MIRA INFORM REPORT
|
Report No. : |
344068 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SANWARIA AGRO
OILS LIMITED |
|
|
|
|
Registered
Office : |
E-1/1, Arera Colony, Bhopal – 462016, Madhya Pradesh |
|
Tel. No.: |
91-755-4294878 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
22.04.1991 |
|
|
|
|
Com. Reg. No.: |
10-006395 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.348.050 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15143MP1991PLC006395 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged into manufacturing and selling of Oils
seeds (mainly soybean) and crude edible oil, selling of De-oil Cake and crude/
refined oil and generation. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1991. The company has registered healthy operational activity marked by good
top line growth of 7.5% on the revenue of Rs.26446.723 Million as compared
with Rs.24586.378 Million in previous year. It has thin profitability margin
of 0.9% in the FY 2015. The company has healthy financial base along with favorable gap
between trade payables and receivables. Trade relations are fair. Business is active. Payment are slow but
correct. The company 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 |
CARE |
|
Rating |
Long term bank
facilities = BBB |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
February, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A3+ |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
February, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Prabir Gupta |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-755-4294878 |
|
Date : |
06.10.2015 |
LOCATIONS
|
Registered / Corporate Office : |
E-1/1, Arera Colony, Bhopal – 462016, Madhya Pradesh, India |
|
Tel. No.: |
91-755-4294878 |
|
Fax No.: |
91-755-5295038 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
PLANT LOCATIONS : |
|
|
Soya Oil Division I / Soya Flour
Division / Soya Chunks (Soya Bari) Division / Rice Division I : |
Unit-I and Unit-II, 53A, 53B and 55, Sector A, Industrial Area, Mandideep – 462046, Madhya Pradesh, India |
|
Tel. No.: |
91-7480-231071 / 404192 |
|
Fax No.: |
91-7480-231051 |
|
|
|
|
Soya Oil Division II : |
19-30, Industrial Area, Kheda, Itarsi – 461111, Madhya Pradesh, India |
|
Tel. No.: |
91-7572-407265 / 230045 / 230125 |
|
Fax No.: |
91-7572-406805 |
|
|
|
|
Soya Oil Division III : |
Kosmi, Industrial Area, Betul – 460001, Madhya Pradesh, India |
|
Tel. No.: |
91-7141-229130 / 229132 / 206955 |
|
Fax No.: |
91-7141-239860 |
|
|
|
|
Rice Division II : |
Kiratpur, Itarsi, Madhya Pradesh, India |
|
|
|
|
Factory : |
A subsidiary of
Sanwaria Agro Oils Limited Pidgaon, Harda – 461331, Madhya Pradesh, India |
|
|
|
|
Marketing Office : |
304-Midas, Sahara Plaza Complex, Andheri Kurla Road, Chakala, Andheri (East), Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mrs. Geeta Devi Agrawal |
|
Designation : |
Chairperson |
|
Date of Birth/Age : |
08.08.1943 |
|
Qualification : |
Graduate |
|
DIN No.: |
06582600 |
|
|
|
|
Name : |
Mr. Anil Agrawal |
|
Designation : |
Whole-Time Director |
|
DIN No.: |
00256539 |
|
|
|
|
Name : |
Mr. Ashok Kumar Agrawal |
|
Designation : |
Whole-Time Director |
|
DIN No.: |
01199530 |
|
|
|
|
Name : |
Mr. Gulab Chand Agrawal |
|
Designation : |
Whole-Time Director |
|
DIN No.: |
00256621 |
|
|
|
|
Name : |
Mr. Satish Agrawal |
|
Designation : |
Whole-Time Director |
|
DIN No.: |
00256583 |
|
|
|
|
Name : |
Mr. Rajul Agrawal |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
13.10.1984 |
|
Qualification : |
MBA in Finance |
|
DIN No.: |
00256668 |
|
|
|
|
Name : |
Mr. Abhishek Agrawal |
|
Designation : |
Non-Executive Director |
|
DIN No.: |
06744775 |
|
|
|
|
Name : |
Mr. Ashutosh Agrawal |
|
Designation : |
Non- Executive Director |
|
DIN No.: |
07208945 |
|
|
|
|
Name : |
Mr. Surendra Kumar Jain |
|
Designation : |
Independent Director |
|
Address : |
02197169 |
|
|
|
|
Name : |
Mr. HariKrishan Agrawal |
|
Designation : |
Independent Director |
|
DIN No.: |
00564223 |
|
|
|
|
Name : |
Mr. ShyamBabu Agrawal |
|
Designation : |
Independent Director |
|
DIN No.: |
00888301 |
|
|
|
|
Name : |
Mr. Hans Kumar Verma |
|
Designation : |
Independent Director |
|
Address : |
02197207 |
|
|
|
|
Name : |
Mr. Santosh Kumar Tiwari |
|
Designation : |
Independent Director |
|
DIN No.: |
00564086 |
|
|
|
|
