MIRA INFORM REPORT
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Report No. : |
314204 |
|
Report Date : |
28.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANIK INDUSTRIES LIMITED (w.e.f 19.10.2006) |
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|
|
|
Formerly Known
As : |
MADHYA PRADESH GLYCHEM INDUSTRIES LIMITED |
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Registered Office
: |
610, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.02.1976 |
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Com. Reg. No.: |
11-136836 |
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Capital Investment
/ Paid-up Capital : |
Rs. 277.535 Million |
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CIN No.: [Company Identification
No.] |
L24118MH1976PLC136836 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of processing of Milk and Milk Products, Trading of Agri- Commodities and Coal and Wind power Generation. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s established and growing
scale of operations in the dairy business marked by sound financial risk profile
and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term bank Facilities BBB |
|
Rating Explanation |
Moderate degree of safety and Moderate credit risk |
|
Date |
Feb 20, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term bank Facilities A3+ |
|
Rating Explanation |
Moderate degree of safety and Higher credit risk |
|
Date |
Feb 20, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Nandkishor |
|
Designation : |
Account Executive |
|
Contact No.: |
91-731-4018009 |
|
Date : |
26.03.2015 |
LOCATIONS
|
Registered Office : |
610, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22824851/ 53/ 57/ 59/ 63 / 22886871 |
|
Fax No.: |
91-22-22042865 |
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E-Mail : |
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Website : |
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Corporate Office: |
2/1 South Tikoganj, Behind High Court,
Indore- 452001, Madhya Pradesh, India |
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Tel No.: |
91-731-4018009 / 10 / 41 |
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Fax No.: |
91-731-2513285 |
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Dairy Unit 1 : |
Unit I-Village Bilawali, Maksi Road, Dewas, Madhya Pradesh, India |
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Dairy Unit 2 : |
Unit II-Village Bilawali, Maksi Road, Dewas, Madhya Pradesh, India |
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Dairy Unit 3 : |
Dairy Complex, Kasganj Road, Etah, Uttar Pradesh, India |
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Dairy Unit 4 : |
Govindpura Industrial Area, Bhopal,
Madhya Pradesh, India |
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Wind Power Unit 1: |
Located at:
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Kailash Chandra Shahra |
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Designation : |
Chairman |
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Name : |
Mr. Suresh Chandra Shahra |
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Designation : |
Managing Director |
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Name : |
Mr. Manish Shahra |
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Designation : |
Jointly Managing Director |
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Name : |
Mr. Ashok Kumar Trivedi |
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Designation : |
Whole Time Director |
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Name : |
Mr. Kamal Kumar Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. Vijay Rathi |
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Designation : |
Independent Director |
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Name : |
Mr. Hari Narayan Bhatnagar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Kumath |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Nandkishor |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
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|
4560310 |
16.43 |
|
|
9498509 |
34.22 |
|
|
14058819 |
50.66 |
|
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|
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|
Total shareholding of Promoter
and Promoter Group (A) |
14058819 |
50.66 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
19500 |
0.07 |
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|
1111175 |
4.00 |
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|
1130675 |
4.07 |
|
|
|
|
|
|
4344807 |
15.65 |
|
|
|
|
|
|
2749181 |
9.91 |
|
|
666825 |
2.40 |
|
|
4803179 |
17.31 |
|
|
84225 |
0.30 |
|
|
4523914 |
16.30 |
|
|
12295 |
0.04 |
|
|
147185 |
0.53 |
|
|
35560 |
0.13 |
|
|
12563992 |
