher, Uttar Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Sanjay Dhingra

Designation :

Chairman and Managing Director

Date of Birth/Age :

12.10.1970

Qualification :

Graduation

Date of Appointment :

14.07.2013

DIN No.:

00025376

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74899DL1994PTC060194

JMD PROTEINS PRIVATE LIMITED

Director

12-07-94

12-07-94

24-11-10

Active

NO

2

L74899DL1992PLC255519

KWALITY LIMITED

Managing director

14-07-13

18-06-03

-

Active

NO

3

U45200DL2001PTC111333

JTPL TOWNSHIPS PRIVATE LIMITED

Director

01-09-05

01-09-05

14-01-12

Active

NO

4

U70101DL2010PTC208747

UNIVERSAL INFRASTRUCTURE COMPANY PRIVATE LIMITED

Director

24-09-10

24-09-10

14-01-12

Active

NO

5

U74140DL2012PTC242798

KWALITY DAIRY INVESTMENTS PRIVATE LIMITED

Director

26-09-12

26-09-12

-

Active

NO

6

U15204DL2003PTC273781

PASHUPATI DAIRIES PRIVATE LIMITED

Director

30-09-13

04-06-13

02-06-14

Active

NO

 

 

Name :

Mr. Arun Shrivastava

Designation :

Independent Non Executive Director

Date of Birth/Age :

03.04.1968

Qualification :

Graduate

Date of Appointment :

25.06.2003

DIN No.:

01121929

 

 

Name :

Mr. Sidhant Gupta

Designation :

Executive Director

Date of Appointment :

29.05.2015

DIN No.:

00555513

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U45201DL2006PTC144828

SPARK PROJECTS INDIA PRIVATE LIMITED

Director

13-01-06

13-01-06

28-03-11

Active

NO

2

U51109DL2008PTC178323

RENU MARKETING CORPORATION INDIA PRIVATE LIMITED

Director

19-05-08

19-05-08

10-06-08

Active

NO

3

L74899DL1992PLC255519

KWALITY LIMITED

Director

29-05-15

18-04-11

-

Active

NO

 

 

Name :

Dr. Rattan Sagar Khanna

Designation :

Independent Non Executive Director

Date of Birth/Age :

12.04.1945

Qualification :

M.Sc. (Hons) from Punjab Agri University, Diploma in Semen Freezing Gynecology and Anthology from Royal Veterinary and Agriculture University, Copenhagen and Diploma in Farm and Science Journalism from Institute of Farm and Science Journalism, New Delhi

Date of Appointment :

27.09.2010

DIN No.:

03073914

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

L74899DL1992PLC255519

KWALITY LIMITED

Director

27-09-10

18-05-10

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Deepa Kapoor

Designation :

Company Secretary

 

Name :

Mr. Sunit Shangle

Designation :

Chief Financial Officer

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholders

 

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

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

 

 

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

152154714

69.56

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

152154714

69.56

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

 

 

Total shareholding of Promoter and Promoter Group (A)

152154714

69.56

(B) Public Shareholding

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

 

 

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

103837

0.05

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

820000

0.37

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

923837

0.42

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

 

 

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

23754806

10.86

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100

20139246

9.21

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100

19833917

9.07

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

1923955

0.88

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

626733

0.29

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

620109

0.28

http://www.bseindia.com/include/images/clear.gifClearing Members

126113

0.06

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

551000

0.25

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

65651924

30.01

Total Public shareholding (B)

66575761

30.44

Total (A)+(B)

218730475

100.00

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

0

0.00

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

0

0.00

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

0

0.00

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

0

0.00

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

218730475

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Dairy products like Ghee, Skimmed Milk Powder, Curd, Whole Milk Powder, Dairy Whitener, Lactose and Milk.

