MIRA INFORM REPORT

 

 

Report No. :

345155

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ADANI WILMAR LIMITED

 

 

Registered Office :

Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009, Gujarat

Tel No.:

91-79-26569693

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.01.1999

 

 

Com. Reg. No.:

04-035320

 

 

Capital Investment / Paid-up Capital :

Rs. 1093.590 Million

 

 

CIN No.:

[Company Identification No.]

U15146GJ1999PLC035320

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA01098G/ AHMA03501B

 

 

PAN No.:

[Permanent Account No.]

AABCA8056G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Agro Products.

 

 

No. of Employees :

Information Decline by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 50:50 joint venture between Ahmedabad based "Adani Enterprises Limited" and Singapore based "Wilmar Group".

 

It is a well-established and reputed company incorporated in the year 1999 having good track.

 

Profit of the company has sharply declined during FY 2014 However, Net worth position of the company is decent. Overall financial position of the company is strong and healthy.

 

Further, the rating also takes into consideration rich experience of its promoters, strong operating efficiency and support received to company from its joint venture entities.

 

Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment.

 

In view of long track record and strong support from its group companies, the company can be considered normal 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: A-

Rating Explanation

Adequate degree of safety and carry low credit risk.

Date

17.08.2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities: A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

17.08.2015

 

 

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 DECLINED BY

 

Name :

Mr. Pratik Patel

Designation :

Finance Department

Contact No.:

91-79-25555731

 

 

LOCATIONS

 

Registered/ Corporate Office :

Fortune House, Near Navrangapura Railway Crossing, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-25555650

Mobile No.:

91-7566663232 (Mr. Rahul Hirway)

Fax No.:

91-79-25555621

E-Mail :

darshil.lakhia@adaniwilmar.in 

Website :

http://www.adaniwilmar.com

Location :

Owned

 

 

Marketing Office:

301, Prince Pride, 21/3, New Palasia, Indore - 452001, India

 

 

DIRECTORS

 

AS ON: 31.03.2015

 

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Managing Director

Address :

Survey No.100/1, Paramshanti Bunglow, Near Shaswat Bunglows, Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

09.08.1978

Date of Appointment :

01.04.2008

PAN No.:

ABEPA1014B

DIN No.:

00008457

 

Name :

Mr. Tinniyam Kalyansundaram Kannan

Designation :

Whole-time director

Address :

16, Kaushalya Bunglows,, Ramdevnagar, Satellite, Ahmedabad -  380015, Gujarat, India

Date of Appointment :

01.04.2012

DIN No.:

00020968

 

Name :

Mr. Atul Chaturvedi

Designation :

Whole Time Director

Address :

B-11, Shakti Enclave, Opposite Pushpraj Tower, Judges Bunglow Rod, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

06.10.1955

Experience :

34 Years

Qualification :

M.A.

Date of Appointment :

01.04.2012

PAN No.:

AAPPC8935K

DIN No.:

00175355

 

Name :

Mr. Angshu Mallick

Designation :

Whole Time Director

Address :

A 701, Ratnakar Apartments, Near LOC Petrol Pump, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.02.1961

Experience :

27 years

Qualification :

PGDRM

Date of Appointment :

01.04.2012

DIN No.:

02481358

 

 

Name :

Mr. Rajeshbhai Shantilal Adani

Designation :

Director

Address :

15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

22.01.1999

PAN No.:

ABKPA0962A

DIN No.:

00006322

 

 

Name :

Mr. Khoon Hong Kuok

Designation :

Director

Address :

6, Queen Astrid Gardens, Singapore-266865

Date of Birth/Age :

30.04.1949

Date of Appointment :

27.02.1999

DIN No.:

00021957

 

 

Name :

Mr. Anup Pravin Shah

Designation :

Director

Address :

Suite 8, Jal Kiran, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

00293207

 

 

Name :

Kim Yong Teo

Designation :

Director

Address :

44, Lakeshore View, Singapore, 098437, Singapore

Date of Appointment :

01.07.2013

DIN No.:

02152713

 

 

Name :

Mr. Chitra Jatinder Bhatnagar

Designation :

Director

Address :

