MIRA INFORM REPORT
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Report No. : |
324438 |
|
Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL STARCH CHEM ALLIED LIMITED |
|
|
|
|
Registered
Office : |
Mhatre Pen Building, “B” Wing, 2nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai -
400028, Maharashtra |
|
Tel. No.: |
91-22-24362210/ 24363418 |
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|
|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
17.01.1973 |
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|
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Com. Reg. No.: |
11-016247 |
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Capital
Investment / Paid-up Capital : |
Rs. 42.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1973PLC016247 |
|
|
|
|
IEC No.: |
0395034337 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03499G MUMU03704B |
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PAN No.: [Permanent Account No.] |
AAACU0639C |
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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 manufacture of starches and their derivatives and other by products |
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|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 record. Subject was established in 1973. Subject is a manufacture of maize
products and producing starch and liquid glucose. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. Subject can be considered for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
Management non- cooperative (91-22-24362210)
LOCATIONS
|
Registered Office : |
Mhatre Pen Building, “B” Wing, 2nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai -
400028, Maharashtra, India |
|
Tel. No.: |
91-22-24362210/ 24363418 |
|
Fax No.: |
91-22-24305969 |
|
E-Mail : |
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|
Website : |
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|
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Factory : |
Dadasaheb Rawal Group of Industries Rawal Industrial Estate, Dada Nagar, Dondaicha, District: Dhule – 425408,
Maharashtra, India |
|
Tel. No.: |
91-2566-244151/ 244152/ 244153 |
|
Fax No.: |
91-2566-244225 |
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E-Mail : |
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Branches : |
Located at: ·
·
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Jitendrasinh J. Rawal |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Jaydeosinh J Rawal |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Jaykumar J Rawal |
|
Designation : |
Director - Business Development |
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|
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|
Name : |
Mr. Ashok Kothary |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Devprakash Yadava |
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Designation : |
Director |
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|
Name : |
Mr. R. T. Bandodkar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Bindu Madhavan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. G. K. Vishwanath (Upto 30.5.2014) |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Vikrant J Rawal |
|
Designation : |
Director |
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|
Name : |
Mr. Sarvadamansingh R. Vaghela |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Gulabsingh P. Chaudhary |
|
Designation : |
Whole Time Director - Works |
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|
Name : |
Mrs. Sudha R. Mody(From 30.5.2014) |
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Designation : |
Director |
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|
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|
Name : |
Mr. Ashok C. Shah (From 9.8.2014) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ashok A. Baride |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2261700 |
53.85 |
|
|
41100 |
0.98 |
|
|
2302800 |
54.83 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2302800 |
54.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
689 |
0.02 |
|
|
689 |
0.02 |
|
|
|
|
|
|
92237 |
2.20 |
|
|
|
|
|
|
795739 |
18.95 |
|
|
988866 |
23.54 |
|
|
19669 |
0.47 |
|
|
19669 |
0.47 |
|
|
1896511 |
45.16 |
|
Total Public shareholding (B) |
1897200 |
45.17 |
|
Total (A)+(B) |
4200000 |
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) |
4200000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of starches and their derivatives and other by products |
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Products : |
Not Available |
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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 : |
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 : |
The Shamrao Vithal Co-Operative Bank Limited, Mumbai, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
M. B. AGRAWAL and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,200,000 |
Equity Shares |
Rs.10/- each |
Rs. 42.000
Million |
|
|
|
|
|
|
Particulars |
31.03.2014 (Equity Shares) |
|
|
|
Number |
Rs. In Million |