Name : |
Mr. K. L. Jain |
|
Designation : |
Independent Director |
|
DIN No.: |
07208927 |
|
|
|
|
Name : |
Mr. Arun Kumar Pandey |
|
Designation : |
Independent Director |
|
DIN No.: |
02950298 |
|
|
|
|
Name : |
Mr. Anil Kumar Vishwakarma |
|
Designation : |
Independent Director |
|
DIN No.: |
024784125 |
KEY EXECUTIVES
|
Name : |
Ms. Priyanka Shrivastava |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mrs. Archna Nagrani |
|
Designation : |
Chief Financial Officer: |
|
|
|
|
Name : |
Mr. Prabir Gupta |
|
Designation : |
Accounts Department |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
155667608 |
44.73 |
|
|
88134000 |
25.32 |
|
|
243801608 |
70.05 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
243801608 |
70.05 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
20 |
0.00 |
|
|
20 |
0.00 |
|
|
|
|
|
|
70272386 |
20.19 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
21277746 |
6.11 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
5626208 |
1.62 |
|
|
7072032 |
2.03 |
|
|
988017 |
0.28 |
|
|
16929 |
0.00 |
|
|
6067086 |
1.74 |
|
|
104248372 |
29.95 |
|
Total Public
shareholding (B) |
104248392 |
29.95 |
|
Total (A)+(B) |
348050000 |
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) |
348050000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturing and selling of Oils
seeds (mainly soybean) and crude edible oil, selling of De-oil Cake and crude/
refined oil and generation. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Oils |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, L/C, Cheque and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
|
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No. of Employees : |
250 (Approximately) |
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Bankers : |
|
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Sunil Saraf and Associates Chartered Accountant |
|
Address : |
Indore, Madhya Pradesh, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380000000 |
Equity Shares |
Re.1/- each |
Rs.380.000 Million |
|
2000000 |
Preference Share |
Rs.10/- each |
Rs.20.000 Million |
|
|
Total |
|
Rs.400.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
348050000 |
Equity Shares |
Re.1/- each |
Rs.348.050
Million |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period:
|
Particulars |
Equity Shares |
|
|
Number |
Amount |
|
|
Shares outstanding at the beginning of the year |
348050000 |
348.050 |
|
Bonus Shares Issued during the year |
--- |
--- |
|
Shares bought back during the year |
--- |
--- |
|
Shares outstanding at the end of the year |
348050000 |
348.050 |
Rights, preferences
and restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.
Details of equity
shares held by shareholders holding more than 5% shares of the aggregate shares
in the Company
|
Name of Shareholder |
As on 31 March 2015 |
|
|
No. of Shares held |
% of Holding |
|
|
Sanwaria Globfin Private Limited |
88134000 |
25.32% |
|
Gulab Chand Agrawal |
36627646 |
10.52% |
|
Satish Kumar Agrawal |
27714150 |
7.96% |
|
Anil Kumar Agrawa |
25408462 |
7.30% |
|
Ashok Kumar Agrawal |
23389350 |
6.72% |
|
Late Ram Narayan Agrawal |
--- |
0.00% |
|
Unique Ways Management Services Private Limited |
27085053 |
7.78% |
|
CRB Trustee Limited A/C CRB Mutual Fund |
19153086 |
5.50% |
|
Others |
100538253 |
28.89% |
|
Total Share holding |
348050000 |
100.00 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
348.050 |
348.050 |
|
(b) Reserves &
Surplus |
|
2698.017 |
2447.659 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
3046.067 |
2795.709 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
463.037 |
373.672 |
|
(b) Deferred tax
liabilities (Net) |
|
155.054 |
160.633 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
2.030 |
2.030 |
|
Total Non-current
Liabilities (3) |
|
620.121 |
536.334 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
7453.605 |
9399.253 |
|
(b) Trade payables |
|
2664.194 |
431.237 |
|
(c) Other current
liabilities |
|
286.636 |
141.211 |
|
(d) Short-term provisions |
|
147.233 |
38.787 |
|
Total Current Liabilities
(4) |
|
10551.668 |
10010.489 |
|
|
|
|
|
|
TOTAL |
|
14217.856 |
13342.532 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
975.662 |
1006.955 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
377.814 |
41.761 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
