MIRA INFORM REPORT
|
Report No. : |
321718 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
L T FOODS LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 134, First Floor, Rectangle - 1, Saket District Centrenew Delhi – 110017, Delhi |
|
Tel. No.: |
91-11-26857099/91-1243055100 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
16.10.1990 |
|
|
|
|
Com. Reg. No.: |
55-041790 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 263.056 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1990PLC041790 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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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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|
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Line of Business
: |
Processor and
exporter of pledged basmati rice. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 7900000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial position of the company is decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = BBB- (Suspended) |
|
Rating Explanation |
Have moderate degree of safety and carry very moderate credit risk. |
|
Date |
SEPTEMBER, 1.2014 |
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|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A3 (Suspended) |
|
Rating Explanation |
Have moderate degree of safety and carry high credit risk. |
|
Date |
SEPTEMBER, 1.2014 |
REASON FOR SUSPENSION: The suspension of rating is
on account of non - corporation by LTFL with CRISIL’s effort to undertake a
review of the ratings outstanding.
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 PARTED BY
|
Name : |
Mr. Yogesh |
|
Designation : |
Export Department |
|
Contact No.: |
91-124-3055100 |
|
Date : |
07.05.2015 |
LOCATIONS
|
Registered Office : |
Unit No. 134, First Floor, Rectangle - 1, Saket District Centrenew Delhi – 110017, Delhi, India |
|
Tel. No.: |
91-11-26857099/91-1243055100 (Mr. Yogesh) |
|
Fax No.: |
91-11-26859344 |
|
E-Mail : |
anup.bajaj@ltgroup.in monika.jaggia@ltgroup.in |
|
Website : |
http://www.ltgroup.in http://www.ltoverseas.com |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Plot No. 119, Sector-44, Institutional Area, Gurgaon – 122002,
Haryana, India |
|
Tel. No.: |
91-124-3055100 |
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Fax No.: |
91-124-3055199 |
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|
|
|
Factory 1 : |
43Km Stone, GT Road, Bahalgarh, Sonepat, Kamaspur, Bahalgarh, Sonepat
-131001, India |
|
|
|
|
Factory 2: |
Located At ·
Mandideep, Bhopal ·
Phoola Road ·
Amritsar
Varpal ·
Punjab |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Vijay Kumar Arora |
|
Designation : |
Chairman and Managing Director |
|
Age: |
55 Year |
|
Qualification |
Graduate |
|
|
|
|
Name : |
Mr. Ashwani Kumar Arora |
|
Designation : |
Joint Managing Director |
|
Age: |
44 Year |
|
Qualification |
Graduate |
|
DIN No: |
01574773 |
|
|
|
|
Name : |
Mr. Surinder Kumar Arora |
|
Designation : |
Joint Managing Director |
|
Qualification |
Under Graduate |
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|
|
|
Name : |
Mr. Jagdish Chandra Sharma |
|
Designation : |
Independent Director |
|
Age: |
|
|
Name : |
Mr. Rajesh Kumar Srivastava |
|
Designation : |
Nominee Director |
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|
|
|
Name : |
Ms. Radha Singh |
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Designation : |
Independent Director |
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|
Name : |
Mr. Pramod Bhagat |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Surender Kumar Tuteja |
|
Designation : |
Independent Director |
|
Name : |
Mr. Vijay Kumar Arora |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ashwani Kumar Arora |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. Surinder Kumar Arora |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Jagdish Chandra Sharma |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Rajesh Kumar Srivastava |
|
Designation : |
Nominee Director |
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|
|
|
Name : |
Ms. Radha Singh |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Pramod Bhagat |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Surender Kumar Tuteja |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Monika Chawla Jaggia |
|
Designation : |
Company Secretary and
Compliance Officer |
|
Address : |
4th Floor, MVL-I Park, Sector - 15, Gurgaon - 122001,
Haryana, India |
|
Tel no.: |
91-124-3055101 |
|
Fax No.: |
91-124-3055199 |
|
E-mail: |
Monika.jaggia@ltgroup.in |
|
|
|
|
Name : |
Mr. Yogesh |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
6548172 |
24.75 |
|
|
11366001 |
42.97 |
|
|
3098413 |
11.71 |
|
|
8267588 |
31.25 |
|
|
17914173 |