Flat No - B/92, Shaligram - 3, Vejalpur, Prahladnagar Road,, Ahmedabad - 380051, Gujarat, India

Date of Appointment :

31.03.2015

DIN No.:

07146185

 

 

KEY EXECUTIVES

 

Name :

Mr. Darshil Mayank Lakhia

Designation :

Company Secretary

Address :

A/2, Ratnadeep Apartments, 4, Kalamwadi, Near Sharda Society, New Sharda Mandir Road, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

01.02.1979

Date of Appointment :

15.05.2007

PAN No.:

ACOPL6984C

 

Name :

Mr. Shrikant Kanhere

Designation :

Chief Finance Officer

Address :

D-41, sharnam 8, Near Satyam Status, Jodhpur, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

15.12.2014

PAN No.:

ABSPK4804D

 

Name :

Satbir Singh Sindhu

Designation :

Head HR (Agro)

 

Name :

Ravindra Kumar Singh

Designation :

Head- Technical

 

Name :

Sunil Chiplunkar

Designation :

Vice President (Trading)

 

 

Name :

Mr. Ashwin Patel

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 05.08.2013

 

Names of Shareholders

 

No. of Shares

Namrata P. Adani (Nominee of Adani Enterprises Limited), India

 

1000

Vinod S. Adani (Nominee of Adani Enterprises Limited), India

 

1000

Shilin R. Adani (Nominee of Adani Enterprises Limited), India

 

1000

Pranav V. Adani (Nominee of Adani Enterprises Limited) , India

 

1000

Ranjan V. Adani (Nominee of Adani Enterprises Limited), India

 

1000

Priti G. Adani (Nominee of Adani Enterprises Limited), India

 

1000

Adani Enterprises Limited, India

 

54673353

Lence Pte Limited, Singapore (Erstwhile Known as Wilmar Oleo Pte Limited)

 

54679353

Total

 

109358706

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 05.08.2013

 

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

50.00

Bodies corporate

 

50.00

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Agro Products.

 

 

Products :

ITC CODE

PRODUCTS OR SERVICES

10019910

Wheat

10059000

Maize

11029090

Besan Packed

12010010

Soya Seed And Doc

12075010

Mustard Seed And Doc

12074010

Sesame

10063010 / 10063020

Rice

15071000

Soya Loose Oil

07131000 / 07132000 / 07133333 / 07134000

Pulses

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS (AS ON 31.03.2012)

 

Particulars

 

 

Unit

Licensed Capacity

Installed Capacity

Actual Production**

Seed Crushing*

Metric Tons

--

2010740.000

 

Edible Oil/ Solvent Oil

Metric Tons

--

2217400.000

1115103.577

Vanaspati / Bakery Shortening

Metric Tons

--

337625.000

111019.089

Non Edible Oil

Metric Tons

--

77400.000

36445.631

Cake

Metric Tons

--

NA

643553.818

Agro Products

Metric Tons

--

--

--

By Product

Metric Tons

--

--

50425.490

Pulses/ Grain and others

Metric Tons

--

--

20068.485

 

NOTE:

 

*Actual seed crushing is 780577.902 MT which includes crushing at third parties Nil MT

 

**Edible / Solvent Oil Includes processing with third parties Nil MT

 

Edible Oil consumed for manufacturing vanaspati 112071.418 MT

 

Cakes produced with third parties NIL MT

 

Edible Oil includes consumption of manufactured solvent oil 104755.976 MT for production of oil.

 

Non Edible Oil includes consumption of manufactured solvent oil 14594.298 MT for production of oil

 

Edible Oil / Solvent Oil production includes refining of Hydro/ Vanaspati oil 111019.089 MT

 

Pulses/Grain product includes processing with third parties 20068.485 MT

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information Decline by the management.

