MIRA INFORM REPORT
|
Report No. : |
347951 |
|
Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CCL PRODUCTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Duggirala, Guntur – 522330, Andhra Pradesh |
|
Tel. No.: |
91-8644-277294 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
22.03.1961 |
|
|
|
|
Com. Reg. No.: |
01-000874 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.266.056 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15110AP1961PLC000874 |
|
|
|
|
IEC No.: |
0991021347 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC9552G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Soluble Instant Spray Dried Coffee Powder, Spray Dried
Agglomerated / Granulated Coffee, Freeze Dried Coffee, as well as Freeze
Concentrated Liquid Coffee. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exist |
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|
|
|
Comments : |
Subject was established in the year 1961 and it is engaged in producing
and selling of coffee powder. Its products include spray dried coffee powder,
spray dried coffee granules, and freeze dried coffee and freeze concentrate
liquid coffee. For the financial year ended 2015, company has reputed 10.01% sales
turnover growth as compared to previous sales turnover and it has maintained
decent margins at 11.08% during the year under a review. Rating reflect the company’s expertise in instant coffee manufacturing
supported by increasing demand for instant coffee in emerging markets along
with strong order book position and multi-location production strategy
(India, Vietnam and Switzerland). Rating also takes into consideration company healthy financial profile
marked by adequate net worth base, sound debt protection indicators and
favorable liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
FITCH |
|
Rating |
Long term issuer rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Sandhya |
|
Designation : |
Office Executive |
|
Contact No.: |
91-40-23732455 |
|
Date : |
30.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Duggirala, Guntur - 522330, Andhra Pradesh, India |
|
Tel. No.: |
91-8644-277294/ 277296 |
|
Fax No.: |
91-8644-277295 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 Sq ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
7-1-24/2/D, Greendale, Ameerpet, Hyderabad - 500016, Andhra Pradesh,
India |
|
Tel. No.: |
91-40-23732455 |
|
Fax No.: |
91-40-23732499 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Challa Rajendra Prasad |
|
Designation : |
Executive Chairman |
|
Qualification : |
B.E. (Mech.) |
|
|
|
|
Name : |
Mr. I. J. Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Zafar Saifullah |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.04.1936 |
|
|
|
|
Name : |
Mr. J. Rambabu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vipin K. Singal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. K. Sarma |
|
Designation : |
Additional Director (w.e.f. 03.07.2013) |
|
|
|
|
Name : |
Mr. K. Chandrahas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jonathan T. Feuer |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.11.1951 |
|
|
|
|
Name : |
Mr. G.V. Krishna Rau |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Kulsoom Noor Saifullah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. Mohan Krishna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Challa Srishant |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. K.V.L.N. Sarma |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Sridevi Dasari |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Committee : |
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|
|
|
|
Shareholders Relationship Committee : |
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|
|
|
|
Nomination and Remuneration
Committee : |
|
|
Corporate Social Responsibility Committee : |
|
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
59500000 |
44.73 |
|
|
59500000 |
44.73 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
59500000 |
44.73 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
7876838 |
5.92 |
|
|
29748 |
0.02 |
|
|
14022756 |
10.54 |
|
|
21929342 |
16.48 |
|
|
|
|
|
|
4097646 |
3.08 |
|
|
|
|
|
|
17179338 |
12.91 |
|
|
12541566 |
9.43 |
|
|
17780028 |
13.37 |
|
|
9961592 |
7.49 |
|
|
314030 |
0.24 |
|
|
624218 |
0.47 |
|
|
4487999 |
3.37 |
|
|