67.72 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17914173 |
67.72 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
8519 |
0.03 |
|
|
3835015 |
14.50 |
|
|
3843534 |
14.53 |
|
|
|
|
|
|
460170 |
1.74 |
|
|
|
|
|
|
1911087 |
7.22 |
|
|
2161058 |
8.17 |
|
|
163560 |
0.62 |
|
|
18595 |
0.07 |
|
|
87980 |
0.33 |
|
|
50000 |
0.19 |
|
|
491 |
0.00 |
|
|
6494 |
0.02 |
|
|
4695875 |
17.75 |
|
Total Public shareholding (B) |
8539409 |
32.28 |
|
Total (A)+(B) |
26453582 |
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) |
26453582 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processor and exporter of pledged basmati rice. |
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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 : |
Finished goods |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers, End Users
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Note: Details of
security for each type of borrowings : Rupee term loan
from all banks are secured against first pari passu charge on the existing project assets, excluding assets
charged specifically to the term lenders and Second Pari Passu on current
assets of the Company. Rupee term loan
from Allahabad Bank amounting to Rs.1,40.200 Million is secured against first
exclusive charge over the entire fixed assets created under the Varpal,
Amritsar project. second charge on current assets on reciprocal basis with
ceding of Second charge on
the fixed assets in favour of working capital loan bankers. Rupee term loan
from Allahabad Bank amounting to Rs. 2,01.844 Million is secured against
first exclusive charge over the entire fixed assets of the Silos project
located at Amritsar. Second pari -passu charge over fixed assets of Bahalgarh
unit along with equitable mortgage over land and building on pari passu basis
to secure entire credit facilities sanctioned by consortium. Vehicle loans from all banks are secured against hypothecation of
respective motor vehicle financed. |
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
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|
|
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Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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|
|
|
Partnership firm : |
Raghunath Agro Industries |
|
|
|
|
Associates |
LT Infotech Private Limited |
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|
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Subsidiaries : |
|
CAPITAL STRUCTURE
As on 09.09.2014
Authorised Capital : Rs. 300.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 264.535 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
263056090 |
Equity Shares |
Rs.10/- each |
Rs. 263.056
Million |
|
|
|
|
|
Note:
During the year,
the Company had issued and allotted 137,214 (Previous year 49,981) equity
shares to eligible employees of the Company and its subsidiaries under
Employees stock option scheme.
Terms/rights attached
to equity shares The Company has only one class of equity shares having the par
value of Rs.10 per share. Each holder of equity share is entitled to one vote
per share. The Company declares and pays dividend in Indian Rupees. During the
year ended March 31, 2014 the amount of per share dividend recognised as
distributions to equity shareholders was Rs. 2.25 per share (previous year Rs.
2 per share). In the event of liquidation of the Company, the holder of equity
shares will be entitled to receive remaining assets of the Company, after
payment of all liabilities. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% of the equity shares of the Company
|
PARTICULAR |
Number |
% shareholding |
|
Equity shares of ` 10 each |
|
|
|
India Agri
Business Fund Limited |
3,835,015 |
14.66 |
|
Ashwani Arora |
2,723,152 |
10.41 |
|
Surinder Arora |
2,820,152 |
10.78 |
|
Ashok Kumar Arora |
2,742,418 |
10.48 |
|
Raghuvesh Holdings Private Limited |
1,395,208 |
5.33 |
|
Vijay Kumar Arora and Ashwani Arora |
1,606,320 |
6.14 |
|
Gurucharan Dass Arora |
1,573,932 |
6.01 |
|
Vijay Kumar Arora |
1,117,964 |
4.27 |
|
Gurucharan Dass Arora and Surinder Arora |
1,109,520 |
4.24 |
Shares reserved
for issue under options and contracts / commitments for the sale of shares /
disinvestments The Company had reserved issuance of 8,49,538 (Previous year
8,49,538) Equity shares of ` 10 each for offering to eligible employees of the
Company and its subsidiaries under Employees Stock Option Plan (ESOP). During
the year, the Company had issued and allotted 137,214 (Previous year 49,981)
equity shares to eligible employees of the Company and its subsidiaries under
ESOP. The option would vest over a maximum period of 4 years or such other
period as may be decided by the Employees Stock Compensation Committee from the
date of grant based on specific criteria.