45.27 |
|
Total Public shareholding (B) |
13694667 |
49.34 |
|
Total (A)+(B) |
27753486 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
27753486 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of processing of Milk and Milk Products, Trading of Agri- Commodities and Coal and Wind power Generation. |
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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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Dena
Bank ·
Punjab
National Bank ·
Central
Bank of India ·
Oriental
Bank of Commerce ·
Bank of
India ·
State
Bank of Travancore ·
Allahabad
Bank ·
IDBI
Bank Limited |
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Facilities : |
Note: SHORT TERM
BORROWINGS Working Capital Loans
from Consortium Banks are secured by : a) Hypothecation of stocks of raw materials, finished goods, stores and spares, stock in process, packing materials and book debts, and all other movables, both present and future, lying or stored in factory premises, at Village Bilawali, Dist. Dewas (M.P.) , Kasganj Road, Etah (U.P.), Govindpura , Bhopal units or wherever else, the same may be held or kept. b) Further secured by Equitable Mortgage created over the Land situated at village Bilawali Dist. Dewas (MP) and Kasganj Road, Etah (U.P.) with all buildings, super structures, plant and Machinery installed thereon except specific equipment, Plant and Machinery charged to Dena Bank for securing Term Loan. c) Short term borrowing aggregating to Rs. 887.274 Million (previous year 856.320 Million) is secured by Personal guarantee of Directors. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
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Address : |
317 Chetak Centre, Annex R.N.T. Marg, Indore – 452001, Uttar Pradesh,
India |
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Tel. No. : |
91-731-2517341/ 4069301/ 2523134 |
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Email : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate/ Joint
Venture : |
Mahakosh Property Developers |
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Entities where Key
Management Personnel and/or their relatives have significant influence: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised
capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Million |
|
500000 |
Non-cumulative Redeemable Preference
Shares |
Rs.100/- each |
Rs. 50.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27753486 |
Equity Shares |
Rs.10/- each |
Rs. 277.535 Million |
|
|
|
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|
The reconciliation of
the number of shares and amount outstanding is set out below:
|
Particulars |
31.03.2013 |
|
|
No. of Shares |
Rs. In
million |
|
|
Balance at the beginning of the year |
2,77,53,486 |
277.535 |
|
Add: Shares issued during the year |
-- |
-- |
|
Equity
Shares at the year |
2,77,53,486 |
277.535 |
Rights, Preference
and Restrictions attached to Shares:
The company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
The details of Shares
held by Shareholders holding more than 5% shares in the Company:
|
Name
of the Shareholders |
31.03.2013 |
|
|
No. of shares held |
%Held |
|
|
Equity
Shares |
|
|
|
Clemfield Industries Limited |
28,98,018 |
10.44 |
|
Suman Agritech Private Limited |
16,58,754 |
5.98 |
|
Promise Securities Private Limited |
16,09,125 |
5.80 |
|
Neha Resorts and Hotels Private
Limited |
14,61,448 |
5.27 |
For a period of five
years immediately preceding the date of Balance Sheet i.e. 31 March, 2014 the
company has not -
(i) Allotted shares as fully paid up pursuant to contract(s) without payment being received in cash.
(ii) Allotted shares as fully paid up by way of bonus shares.
(iii) Bought back shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
277.535 |
277.535 |
277.535 |
|
(b) Reserves & Surplus |
2230.886 |
2119.834 |
2013.192 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2508.421 |
2397.369 |
2290.727 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
227.999 |
97.474 |
195.605 |
|
(b) Deferred tax
liabilities (Net) |
104.603 |
102.398 |
98.706 |
|
(c) Other long term
liabilities |
137.313 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.483 |
8.428 |
7.950 |
|
Total Non-current
Liabilities (3) |
477.398 |
208.300 |
302.261 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1486.329 |
1918.452 |
2990.041 |
|
(b) Trade payables |
4721.285 |
3636.051 |
4117.726 |
|
(c) Other current
liabilities |
228.072 |
213.763 |
268.529 |
|
(d) Short-term provisions |
4.342 |
3.979 |
4.255 |
|
Total Current Liabilities
(4) |
6440.028 |
5772.245 |
7380.551 |
|
|
|
|
|
|
TOTAL |
9425.847 |
8377.914 |
9973.539 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1485.276 |
1468.948 |
1163.022 |
|
(ii) Intangible Assets |