|
|
|
|
|
Shares outstanding
at the beginning of the year |
4,200,000 |
42.000 |
|
Shares Issued during the year |
-- |
-- |
|
Shares
bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the |
4,200,000 |
42.000 |
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
% of Holding |
|
Jitendrasinh J.Rawal |
595667 |
14.18 |
|
Jaydeosinh
J.Rawal |
388567 |
9.25 |
|
Nayankuwar
J.Rawal |
323300 |
7.70 |
|
Pancharatna
J.Rawal |
239700 |
5.71 |
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 |
42.000 |
42.000 |
42.000 |
|
(b) Reserves & Surplus |
80.444 |
43.114 |
68.032 |
|
(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) |
122.444 |
85.114 |
110.032 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
296.798 |
345.480 |
285.485 |
|
(b) Deferred tax liabilities (Net) |
74.247 |
55.192 |
65.429 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
371.045 |
400.672 |
350.914 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
70.299 |
144.482 |
117.131 |
|
(b) Trade
payables |
282.445 |
219.076 |
303.320 |
|
(c) Other
current liabilities |
64.046 |
49.623 |
36.553 |
|
(d) Short-term
provisions |
44.964 |
29.770 |
27.072 |
|
Total Current
Liabilities (4) |
461.754 |
442.951 |
484.076 |
|
|
|
|
|
|
TOTAL |
955.243 |
928.737 |
945.022 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
475.213 |
512.040 |
479.142 |
|
(ii)
Intangible Assets |
1.173 |
1.664 |
2.155 |
|
(iii)
Capital work-in-progress |
0.589 |
0.554 |
48.649 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.316 |
1.316 |
1.314 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.230 |
13.220 |
13.220 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
491.521 |
528.794 |
544.480 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
209.477 |
177.848 |
155.023 |
|
(c) Trade
receivables |
155.711 |
123.175 |
140.730 |
|
(d) Cash
and cash equivalents |
28.943 |
23.161 |
24.674 |
|
(e)
Short-term loans and advances |
67.310 |
74.712 |
79.683 |
|
(f) Other
current assets |
2.281 |
1.047 |
0.432 |
|
Total
Current Assets |
463.722 |
399.943 |
400.542 |
|
|
|
|
|
|
TOTAL |
955.243 |
928.737 |
945.022 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1844.176 |
1698.537 |
1633.195 |
|
|
Other Income |
27.741 |
23.024 |
27.990 |
|
|
TOTAL
(A) |
1871.917 |
1721.561 |
1661.185 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1352.036 |
1392.848 |
1372.372 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
55.614 |
(8.723) |
(41.870) |
|
|
Employees benefits expense |
65.465 |
63.979 |
65.676 |
|
|
Other expenses |
232.625 |
207.410 |
215.056 |
|
|
TOTAL
(B) |
1705.740 |
1655.514 |
1611.234 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
166.177 |
66.047 |
49.951 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.906 |
53.077 |
41.173 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
118.271 |
12.970 |
8.778 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
47.330 |
46.805 |
41.224 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
70.941 |
(33.835) |
(32.446) |
|
|
|
|
|
|
|
Less |
TAX (H) |
33.249 |
(10.237) |
(4.240) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
37.692 |
(23.598) |
(28.206) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
13.358 |
38.276 |
66.482 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Income Tax Adjustment |
0.362 |
1.320 |
0.000 |
|
|
Total
(M) |
0.362 |
1.320 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
50.688 |
13.358 |
38.276 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
19.710 |
43.198 |
3.635 |
|
|
TOTAL
EARNINGS |
19.710 |
43.198 |
3.635 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.97 |
(5.62) |
(6.72) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
33.955 |
23.129 |
18.124 |
|
Cash generated from operations |
(46.012) |
(51.805) |
(40.209) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 1st Quarter |
30.09.2014 2nd Quarter |
31.12.2014 3rd Quarter |
|
Net Sales |
493.200 |
477.800 |
490.500 |
|
Total Expenditure |
460.100 |
488.500 |
487.700 |
|
PBIDT (Excl OI) |
33.100 |
(10.700) |
2.800 |
|
Other Income |
23.000 |
22.900 |
0.000 |
|
Operating Profit |
56.100 |
12.200 |
2.800 |
|
Interest |
13.100 |
13.200 |
12.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
43.000 |
(1.000) |
(9.900) |
|
Depreciation |
11.400 |
9.400 |
10.400 |
|
Profit Before Tax |
31.600 |
(10.400) |
(20.300) |
|
Tax |
11.400 |
(1.700) |
(5.500) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.200 |
(8.700) |
(14.800) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.200 |
(8.700) |
(14.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.04 |
(1.39) |
(1.73) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.01 |
3.89 |
3.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.44 |
(3.65) |
(3.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
(0.40) |
(0.29) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.28 |
6.03 |
3.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.90 |
0.83 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.24.00 |
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 |
42.000 |
42.000 |
42.000 |
|
Reserves & Surplus |
68.032 |