 

 

Bankers :
  • Oriental Bank of Commerce, Neelkamal Building, Opposite Sales India, Ashram Road, Ahmedabad- 380009, Gujarat, India
  • Allahabad Bank, S. P. Nagar Branch, ACME Centre, Near Navrangpura Railway Crossing, Ahmedabad – 380009, Gujarat, India
  • Bank of Baroda, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India
  • State Bank of Hyderabad, Ground Floor, Nagindas Chambers Ashram Road, Usmanpura, Ahmedabad – 380009, Gujarat, India
  • State Bank of India, Corporate Accounts Group Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India
  • HDFC Bank Limited
  • Axis Bank Limited

 

 

Facilities :

 

Secured Loan

As on

31.03.2014

(Rs. In Million)

As on

31.03.2013

(Rs. In Million)

Long term borrowings

 

 

Rupee Term loans from banks

2162.850

2415.920

Short term borrowings

 

 

Loans repayable on demand

17315.190

23619.870

 

 

 

Total

19478.040

26035.790

 

Auditors :

 

Name :

Dharmesh Parikh and Company

Chartered Accountants

Address :

303, 304, Milestone, Near Drive in Cinema, Opposite T V Tower, Thaltej, Ahmedabad-380054, Gujarat, India

PAN No.:

AAGFD1279G

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :
  • Wilmar Trading Pte. Limited
  • Wilmar International Limited
  • Wilmar Trading (China) Pte Limited
  • Wilmar Sugar Pte Limited
  • Wilmar Gavilon Pty Limited
  • Lence Pte Limited
  • Adani Enterprises Limited [L51100GJ1993PLC019067]
  • Adani Ports and Special Economic Zone Limited [L63090GJ1998PLC034182]
  • Adani Power Limited [L40100GJ1996PLC030533]
  • Adani Gas Limited [U40100GJ2005PLC046553]
  • Adani Agrifresh Limited [U63022GJ2004PLC045143]
  • Adani Agri Logistics Limited [U63090GJ2005PLC045356]
  • Adani Agro Private Limited [U45201GJ1995PTC026067]
  • Adani Properties Private Limited
  • Adani Advisory LLP
  • Gujarat Agro Infrastructure Mega Food Park Private Limited [U15122MH2012PTC234967]

 

 

Subsidiary :
  • Krishnapatnam Oils and Fats Private Limited [U74999GJ2008PTC066006]
  • Satya Sai Agroils Private Limited [U15143MP1998PTC013182]
  • Golden Valley Agrotech Private Limited [U23200GJ2010PTC060954]

 

 

Joint Venture :
  • AWN Agro Private Limited [U15143GJ2011PTC064651]
  • Vishakha Polyfab Private Limited [U17110GJ1993PTC020968]
  • KTV Oils and Fats Private Limited (Merged with KTV Health Food Private Limited)
  • KOG-KTV Food Products (I) Private Limited [U15142TN2004PTC068598]
  • KTV Health Food Private Limited [U15143TN2002PTC049397]

 

 

CAPITAL STRUCTURE

 

AFTER 08.08.2014

 

Authorised Capital : Rs. 1810.500 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 1142.949 Million

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

181050000

Equity Shares

Rs.10/- each

Rs. 1810.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

109358706

Equity Shares

Rs.10/- each

Rs. 1093.590 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012
  1. EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1093.590

1093.590

1093.590

(b) Reserves & Surplus

6662.880

6620.350

5726.520

(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)

7756.470

7713.940

6820.110

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2162.850

2415.920

2791.160

(b) Deferred tax liabilities (Net)

1160.800

1128.840

555.150

(c) Other long term liabilities

861.460

208.970

111.630

(d) long-term provisions

32.640

35.390

29.500

Total Non-current Liabilities (3)

4217.750

3789.120

3487.440

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

17315.190

23619.870

7439.750

(b) Trade payables

21967.510

20865.430

18737.080

(c) Other current liabilities

1171.510

1782.410

3756.320

(d) Short-term provisions

13.470

118.310

5.250

Total Current Liabilities (4)

40467.680

46386.020

29938.400

 

 

 

 

TOTAL

52441.900

57889.080

40245.950

 

 

 

 
  1. ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13759.350

12281.480

6728.050

(ii) Intangible Assets

7.010

10.120

9.040

(iii) Capital work-in-progress

432.910

1028.940

2077.990

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1361.500

1326.330

1569.020

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1284.440

1088.990

1525.380

(e) Other Non-current assets

329.820

6.200

4.650

Total Non-Current Assets

17175.030

15742.060

11914.130

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

12829.570

14077.560

11247.210

(c) Trade receivables

7482.860

6077.560

5195.100

(d) Cash and cash equivalents

10007.040

16154.220

7339.800

(e) Short-term loans and advances

3745.640

4257.260

3642.040

(f) Other current assets

1201.760

1580.420

907.670

Total Current Assets

35266.870

42147.020

28331.820

 