 

 

Products :
  • Ghee
  • Skimmed Milk Powder
  • Curd
  • Whole Milk Powder
  • Dairy Whitener
  • Lactose
  • Milk

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

800 (Approximately)

 

 

Bankers :

Bank Name

Andhra Bank

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Allahabad Bank
  • Bank of Baroda
  • Bank of India
  • IDBI Bank Limited
  • Syndicate Bank
  • Canara Bank
  • Corporation Bank
  • Central Bank of India
  • Dhanlaxmi Bank Limited

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loan from Bank

 

15.852

Term loan from Other Parties

 

5.319

 

 

 

Short-term borrowings

 

 

Loans From Banks

 

8967.185

 

 

 

Total

NA

8988.356

 

Notes: (As on 31.03.2014)

 

1). Term loans was taken from various banks which are secured by hypothecation of assets (Vehicles) . Rate of Interest is ranging b/w 8.67% to 13.5 %.Period of maturity for loans is ranging b/w 3 year to 5 year and No. of repayment installments is ranging b/w 36 to 60 months.

Maturity profile of loans are as set out below:-

 

Particulars

2014-15

2015-16

2016-17

Beyond 2016-17

(Rs In Million)

(Rs In Million)

(Rs In Million)

(Rs In Million)

a) Term Loans from Banks

9.324

9.324

8.005

8.005

644.9

6.449

1.397

1.397

 

2). Term loans from others are secured by hypothecation of assets (Vehicles). Rate of Interest is ranging b/w 8.67% to 13.5 %. Period of maturity for lease obligations is ranging b/w 3 year to 5 year and No. of repayment installments of loans is ranging b/w 36 to 60 months.

Maturity profile of loans are as set out below:-

 

Particulars

2014-15

2015-16

2016-17

Beyond 2016-17

(Rs In Million)

(Rs In Million)

(Rs In Million)

(Rs In Million)

a) Term Loans from Others

1.143

1.143

1.275

1.275

1.407

1.407

2.637

2.637

 

Cash Credit facilities of Kwality Limited 'the Company' are secured by way of :-

 

a) First pari passu charge on the entire current assets of the company

 

b) 1st paripassu charge on entire movable and immovable fixed assets including Eq. mortgage of factory land and building of the company situated at village Softa ,Palwal ( Haryana) and at Village Mumrejpur, Tehsil Dibai, District- Bulandsahar Uttar Pradesh.

 

c) 1st paripassu charges on entire fixed assets of M/s Pashupati Dairies Private Limited. including Equitable mortage of Land and Building situated at village

Kumarhera, Saharanpur Uttar Pradesh.

 

d) Corporate guarantee of M/s Pashupati Dairies Private Limited.

 

e) Negative lien for non disposal/ non transfer of 51 % of equity share held by Mr. Sanjay Dhingra.

 

f) Personal guarantee of Sh. Sanjay Dhingra, Managing Director of the Company and Mrs. Kanika Dhingra, Wife of Mr. Sanjay Dhingra.

 

 

Statutory Auditors :

 

Name :

P.P Mukherjee and Associates

Chartered Accountants

Address :

11, Pratap Enclave, Mohan Garden, New Delhi – 110 059, India

Mobile No.:

91-9711009361

E-Mail :

ca.ppmukeriee@gmail.com

 

 

Secretarial Auditors :

 

Name :

M/S Mukun Vivek and Company

 

 

Internal Auditors:

 

Name :

M/S Mohan Gupta and Company

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises on which Key Managerial person having significant influence:

(As on 31.03.2014)
  • JTPL Townships Private Limited
  • Pashupati Dairies Private Limited
  • Kwality Dairy Investments Private Limited

 

 

Subsidiary Company:

(As on 31.03.2014)
  • Kwality Dairy Products FZE

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000000

Equity Shares

Rs.1/- each

Rs.1000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

203186434

Equity Shares

Rs.1/- each

Rs.203.186 Million

 

 

 

 

 

 

(i) Reconciliation of the number of shares outstanding and amount of share capital:

 

Particulars

As at 31st March, 2014

 

No. of Shares

Rs. In Million

Equity Shares at the beginning of the year

 

 

Add: Shares issued during the year

203.186

203.186

Equity Shares at the end of the year

203.186

203.186

 

(ii) Right, preference and restriction attached to the equity shares:

 

The Company has only one class of equity shares having a par value of INR 1/-per share. Each shareholder is eligible for one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting.