43.114 |
80.444 |
|
Net
worth |
110.032 |
85.114 |
122.444 |
|
|
|
|
|
|
long-term borrowings |
285.485 |
345.480 |
296.798 |
|
Short term borrowings |
117.131 |
144.482 |
70.299 |
|
Current maturities of long-term debts |
18.124 |
23.129 |
33.955 |
|
Total
borrowings |
420.740 |
513.091 |
401.052 |
|
Debt/Equity
ratio |
3.824 |
6.028 |
3.275 |
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 |
1633.195 |
1698.537 |
1844.176 |
|
|
|
4.001 |
8.574 |
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 |
1633.195 |
1698.537 |
1844.176 |
|
Profit |
(28.206) |
(23.598) |
37.692 |
|
|
(1.73%) |
(1.39%) |
2.04% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
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 |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Fixed Deposits |
|
|
|
From Directors |
2.690 |
2.690 |
|
From Others |
15.762 |
15.433 |
|
Interest Accrued and Due |
0.098 |
0.041 |
|
Deferred Payment Liabilities - Sales Tax |
7.672 |
85.074 |
|
Advances / Deposit From Agents |
7.882 |
8.087 |
|
Loans and advances from related parties Loan From Director |
0.000 |
3.528 |
|
Short-term
borrowings |
|
|
|
Loans Repayable On
Demand |
|
|
|
Deferred Payment Liabilities - Sales Tax |
8.578 |
7.380 |
|
Loan From Director |
4.620 |
6.000 |
|
Temporary Book Over Draft |
0.000 |
1.430 |
|
Total |
47.302 |
129.663 |
OPERATIONAL RESULTS:
The Company’s Net Sales for the year amounting to Rs 1719.000 Million as compared to Rs. 1645.800 Million of last year. The result for the year shows Profit before Depreciation of Rs.118.200 Million as against Rs. 13.000 Million in the previous year, however net Profit before tax is of Rs. 70.900 Million as compared to Net loss Rs. 33.800 Million in the Previous Year. The increase in operational Profit was due to increase in Sales and realisation completed with cost central.
MANAGEMENT DISCUSSION
AND ANALYSIS
A) INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Company has entered 41st year of operation and is a leading Producer of Starch based Products in India and having a plant at Rawal Industrial Estate, Dada Nagar, Dondaicha, Dist. Dhule. Our Products find application in various industry segments like Food, Paper, Textiles, Pharmaceuticals and confectionary The day to day management of the Company is looked after by Executive Chairman & Managing Director along with other whole Time Executive Directors assisted by team of competent, Technical and Commercial Professionals. Further details of the company can be obtained by visiting the website www.universalstarch.com.
B) OPPORTUNITIES,
THREATS, RISKS AND CONCERNS:
The company’s Products that are supplied to paper, pharma & FMCG industries are value added Products which offer higher realisation & better contribution. Four industries sectors (Pharma, Food & Beverages, textile & Paper) which are demand drivers for the industries are doing well & expected to continue the uptrend in 2015.
There is a Lack of technology up gradation, structural problems, abrasion by the govt. and improper irrigation facilities in maize products. However The company is fully aware of there challenges and is geared to meet them.
C) INTERNAL CONTROL
SYSTEM:
The Company has in place adequate internal control systems and procedures commensurate with the size and nature of its business. These systems and procedures provide reasonable assurance of maintenance of proper accounting, reliability of financial information, protection of resources and safeguarding of assets against unauthorized use.
The internal auditors conduct audits of various departments based on an annual audit plan. The planning and conduct of internal audits are oriented towards the review of controls in management of the company’s activities. The internal auditors report significant audit observations to the Audit Committee of the Board of Directors.
The committee meets at regular intervals during the year to review audit observations and follow-up implementation of corrective actions. The committee also discusses with the company’s statutory Auditors to ascertain their views of adequacy of internal control systems in the Company The Committee submits its observations to the Board of Directors.
D) HUMAN RESOURCE
& DEVELOPMENT
It is The company’s belief that the competence and commitment of its people are key drivers of competitive advantage enabling The company to deliver unique customer value and complete successfully in the market place.
The company’s human resources management systems and processes aim to create a responsive, market focused, customer centric culture and enhance organizational vitality, so that each business is made more competitive and equipped to seize emerging market opportunities. The staff and executives of the company are sponsored for attending various seminars to upgrade their knowledge bank. The company’s continuing focus on human resources will help it to create and retain critical skills and scale up to meet the market demand. During the year under review the industrial relations with the workman at various units of the company were by and large peaceful and cordial.