 

 

 

TOTAL

52441.900

57889.080

40245.950

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

147801.920

142598.930

120427.280

 

 

Other Income

1978.980

1132.360

915.360

 

 

TOTAL                                     (A)

149780.900

143731.290

121342.640

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

94375.220

93818.180

66325.850

 

 

Purchases of stock-in-trade

33388.800

30181.650

39534.770

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(1009.290)

(180.150)

(22.950)

 

 

Employee benefit expense

887.390

833.020

632.280

 

 

Other expenses

17876.040

15134.090

12549.420

 

 

TOTAL                                     (B)

145518.160

139786.790

119019.370

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

4262.740

3944.500

2323.270

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

3465.010

2165.670

1824.230

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

797.730

1778.830

499.040

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

720.200

549.400

363.610

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

77.530

1229.430

135.430

 

 

 

 

 

Less

TAX                                                                  (H)

35.000

475.220

51.410

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

42.530

754.210

84.020

 

 

 

 

 

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

26481.040

23475.710

 31944.550

 

Other Earning

 3.230

0.000 

 0.000

 

TOTAL EARNINGS

26484.270

23475.710

31944.550

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 64527.110

65366.940 

37458.720

 

Components and Stores parts

29.690

11.130

4.080

 

Capital Goods

146.060

23.240

251.040

 

TOTAL IMPORTS

64702.860

65401.310

37713.840

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.39

6.90

0.77

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

71.789

80.212

76.851

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

220.122

(293.096)

955.401

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin
(PAT / Sales)

(%)

0.03

0.53

0.07

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

2.88

2.77

1.93

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.15

2.21

0.37

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.16

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.52

3.39

1.51

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.87

0.91

0.95

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1093.590

1093.590

1093.590

Reserves & Surplus

5726.520

6620.350

6662.880

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

6820.110

7713.940

7756.470

 

 

 

 

long-term borrowings

2791.160

2415.920

2162.850

Short term borrowings

7439.750

23619.870

17315.190

Current maturities of long-term debts

76.851

80.212

71.789

Total borrowings

10307.761

26116.002

19549.829

Debt/Equity ratio

1.511

3.386

2.520

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

120427.280

142598.930

147801.920

 

 

18.411

3.649

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

120427.280

142598.930

147801.920

Profit

84.020

754.210

42.530

 

0.07%

0.53%

0.03%

 

 

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

Yes

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

PERFORMANCE

 

During the year, the company witnessed a marginal growth of 3.65% in Income from operations from Rs. 142599.000 Million to Rs. 147802.000 Million. Other income increased by 74.82% from Rs. 1132.000 Million to Rs.1979.000 Million. However due to soyabean crop failure, overall soya industry got impacted resulting into disparity in business. The adverse duty structure on Palm oil also impacted margins to a large extent. As a result Profit after Tax witnessed a sharp decline from Rs 754.000 Million in the previous year to Rs. 43.000 Million for the current year. The company is continuing its focus for improving margins through innovative product development, better product mix, emphasis on branded products and control on cost. Significant measures have been taken for simplification of processes and structures which will result in improvement in productivity and efficiency across the organization.

 

EXPANSIONS AND ACQUISITIONS

 

As a part of forward integration plan, the Company has successfully commenced production of Soap Noodles and

Euricic Acid at its Oleo Chemical Plant at Mundra (Gujarat) which has been developed with State of the Art technology and world class equipments and its products are getting good response in domestic as well as international markets.

 

At Haldia (West Bengal), the company has commissioned Pulses Processing Unit with cleaning, grading, splitting and colour sorting facilities having total capacity of 350 TPD. These capacities have made the company the largest single location installed plant in India.