362.965 |
362.152 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
169.619 |
130.128 |
|
(e) Other Non-current
assets |
|
0.903 |
2.683 |
|
Total Non-Current Assets |
|
1886.963 |
1543.679 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5388.617 |
5432.907 |
|
(c) Trade receivables |
|
5810.787 |
4575.640 |
|
(d) Cash and cash
equivalents |
|
353.341 |
679.633 |
|
(e) Short-term loans and
advances |
|
778.148 |
1107.173 |
|
(f) Other current assets |
|
0.000 |
3.500 |
|
Total Current Assets |
|
12330.893 |
11798.853 |
|
|
|
|
|
|
TOTAL |
|
14217.856 |
13342.532 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
26446.723 |
24586.378 |
|
|
Other Income |
|
178.527 |
140.359 |
|
|
TOTAL |
|
26625.250 |
24726.737 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
17751.546 |
18276.941 |
|
|
Purchases of
Stock-in-Trade |
|
6371.010 |
6171.864 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
696.767 |
(1503.348) |
|
|
Employees benefits
expense |
|
43.024 |
35.803 |
|
|
Other expenses |
|
842.188 |
879.769 |
|
|
TOTAL |
|
25704.535 |
23861.029 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
920.715 |
865.708 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
530.051 |
504.983 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
390.664 |
360.725 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
|
66.430 |
47.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
324.234 |
312.755 |
|
|
|
|
|
|
|
Less |
TAX |
|
73.875 |
72.085 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
250.359 |
240.670 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Gross Earnings in
Foreign Currency (US $) |
|
18026474 |
57973167 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
CIF Value of Imports (US
$) |
|
52003453 |
4465415 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
0.72 |
0.69 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
174.727 |
1010.652 |
|
Net Cash From Operating Activities |
|
142.852 |
983.371 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
0.95 |
0.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
|
3.48 |
3.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.41 |
2.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
2.60 |
3.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.17 |
1.18 |
STOCK
PRICES
|
Face Value |
Rs.1.00 /- |
|
Market Value |
Rs.6.90 /- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
348.050 |
348.050 |
|
Reserves & Surplus |
2447.659 |
2698.017 |
|
Net worth |
2795.709 |
3046.067 |
|
|
|
|
|
long-term borrowings |
373.671 |
463.037 |
|
Short term borrowings |
9399.253 |
7453.605 |
|
Total borrowings |
9772.924 |
7916.642 |
|
Debt/Equity ratio |
3.496 |
2.599 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
24586.378 |
26446.723 |
|
|
7.567 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
24586.378 |
26446.723 |
|
Profit |
240.670 |
250.359 |
|
|
0.98% |
0.95% |
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) |
Yes |
|
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Unsecured Form Relatives |
434.510 |
366.507 |
|
Unsecured Form Others |
28.527 |
7.165 |
|
Total |
463.037 |
373.672 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10583748 |
24/06/2015 |
10,990,000,000.00 |
PNB INVESTMENT SERVICES LIMITED |
10, RAKESH DEEP
BUILDING, YUSUF SARAI COMMERCIAL |
C60546553 |
|
2 |
10576038 |
21/05/2015 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
TT NAGAR SQUARE, NEW MARKET, TT NAGAR, BHOPAL - 462003, MADHYA PRADESH, INDIA |
C56993728 |
|
3 |
10580260 |
21/05/2015 |
30,000,000.00 |
BANK OF BARODA |
PLOT NO. 9, SERVICE
ROAD, STAR PLANET, ZONE II, MAHARANA PRATAP NAGAR, BHOPAL - |
C58978719 |
|
4 |
10576184 |
17/04/2015 |
20,000,000.00 |
PUNJAB NATIONAL BANK |
TT NAGAR SQUARE, NEW MARKET, TT NAGAR, BHOPAL - 462003, MADHYA PRADESH, INDIA |
C56934367 |
|
5 |
10568357 |
21/08/2014 |
400,000,000.00 |
UCO BANK |
E/4-67, ARERA COLONY, P.O - RAVISHANKAR MARKET, BHOPAL - 462016, MADHYA PRADESH, INDIA |
C52800968 |
|
6 |
10489507 |
26/03/2014 |
750,000,000.00 |
PUNJAB NATIONAL BANK |
NEW MARKET, BHOPAL - 462003, MADHYA PRADESH, INDIA |
C03677291 |
|
7 |
10469263 |
26/12/2013 |
150,000,000.00 |
BANK OF INDIA |
NEW MARKET, T.T. NAGAR, BHOPAL - 462003, MADHYA PRADESH, INDIA |
B93171460 |
|
8 |
10463778 |
20/11/2013 |
500,000,000.00 |
PUNJAB NATIONAL BANK |