0.000 |
0.029 |
3.893 |
|
(iii) Capital
work-in-progress |
105.145 |
25.506 |
18.229 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.610 |
1.016 |
0.708 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.772 |
59.560 |
51.699 |
|
(e) Other Non-current
assets |
60.700 |
8.962 |
0.000 |
|
Total Non-Current Assets |
1710.503 |
1564.021 |
1237.551 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
170.490 |
128.877 |
246.128 |
|
(b) Inventories |
1394.911 |
1339.080 |
1414.330 |
|
(c) Trade receivables |
4558.282 |
3601.341 |
4436.647 |
|
(d) Cash and cash
equivalents |
700.638 |
721.394 |
1624.806 |
|
(e) Short-term loans and
advances |
668.210 |
757.483 |
775.838 |
|
(f) Other current assets |
222.813 |
265.718 |
238.239 |
|
Total Current Assets |
7715.344 |
6813.893 |
8735.988 |
|
|
|
|
|
|
TOTAL |
9425.847 |
8377.914 |
9973.539 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
14480.698 |
12640.047 |
16076.963 |
|
|
Other Income |
567.113 |
401.236 |
509.979 |
|
|
TOTAL (A) |
15047.811 |
13041.283 |
16586.942 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3943.189 |
3209.959 |
3392.950 |
|
|
Purchases of
Stock-in-Trade |
9423.472 |
8253.225 |
11382.395 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(52.898) |
94.453 |
162.038 |
|
|
Employees benefits
expense |
140.944 |
122.356 |
111.051 |
|
|
Other expenses |
832.174 |
698.462 |
742.231 |
|
|
TOTAL (B) |
14286.881 |
12378.455 |
15790.665 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
(C) |
760.930 |
662.828 |
796.277 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
566.574 |
474.810 |
578.724 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
194.356 |
188.018 |
217.553 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.599 |
57.183 |
56.409 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
140.757 |
130.835 |
161.144 |
|
|
|
|
|
|
|
Less |
TAX (H) |
29.705 |
24.193 |
28.707 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
111.052 |
106.642 |
132.437 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
1308.863 |
1202.221 |
1069.784 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) |
1419.915 |
1308.863 |
1202.221 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
of Goods on FOB basis |
210.249 |
63.185 |
54.994 |
|
|
Merchandise
trade on FOB basis |
785.050 |
829.541 |
837.263 |
|
|
Insurance |
|
|
|
|
|
TOTAL EARNINGS |
995.299 |
892.726 |
892.257 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Purchase of Raw Materials &
Finished Goods |
2085.747 |
2373.903 |
4387.126 |
|
|
Merchandise Trade |
751.637 |
810.746 |
820.527 |
|
|
TOTAL IMPORTS |
2837.384 |
3184.649 |
5207.653 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.00 |
3.84 |
4.77 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.77 |
0.84 |
0.82 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.25 |
5.24 |
4.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.51 |
1.57 |
1.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68 |
0.84 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.18 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
277.535 |
277.535 |
277.535 |
|
Reserves & Surplus |
2013.192 |
2119.834 |
2230.886 |
|
Net worth |
2290.727 |
2397.369 |
2508.421 |
|
|
|
|
|
|
long-term borrowings |
195.605 |
97.474 |
227.999 |
|
Short term borrowings |
2990.041 |
1918.452 |
1486.329 |
|
Total borrowings |
3185.646 |
2015.926 |
1714.328 |
|
Debt/Equity ratio |
1.391 |
0.841 |
0.683 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16076.963 |
12640.047 |
14480.698 |
|
|
|
(21.378) |
14.562 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16076.963 |
12640.047 |
14480.698 |
|
Profit |
132.437 |
106.642 |
111.052 |
|
|
0.82% |
0.84% |
0.77% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
Case Details Bench:-Bombay |
|
Lodging
No.:- |
SL/894/2012 |
Filing
Date:- |
02/04/2012 |
Reg.
No.:- |
S/1179/2012 |
Reg.
Date:- |
07/05/2012 |
|
Petitioner:- |
TWENTY FIRST CENTURY WIRE
RODS LIMITED |
Respondent:- |
ANIK INDUSTRIES LIMITED |
|
Petn.Adv.:- |
AJIT J. SHOBHAWAT (0) |
Resp.Adv.:- |
A.M. VERNEKAR (0) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
||
|
Status:- |
Transferred |
Category:- |
SUITS FOR GOODS SOLD
& DELIVERED |
|
Transfer
Date:- |
03/10/2012 |
Remark:- |
TRANSFERRED TO CITY CIVIL
COURT |
|
Act
:- |
Code of Civil Procedure
1908
|
OPERATIONS
During the year, Company achieved a turnover of Rs. 15047.800 Million, which is increased by around 15% as compared to previous year. Operating profit has increased by around 3% at Rs. 194.300 Million and Net profit also increased by around 4% at Rs. 111.000 Million during the year. On the manufacturing front turnover increased by more than 18% and stood at Rs. 8921.000 Million and manufacturing profit has also gone up by 21%.