2392189 |
1.80 |
|
|
51598578 |
38.79 |
|
Total Public
shareholding (B) |
73527920 |
55.27 |
|
Total (A)+(B) |
133027920 |
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) |
133027920 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Soluble Instant Spray Dried Coffee Powder, Spray Dried
Agglomerated / Granulated Coffee, Freeze Dried Coffee, as well as Freeze
Concentrated Liquid Coffee. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
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 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Internal Auditors : |
|
|
|
Ramesh and Company Chartered Accountant |
|
Address : |
H. No: 6-3-661/B/1 Sangeeth Nagar, Somajiguda, Hyderabad – 500 082,
Andhra Pradesh, India |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
P. S. Rao and Associates Chartered Accountant |
|
Address : |
Flat No.10, 4th Floor, D. No.6-3-347/22/2, Ishwarya Nilayam, Opposite Sai Baba Temple, Dwarakapuri Colony, Punjagutta, Hyderabad – 500 082, Andhra Pradesh, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary
Companies : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
133,027,920 |
Equity Shares |
Rs. 2/- each |
Rs. 266.056
Million |
|
|
|
|
|
Details of
shareholders holding more than 5% shares :
|
|
No. of shares |
% Holding |
|
Challa Rajendra Prasad |
7643960 |
5.75% |
|
Challa Shantha Prasad |
18140000 |
13.64% |
|
Challa Srishant |
14450893 |
10.86% |
|
Challa Soumya |
14003500 |
10.53% |
|
Sudha Koneru |
-- |
-- |
|
Reliance Capital Trustee Company Limited |
-- |
-- |
Reconciliation of
Number of Shares
|
|
2014 |
|
Balance at the beginning of the year (Face Value of 10/- each) |
13302792 |
|
|
|
|
Add: Fresh allotment of shares/adjustment for sub-division of shares during the year (i) Addition on account of sub-division of shares of 10/- face value into shares of 2/- face value (on 21st August, 2013) |
-- |
|
(ii)
Bonus Shares issued during the year |
-- |
|
Balance at the end of the year |
13302792 |
Rights attached to
equity shares
The Company has only one class of equity shares having a face
value of Rs. 2 /- each (Previous Year Rs. 2 /-). Each holder of equity share is
entitled to one vote per share. The Company declares and pays dividends in
Indian Rupees. The dividend of Rs. 1.50/- per share (Previous Year Rs. 1.20/-
per share) proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
266.056 |
266.056 |
133.028 |
|
(b) Reserves & Surplus |
3781.849 |
3278.734 |
2865.947 |
|
(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) |
4047.905 |
3544.790 |
2998.975 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
44.683 |
156.521 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
243.243 |
233.225 |
228.749 |
|
Total Non-current
Liabilities (3) |
243.243 |
277.908 |
385.270 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
933.095 |
1054.768 |
1228.929 |
|
(b) Trade
payables |
344.494 |
169.664 |
250.859 |
|
(c) Other
current liabilities |
151.287 |
193.881 |
206.239 |
|
(d) Short-term
provisions |
242.907 |
214.572 |
78.939 |
|
Total Current
Liabilities (4) |
1671.783 |
1632.885 |
1764.966 |
|
|
|
|
|
|
TOTAL |
5962.931 |
5455.583 |
5149.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1687.657 |
1747.701 |
1807.630 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
67.526 |
2.065 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1509.629 |
1386.229 |
800.407 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.159 |
27.294 |
291.565 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3313.971 |
3163.289 |
2899.602 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1287.986 |
1138.485 |
1256.064 |
|
(c) Trade
receivables |
899.789 |
744.829 |
717.584 |
|
(d) Cash
and cash equivalents |
30.304 |
49.849 |
24.000 |
|
(e)
Short-term loans and advances |
425.978 |
355.153 |
249.222 |
|
(f) Other
current assets |
4.903 |
3.978 |
2.739 |
|
Total
Current Assets |
2648.960 |
2292.294 |
2249.609 |
|
|
|
|
|
|
TOTAL |
5962.931 |
5455.583 |
5149.211 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
6719.832 |
6111.067 |
5848.252 |
|
|
Other Income |
13.266 |
9.011 |
14.177 |
|
|
TOTAL
|
6733.098 |
6120.078 |
5862.429 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4111.392 |
3572.519 |
3532.451 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
5.505 |
(20.731) |
(3.827) |
|
|