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 |
263.056 |
261.684 |
261.184 |
|
(b) Reserves & Surplus |
2512.990 |
2,189.48 |
1,906.83 |
|
(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) |
2776.046 |
2451.167 |
2168.009 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
581.262 |
590.415 |
646.491 |
|
(b) Deferred tax liabilities (Net) |
44.482 |
45.724 |
75.664 |
|
(c) Other long term
liabilities |
0.868 |
0.868 |
0.863 |
|
(d) long-term
provisions |
9.473 |
11.752 |
20.021 |
|
Total Non-current
Liabilities (3) |
636.085 |
648.759 |
743.039 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7422.746 |
8,084.390 |
6,910.72 |
|
(b) Trade
payables |
927.057 |
808.277 |
774.983 |
|
(c) Other
current liabilities |
612.313 |
667.168 |
480.949 |
|
(d) Short-term
provisions |
206.472 |
88.782 |
11.384 |
|
Total Current
Liabilities (4) |
9168.588 |
9648.615 |
8178.035 |
|
|
|
|
|
|
TOTAL |
12580.719 |
12748.541 |
11089.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1708.045 |
1,713.21 |
1,766.79 |
|
(ii)
Intangible Assets |
12.034 |
11.585 |
12.194 |
|
(iii)
Capital work-in-progress |
90.017 |
81.091 |
33.798 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
599.219 |
577.397 |
566.469 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
160.861 |
160.799 |
129.749 |
|
(e) Other
Non-current assets |
8.643 |
0.469 |
5.523 |
|
Total Non-Current
Assets |
2578.819 |
2544.553 |
2514.524 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
|
|
(b)
Inventories |
6718.852 |
6,321.63 |
4,998.76 |
|
(c) Trade
receivables |
2538.109 |
2,749.49 |
2,694.04 |
|
(d) Cash
and cash equivalents |
110.635 |
167.8 |
247.355 |
|
(e)
Short-term loans and advances |
624.578 |
965.067 |
634.253 |
|
(f) Other
current assets |
9.726 |
0.000 |
0.154 |
|
Total
Current Assets |
10001.900 |
10203.988 |
8574.559 |
|
|
|
|
|
|
TOTAL |
12580.719 |
12748.541 |
11089.083 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17987.256 |
16596.510 |
9841.993 |
|
|
|
Other Income |
121.277 |
78.243 |
156.572 |
|
|
|
TOTAL |
18108.533 |
16674.753 |
9998.565 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14630.442 |
9412.838 |
5206.650 |
|
|
|
Purchases of Stock-in-Trade |
589.221 |
4694.612 |
2205.174 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(812.505) |
(1215.915) |
(43.577) |
|
|
|
Prior Item |
(0.567) |
(2.988) |
1.949 |
|
|
|
Exception Item |
0.000 |
0.000 |
241.277 |
|
|
|
Employees benefits expense |
334.320 |
292.987 |
233.202 |
|
|
|
Other expenses |
1863.053 |
1993.714 |
1129.371 |
|
|
|
TOTAL |
16603.964 |
15175.248 |
8974.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1504.569 |
1499.505 |
1024.519 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
718.122 |
824.081 |
772.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
786.447 |
675.424 |
251.884 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
219.377 |
233.490 |
212.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
567.070 |
441.934 |
39.681 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
182.231 |
103.684 |
(4.748) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
384.839 |
338.250 |
44.429 |
|
|
|
|
|
|
|
|
|
|
IMPORTS ON CIF
BASIS |
|
|
|
|
|
|
|
Capital goods |
11.283 |
9.467 |
22.501 |
|
|
|
Packing
materials |
0.000 |
0.742 |
0.744 |
|
|
|
Store and Spares |
7.945 |
0.000 |
1.408 |
|
|
|
Other food item |
0.000 |
1.427 |
0.000 |
|
|
TOTAL IMPORTS |
19.228 |
11.636 |
24.653 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB
value of exports |
|
|
|
|
|
|
Rice |
8273.958 |
8374.106 |
4332.755 |
|
|
|
Others |
0.505 |
683.964 |
245.215 |
|
|
|
TOTAL EARNINGS |
8274.463 |
9058.070 |
4577.970 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
14.65 |
12.95 |
1.700 |
|
|
|
Diluted
|
14.51 |
12.80 |
1.680 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
2.14 |
2.04 |
0.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.36 |
9.04 |
10.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.77 |
3.66 |
0.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.18 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.88 |
3.54 |
3.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.06 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
261.184 |
261.684 |
263.056 |
|
Reserves & Surplus |
1906.825 |
2189.483 |
2512.990 |
|
Net
worth |
2168.009 |
2451.167 |
2776.046 |
|
|
|
|
|
|
long-term borrowings |
646.491 |