Management of the Company under the direction of the Board of Directors is continued in achieving the targets of cutting down in the cost of operations and getting efficiency in this area by using better alternated resources/means.
BUSINESS EXPANSION
& DIVERSIFICATION
Dairy Business
During the year, dairy business of the Company is increased by about 18% as compared to previous year. Company's dairy plants at Dewas (M.P.), Bhopal (M.P.) and Etah (U.P.) are running successfully.
In addition to this, the Company is enthusiastically keeping a watch on the southern and the western regions of India for setting up few more dairy plants to cover these regions where they are sure that the products of the Company shall be taken hand to hand.
Mining Business
On the front of recently diversified business of mining, the
year again remained productive as for few of the mines allotted to the Company,
they are inching towards getting necessary permissions/ approvals and believe
to start commercial activities in near future.
Further, sincere efforts of the Company are continue to set up mineral based industry in Madhya Pradesh to use explored minerals from own mines in future. Better profitability and turnover is expected from these activities in future.
Real Estate Business
The integrated township project 'Active Acres' at Kolkata launched few years back by M/s. Mahakosh Property Developers, a partnership wherein the Company is partner with major stake, is continuously getting good response from all segments of public even in the phase of slow down period in the Real Estate Sector, where, out of completed 4 towers and 1 tower under construction, booking of about 90% of the residential units has been done and more than 300 families have started living in township, which indicates the Company's reputation and sustainability which will result in good profits in the years to come.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
With mass population and powerful purchasing power, India is amongst one of the fastest growing consumer market and expected to be the strongest economy in the world in coming future. However, worldwide slow down has also affected Indian economy resulting in growth rate of 4.7% in last financial year.
The Company is primarily engaged in the business of processing of Milk & Milk Products, Trading of Agri- Commodities & Coal and Wind power Generation.
India has been ranked first amongst the world's milk producing countries, which accounts for around 18% of global milk production, most of which is consumed domestically. The per capita availability of milk has increased from 176 grams per day in 1990-91 to 290 grams per day in present time, comparable with the world's milk per capita availability of 289 grams per day. India, where consumption of dairy products is rapidly increasing, is well poised for higher growth in the coming years in dairy sector.
In terms of wind power installed capacity, India is amongst top five countries in the world. The unexploited resource has the potential to sustain the growth of wind energy in future. The renewable energy in India has already a significant share of India's installed power capacity & it is expected, that this share will keep on growing.
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE
The Company has identified three business segments in line with the accounting standard on segment reporting. These are:
Dairy Products - Milk, Ghee, Milk Powder and other Dairy products.
Wind Power Unit - Wind Power Generation.
Other - Trading of Coal, Agri Commodities, Edible Oil etc.
OUTLOOK
The Company's endeavors are also continuing to enter into remaining parts of Central, Western and Southern parts of India also. They have started concentrating more on supplying hygienic quality liquid milk in pouches and in line with Company has successfully launched liquid milk in tetra pack with longer shelf life and hopeful that this will further strengthen our position in the market.
Further, the Wind Power Projects of the Company are generating electricity satisfactorily. Electricity produced in Rajasthan Plant is being sold to Rajasthan Electricity Board (RSEB) while in Madhya Pradesh they have captive consumption in their plant and remaining electricity is sold to Madhya Pradesh Electricity Board (MPEB). They see ecological power generation as the sunrise industry of tomorrow and have positioned ourselves to save the nature and to reap the reward for their stakeholders.