During the year ended 31 March 2014 , the amount of per share dividend recognised as distributions to equity shareholders is INR 0.10 (previous year INR 0.10) In the event of liquidation of the company, the equity share holders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

 

(iii) Details of shares held by each shareholder holding more than 5% of the aggregate shares in the Company:

 

Particulars

As at 31st March, 2014

 

No. of Held

% holding of shares

Equity Shares with voting rights

Sanjay Dhingra

Kanika Dhingra

 

152154714

 

74.88

 

(iv) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, by way of bonus shares and shares bought back for the period of 5 years immediately preceding the Balance Sheet date:

 

(a) The Company has not issued any shares pursuant to contract(s) without payment being received in cash.

(b) The Bonus issue is made by capitalisation of profit. The detail of bonus issues in preceding 5 years are given below

 

Particulars

No. of Shares

Equity shares with voting rights

 

Fully paid up by way of bonus shares

 

Year 2013-2014

-

Year 2012-2013

-

Year 2011-2012

-

Year 2010-2011

21186434

Year 2009-2010

-

 

(c) The Company has not undertaken any buy back of shares.

 

(v) No shares have been reserved for any purpose like esop, share warrant and for conversion.

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

218.730

203.186

203.186

(b) Reserves & Surplus

5668.161

3777.733

2535.203

(c) Money received against share warrants

187.500

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

6074.391

3980.919

2738.389

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1454.597

971.171

1075.517

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

13.906

7.499

5.567

Total Non-current Liabilities (3)

1468.503

978.670

1081.084

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

9400.668

8967.185

7552.788

(b) Trade payables

511.386

1093.089

483.913

(c) Other current liabilities

389.111

453.483

277.880

(d) Short-term provisions

703.391

342.971

244.890

Total Current Liabilities (4)

11004.556

10856.728

8559.471

 

 

 

 

TOTAL

18547.450

15816.317

12378.944

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

606.861

976.969

716.621

(ii) Intangible Assets

0.408

14.227

12.696

(iii) Capital work-in-progress

1183.622

220.033

86.092

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

190.275

62.656

56.462

(c) Deferred tax assets (net)

14.700

7.927

11.625

(d)  Long-term Loan and Advances

880.182

401.042

291.667

(e) Other Non-current assets

16.736

7.635

18.296

Total Non-Current Assets

2892.784

1690.489

1193.459

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2645.786

1674.797

986.608

(c) Trade receivables

11513.572

11999.882

9309.045

(d) Cash and cash equivalents

285.509

127.235

305.936

(e) Short-term loans and advances

1205.083

304.169

581.393

(f) Other current assets

4.716

19.745

2.503

Total Current Assets

15654.666

14125.828

11185.485

 

 

 

 

TOTAL

18547.450

15816.317

12378.944

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

52691.710

45780.478

36922.867

 

Other Income

113.963

39.509

7.170

 

TOTAL

52805.673

45819.987

36930.037

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

38143.710

37503.545

33248.965

 

Purchases of Stock-in-Trade

10749.198

4947.301

468.192

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(968.979)

(651.289)

18.754

 

Employees benefits expense

234.863

179.474

134.768

 

Other expenses

1351.238

1080.648

918.925

 

Exceptional Items

 

0.000

30.000

 

TOTAL

49510.030

43059.679

34819.604

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3295.643

2760.308

2110.433

 

 

 

 

 

Less

FINANCIAL EXPENSES

1341.355

1126.133

922.788

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1954.288

1634.175

1187.645

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

249.623

129.072

102.887

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1704.665

1505.103

1084.758

 

 

 

 

 

Less

TAX

295.335

238.801

965.279

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1409.330

1266.302

119.479

 

 

 

 

 

 

F.O.B. Value of Exports

 

1834.462

341.773

 

TOTAL EARNINGS

NA

1834.462

341.773

 

 

 

 

 

 

IMPORTS

 

 

 

 

Plant and Machinery

 

21.144

0.000

 