590.415 |
581.262 |
|
Short term borrowings |
6910.719 |
8084.388 |
7422.746 |
|
Total
borrowings |
7557.210 |
8674.803 |
8004.008 |
|
Debt/Equity
ratio |
3.486 |
3.539 |
2.883 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9841.993 |
16596.510 |
17987.256 |
|
|
|
68.630 |
8.380 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9841.993 |
16596.510 |
17987.256 |
|
Profit |
44.429 |
338.250 |
384.839 |
|
|
0.45% |
2.04% |
2.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
NOTES:
Corporate information
LT Foods Limited
(the Company) is a public Company domiciled in India and incorporated under the
provisions of the Companies Act, 1956. LT Foods Limited is primarily in the
business of milling, processing and marketing of branded and non-branded
basmati rice and manufacturing of rice food products in the domestic and
overseas market. LT Foods Limited operations include contract farming,
procurement, storage, processing, packaging and distribution. LT Foods Limited
is also engaged in research and development to add value to rice and rice food
products. LT Foods Limited rice product portfolio comprises brown rice, white
rice, steamed rice, parboiled rice, organic rice, quick cooking rice, value
added rice and flavored rice in the ready to cook segment.
Economic Overview
Year 2013 proved
to be a year of consolidation for the global economy. At 3%, global GDP growth
recorded slight moderation in 2013 from 3.2% achieved in 2012. The world output
could have dipped further but for increased activities across major developed
as well as developing economies in the second half of 2013. GDP growth of
developed economies stood at 1.3% in 2013, marginally down from 1.4% recorded
in 2012. Developing economies were no different in achieving a GDP growth of
4.7%, slightly lesser than 5.1% recorded in2012. Going forward, the stronger
growth momentum of the second half of 2013 is likely to continue through much
of 2014 and 2015, helping the world output to grow by 3.6% and
3.9%respectively. Indian economy too witnessed increased activities in the
second half of the fiscal year 2013-14 (FY 14). Central Statistics Office (CSO)
estimates India’s GDP growth at 4.7% in FY 14 from 4.5% (revised from earlier
estimate of 5%) recorded in FY 13. In a year where estimated growth rate
(year-on-year) is subdued for most of the segments, utilities (electricity, gas
and water) and agriculture are two segments that are estimated to improve their
growth rate by more than 3% over the previous year
Business Overview
LT Foods is a
leading integrated foods company into branded Basmati rice, staples, ready-to
eat snacks and organic food products besides a pioneering foray into grain
storage business. Its market leading global brand portfolio includes iconic
brands such as ‘Daawat’, ‘Devaaya’, ‘Heritage’, ‘Royal’, ‘Chefz Secret’,
‘MyMy’, ‘Ecolife’, etc. With a vast network of more than 450 distributors,
across the length and breadth of the country; LT Foods is leading branded foods
company in India. Internationally, its products are marketed across in more
than 60 countries in all continents. Its
brand ‘Royal’ is the largest selling basmati rice brand in US.
Overview of Subsidiaries
Daawat Foods Limited:
The
rice plant of the Company performed extremely well during the year. Overall
sales of the plant were 30% higher than the last year. Daawat Foods Limited
pursues stringent quality and safety norms in the facilities with due focus on
operational efficiencies. The yield of the subsidiary went up to 65% during the
year with head rice recovery at 47%, an improvement over last year by 3.7%.
Kusha Inc:
The
year witnessed the introduction of Chakki Atta under its brand Royal in the US
market which was very well accepted. This in addition to the Royal’s range of rice
and grains and Indian simmer sauces has had a good market during the year. With
the demand rising, the Company is now planning to extend the Royal Flour range
by addition of 6 more products during the next year. During the year, the
Company also ventured into organic food products. Under the range, Organic Sona
Masoori, under Royal umbrella was introduced in the US market. Going forward,
the Company is focusing on implementation of
extensive marketing campaigns involving social media to
Introduce more products
such as lentils, Indian spices and Quick Cooking Brown Rice in the US market.