E) FINANCIAL PERFORMANCE
The Gross sales for the year i.e. 2013 – 2014 stood at Rs.1900.000 Million as compared to Rs. 1746.600 Million in 2012– 2013. The profit/(loss) before tax for the year stood at Rs.70.900 Million as compared to Rs. (33.800) Million in 2012– 2013.
F) BUSINESS OUTLOOK:
With better raw material situation & reasonable prices of the maize crop, we are continuously optimistic about the current year. The company will expand the export market which will increase the turnover.
G) CAUTIONARY
STATEMENT:
Statements in this respect of Management Discussion and Analysis describing the Company’s objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable security laws or regulations. Actual result could differ materially from those expressed or implied, depending upon economic conditions, changes in Government regulations and policies, demand, supply and price conditions, political and economic developments within and outside the country and various incidental factors.
The Company assumes no responsibility to publicity amends, modify or revise any forward looking statements on the basis of any subsequent developments, information or events. With better raw material situation & reasonable prices of the maize crop, we are continuously optimistic about the current year. The company will expand the export market which will increase the turnover.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10554097 |
13/02/2015 |
1,330,000.00 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, Maharashtra - 400001,
INDIA |
C46161352 |
|
2 |
10513472 |
03/07/2014 |
10,000,000.00 |
The Shamrao Vithal Co-operative Bank Limited |
SVC Tower, Nehru Road,, Vakola, Santacruz (East), |
C14880348 |
|
3 |
10514202 |
03/07/2014 |
50,000,000.00 |
The Shamrao Vithal Co-operative Bank Limited |
SVC Tower, Nehru Road,, Vakola, Santacruz (East), |
C15021165 |
|
4 |
10345277 |
13/02/2012 |
40,000,000.00 |
The Shamrao Vithal Co-Operative Bank Limited |
Maker Towers 'E',1st floor,, Cuffe Parade,, Mumbai, Maharashtra -
400005, INDIA |
B36177509 |
|
5 |
10284946 |
19/03/2011 |
30,000,000.00 |
The Shamrao Vithal Co-Operative Bank Limited |
SVC Tower, Nehru Road, Vakola, Santacruz (E), Mumbai, Maharashtra - 400055,
INDIA |
B11924693 |
|
6 |
10255967 |
04/10/2010 |
100,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LTD. |
Maker Towers 'E',1st floor,, Cuffe Parade,, Mumbai, Maharashtra -
400005, INDIA |
A99647323 |
|
7 |
10226102 |
08/06/2010 |
50,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
Maker Towers 'E',1st floor,, Cuffe Parade,, Mumbai, Maharashtra -
400005, INDIA |
A88446026 |
|
8 |
10155069 |
30/03/2009 |
80,000,000.00 |
The Shamrao Vithal Co-op. Bank Limited |
Maker Towers 'E',1st floor,, Cuffe Parade, Mumbai, Maharashtra -
400005, INDIA |
A61248852 |
|
9 |
10086968 |
20/12/2007 |
1,350,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LTD. |
Maker Towers 'E', 1st Floor,, Cuffe Parade, MUMBAI, Maharashtra -
400005, INDIA |
A31942485 |
|
10 |
10061976 |
14/06/2007 |
455,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LTD. |
MAKER TOWERS 'E', 1ST FLOOR,, CUFFE PARADE,, MUMBAI, Maharashtra -
400005, INDIA |
A19667088 |
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 31.12.2014
(RS. IN MILLION)
|
Sr No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
31.12.2014 Unaudited |
30.09.2014 Unaudited |
31.12.2014 Unaudited |
|
|
|
|
|
|
|
1) |
Net Sales |
467.700 |
477.800 |
1438.800 |
|
2) |
Other Income |
22.800 |
22.900 |
68.700 |
|
3) |
Total
Income ( 1 + 2 ) |
490.500 |
500.700 |
1507.500 |
|
|
|
|
|
|
|
4) |
Total
Expenditure |
|
|
|
|
|
a) ( Increase ) / Decrease in Stock
in Trade and Work in Progress |
26.400 |
(20.300) |
(1.100) |
|
|
b) Consumption of Raw Materials |
345.600 |
391.300 |
1095.900 |
|
|
c) Purchase of Traded Goods |
4.200 |
5.800 |
17.700 |
|
|
d) Employees Cost |
23.400 |
23.000 |
67.200 |