Purchase of Traded Goods

 

718.201

165.180

 

Consumable

 

0.000

0.377

 

TOTAL IMPORTS

NA

739.345

165.557

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.79

6.23

4.75

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

184.925

178.807

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.67

2.77

0.32

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

6.25

6.03

5.72

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.93

9.69

8.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.38

0.40

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.79

2.54

3.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.42

1.30

1.31

 

 

STOCK PRICES

 

Face Value

Rs.1/-

Market Value

Rs.50.25

 

 

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

203.186

203.186

218.730

Reserves & Surplus

2535.203

3777.733

5668.161

Money received against share warrants

187.500

0.000

0.000

Net worth

2925.889

3980.919

5886.891

long-term borrowings

1075.517

971.171

1454.597

Short term borrowings

7552.788

8967.185

9400.668

Current Maturities of Long-Term Debts

178.807

184.925

0.000

Total borrowings

8807.112

10123.281

10855.265

Debt/Equity ratio

3.010

2.543

1.844

 

 

 

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

36922.867

45780.478

52691.710

 

 

23.989

15.096

 

 

 

NET PROFIT MARGIN

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

36922.867

45780.478

52691.710

 

 

23.989

15.096

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loan from Bank

 

200.000

Term loan from Other Parties

 

0.000

Loans and advances from related parties

 

750.000

 

 

 

Total

NA

950.000

 

Note: (As on 31.03.2014)

 

3). Term Loan was taken from IDBI Bank. The loans is secured by way of exclusive charge on Immovable property held in the name of Director & Other party situated at Golden Park, Rampura Road, Basai Darapur, New Delhi and the land/properties held in the name of JTPL Townships Private  Limited situated at JTPL City, Sector-115 Mohali (Punjab). The loan is further secured by personal / Corporate guarantee of Sh. Sanjay Dhingra, Managing Director of Company and Smt. Kanika Dhingra wife of Mr. Sanjay Dhingra and Property owners. Rate of Interest on loan is 12 % . Maturity profile of loans are as set out below:-

 

Particulars

2014-15

2015-16

2016-17

Beyond 2016-17

(Rs. In Million)

(Rs.In Million)

(Rs. In Million)

(Rs. In Million)

a) IDBI Bank Limited

66.667

66.667

666.67

666.67

66.667

66.667

666.67

666.67

 

4) Term Loans from Other party are from Tata Capital Ltd INR 71.428 Million (142.856 Million) and from L and T Finance Limited INR 36.364 Million (109.090 Million).

 

4 .a) Loan from Tata Capital Limited is secured by way of first mortgage/ charge on the immovable property in the name of JTPL Townships Private Limited. situated in Mohali (Punjab) and further secured by personal guarantee of Sh. Sanjay Dhingra , Managing Director of company and Corporate Guarantee of JTPL Townships Private Limited. The present rate of Interest on loan is 14.25%. Maturity profile of loans are as set out below.

 

4. b) Loan from L and T is secured by way of pledge of shares of Kwality Limited held in the name of Mr. Sanjay Dhingra (Director). Pledge value of the shares (1crore shares ) was INR 315.500 Million as on 31.03.2014 and further secured by first mortgage/charge on the immovable property located at Mohali in the name of JTPL Townships Private limited. and personal guarantee Sh. Sanjay Dhingra, Managing Director of Co. and Corporate Guarantee of JTPL Townships Private Limited. Rate of interest on loan is 12.75%. Maturity profile of loans are as set out below

 

Particulars

2014-15

2015-16

2016-17

Beyond 2016-17

(INR in lacs)

(INR in lacs)

(INR in lacs)

(INR in lacs)

Tata Capital Limited

71.428

0.000

0.000

0.000

L and T Finance Limited

36.364

0.000

0.000

0.000

Total Long Term Loans

107.792

0.000

0.000

0.000

 

5) The Loan from related party is unsecured and there is no interest payable on the loan .The loan will be payable in 3 to 5 year.