With their strong focus on core business activities and their competitive position, better performance is expected in the years to come.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
From Banks |
50.000 |
0.000 |
|
Less : Amount disclosed under the head Current Maturities of Long Term Debt |
119.474 |
92.632 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
286.145 |
500.000 |
|
Buyers Credit form Banks |
312.910 |
562.133 |
|
Total |
529.581 |
969.501 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10547710 |
03/11/2014 |
40,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE
BRNACH, 2ND FLOOR, PALIKA PLAZA, PH |
C42840942 |
|
2 |
10503241 |
26/03/2014 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C06763734 |
|
3 |
10536387 |
14/03/2014 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
C36836393 |
|
4 |
10302470 |
26/07/2011 |
250,000,000.00 |
IDBI BANK LIMITED |
UPPER GROUND FLOOR, CAPTAIN C.S. NAYUDU ARCADE, 10/2, OLD PALASIA, INDORE, MADHYA PRADESH - 452001, INDIA |
B18909655 |
|
5 |
10278740 |
31/03/2011 |
90,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B10121044 |
|
6 |
10213944 |
16/07/2014 * |
6,373,000,000.00 |
DENA BANK CONSORTIUM |
IFB BRANCH, 17, HORNIMAN CIRCLE,, MUMBAI, MAHARASHTRA - 400023, INDIA |
C12617080 |
|
7 |
10166524 |
18/06/2009 |
110,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA |
A65427759 |
|
8 |
10092656 |
17/07/2012 * |
150,000,000.00 |
IDBI BANK LIMITED |
UPPER GROUND FLOOR, CAPTAIN C.S. NAYUDU ARCADE, 10/2, OLD PALASIA, INDORE, MADHYA PRADESH - 452001, INDIA |
B45403037 |
|
9 |
80054958 |
30/10/2002 |
50,000,000.00 |
WEST BENGAL INDUSTRIAL
DEVELOPMENT CORPORATION LIM |
5,COUNCIL HOUSE
STREET, CALCUTTA, WEST BENGAL - 7 |
- |
|
10 |
90354956 |
03/06/2014 * |
6,373,000,000.00 |
DENA BANK |
IFB BRANCH, 17, HORNIMAN CIRCLE, MUMBAI, MAHARASHTRA - 400023, INDIA |
C09069782 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. In Million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
a) Outstanding Bank Guarantees |
265.493 |
42.418 |
|
b) Income tax / Sales tax/ Excise duty demand disputed in appeal
[Net of advance paid Rs. 27.486 Million against disputed demand] |
106.390 |
59.291 |
|
c) Estimated
liability of Custom Duty, which may arise if export obligation/ commitment is
not fulfilled |
20.629 |
13.559 |
|
d) Claims against the
company not acknowledged as debt |
52.394 |
54.048 |
|
e) Bills
Discounting with Banks |
23.600 |
24.371 |
UNAUDITED
(PROVISIONAL) FINANCIAL RESULTS FOR THE QUARTER 31 DECEMBER 2014
|
Particulars |
Quarter Ended (3
Months) |
Nine Months Ended
|
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
2817.179 |
3333.270 |
9846.750 |
|
|
(b) Other Operating Income |
20.901 |
13.945 |
37.389 |
|
|
Total income from operations (net) |
2838.080 |
3347.215 |
9884.139 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1343.253 |
950.340 |
3163.601 |
|
|
(b) Purchases of stock-in trade |
1391.984 |
2488.184 |
6094.783 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(247.211) |
(341.006) |
(299.346) |
|
|
(d) Employee benefits expense |
42.227 |
36.109 |
112.301 |
|
|
(e) Depreciation and Anmortisation Expenses |
12.925 |
16.321 |
44.305 |
|
|
(f) Other Expenses |
161.510 |
123.682 |
412.374 |
|
|
Total expenses |
2704.688 |
3273.630 |
9528.018 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
133.392 |
73.585 |
356.121 |
|
4 |
Other Income |
49.972 |
128.396 |
209.281 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
183.364 |
201.981 |
565.402 |
|
6 |
Finance Costs |
167.761 |
188.383 |
496.018 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
15.603 |
13.598 |
69.384 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
15.603 |
13.598 |
69.384 |
|
10 |
Tax expenses |
3.000 |
3.000 |
10.500 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
12.603 |
10.598 |
58.884 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
|
|
|
|
14 |
Share of profit' (loss) of associates |
NA |
NA |
NA |
|
15 |
Minority Interest |
NA |
NA |
NA |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
12.603 |
10.598 |
58.884 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
277.535 |
277.535 |
277.535 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
0.45 |
0.38 |
2.12 |
|
|
(b) Diluted |
0.45 |
0.38 |
2.12 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
0.45 |
0.38 |
2.12 |
|
|
(b) Diluted |
0.45 |
0.38 |
2.12 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
13694667 |
13694667 |
13694667 |
|
|
- Percentage of shareholding |
49.34 |
49.34 |
49.34 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
0 |
0 |
0 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
0 |
0 |
0 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
0 |
0 |
0 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
14058819 |
14058819 |
14058819 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
50.66 |
50.66 |
50.66 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
|
Received during the quarter |
9 |
|
|
|
|
Disposed of during the quarter |
9 |
|
|
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
|
Note:
The above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors of the Company at their meeting held
on 14.02.2015 and have undergone limited review by the Statutory Auditors.