NEW MARKET, BHOPAL - 462003, MADHYA PRADESH, INDIA |
B90935354 |
|
9 |
10438789 |
29/09/2014 * |
1,250,000,000.00 |
CENTRAL BANK OF INDIA |
9, ARERA HILLS, JAIL ROAD, BHOPAL - 462011, MADHYA PRADESH, INDIA |
C38711560 |
|
10 |
10430208 |
18/05/2013 |
350,000,000.00 |
ING VYSYA BANK LIMITED |
PLOT NO.5,MAIN ROAD, (NEW MARKET), RAJ BHAVAN ROAD, BHOPAL - 462003, MADHYA PRADESH, INDIA |
B76762236 |
* Date of charge modification
OPERATIONAL REVIEW
The revenue increased to Rs.26625.300 Million against Rs.24726.700 Million in the previous year. Profit before taxation was Rs.324.200 Million against Rs.312.700 Million in the previous year. After providing for the taxation, the profit stood at Rs.250.300 Million against Rs.240.600 Million in the previous year. Company is making out all effort to ensure that the products developed are in tune with the needs of the consumers and initiated several steps to mark its presence in the premium markets, reducing the marketing lag and improve the Company's products, some of the current initiative that are expected to help the Company to be a cost effective to enable it to meet the challenges of competitive markets in the future.
CORPORATE INFORMATION
Subject is a public company domicile in India an incorporate under the provision of Companies Act 1956 is shares are listed on the Bombay stock exchange (BSE) and National Stock Exchange (NSE). The company is engaged in the manufacturing and selling of Oils seeds (mainly soybean) and crude edible oil, selling of De-oil Cake and crude/ refined oil and generation.
OIL DIVISION
During the year Soya Seeds processed stood at 103640 MT. The company sustained to be one of leading player in the Edible Oil sector. The Capacity Utilization of the solvent extraction plant has been constantly higher than Industry average. The Soya oil produced stood at 17689 MT and the De-oiled cake produced stood at 90169 MT. The Company is also producing Rice Bran oil.
REFINERY DIVISION
Production of Refined oil stood at 13765 MT during the year.
RICE DIVISION
Production of Rice stood at 35312 MT during the year.
BRANDING, AWARDS AND
RECOGNITION
The Company won many accolades;
Their Company is registered as ISO 14001:2004 for Environmental Management System as certified by Care
Certification Private Limited.
Their Company is also registered as ISO 22000:2005 for food Safety Management with HACCP as certified by Care Certification Private Limited.
SAOL is also awarded with Certification of compliance for good Manufacturing Practice (GMP) System as per the norms laid down by World Health Organization and certified by UK Certification and Inspection Limited.
SAOL is also awarded with Certification of Halal Products Authentication for feisty hygiene condition adhering to food Safety & Quality control with modern infrastructure.
Their company has been upgraded from the status of ―Star Export House‖ to the ―Trading House‖ granted by Director General of Foreign Trade, in accordance with the provisions of the foreign Trade policy, 2009-14. Ranked by ―Plimsoll Global Analysis, United Kingdom‖ as the 426th largest Company in the Consumer Food Manufacturers industry amongst the top 500 Food Manufacturers and also listed as a top performer at 363rd most profitable food manufacturing company.
The Company has been ranked by ―Manappuram Finance Limited‖ India Top 500 Companies 2014. Their Company has been awarded with 2nd Outstanding Achievements Awards, 2014 for Excellence in Outstanding Achiever for Export Category Large Enterprise by Federation of Madhya Pradesh Chambers of Commerce and Industry, Bhopal in the year 2014.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
Indian economy witnessed sluggish growth in the first half of 2014 which could be attributed to a number of factors. On the domestic front, policy paralysis for the last few years coupled with the continued inflationary pressures and high interest rates for financing long term projects which eventually led to the stoppage of infrastructural projects. Although the current account deficit was still better in comparison to the last year but still India was in danger zone. On the external front, there were uncertainties regarding the growth of Euro Zone, conflicts in Ukraine, increasing militant activities in the Middle East and the fall in the growth of China.