Employees benefits expense |
232.452 |
218.700 |
174.735 |
|
|
Other expenses |
1090.420 |
1065.068 |
1072.331 |
|
|
TOTAL |
5439.769 |
4835.556 |
4775.690 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1293.329 |
1284.522 |
1086.739 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
56.408 |
72.818 |
119.621 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1236.921 |
1211.704 |
967.118 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
94.549 |
129.650 |
158.755 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1142.372 |
1082.054 |
808.363 |
|
|
|
|
|
|
|
Less |
TAX |
395.743 |
349.476 |
262.460 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
746.629 |
732.578 |
545.903 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
696.700 |
450.800 |
282.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
Dividend |
199.500 |
159.600 |
66.500 |
|
|
Tax on Dividend |
40.600 |
27.100 |
10.800 |
|
|
BALANCE CARRIED
TO THE B/S |
899.800 |
696.700 |
450.800 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
6018.504 |
5541.831 |
5287.440 |
|
|
TOTAL EARNINGS |
6018.504 |
5541.831 |
5287.440 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3339.679 |
2607.054 |
3007.184 |
|
|
Stores & Spares |
52.356 |
54.616 |
32.947 |
|
|
Capital Goods |
68.580 |
44.200 |
55.693 |
|
|
TOTAL IMPORTS |
3460.615 |
2705.870 |
3095.824 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.61 |
5.51 |
41.04 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
455.001 |
516.754 |
130.000 |
|
Cash generated from operations |
1467.094 |
1567.946 |
892.857 |
|
Net cash flow from (used in) operation |
1047.094 |
1247.946 |
558.892 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 1st
Quarter |
30.09.2015 2nd
Quarter |
|
|
Unaudited
|
Unaudited
|
|
Net Sales |
1578.390 |
1780.910 |
|
Total Expenditure |
1249.010 |
1428.030 |
|
PBIDT (Excl OI) |
329.380 |
352.880 |
|
Other Income |
1.250 |
2.880 |
|
Operating Profit |
330.630 |
355.760 |
|
Interest |
8.930 |
11.830 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
321.700 |
343.930 |
|
Depreciation |
23.330 |
25.310 |
|
Profit Before Tax |
298.370 |
318.620 |
|
Tax |
96.230 |
106.790 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
202.140 |
211.830 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
202.140 |
211.830 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.11 |
11.99 |
9.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.25 |
21.02 |
18.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.05 |
26.60 |
18.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.31 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.34 |
0.46 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.40 |
1.27 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 217.95/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
133.028 |
266.056 |
266.056 |
|
Reserves & Surplus |
2865.947 |
3278.734 |
3781.849 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2998.975 |
3544.790 |
4047.905 |
|
|
|
|
|
|
long-term borrowings |
156.521 |
44.683 |
0.000 |
|
Short term borrowings |
1228.929 |
1054.768 |
933.095 |
|
Current Maturities of Long
Term Debt |
130.000 |
516.754 |
455.001 |
|
Total
borrowings |
1515.450 |
1616.205 |
1388.096 |
|
Debt/Equity
ratio |
0.505 |
0.456 |
0.343 |
%20LIMITED%20-%20347951%2002-Nov-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5848.252 |
6111.067 |
6719.832 |
|
|
|
4.494 |
9.962 |
%20LIMITED%20-%20347951%2002-Nov-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5848.252 |
6111.067 |
6719.832 |
|
Profit |
545.903 |
732.578 |
746.629 |
|
|
9.33% |
11.99% |
11.11% |
%20LIMITED%20-%20347951%2002-Nov-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
ITTA 13 / 2015 |
ITTASR 3577 / 2010 |
CASE IS:PENDING |
||||
|
PETITIONER |
RESPONDENT |
|||||
|
THE COMMISSIONER OF INCOME TAX-I |
VS |
CCL PRODUCTS INDIA LIMITED |
||||
|
PET.ADV. : PRASAD (SC FOR INCOME TAX) |
RESP.ADV. : NARAYANA YELLAPANTULA |
|||||
|
SUBJECT: Income Tax Tribunal Appeals |
DISTRICT: HYDERABAD |
|||||
|
FILING DATE: 14-09-2010 |
POSTING STAGE : FOR ADMISSION |
|
||||
|
REG. DATE : 06-03-2015 |
LISTING DATE : 01-06-2015 |
STATUS : --------- |
|
|||
|
HON'BLE JUDGE(S): |
|
HON'BLE THE CHIEF JUSTICE |
SANJAY KUMAR |
|
||
COMPANY PERFORMANCE
The Company posted good financial results during the year.