 

At Alwar (Rajasthan), the company has completed capacity expansion of Mustard Seed Crushing facility from existing 50 TPD to 200 TPD backed by a fully State of the Art imported Automated Packaging facility. At Kakinada (Andhra Pradesh), the company has successfully commissioned 100 TPD Lauric Fractionation Plant for specialty fats products in order to secure higher market share in this segment. Further at Kakinada, the company has also set up and commissioned a Product Development Laboratory fully equipped with most modern technology for developing product recipes for various formulations of Lauric and Specialty Fats for Chocolates, Confectionary and Ice cream preparations.

 

INDUSTRY REVIEW

 

During the year, India continued to face low business confidence on account of high Current Account Deficit, weakened rupee, high interest rates & uncertain Global scenario.

 

Indonesian Government incentivized export of Refined Palmolein and discouraged Crude Palm Oil exports. This made refined Palmolein cheap in India affecting refining operations. Indian Palm refining Industry continued to suffer during the year and the Industry Associations requested Government of India to increase duty on Refined Oil but to no avail.

 

Soybean production in the Country also showed a large dip against estimates due to lingering rains during harvest season which resulted in deterioration of bean quality & the crush plants in the country operated at fairly low capacities.

 

India’s dependence on Vegetable Oil Imports continues to grow. During current year India Imported about 10.4

Million Tonnes & it is expected that this figure will increase to 11 million Tonnes during next year.

 

Per capita consumption in India is currently growing at about 4 - 5 % per annum and is expected to grow at the same rate in future as well.

 

The worldwide Soybean production continued its surge & the increase was about 17 Million Tonnes during last year. Palm oil production also showed an increase of about 2 Million Tons & both these factors would help in

keeping a check on the prices.

 

Ukraine is becoming a preferred origin for sun oil & this has largely made our sun crush sector irrelevant and the country is now increasingly becoming dependent on imported sun oil for meeting its demand.

 

Consumers are shifting from Loose Oil to Packed Oil and this trend will help the company as it is the market leader in consumer pack sales. With focus on the value added products, the company is also aggressively looking at diversifying its portfolio beyond edible oils.

 

 

PRODUCT AND MARKETING

 

Despite many industry challenges, the company has performed remarkably well in the last financial year and has

retained its market leadership position in the Indian cooking oil consumer pack segment with market share of more than 19 %.  The company is glad to announce that it has drawn up ambitious plans for the new financial year 2014-15.

 

Each year the company is scaling new heights with tremendous growth in terms of sales volume. With the help of a clutter-breaking brand building campaign and an acute focus on retail level market penetration, in the last year the company has witnessed a good volume growth in sales of Fortune oil.

 

With its new offering, Fortune Rice Bran Health oil, the company has successfully created a special niche in the cooking oil market in India. The urban health-conscious Indians are now making an informed shift from other categories of oil that they have been currently using to rice bran oil (Source: Adani Wilmar Research in Delhi, Dec 2013). Fortune Rice Bran Health oil continues to be the unanimous leader in the rice bran oil market barely 17 months after its launch with a volume share of 30%, while the closest competition caters to only 15% of the rice bran oil market (Source: Nielsen ROCP Report - March 2014).

 

In the last financial year, the company has launched Fortune Besan in selected markets and this year plan is to expand perimeter of those markets while at the same time drilling deeper in terms of further retail penetration. As of now Fortune Besan is doing quite good in the market. There have been good consumer reviews about this product.

 

Market for Soya products is emerging in India because of growing health consciousness among the urban Indian households. To cater to this need, this year the company is bringing out new offerings, Soya Nuggets. These soya chunks will soon be available in major markets in the country. The company also aims to launch other value added soya products to its product basket. The company’s long term plan would be to extend its line of offerings to various pulses and other ready-to-eat food products.

 

The company is driven by its vision to be a leading global player in production and marketing of Health Oils, Functional Foods and Nurtaceuticals and currently working to produce blended vegetable oil generated by refining of Rice Bran Oil by projecting the market of Health conscious India a unique gift of nature.