The Company is also looking to launch Royal Basmati range in Mexico through
demos and advertisements.
Nature Bio-Foods Ltd:
The
organic food exports of LT Foods scaled new heights from a growth of Rs. 54
crores in the last year to Rs. 1350.000 Million. New products were added to the
export basket which range from organic brown rice for industrial usage such as
“rice cakes”, rice syrup, rice protein etc. The Company is engaged into
nurturing
domestic
market for its ‘Ecolife’ range which includes cereals, pulses, Oil &
Oilseeds, Spices, Nuts, Dehydrated Fruits, Fresh Fruits and Vegetables. All
these products will be marketed as ECOLIFE Organic” and are sourced from the NBF registered farming operation across India. During the year,
Nature Bio- Foods Ltd became the First
National Winner of EMERGING INDIA AWARD 2013
by CNBC TV 18 and also received award for CSR
activities from FICCI.
LT Foods Middle East DMCC:
The
year saw a growth of 98% in volume over last year for the Middle East business
of LT Foods. During the year, the Company also strengthened its presence in
terms of distribution and market share in key markets of Iraq, Kuwait and
United Arab Emirates. Daawat as a brand strengthened its presence in Iraq, UAE
and Kuwait in terms of distribution as well as market share. Given the tough
situation in the Iraq market due to political turbulences, the Company
performed relatively well. LT Foods DMCC looked to enhance its presence through
an
increase
its outlet coverage across markets. The Company also intensified its efforts to
stabilize the distribution network in all channels of trade specific to retail
packs. Specific to Iraq and Saudi Arabia, the Company worked towards increasing
the penetration of the wholesale and food service channel.
Outlook
With a vision to
foresee tomorrow by beginning today, LT Foods is moving to the next year
lugging a new zeal to outperform itself in each and every business segment.
Right from its outreach to people across the world, to its products offerings,
moving to new products catering to different creeds and tastes, LT Foods is
prepared to do it all. The positive sentiments around the new government and
stable policies shall result in better prospects for the country. We are geared
up to make use of the same coupled with our zeal to perform even better during
the years to come with our capabilities and strategies. The Directors hereby
present to the the 24th Annual Report of the Company alongwith the Audited
Statement of Accounts for the
year ended 31st
March 2014.
Financial Performance
The Company’s
continued focus on keep adding new products, markets and point of sale held it
in good stead in a difficult fiscal year 2013-14 that witnessed widespread
economic slowdown worldwide. On consolidated basis, the Company came within
striking range of Rs. 25000.000 Million mark in recording a 12% growth in
revenues that stood at Rs. 24930.000 Million. Company’s focus on high margin
branded business coupled with various efficiency enhancement measures helped
the Company post 18% growth in EBITDA which reached Rs. 2820.000 Million for
the year. Prudent management of working capital led to a 3% reduction in the
overall finance cost which helped Company post a handsome 42% growth in its net
profit which rose to Rs. 850.000 Million from Rs. 600.000 Million in the
previous year.
On standalone
basis, the revenues grew by 9% to reach
Rs. 1,8110.000
Million whereas EBITDA grew by 0.34% to reach
Rs. 1500.000 Million. Profit after tax recorded a 13.8% growth to reach
Rs. 380.000 Million From Rs. 340.000 Million
recorded in the previous year.
CONTINGENT LIABILITIES
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Nature of contingency |
|
|
|
Income-tax demands * |
82.511 |
106.679 |
|
Haryana rural development fund demand of market committee, Sonepat |
3.078 |
3.078 |
|
Food Corporation India demand for differential price /freight /taxes |
33.900 |
33.900 |
|
Duty saved under EPCG licenses(export obligation outstanding Rs.
370.213 Million) (previous year Rs. 346.405 Million) |
60.905 |
53.552 |
|
Bank Guarantee |
152.459 |
126.600 |
|
Guarantees given by Company to bank on behalf of subsidiary/firm in which
the company is a partner |
5428.443 |
5633.493 |
|
Guarantees given by Company on the behalf of subsidiary for export
obligation under EPCG scheme |
1.468 |
1.468 |
|
Guarantees given by Company to
other on behalf of subsidiary |
- |
54.389 |
|
Total |
5762.764 |
6016.160 |
Notes:
The Company has
filed appeals against the order of the AO before CIT(Appeals) for the AY
2003-04 to AY 2007-08. The CIT(Appeals) vide its order dated 25/3/2013,
28/3/2013 and 10/10/2013 has allowed substantial relief to the Company and
after allowing appeal effect of the order of CIT(Appeals) by the AO, the demand
has reduced to Rs. 8.0.59 Million
(Previous year Rs. 20.582 Million). The Company has filed appeals against the
order of CIT(Appeals) for the above said assessment years before the Income Tax
Appellate Tribunal, on issues for which relief has not been given by
CIT(Appeals).