Turnover of the Company has increased from Rs. 6111.000 Million to Rs. 6719.800
Million and the net profit of the Company increased from Rs. 732.600 Million to
Rs. 746.600 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
BUSINESS REVIEW
The Company has already established its long standing presence in the international markets in the traditional Spray-Dried Instant Coffee segment and has also made a successful entry in the Freeze- Dried Coffee segment. Now, it is focusing to make a mark in the Indian domestic market which is very encouraging.
The Company’s endeavours through its Quality Control Division to enhance the quality of products by a careful mix of various blends and essence and to give the products at best prices to the customer are showing results by taking the products to new competitive markets. Efforts to achieve the right mix of raw-materials are also giving advantage to the Company in achieving the best quality product at the most competitive price. Presently your Company is capable of providing more than 70 varieties and blends of coffee to its customers.
The expanded capacity of the plant at Duggirala in Guntur District of Andhra Pradesh and also the multidimensional presence of the Company will help cater to the increased demand for instant coffee in International markets.
During the year the sales of the Company grew from Rs. 6111.000 Million to Rs. 6719.800 Million. The Net Profit is at Rs. 746.600 Million as against Rs. 732.600 Million during the preceding financial year.
Earning per share (EPS) (Face value of Rs. 2/- per share) for the current year is Rs 5.61.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
China took a conversion and emerging into coffee drinking from traditional tea drinking population. According to the Euromonitor analyst, China now ranks as the fourth-largest global market for RTD coffee in terms of volume, and fifth in terms of value, and its growth is largely a result of the attributes it shares with instant coffee, convenience and a malleable flavour profile.
Vietnam’s instant coffee market is expected to continue to grow steadily in coming years due to a number of market trends. The growth of instant coffee stemmed from rising demand among adolescent consumers, who seek convenient and time saving methods for consuming hot drinks in tune with their busy lifestyle.
OUTLOOK
The modern times have witnessed evolution of coffee drinking from an everyday habit to a healthy lifestyle choice. Coffee has gained the status of being the most preferred beverage worldwide. Coffee is the second most traded commodity in the world.
As per ICO, world coffee demand continues to show significant growth, with considerable potential for further increases. More mature markets such as the EU are relatively stable, while emerging markets, particularly in Africa and Asia, are recording significant increases in consumption and sales.
As far as the Indian domestic market is concerned, consumption of instant coffee is more predominant in East, West and Northern regions of India.
The instant coffee sector outlook is bright as consumers increasingly value instant coffee’s simplicity of preparation.
CERTIFICATIONS AND
AWARDS
The Company has achieved Grade A with British Retail Consortium (BRC) Version 6 as well as International Featured Standards (IFS) which are internationally recognized Global Food Safety Standards.
Furthermore, the Company is certified by Fairtrade Labelling Organizations (FLO Certified) to produce Fair Trade coffees; by Ecocert to produce Organic certified coffees; and by Rainforest Alliance to produce Rainforest certified coffees. Consequently, the Company has the ability to produce dual and triple certified coffees.
The Company is also Halal Certified as well as Kosher Certified. The Company received Commendable Export Performance Award for the year 2010-11, Best Export Performance Award for the year 2011-12 and 2012-13 during the year from Visakhapatnam Special Economic Zone (VSEZ).
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10363435 |
09/06/2012 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA |
B42786152 |
|
2 |
10018894 |
23/02/2013 * |
1,840,800,000.00 |
STATE BANK OF INDIA (IFB) |
Industrial Finance
Branch, Somajiguda, Hyderabad, |
B70807136 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
(A) Claims against
the Company/ disputed liabilities not acknowledged as debts : |
|
|
Excise & Customs |
3.176 |
|
Service Tax |
55.066 |
|
Income Tax |
0.000 |
|
(B) Guarantees |
|
|
Bank Guarantees (includes Corporate Guarantees) |
1499.255 |
|
|
|
|
Total |
1557.497 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER 2015.