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10279542

25/07/2014 *

11,264,300,000.00

Bank of India

Large Corporate Branch, 10th Floor, Chanderlok, B

uilding, 36 Janpath, New Delhi, Delhi - 110001, IN

DIA

C16641292

 

 

COMPANY PERFORMANCE (As on 31.03.2014)

 

Your Company achieved a turnover of Rs. 45780.500 Million for the year ended on March 31, 2014, registering a growth of 23.99% over the last year turnover of Rs.36922.9 Million. Profit before Tax at Rs.1505.1 Million is 38.75% higher than that of last year of Rs.1084.800 Million. Profit after Tax for the Financial Year 2013-2014 stood at Rs.1266.300 Million as compared to Rs.965.300 Million in the previous year a growth of 31.18%.

 

FUTURE OUTLOOK (As on 31.03.2014)

 

Over the past decade, significant transformation took place in the Indian demographic space which led to heightened consumer interest in value added products. This shift in the dynamics of the industry proved beneficial for the manufacturers since value added products have higher margins as compared to liquid milk segment. Considering the higher rate of profit margin expected from the value added Products, your Company has shifted focus to add new products in its existing product line. To increase procurement of milk through Producer Based Village Centres. Your Company would be hiring more Milk Chilling Centers (MCC) and also setting up its own large MCCs with capacities of more than 50,000 LPD at different locations in North India.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

 

OUTLOOK-STRUTURE AND DEVELOPMENT OF INDIAN DAIRY (As on 31.03.2014)

 

The dairy industry in India has been on a steady path of progression since Indian independence. Today, India is one of the largest milk producing countries in the world. This solid progress is primarily attributable to structural changes in the Indian dairy industry brought about by the advent of dairy cooperatives.

 

India is the world’s largest milk producer, accounting for around 17% of the global milk production. Besides, it is one of the largest producers as well as consumers of dairy products. Due to their rich nutritional qualities, the consumption of dairy products has been growing exponentially in the country

 

Despite being the world’s largest producer, the dairy sector is by and large in the primitive stage of development and modernization. The sector is plagued with various other impediments like shortage of fodder, its poor quality, dismal transportation facilities and a poorly developed cold chain infrastructure. As a result, the supply side lacks in elasticity that is expected of it.

 

In India, the dairy sector plays an important role in the country’s socio-economic development, and constitutes an important segment of the rural economy. Dairy industry provides livelihood to millions of homes in villages, ensuring supply of quality milk and milk products to people in both urban and rural areas. With a view to keeping pace with the country’s increasing demand for milk and milk products, the industry has been growing rapidly.

 

 

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular

31.03.2014

31.03.2013

Claim against the company not acknowledged as debts

 

 

Milk cess disputed by the company relating to issue of applicability against which the company has preferred an SLP against the order of Punjab & Haryana High Court before Hon'ble Supreme Court of India. A liablity of Cess principal Rs.32.659 Million (from which a sum of Rs.13.196 Million ( pre. Yr Rs.9.806 Million) deposited under protest ) and a sum of Rs.86.644 Million on account of interest liability raised by Semen Bank officer, of Haryana Livestock Development Board for which the matter is already before Hon'ble Supreme Court.

119.303

116.603

A civil recovery suit has been filed by M/s S.M. Milkose Limited. regarding dispute in supply of material which is disputed by the Co. & is pending before The Hon'ble High Court of Delhi.

15.697

15.697

Sales Tax Matters in Appeallate Authorities

17.572

0.000

Contingent Liability for Bills Discounted

0.000

6.797

Contingent Liability under Bank Guarantee

92.218

51.107

Contingent Liability under Letter of Credit

31.542

359.754

Contingent Liability under EPCG Licence

9.958

0.000

Corporate Gurantee given on behalf of wholly owned subsidiary

1622.695

543.893

Commitments

Estimated amount of Contracts remaining to be executed on capital account and not provided for

96.556

111.443

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land
  • Computer
  • Building
  • Plant and Machinery
  • Furniture and Fixture
  • Vehicles

 

Intangible Assets

  • Computer Software

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

No 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.63.64

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

55

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

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

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