The Company appeal for the AY 2008-09, AY 2009-10 and AY 2000-01 are
still pending before Income Tax Appellate Tribunal
and demand of Rs.74.453 Million is outstanding against the Company
(Previous year Rs. 74.453 Million).
The Company appeal
before CIT(Appeals) for the AY 2010-11 against order of the AO for penalty u/s
272B of the Act has been allowed in favour of the Company vide order of the CIT(A)
dated 25/9/2013 and the outstanding demand in the case has
reduced to Nil
(Previous year Rs. 116.80 Million).
The Company has
paid Rs.102.815 Million are per the directions of Income Tax Department against
the outstanding demands and the same will be adjusted / refunded, once the
appeals are final. The management is confident that it’s position is likely to
be upheld in the appeals pending before Income Tax Appellate Tribunal and no
liability on the Company on account of these proceedings.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31TH DECEMBER, 2014
(Rs. In Million)
|
Sr. No. |
Particular |
Three Months
Ended |
Nine Months
Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from
Operations (Net of Excise Duty) |
4603.826 |
4149.006 |
13796.959 |
|
|
|
b. Other Operating Income |
28.767 |
75.218 |
209.029 |
|
|
|
Total Income
from Operations (Net) |
4632.593 |
422.424 |
14005..988 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
3385.598 |
2704.557 |
9812.649 |
|
|
|
b. Purchase of Stock-in trade |
274.892 |
912.328 |
1202.371 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and
Stock-in-trade |
76.977 |
(2403.38) |
349.006 |
|
|
|
d. Employees Benefit Expenses |
98.934 |
103.102 |
289.671 |
|
|
|
e. Depreciation and Amortisation Expenses |
70.233 |
78.041 |
197.880 |
|
|
|
f. Other expenses |
471.617 |
39.684 |
1272.675 |
|
|
|
Total Expenses |
4378.251 |
3954.536 |
13124.252 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
254.342 |
269.688 |
881.736 |
|
|
4 |
Other Income |
0.009 |
5.278 |
6.005 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
254.351 |
274.966 |
887.741 |
|
|
6 |
Finance Costs |
203.045 |
210.352 |
640.617 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
51.306 |
64.614 |
247.124 |
|
|
8 |
Exceptional items |
- |
- |
- |
|
|
9 |
Profit from
ordinary activities before tax |
51.306 |
64.614 |
247.124 |
|
|
10 |
Tax Expense |
23.682 |
35.824 |
89.680 |
|
|
11 |
Net Profit from ordinary
activity after tax |
23.624 |
28.790 |
157.444 |
|
|
12 |
Prior period items |
(0.047) |
(0.077) |
0.233 |
|
|
13 |
Net Profit After
Tax |
25.671 |
28.867 |
157.211 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
263.950 |
263.050 |
263.950 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting Year |
- |
- |
- |
|
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
- |
- |
- |
|
|
|
Basic EPS |
0.97 |
1.12 |
5.96 |
|
|
|
Diluted EPS |
1.11 |
5.90 |
9.93 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public
Shareholding |
|
|
|
|
|
|
- No. of shares |
8480845 |
8490638 |
8480845 |
|
|
|
- Percentage of shareholding |
32.13% |
32.17% |
32.13% |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
2,500,000 |
2,500,000 |
2,500,000 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
13.96% |
13.96% |
13.96% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the
company) |
9.47%9.47 |
9.47% |
% |
|
|
|
b)
Non-encumbered |
|
|
|
|
|
|
- No. of shares |
15,414,173 |
15,404,380 |
15,414,173 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
86.04% |
86.04% |
86.04% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the
company) |
58.40% |
58.36% |
58.40% |
|
Notes:
1. The
unaudited accounts of the Company were adopted by the Board of Directors at its
meeting held on February 13, 2015 after review by the audit committee at its meeting
held on February 13, 2015 and have been reviewed by the statutory auditors of
the company.
