MIRA INFORM REPORT
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Report No. : |
343161 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
REI AGRO LIMITED |
|
|
|
|
Registered
Office : |
“Everest House”, 46C, Chowringhee Road, 15th Floor, Room No.15B, Kolkata – 700 071,
West Bengal |
|
Tel. No.: |
91-33-22882241 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
14.09.1994 |
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|
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Com. Reg. No.: |
21-104573 |
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Capital
Investment / Paid-up Capital : |
Rs. 1357.985 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14200WB1994PLC104573 |
|
|
|
|
IEC No.: |
0599053321 |
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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.] |
AABCR4929H |
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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
: |
Subject is engaged in the business of manufacturing, trading
and marketing of agro products and Power Generation through Wind farms. |
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|
|
|
No. of Employees
: |
29 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
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|
|
|
Payment Behaviour : |
Slow and Delayed |
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|
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 14th
September, 1994. It is promoted by two brothers, Mr. Sanjay Jhunjhunwala and
Mr. Sandip Jhunjhunwala of Kolkata. The company has incurred a huge
accumulated loss which has eroded the networth of the company. The subject company is declared as a sick unit
by Board for Industrial and Financial Reconstruction (BIFR). The management has register case (Case
No.85/2015) with Board for Industrial and Financial Reconstruction under
section 3 (1) (0) of sick Industrial companies act 1985. The order on which approval for
rehabilitation proposal is yet to be heard. However, business is active. Payment terms
are slow but delayed. The company can be considered for business
on a fully safe and secured trade terms and condition. Note:
Subject has been found under RBI Defaulter’s list the name of Credit
Grantors is Andhra Bank and the amount charged is Rs. 939.300 Million dated
30.06.2015. |
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 |
CARE |
|
Rating |
Long Term Bank Facilities = ‘CARE D’ |
|
Rating Explanation |
Expected to be in default |
|
Date |
04.08.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts (Willful
Defaulters) of Rs. 2.500 Million and above
|
Borrowers’ Name : |
REI AGRO LIMITED |
|
Address : |
Everest House, 46c, Chowringhee Road, 15 Floor Kolkata-700071, West Bengal, India |
|
Name of Individual : |
Asoke Kumar Charterjee Krishna Dayal Ghosh Narpinder Kumar Gupta( Independent DIR) Sandip Jhunjhunwala Sanjay Jhunjhunwawa ( Non-Executive DIR) |
|
Name of Credit Grantors / Bank & Branch: |
Andhra Bank, Chowringhee |
|
Amount (Rs. In Millions) : |
Rs.939.300 Million |
Suit-filed accounts
(Willful Defaulters) of Rs. 10.000 Million and above
|
Borrowers’ Name : |
REI AGRO LIMITED |
|
Address : |
Everest House, Room No.:15B, 46C, Chowringhee Road, 15 Floor Kolkata-700071, West Bengal, India |
|
Name of Individual : |
Asoke Kumar Charterjee Krishna Dayal Ghosh Narpinder Kumar Gupta Sanjay Jhunjhunwawa |
|
Name of Credit Grantors / Bank & Branch: |
Central Bank of India, CFB Kolkata, West Bengal, India |
|
Amount (Rs. In Millions) : |
Rs.22.355 Million |
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 : |
Mr. Ajay Gupta |
|
Designation : |
Vice President |
|
Contact No.: |
91-9810087480 |
|
Date : |
03.10.2015 |
LOCATIONS
|
Registered Office : |
“Everest House”, 46C, Chowringhee Road, 15th Floor, Room No.15B, Kolkata – 700
071, West Bengal, India |
|
Tel. No.: |
91-33-22882241 |
|
Mobile No.: |
91-9810087480 (Mr. Ajay Gupta) |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate office : |