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
|
30.09.2014 |
30.06.2014 |
||
|
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
1. |
Income from Operations |
|
|
|
|
a) Net Sales / Income
from Operations |
1757.720 |
1504.439 |
|
|
b) Other Operating Income |
23.188 |
73.946 |
|
|
Total Income from
Operations (net) |
1780.908 |
1578.385 |
|
2. |
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
1113.877 |
942.377 |
|
|
b) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(44.459) |
21.619 |
|
|
c) Packing Materials of FG/WIP |
96.063 |
60.064 |
|
|
d) Stores, Power and Fuel
Charges |
85.966 |
76.426 |
|
|
e) Employee benefits
expense |
64.818 |
57.788 |
|
|
f) Depreciation |
25.314 |
23.327 |
|
|
g) Other expenses |
111.760 |
1272.338 |
|
|
Total Expenses |
1453.340 |
1272.338 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
327.568 |
306.048 |
|
4. |
Other Income |
2.881 |
1.252 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
330.449 |
307.300 |
|
6. |
Finance
Costs |
11.832 |
8.927 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
318.617 |
298.373 |
|
8. |
Exceptional
items |
-- |
-- |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
318.617 |
298.373 |
|
10. |
Tax
expenses - Income Tax - Deferred Tax |
102.300 4.486 |
95.000 1.236 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
211.831 |
202.137 |
|
12. |
Extraordinary items |
-- |
-- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
211.831 |
202.137 |
|
14. |
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
266.056 |
266.056 |
|
15. |
Reserve excluding
Revaluation reserve |
-- |
-- |
|
16. |
Earnings Per Share (EPS)
before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
1.59 1.59 |
1.52 1.52 |
|
|
|
|
|
|
Part II |
|
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of Shares |
73527920 |
73778677 |
|
|
- Percentage of
Shareholding |
55.27% |
55.46% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of promoter and promoter group) |
-- |
-- |
|
|
- Percentage of Shares (as
a % of the Total Share Capital of the Company) |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
59500000 |
59500000 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00% |
100.00% |
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
44.73% |
44.54% |
|
PARTICULARS |
For the quarter ended 30th September 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received during
the quarter |
10 |
|
Disposed
during the quarter |
10 |
|
Remaining
unresolved at the end of the quarter |
Nil |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
Half year ended 30.09.2015 Unaudited |
|
|
|
Particulars |
|
|
A |
EQUITY
AND LIABILITIES |
|
|
1 |
Shareholder’s
Funds |
|
|
|
a)
Share Capital |
266.056 |
|
|
b)
Reserves & Surplus |
4195.817 |
|
|
Sub
Total- Shareholders funds |
4461.873 |
|
2 |
Share
application money pending allotment |
|
|
3 |
Minority
Interest |
|
|
4 |
Non-current
liabilities |
|
|
|
(a)
Long term borrowings |
0.000 |
|
|
(b)
Deferred tax liabilities (Net) |
248.965 |
|
|
Sub
Total- Non Current Liabilities |
248.965 |
|
5 |
Current
liabilities |
|
|
|
(a)
Short term borrowings |
1493.959 |
|
|
(b)
Trade Payables |
111.997 |
|
|
(c)
Other current liabilities |
123.265 |
|
|
(d)
Short term provisions |
2.743 |
|
|
Sub
Total- Current Liabilities |
1731.964 |
|
|
TOTAL-EQUITY
AND LIABILITIES |
6442.802 |
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a)
Fixed assets |
|
|
|
(i)
Tangible assets |
1792.812 |
|
|
(ii)
Capital work-in-progress |
0.116 |
|
|
(b)
Non-current investments |
1509.629 |
|
|
(c)
Long term loans and advances |
113.344 |
|
|
Sub-Total-
Non-current assets |
3415.901 |
|
2 |
Current
assets |
|
|
|
a)
Current Investments |
0.000 |
|
|
b)
Inventories |
1366.661 |
|
|
c)
Trade Receivables |
1050.121 |
|
|
d)
Cash and cash equivalents |
154.448 |
|
|
(e)
Short term loans and advances |
449.759 |
|
|
(f)
Other current assets |
5.912 |
|
|
Sub-Total-
current assets |
3026.901 |
|
|
TOTAL
ASSETS |
6442.802 |
FIXED ASSETS
- Land
- Building
- Plant and
Equipment
- Lab Equipment
- Vehicle
- Computer
- Office
Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.22 |
|
UK Pound |
1 |
Rs. 99.93 |
|
Euro |
1 |
Rs. 71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.