2. The Company is primarily engaged in the
business of manufacturing, trading and marketing of rice which is a single
primary reportable segment as per Accounting Standard (AS) 17 on Segment
Reporting.
3. The Company on April 01, 2011 granted 648329
options to employees specified in the Employee Stock Option Scheme of 2010.
Pursuant to the accounting enunciated in guidelines issued by the Securities
& Exchange Board of India, the Company has recorded in expense on the basis
of fair valuation of the underlying options. The Remuneration Committee on
February 07, 2013 has approved additional options of 201209 to the eligible
employees of the Company. Further, under the above Scheme the Committee in the
previous meetings have allotted 335168 shares to the employees who have
exercised their options. However, 182440 options granted to the employees
specified have been lapsed.
4. During the current quarter, a fire occurred
on June 07, 2014 in one of the subsidiary company, Dawaat Foods Ltd resulting
in loss of stock of raw material (including paddy, bardana, consumables and
other income) having book value of Rs 1799.140 Million. The Company has filed a
claim with the insurance Company of Rs 18.971 Million and recognised claim to
the extent of Rs 1799.140 Million in the books of account. The Company is
confident of successful recovery of she said claim account, no adjustment to
the carrying values of amount recoverable is made in the financial results for
the quarter ended December 31, 2014.
5. Previous year / period figures have been
regrouped recast and rearranged wherever necessary.
UNSECURED LOAN
(Rs.
In Million)
|
SECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Loans repayable
on demand |
|
|
|
From banks |
165.000 |
151.370 |
|
|
|
|
|
Total |
165.000 |
151.370 |
Note:
Working capital
demand loans are secured by hypothecation of stocks and book debts of the Company.
The working capital demand loans is repayable on demand and the interest on
above term loans from banks are linked to the respective banks base rates which
are floating in nature. The interest rate ranges from 10.00 % to 13.00 % on
rupee working capital loan.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10558532 |
03/03/2015 |
240,000,000.00 |
STATE BANK OF HYDERABAD |
16, kundan Building, Nehru Place, Delhi,
Delhi - |
C48632145 |
|
2 |
10550588 |
31/12/2014 |
40,000,000.00 |
BANK OF BARODA |
BANK OF BARODA BUILDING, FIRST FLOOR, 16
SANSAD M |
C44118099 |
|
3 |
10542175 |
15/12/2014 |
786,000,000.00 |
PUNJAB NATIONAL BANK |
IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI,
Delhi - 1 |
C40019291 |
|
4 |
10541482 |
27/11/2014 |
164,400,000.00 |
The Karur Vysya Bank Ltd. |
Karol Bagh,, New Delhi, Delhi - 110005, INDIA |
C39680921 |
|
5 |
10535643 |
14/01/2015 * |
4,247,000,000.00 |
Oriental Bank of Commerce |
Large corporate Branch, Harsha Bhawan, E
Block, C |
C42058487 |
|
6 |
10535646 |
01/11/2014 |
70,000,000.00 |
Oriental Bank of Commerce |
Large corporate Branch, Harsha Bhawan, E
Block, C |
C36382950 |
|
7 |
10535864 |
01/11/2014 |
115,600,000.00 |
Oriental Bank of Commerce |
Large corporate Branch, Harsha Bhawan, E
Block, C |
C36527943 |
|
8 |
10545080 |
30/10/2014 |
592,500,000.00 |
State Bank of Hyderabad |
16, Kundan House, Nehru Place, New Delhi,
Delhi - |
C41447095 |
|
9 |
10530440 |
14/08/2014 |
2,648,500,000.00 |
State Bank of India |
Commercial Branch, Hoshangabad Road,
Bhopal, Madh |
C33126574 |
|
10 |
10504744 |
26/03/2014 |
240,000,000.00 |
DENA BANK |
Corporate Business Branch, E-13/29, Ground
Floor, |
C07875453 |
* Date of charge modification
FIXED ASSETS
- Land Freehold
- Land leasehold
- Buildings
- Plant and machinery
- Furniture and fixtures
- Office equipment
- Vehicles
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 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. 63.84 |
|
UK Pound |
1 |
Rs.98.46 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
MAN |
|
|
|
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
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 |
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.