58A/1, Sainik Farm, New Delhi-110062, Delhi, India |
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Manufacturing Unit 1 : |
Plot No.691 to 696,
Sector-2, 94, K.M. Mile Stone, Delhi-Jaipur Road, NH-8, Bawal Growth Centre,
District Rewari, Haryana, India |
|
|
|
|
Manufacturing Unit 2 : |
Plot No.180D, E, F, G, H,
I, J and 181A, Sector –3, 94, KM Milestone, Delhi-Jaipur Road, Bawal Growth
Centre, District Rewari, Haryana, India |
|
|
|
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Manufacturing Unit 3 : |
Plot No.126, Sector-6, HSIIDC,
Bawal Growth Centre, District Rewari, Haryana, India |
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Wind Mill 1 : |
Village:
Soda – Mada, District Jaisalmer, Rajasthan, India |
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Wind Mill 2 : |
Village: Dhulia, Titane
and Brahmanwel, District Dhule, Maharashtra, India |
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Wind Mill 3 : |
Village Udyathur,
Radhapuram, Muppandal, District Tirunelveli, Tamilnadu, India |
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Wind Mill 4 : |
Village
Surajbari, District Kutch, Gujarat, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sandip Jhunjhunwala |
|
Designation : |
Chairman cum Managing Director## |
|
Address : |
10/4 Alipore Park Place, Kolkata, Kolkata-700027, West Bengal, India |
|
Date of Appointment
: |
14.09.1994 |
|
DIN No.: |
00174885 |
|
|
|
|
Name : |
Mr. Asoke Chatterjee* |
|
Designation : |
Independent Non-Executive Director |
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|
|
|
Name : |
Dr. ING Narpinder Kumar Gupta |
|
Designation : |
Independent Non-Executive Director |
|
Address : |
8/14, Sarvapriya Vihar, New Delhi-110016, Delhi, India |
|
Date of Appointment
: |
12.03.1995 |
|
DIN No.: |
00032956 |
|
|
|
|
Name : |
Mr. Krishna Dayal Ghosh |
|
Designation : |
Independent Non-Executive Director |
|
Address : |
245A, Panchanantala Road, Kolkata-700041, West Bengal, India |
|
Date of Appointment
: |
30.01.2002 |
|
DIN No.: |
02489190 |
|
|
|
|
Name : |
Ms. Anishrava Agrawal** |
|
Designation : |
Independent Non-Executive Director |
Note :
##appointed Chairman w.e.f. 30.05.2014
*expire on 04.08.2015
**resigned w.e.f 25.04.2015
KEY EXECUTIVES
|
Name : |
Mr. Ajay Gupta |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Ranjan Majumder* |
|
Designation : |
Chief Financial Officer (*resigned w.e.f. 18th July, 2014) |
|
|
|
|
Name : |
Mr. Mandan Mishra |
|
Designation : |
Company Secretary Cum Compliance Officer |
|
Address : |
E-1/129,Sector-11, Faridabad, Faridabad-121006, Haryana, India |
|
Date of Appointment
: |
25.06.2007 |
|
PAN No.: |
AGVPM0857E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
16465220 |
1.72 |
|
|
258181969 |
26.95 |
|
|
274647189 |
28.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
274647189 |
28.67 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
300000 |
0.03 |
|
|
1261305 |
0.13 |
|
|
135748167 |
14.17 |
|
|
137309472 |
14.33 |
|
|
|
|
|
|
54208765 |
5.66 |
|
|
|
|
|
|
306165161 |
31.96 |
|
|
154539535 |
16.13 |
|
|
31114832 |
3.25 |
|
|
30112508 |
3.14 |
|
|
1360 |
0.00 |
|
|
1000964 |
0.10 |
|
|
546028293 |
57.00 |
|
Total Public shareholding (B) |
683337765 |
71.33 |
|
Total (A)+(B) |
957984954 |
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) |
957984954 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
trading and marketing of agro products and Power Generation through Wind
farms. |
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|
Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
29 (Approximately) |
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Bankers : |
· Andhra Bank · Axis Bank · Bank of Baroda · Bank of Maharashtra · Central Bank of India · Corporation Bank · Dena Bank · Dhanlaxmi Bank Limited · IDBI Bank Limited · IFCI Limited · Indian Overseas Bank · Indian Renewable Energy Development Agency Limited · IndusInd Bank · Infrastructure Development Finance Company Limited · ING Vysya Bank Limited · Karur Vysya Bank · Lakshmi Vilas Bank Limited · State Bank of Bikaner and Jaipur · State Bank of Patiala · State Bank of Travancore · The Jammu and Kashmir Bank Limited · UCO Bank · Union Bank of India · United Bank of India |