Consequent to enactment of new Companies Act 2013 and as per the Schedule II of
the Companies Act 2013 with effect from 1st April 2014 company has revised the
useful life of fixed Assets for providing depreciation on it. Accordingly,
carrying amount as on 01/04/2014 has been depreciated over the remaining
revised useful life of the fixed assets. Due to this change the depreciation
for the quarter ended 31/12/2014 is lower by Rs. 0.401 Million and for the
period ended 31.12.2014 is higher by Rs. 4.296 Million and profit before tax is
higher to the extent of Rs. 0.401 Million and lower to the extent of Rs.4.296
Million respectively. In accordance with transitional provision in respect of
assets whose useful life is already exhausted as on 01/04/2014, depreciation
(Net of deferred Tax) has been recognized in the opening balance of retained
earnings in accordance with requirement of Schedule II of the Act.
Previous period / year figures have been regrouped / recasted wherever
necessary
SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED AS PER CLAUSE
41 OF THE LISTING AGREEMENT (FOR THE QUARTER ENDED 31ST DECEMBER
2014)
(Rs. In Million)
|
Particulars |
Quarter Ended (3 Months) |
Nine Months Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a Dairy Products |
2293.881 |
2242.784 |
6515.655 |
|
|
b Wind Power |
1.523 |
4.339 |
8.180 |
|
|
c Trading Others |
521.775 |
1086.147 |
3322.915 |
|
|
d Unallocable amount |
70.873 |
142.341 |
246.670 |
|
|
Net Sales /
Income |
2888.052 |
3475.611 |
10093.420 |
|
|
|
|
|
|
|
2 |
Profit before Tax
an Interest |
|
|
|
|
|
a Dairy Products |
144.338 |
98.881 |
314.115 |
|
|
b Wind Power |
1.175 |
2.949 |
5.312 |
|
|
c Trading Others |
34.299 |
100.151 |
242.423 |
|
|
d Unallocable amount |
0.000 |
0.000 |
0.000 |
|
|
Total |
179.812 |
201.981 |
561.850 |
|
|
Less: |
|
|
|
|
|
i) Interest |
164.209 |
188.383 |
492.466 |
|
|
ii)Prior period adjustment expense |
0.000 |
0.000 |
0.000 |
|
|
iii) Other un-allocable expenditure net off un-allocable income |
0.000 |
0.000 |
0.000 |
|
|
Total Profit
before Tax |
15.603 |
13.598 |
69.384 |
|
|
|
|
|
|
|
3 |
Capital employed |
|
|
|
|
|
a Dairy Products |
2085.324 |
1824.532 |
2085.324 |
|
|
b Wind Power |
68.268 |
76.324 |
68.268 |
|
|
c Trading Others |
1090.137 |
675.825 |
1090.137 |
|
|
Total Segment
Capital Employed |
3243.729 |
2576.681 |
3243.729 |
|
|
Add: |
|
|
|
|
|
Unallocable Corporate Assets Less Liabilities |
1901.189 |
1756.432 |
1901.189 |
|
|
Total |
5144.918 |
4333.113 |
5144.918 |
FIXED ASSETS
- Land - Free Hold
- Land – Leasehold
- Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Trade Mark
- Software’s
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.61 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
48 |
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.