|
|
f) Power, Fuel & Water |
63.500 |
65.500 |
185.700 |
|
|
g) Depreciation |
10.400 |
9.400 |
31.200 |
|
|
h) Other Expenses |
24.500 |
23.200 |
71.000 |
|
5) |
Profit (+) / Loss (-) from
Operations before other Income and Interest (3-4) |
(7.600) |
2.800 |
39.900 |
|
6) |
Finance Cost |
12.700 |
13.200 |
39.000 |
|
7) |
Profit (+) / Loss (-) from Ordinary
Activities before exceptional Items |
(20.300) |
(10.400) |
0.900 |
|
8) |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
Profit (+) / Loss (-) from Ordinary
Activities before Tax |
(20.300) |
(10.400) |
0.900 |
|
9) |
Tax
expenses |
|
|
|
|
|
Current Tax |
(6.000) |
(2.300) |
2.100 |
|
|
Deferred Tax |
0.500 |
0.600 |
1.800 |
|
9) |
Net Profit (+) / Loss (-) from
Ordinary Activities after tax ( 7 - 8 ) |
(14.800) |
(8.700) |
(3.000) |
|
10) |
Extraordinary items ( net of tax
expenses ) |
0.000 |
0.000 |
0.000 |
|
11) |
Net Profit ( + ) / Loss ( - ) for
the period (9 - 10) |
(14.800) |
(8.700) |
(3.000) |
|
12) |
Paid up Equity Share Capital (Face
Value Rs.10/- per Share) |
42.000 |
42.000 |
42.000 |
|
|
|
|
|
|
|
13) |
Reserves excluding Revaluation
Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
|
|
|
|
|
14) |
Earnings
Per Share ( EPS ) |
|
|
|
|
|
a) Basic & diluted EPS before Extraordinary
items for the period, for the year to date and for the previous year ( not to
be annualized) |
(3.52) |
(2.07) |
(0.71) |
|
|
b) Basic & diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year (not to be annualized) |
-- |
-- |
-- |
|
|
|
|
|
|
|
15) |
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
1897200 |
1897200 |
1897200 |
|
|
- Percentage of Shareholding |
45.17 |
45.17 |
45.17 |
|
|
|
|
|
|
|
16) |
Promoters
Promoter Group Shareholding |
|
|
|
|
|
a) Pledge/ Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shareholding |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non-Encumbered |
|
|
|
|
|
- Number of Shares |
2289900 |
2289900 |
2289900 |
|
|
- Percentage of Shareholding |
100.00 |
100.00 |
100.00 |
|
|
( as a % of the
total shareholding of Promoter and Promoter Group) |
|
|
|
|
|
Percentage of
Shares ( as a % of the Total Share Capital of the Company) |
54.83 |
54.52 |
54.82 |
Notes :
1. The result have been reviewed by the Audit Committee and taken on record at the meeting of the Board of Director held on January 31, 2015, after "Limited Review" by the Auditors.
2. The Company is primarily engaged in the business of Manufacturing of Maize
Products. Since the inherent nature of these activities are governed by the
same set of risk and returns, these have need grouped as a single segment in
the above disclosure. The said treatment is in accordance with the guiding
principle enunciated in the Accounting Standard on Segment Reporting (AS -17).
The other activities (mainly for captive consumption) of the Company where risk
and returns are not similar to that of the main activity are Diesel Pump, Wind
Power Generation and Distribution and Effluent Treatment Plant converting waste
(Effluent) generated by the main plant into Bio-gas generation of Electricity
from Co-generation Plant. These activities, although can be termed as business
segment, are not reported separately above as they are not reportable segment
as defined under the Accounting Standard for segment reporting.
3.The management has reassessed useful life of its fixed assets as per Schedule
II of the Companies Act, 2013. Accordingly Depreciation charge for the quarter
and nine months period ended December 31, 2014.
FIXED ASSETS
·
Land
·
Building
·
Plant and machinery
·
Furniture and fixture
·
Office equipment
·
Computers
·
Vehicles
·
Paddle Boat
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.69.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
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 |
|
47 |
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.