However, the second half of 2014 showed promising signs of improvement for the Indian Economy. Firstly, the Lok Sabha elections which led the BJP led Government into power at the center and the Make in India Campaign, positive talks of infrastructural development, allocation of telecom spectrum and the unblocking of the coal mines brought a new ray of hope. Secondly on the external front, the reduction in the oil import bill resulting in the fiscal comfort and the lesser pressure on current account and moreover the dropping inflation rate reduced the interest rates in turn.
Thus, the future of 2015 seems to look positive, both on economic and political front as compared to the year
2014 and it could be sensed that a better future waits for the economy and also for your Company.
INDUSTRY STRUCTURE
AND DEVELOPMENT
RICE INDUSTRY
India is one of the world's largest producers of white rice and brown rice, accounting for 20% of all world rice production and has the largest area under rice cultivation. Rice is India's pre-eminent crop, and is the staple food of the people of the eastern and southern parts of the country.
In MP, major shift toward 40% of Paddy area (7 lakh ha) proposed to be brought with hybrid/Basmati during next 2 years. Use of Rice drum seeder will be promoted for line sowing.
State Innovation in Sharbati Wheat and Basmati Rice cultivation is being promoted for export purpose.
SOYA INDUSTRY
Global soya bean plantings could expand slightly in 2015/16 but, with average yields potentially retreating, production is likely to fall. Nevertheless, owing to large carry-in stocks, global supplies are anticipated to remain comfortable and, with processing and consumption expected to grow more moderately, world ending are set to rise to a fresh peak.
World soya bean output in 2015/16 is seen only marginally below the previous year’s record as a larger area for harvesting mostly compensates for a fall in productivity. Centered on growth in demand for soya bean products, uptake is expected to expand, albeit more moderately than in 2014/15.
EXPORT PERFORMANCE
Oil meal exports dip 63% in FY‟15 as Indian soya beans turns expensive. In the last one year, price of soya meal – which accounts for major chunk of shipments from India – has dropped to $448 a tonne in March from $606 logged in the same period last year.
High price in the domestic market compared to lower realizations from meal and oil, resulted into drastic fall in crushing and export of soya meal.
This resulted in a dip in exports to Japan, Iran, Thailand, Indonesia, Taiwan and Vietnam with competing countries such as China and Argentina making most of the situation.
India lost the Vietnam market for soya meal due to stiff competition from other origins.
Iran, another major market for Indian oil meal, shifted orders to other origins with removal of sanctions. India was out priced by $80-90 by its competitors.
India‟s food export volumes have shrunk in the current fiscal with other countries eating into its business share by offering lower prices for their agricultural and food products.
FINANCIAL PERFORMANCE
The financial performance during the year under reference has been impressive in terms of sales. There has been a decent increase in the turnover.
For detailed information on the financial performance with respect to the operational performance, a reference may please be made to the financial statements.
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR QUARTER ENDED ON 30 JUNE
2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.06.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
5106.249 |
|
Other operating income |
31.647 |
|
Total
income from Operations(net) |
5137.896 |
|
Expenditure |
|
|
Cost of material consumed and Purchases of stock in trade |
4733.331 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(142.423) |
|
Employees benefit expenses |
9.865 |
|
Depreciation and amortization expenses |
20.862 |
|
Other expenditure (Any item exceeding 10 % of the total
expenses relating to continuing operations to be shown separately) |
227.071 |
|
Total expenses |
4848.705 |
|
Profit
from operations before other income and financial costs |
289.191 |
|
Other income |
0.000 |
|
Profit from
ordinary activities before finance costs |
289.191 |
|
Finance costs |
178.036 |
|
Profit from ordinary
activities after finance costs but exceptional items |
111.155 |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
111.155 |
|
Tax expenses |
18.896 |
|
Net Profit / (Loss)
from ordinary activities after tax |
92.259 |
|
Extraordinary Items |
0.000 |
|
Net Profit / (Loss)
for the period |
92.259 |
|
Paid-up equity share capital (Face value of Re.1/- each) |
348.050 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic and diluted |
0.27 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
104248392 |
|
- Percentage of shareholding |
29.95% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
--- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
--- |
|
Percentage of shares (as a % of total share capital of the
company) |
--- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
243801608 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
70.05% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
0 |
Note:
- The Above Results were reviewed by Audit Committee and taken on by the Board of Directors at their meeting held on August 14, 2015.
- Figures are rearranged and re-grouped wherever found necessary.
- Figures for corresponding quarter are re-arranged as per audited figures.
- Rice Division II commissioned during the quarter.
FIXED ASSETS
- Land and Development
- Site Development
- Factory Building
- Admin and Godown Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Computers
- Vehicles
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.65.25 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.