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10535881

30/03/2015 *

49,195,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER 'E',, CUFFE PARADE, MUMBAI, MAHA
RASHTRA - 400005, INDIA

C51385938

2

10535884

30/03/2015 *

9,700,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER 'E',, CUFFE PARADE, MUMBAI, MAHA
RASHTRA - 400005, INDIA

C51388452

3

10228244

08/02/2013 *

500,000,000.00

BANK OF INDIA

AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BANK
OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 3
80001, INDIA

B69188399

4

10227256

08/02/2013 *

1,000,000,000.00

ALLAHABAD BANK

S.P. NAGAR BRANCH, ACME CENTRE,, NEAR NAVRANGPURA
RAILWAY CROSSING,, AHMEDABAD, GUJARAT - 380009, I
NDIA

B69285195

5

10226450

08/02/2013 *

1,200,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCI
ETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, IND
IA

B67748707

6

10209549

08/02/2013 *

500,000,000.00

STATE BANK OF HYDERABAD

GROUND FLOOR, NAGINDAS CHAMBERS, ASHRAM ROAD, USM
ANPURA, AHMEDABAD, GUJARAT - 380009, INDIA

B68764497

7

10167006

08/02/2013 *

1,000,000,000.00

BANK OF BARODA

OPP. NATRAJ CINEMA,, ASHRAM ROAD, AHMEDABAD, GUJA
RAT - 380009, INDIA

B69284677

8

90104974

08/02/2013 *

45,130,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOC
IETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, IN
DIA

B67747857

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

A) a) The Company has imported plant and machinery for their Refinery Project under EPCG Scheme for which :

i) Export Obligation though completed but procedural relinquishments are pending of Rs. 513.280 Million. before Customs (Previous Year Rs. 127.300 Million),

ii) Export Obligation of Rs 1008.04 Mn. (Previous Year Rs. 855.020 Million.) is pending which is equivalent to 8 times of duty saved Rs 138.890 Million.

(Previous Year Rs. 106.880 Million.) for which export to be made in eight years.

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

 

 

 

Bank Guarantees favouring

 

 

Customs against disputed custom duty

10.540

11.540

Sales Tax

7.990

8.680

Corporate Guarantees on behalf of Joint Venture Companies & Others

2750.000

1750.000

Letter of Credit

[Secured by hypothecation of tangible movable assets

(both present and future) and a second charge on all

immovable Properties (both present and future)]

3500.130

1584.140

Disputed Customs and Excise

Duty (Gross)

693.920

693.980

Less : Bank Guarantee given

10.540

11.540

Net of BG given to custom

department Other Disputed matters

683.380

682.440

Commercial Taxes

316.630

250.320

Income Tax

138.450

80.150

Service Tax

30.210

26.60

Other Statutory Liabilities

 

 

 

In the matter of show-cause notice, the amount of interest and penalty not ascertainable hence the same has not disclosed above.

 

g) During the financial year 2008-09, the company has acquired Neemuch plant from State Bank of India. In the year 2011-12 the Commercial Tax Dept, Indore has issued a notice to State Bank of India, demanding VAT arrears of earlier years to the tune of Rs. 138.30 Mn. The company has taken the legal opinion for the same and envisages that no liability will arise on company in future, hence no provision has made in the books of accounts.

 

FIXED ASSETS:

 

Tangible assets

 

·         Land

·         Building

·         Electrical Fittings

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipments

·         Computer Equipments

·         Vehicles

 

Intangible assets

 

  • Computer software

 

 

PRESS RELEASES 

 

 

CHINA'S GCL TIES UP WITH ADANI ENTERPRISES FOR GREEN ENERGY

SEPTEMBER 25, 2015

 

 

Chinese energy giant GCL Group has entered into strategic pact with Adani Enterprises to cooperate in the energy sector, including setting up an industrial park with a complete photo-voltaic industry chain in Gujarat.

Chinese energy giant GCL Group has entered into strategic pact with Adani Enterprises to cooperate in the energy sector, including setting up an industrial park with a complete photovoltaic industry chain in Gujarat. "Golden Concord Holdings Limited (GCL) has announced that GCL Group has signed a strategic collaborative agreement with Indian, Adani Enterprises, aiming to carry out large-scale cooperation in India's green energy sector, petroleum logistics and photovoltaic industry," the company said in a statement today. The agreement envisages setting up of an industrial park with a complete photovoltaic (PV) industry chain in Mundra, Gujarat and an ecological health of The Habitat garden is also in the proposed plan, it said.