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Facilities : |
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Auditors : |
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|
Name : |
P. K. Lilha and Company Chartered Accountants |
|
Address : |
5and 6, Pannalal Banerjee Lane, (fancy Lane) 5th Floor, Kolkata -700001, West Bengal, India |
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Tel/Fax No.: |
91-33-22485858/22484439/22109201 |
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E-Mail : |
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|
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Internal Auditors : |
S. Jaykishan Chartered Accountants |
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|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
Wholly Owned
Subsidiaries : |
· Ammalay Commoditiess JLT, UAE · Ammalay International PTE LIMITED, Singapore · Holy Stars Limited, Mauritius · Orient Agro (M) Limited, Mauritius · Auckland Holdings Limited, Mauritius |
|
|
|
|
Ammalay Commoditiess JLT, Dubai and its
subsidiaries : |
· Ammalay General Trading LLC, Dubai · Ammalay FZE, Sharjah, UAE · Surimp International Pte Limited, Singapore · Ammalay Mines Et Minerauux SARL, Morocco · Surimp Shipping Limited, British Virgin Islands · Alia North Limited, Hong Kong |
|
|
|
|
Name of Companies,
where control exist ( either individually or with others) and with whom the
company had transactions during the year : |
· Dr. ING N.K. Gupta Technical Consultants (P) Limited · REI Six Ten Retail Limited · My Grahak Shopping Online Limited |
|
|
|
|
Associate Company : |
· Varrsana Ispat Limited · Anagi Construction Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,600,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 1600.000 Million |
|
4,000,000 |
Preference shares |
Rs.100/- each |
Rs.400.000 Million |
|
|
Total |
|
Rs. 2000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
957,984,954 |
Equity Shares |
Rs.1/- each |
Rs. 957.985
Million |
|
4,000,000 |
4% Non Convertible Redeemable Preference shares |
Rs.100/- each |
Rs. 400.000 Million |
|
|
Total |
|
Rs.1357.985 Million |
A) Equity Share
Capital includes
29,945,550 (29,945,550) Equity Shares of Re. 1/- each issued through QIP in FY 2009-10
352,398 (352,398) Equity shares of Re. 1/- each issued against conversion of 350 FCCB of USD ($) 1,000/- each in FY 2009-10
638,656,636 (638,656,636) Equity shares issued as right shares of Re. 1/- each during the FY 2010-11
44,000 (2,934,760) Equity Shares of Re. 1/- each representing 2,200 (146,738) Global Depository Receipts in the ratio of 20 Equity Shares for each GDR
88,801,800 (88,801,800) Equity shares of Re. 1/- each issued
as fully paid up Bonus Shares by capitalisation of General reserve
B) Reconciliation of
No of Shares is setout below
1 Equity Share
capital
|
Particular |
As on 31.03.2015 |
|
|
|
No of Shares |
Amount (Rs. In Million) |
|
At the beginning of the Reporting Date |
957984954 |
957.985 |
|
Outstanding at the end of the Reporting Date |
957984954 |
957.985 |
2 Preference Share capital
|
Particular |
As on 31.03.2015 |
|
|
|
No of Shares |
Amount (Rs. In Million) |
|
At the beginning of the Reporting Date |
4,000,000 |
400.000 |
|
Outstanding at the end of the Reporting Date |
4,000,000 |
400.000 |
3 Rights, preferences and restrictions attached to the Equity Shares
3.i) Equity Shares of Re. 1/- each
a) In respect of every equity share , voting right shall be in same proportion as the capital paid upon such equity share bears to the total paid up equity capital of the company.
b) The dividend if any proposed by the Board of Directors remain subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
c) In the event of liquidation, the holders of Equity shares are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings."
3.ii) Preference Shares of Rs. 100/- each
a) In respect of every preference share, dividend @ 4% fixed rate is payable in every year subject to approval at Annual general meeting
b) In the event of liquidation ,preference shareholders have preferential right over Equity shareholders to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings, before distribution to equity shareholders.
C) Details of
shareholders holding more than 5% Equity Shares Capital
|
Particular |
As on 31.03.2015 |
|
|
|
No of Shares |
% holding |
|
Aspective Vanijya Private Limited |
80,006,114 |
8.35% |
|
Shree Krishna Gyanodaya Flour Mills Private Limited |
92,186,623 |
9.62% |
|
Bay Pond MB |
78,881,617 |
8.23% |
D) Notes to Preference Share Capital
4% Non Convertible Redeemable Preference shares allotted on 30.06.2003 were redeemable at par at any time after a period of 12 years from the date of their allotment. Since then the redemption period was extended to 30.06.2022 in the Annual General Meeting held on 27.09.2010
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 |
1357.985 |
1357.985 |
1357.985 |
|
(b) Reserves & Surplus |
(29099.748) |
24547.683 |
24782.562 |
|
(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) |
(27741.763) |
25905.668 |
26140.547 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
284.562 |
3670.949 |
13350.449 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
1310.847 |
1459.472 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.855 |
9.799 |
18.952 |
|
Total
Non-current Liabilities (3) |
295.417 |
4991.595 |
14828.873 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
41953.490 |
41799.275 |
38064.670 |
|
(b) Trade payables |
4612.567 |
5480.498 |
7189.840 |
|
(c) Other current liabilities |
20643.092 |
15120.040 |
6922.630 |
|
(d) Short-term provisions |
602.606 |
603.232 |
1110.439 |
|
Total
Current Liabilities (4) |
67811.755 |
63003.045 |
53287.579 |
|
|
|
|
|
|
TOTAL |
40365.409 |
93900.308 |
94256.999 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
24295.579 |
25408.541 |
13381.313 |
|
(ii) Intangible Assets |
0.000 |
0.626 |
1.202 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
4334.940 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3869.239 |
3869.239 |
2228.890 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
322.832 |
333.533 |
4601.051 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
28487.650 |
29611.939 |
24547.396 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2618.537 |
32835.600 |
46722.675 |
|
(c) Trade receivables |
8341.711 |
27418.217 |
12828.869 |
|
(d) Cash and cash equivalents |
666.528 |
1893.800 |
1909.524 |
|
(e) Short-term loans and
advances |
247.460 |
1979.402 |
8164.588 |
|
(f) Other current assets |
3.523 |
161.350 |
83.947 |
|
Total
Current Assets |
11877.759 |
64288.369 |
69709.603 |
|
|
|
|
|
|
TOTAL |
40365.409 |
93900.308 |
94256.999 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
18557.661 |
45232.466 |
50890.930 |
|
|
Other Income |
4.415 |
450.034 |
118.691 |
|
|
TOTAL
(A) |
18562.076 |
45682.500 |
51009.621 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
38415.240 |
44898.213 |
28064.362 |
|
|
Purchases of Stock-in-Trade |
0.000 |
9741.128 |
11087.012 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
26303.145 |
(17121.130) |
1036.069 |
|
|
Employees benefits expense |
101.180 |
174.158 |
307.829 |
|
|
Other expenses |
1741.456 |
1209.428 |
1183.728 |
|
|
Extraordinary Items |
2744.015 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
69305.036 |
38901.797 |
41679.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
(50742.960) |
6780.703 |
9330.621 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3149.887 |
6491.244 |
6092.633 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(53892.847) |
289.459 |
3237.988 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1050.138 |
685.867 |
640.634 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(54942.985) |
(396.408) |
2597.354 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(12.905) |
487.223 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(54942.985) |
(383.503) |
2110.131 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
11.643 |
727.146 |
950.308 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1400.000 |
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
332.000 |
358.000 |
|
|
Proposed Dividend |
0.000 |
0.000 |
494.993 |
|
|
Dividend Tax on
Proposed Dividend |
0.000 |
0.000 |
80.300 |
|
|
Total
(M) |
0.000 |
332.000 |
2333.293 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(54931.342) |
11.643 |
727.146 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
755.155 |
3639.081 |
3863.014 |
|
|
TOTAL
EARNINGS |
755.155 |
3639.081 |
3863.014 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
0.000 |
3569.703 |
1026.003 |
|
|
Capital Goods |
0.000 |
0.000 |
0.755 |
|
|
TOTAL
IMPORTS |
0.000 |
3569.703 |
1026.758 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
(57.35) |
(0.42) |
2.18 |
|
|
Diluted |
(51.67) |
(0.38) |
1.97 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
15885.040 |
10366.186 |
3148.029 |
|
Cash generated from operations |
(364.036) |
10010.924 |
5582.141 |
|
Net Cash from/(used in) Operating Activities |
(364.036) |
10009.594 |
5448.674 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(296.07) |
(0.85) |
4.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(273.43) |
14.99 |
18.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(150.54) |
(0.44) |
2.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.98 |
(0.02) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.10) |
2.16 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.18 |
1.02 |
1.31 |
STOCK
PRICES
|
Face Value |
Rs.1/- |
|
Market Value |
Rs.0.62/- |
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 |
1357.985 |
1357.985 |
1357.985 |
|
Reserves & Surplus |
24782.562 |
24547.683 |
(29099.748) |
|
Net
worth |
26140.547 |
25905.668 |
(27741.763) |
|
|
|
|
|
|
long-term borrowings |
13350.449 |
3670.949 |
284.562 |
|
Short term borrowings |
38064.670 |
41799.275 |
41953.490 |
|
Current maturities of
long-term debts |
3148.029 |
10366.186 |
15885.040 |
|
Total
borrowings |
54563.148 |
55836.410 |
58123.092 |
|
Debt/Equity
ratio |
2.087 |
2.155 |
(2.095) |
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 |
50890.930 |
45232.466 |
18557.661 |
|
|
|
(11.119) |
(58.973) |
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 |
50890.930 |
45232.466 |
18557.661 |
|
Profit |
2110.131 |
(383.503) |
(54942.985) |
|
|
4.15% |
(0.85%) |
(296.07%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
Case Status : Pending Status of : CIVIL SUITS (CS) 266 of 2014 Litigants : UNITED ARAB BANK Vs. REI AGRO LIMITED Pet;s Adv . : KHAITAN AND COMPANY Res’s : Last Date of Hearing :
Wednesday, July 16, 2014 Next / Final Date of Hearing : Thursday, July 17, 2014 Case Updated on : Wednesday,
July 23, 2014 Category : MONEY CLAIMES/COMPENSATION/DAMAGES/MESNE PROFIT |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Form Body Corporates |
530.500 |
0.000 |
|
Total |
530.500 |
0.000 |
FINANCIAL AND
PERFORMANCE REVIEW
The Company has one of the best integrated model of operations right from procurement, maturing, processing, packaging, branding and distribution, which help the Company to offer a wide range of quality products to its consumers at the very competitive Prices. The Company sells several popular brands through organised retail sector and is a trusted name in the unorganised retail market. “Raindrops” flag ship brand of the Company is one of popular and trusted brand in FMCG Sector in India.
During the last financial year the total turnover of the Company was Rs. 18557.600 Million on a standalone basis as against Rs. 45232.400 Million in the previous year. The losses incurred by the Company during the last financial year was Rs. 54942.900 Million in comparison to the previous year loss of Rs. 383.500 Million.
BUSINESS SEGMENTS
The Company operates in two Business segments i.e. business of manufacturing, trading and marketing of agro products and Power Generation through Wind farms. However, the Company has discontinued the segment reporting for wind power generations as the total revenue, assets, profit or the capital employed in the wind power generation is less than 10 per cent threshold limits of revenue, result, and assets, which is required for reportable segment as provided in Accounting Standard 17 (AS 17)“Segment Reporting” issued by the Institute of Chartered Accountants of India (ICAI) / Company (Accounting Standards) Rules, 2006.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Overview
People of the nation gave a decisive mandate for the formation of Government at the Centre in the general elections of 2014 which has keep overall sentiment in Indian economy in upbeat mood. A growth-oriented government at the helm has announced several major initiatives in different spheres to boost the economy sentiment and push forward the reforms agenda. This instilled a tremendous amount of confidence and hope that Government would be able to take effective steps to turn around the economy which had slowed down considerably in the recent past and also accelerate the pace of reforms.
Over the last year, we have seen a revival in the economy, with macroeconomic indicators now starting to trend in the right direction after a sluggish start, however it seems that the slowdown, particularly in the FMCG sector, has yet to reverse, the Indian economy displayed a sense of buoyancy, riding on the pro-growth agenda of the New Government. The revival of growth gained momentum in 2014-15 with the sharp decline in crude oil prices, the funds flow from strong investor sentiment and the reform initiatives of the new government at the Centre with its thrust on consolidation and fiscal stability. Despite the lukewarm growth in foreign trade, the strong domestic demand kept the growth momentum on an upward trajectory, however a slow recovery of market , emergence of inflationary conditions, volatility in currency and unfavorable weather patterns are some of the threats.
IMF and the World Bank have pegged an optimistic Real GDP growths for India for the year 2015 as against in 2014.
Industry Scenario
Rice is an important staple food crop, which is grown in a diverse range of climatic and agro ecological conditions in almost all parts of the world. More than a third of world’s population, predominantly in Asia, depends on rice as a primary staple food. In Asia, more than Majority of the peoples people derive 35 to 60 per cent of their calories from rice. India occupies an important position both in acreage and production of rice. It has the largest area (42.9 million hectares) that accounts for about 27.1 per cent of the total rice growing area of the world. In respect of production, India ranks second after China. Further, India’s rice production has nearly trebled between 1960 and 2010, with a compounded growth rate of 2.53%. The Green Revolution has helped the country to regional food surpluses with Punjab leading the country in rice production and productivity.
India's rice production in the financial year 2014-15 has declined from 106.65 MT in the year 2013-14 to 104.92 MT in the year 2014-15 as the 2014 summer monsoon performance was subdued. Monsoon rains picked up after a late and low start. June-September rains were below the 50-year seasonal average, after amounting to only 59% of long term averages over June to mid-July. Moreover, some of the largest rice growing states, including Uttar Pradesh, Punjab and Andhra Pradesh, were among the driest.
Though a revival in the rice industry is expected to happen in the near to medium term.
Overview of the
company performance
The overall gloomy scenario has had an impact on the Industry and REI Agro limited is also not isolated from the effects of the high cost of financing with rising interest costs and slow recovery in the economy has resulted in pressure on the bottom line of most corporate especially in working capital intensive industries. The last financial year turned out to be the weakest years in life time of the Company since its incorporation as the Company has extended its losses to Rs. 54942.900 Million during the year in comparison to the previous year loss of Rs.383.500 Million.
A steep rise in the price of raw material coupled with reduction in sales volume, higher competition in the industry, overdue in debtor’s realisation, and economic slowdown, this all has lead company into a liquidity crunch.
There Company operates in a highly working capital intensive industry and due to liquidity crunch, it failed to meet its financial obligations towards lenders, access to fresh working capital was also not available. The entire net worth of the Company was eroded during the period ended on 31st December, 2014 and the Company had become Sick Industrial Company as per the provisions of Sick Industrial Companies (Special Provision) Act 1985 (SICA). The Company make a required reference with the Board for Industrial and Financial Reconstruction (BIFR) for registration of reference of the company with Hon’ble BIFR on 28th April, 2015 to study the reasons of Sickness and determination of measures to be adopted for revival of the Company. The reference of the company is registered with Hon’ble BIFR as Case No. 85/2015 under the provisions of SICA for adopting measures for the revival and rehabilitation.
During the year, the Company has achieved a turnover of Rs. 18557.600 Million on a standalone basis as against Rs. 45232.400 Million in the previous year. Further, due to decrease in revenue from operations, heavy finance cost, slow recovery of dues etc. the Company has extended its losses to Rs. 54942.900 Million during the year in comparison to the previous year loss of Rs. 383.500 Million.
OUTLOOK
The continued efforts to develop the business should stand it in good stead. However the economic conditions prevailing within the country have a significant role to play in the actual
Performance
Internal Controls and
their Adequacy
The Company has proper and adequate internal control systems
to ensure that all the assets are safeguarded and that all transactions are
authorised, recorded and reported correctly. Regular internal audits and checks
are carried out to ensure that the responsibilities are executed effectively
and that the systems are adequate. Management continuously reviews the internal
control systems and procedures to ensure the efficient conduct of business. The
Audit Committee of the Board oversees the internal controls within the
organisation
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10517402 |
04/07/2014 |
1,150,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63 Basant Lok, Vasant Vihar, New Delhi, Delhi - |
C18695536 |
|
2 |
10517401 |
04/07/2014 |
1,500,000,000.00 |
The Jammu and Kashmir Bank Limited |
Syed House124/A, SVS Marg Caddel Road Mahin, MUMBAI, Maharashtra -
400016, INDIA |
C18696351 |
|
3 |
10510011 |
19/09/2014 * |
53,200,000.00 |
Reliance Asset Reconstruction Company Limited |
RELIANCE CENTRE,19 WALCHAND HIRACHAND MARG, BALLARD ESTATE, MUMBAI,
Maharashtra - 400038, INDIA |
C33545187 |
|
4 |
10505348 |
31/03/2014 |
279,000,000.00 |
CENTRAL BANK OF INDIA |
Corporate Finance Branch,, 33, Netaji Subhas Road, Kolkata, West
Bengal - 700001, INDIA |
C08782245 |
|
5 |
10507531 |
29/03/2014 |
105,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch, 1/1, Camac Street, 1st |
C10178903 |
|
6 |
10486363 |
28/03/2014 |
210,000,000.00 |
Bank of Baroda |
Baroda House, P.B. No.506, Mandavi, Baroda, Gujarat - 396006, INDIA |
C00993972 |
|
7 |
10495093 |
28/03/2014 |
30,927,000.00 |
LAKSHMI VILAS BANK LIMITED |
Janpath branch, GF:8,9,10; Tolstoy House, 15-17, |
C04636270 |
|
8 |
10487086 |
26/03/2014 |
186,000,000.00 |
Indian Overseas Bank |
INTERNATIONAL BUSINESS BRANCH, 2, WOOD STREET, KOLKATA, West Bengal -
700016, INDIA |
C01198019 |
|
9 |
10494021 |
22/03/2014 |
350,000,000.00 |
Corporation Bank |
Corporate Banking Branch, 21, H B Sarani, Centre |
C04422739 |
|
10 |
10490399 |
20/03/2014 |
100,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 3RD FLOOR, AC MARKET, 1 |
C03839479 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
i) Guarantee
provided to Banks and Financial Institutions for loans provided to Overseas
Sub |
31059.315 |
29823.211 |
|
ii) Guarantee
provided to Jammu & Kashmir Bank against Crop Loan |
4000.000 |
4000.000 |
|
iii) Claim not acknowledged as debts relating to cases being contested by the company |
|
|
|
~ Under Punjab Development Infrastructure Fund (PDIF) Act |
11.900 |
11.900 |
|
~ Under Punjab Sales Tax |
11.400 |
11.400 |
UNAUDITED FINANCIAL
RESULT FOR THE QUARTER ENDED 30TH JUNE 2015
|
Sr. No |
Particulars |
Standalone |
|
Quarter Ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2304.578 |
|
|
Total |
2304.578 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
5679.837 |
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
2122.770 |
|
|
d. Employees Benefit Expenses |
9.128 |
|
|
e. Depreciation and Amortisation Expenses |
261.025 |
|
|
f. Other expenses |
140.245 |
|
|
Total Expenses |
8213.005 |
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
(5908.426) |
|
4 |
Other Income |
0.195 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(5908.231) |
|
6 |
Finance Costs |
255.824 |
|
7 |
Loss/ (Gain) on Foreign Exchange Fluctuation |
242.252 |
|
8 |
Profit after
interest and FEF but before exceptional items |
(6406.317) |
|
9 |
Exceptional items |
0.000 |
|
10 |
Profit from
ordinary activities before tax |
(6406.317) |
|
11 |
Provision for Taxation |
|
|
|
- Current Tax |
-- |
|
|
- Deferred Tax |
-- |
|
12 |
Net Profit
(+)/(Loss) for the Period/ Year (10-11) |
(6406.317) |
|
13 |
Paid-up equity share capital (face value of Rs.1 per share) |
9579.85 |
|
14 |
4% Non-convertible Preference Share (Face Value Rs.100/- Per Share) |
4000.00 |
|
15 |
Reserve Excluding Revaluation Reserve |
-- |
|
|
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
(6.69) |
|
|
Diluted EPS |
(6.02) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
683337765 |
|
|
- Percentage of shareholding |
71.33 |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
28580043 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
10.41 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
2.98 |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
246067146 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
89.59 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
25.69 |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The Unaudited Financial Results have
been reviewed by the Audit Committee in the meeting held on August 01, 2015 and
approved by the Board of Directors at its meeting held on August 08, 2015.
2. During the Quarter, the Company has been
primarily engaged in the business of processing / trading of rice which is
single reportable segment as per Accounting Standard 17.
3. The Company has not provided for Interest on
its Borrowings from Banks amounting to Rs. 161.06 Crores for the Quarter ended
June 30, 2015 and Rs. 425.23 Crores for the year ended March 31, 2015, This has
resulted in understatement of finance cost & losses to the similar amount
for the respective period.
4. Due to the liquidity Crunch being faced by
the Company, it was not able to procure adequate raw material leading to
partial shutdown of its manufacturing units. This has resulted in de-growth of
turnover and has also negatively impacted the operating margin.
5. The company has made substantial loses during
the quarter ended amount to Rs. 640.63 Crores due to higher operating cost,
processing loss and poor realization.
6. Net-worth of the company has fully eroded due
to the losses suffered. The Company had applied to Ld, BSFR as terms of section
15(1) of the SICA 1985, The Hon'ble BIFR vide its letter dated July 03, 2015
Informed that the aforesaid Reference has been Registered wide case no. 85/2015
under the provisions of SICA for adopting measures for the revival and
rehabilitation of the company.
7. Figures for corresponding previous
year/quarters have been regrouped/ rearranged wherever considered necessary.
FIXED ASSETS
- Land
- Building
- Plant and machinery
- Office equipment
- Vehicle
- Computer
- Furniture
- Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
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.