 

The pact was signed during Prime Minister, Narendra Modi's visit to China in June, it added. GCL Group Chairman Zhu Gongshan said, "Our agreement with Adani group has been going on very smoothly. We will also keep the market informed what we achieve from this strategic collaboration.

 

“We are very optimistic about Indian energy market's outlook and are determined to provide better products and services to the market along with our Indian partners." GCL is an integrated energy group that specialises in clean and new energy. GCL is China's largest non-state-owned green energy holdings company and the world's largest photovoltaic material manufacturer. It has established presence in four major industries – power, photovoltaic, natural gas and finance.

 

Adani Enterpris stock price On October 13, 2015, at 12:54 hrs Adani Enterprises was quoting at Rs 85.10, down Rs 0.9, or 1.05 percent. The 52-week high of the share was Rs 803.90 and the 52-week low was Rs 65.85.

 

The company's trailing 12-month (TTM) EPS was at Rs 4.32 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 19.7. The latest book value of the company is Rs 93.45 per share. At current value, the price-to-book value of the company is 0.91.



 

 

ADANI, RELIANCE TO BUILD BANGLA POWER PLANTS TO EASE CRISIS

JUNE 6, 2015

 

Two leading Indian power firms will build several plants in Bangladesh to produce up to 4,600 megawatts of electricity to ease the country's prolonged power crisis, a senior official said on Saturday.

 

Adani Power Limited of India and Reliance Power Limited of India signed separate memorandums of understanding with state-run Bangladesh Power Development Board (BPDB) on Saturday, as Prime Minister Narendra Modi began a two-day state visit.

 

"Reliance Power and BPDB today signed a MOU to develop four units of power plants to produce 3,000 MW of electricity with a cost of $3 billion," the company said in a statement. The plants will burn natural gas.

 

Adani Power will set up two, coal-fired plants with a total capacity of 1,600 MW that will cost more than $1.5 billion.

 

Officials of the firms said it would take 13 months to complete construction of the plants after final agreements had been reached.

 

"Discussions are going on to settle the details of the plants," said Mohammad Saiful Islam, a director of BPDB.

 

Bangladesh produces 7,000 MW of electricity but demand far exceeds supply, with a daily deficit of up to 1,500 MW.

 

The government on Thursday unveiled a 2.95 trillion taka ($38 billion) budget for fiscal 2014/15, stepping up spending on key sectors to tackle power shortages that are crimping economic growth and deterring investment.

 

Spending on development needs such as power and transport will rise about 40 percent from the current fiscal year to 263 billion taka ($3.4 billion), Finance Minister Abul Maal Abdul Muhith told parliament, while overall spending will increase 23 percent in the year from July 1.

 

Foreign Minister Abul Hassan Mahmood Ali told journalists on Friday that Bangladesh also planned to more than double its electricity imports from India to 11,000 MW by 2017 from 5,000 MW now.

 

ADANI ENT TANKS 82%; POWER, PORT, TRANSMISSION BIZ DEMERGED

JUNE 03, 2015

 

Shares of Adani Enterprises (AEL) crashed 81.74 percent intraday Wednesday as the stock price has adjusted for the demerger of its port, power and transmission businesses. The stock has touched a 52-week low of Rs 116.25 against previous day's closing of Rs 638.05.


Shares of Adani Enterprises (AEL) crashed 81.74 percent intraday Wednesday as the stock price has adjusted for demerger of its port, power and transmission businesses. The stock has touched a 52-week low of Rs 116.25 against previous day's closing of Rs 638.05. According to its filing on May 25, AEL demerged its complete port business (Belekeri Port and the investment in AEL in Adani Ports ) into Adani Ports, power undertaking (the 40 MW solar power project in Kutch district and the investment in Adani Power ) into Adani Power and transmission business (Mundra-Zerda transmission line and investment in Adani Transmission) into Adani Transmission.

 

After this demerger, equity shareholders of Adani Enterprises will get 14,123 shares in Adani Ports (for every 10,000 shares held in AEL), 18,596 shares in Adani Power (for every 10,000 shares held in AEL) and 1 share in Adani Transmission (for every 1 share held in AEL). The record for the same has been fixed as June 4.

 

Also, AEL will merge Adani Mining Private Limited (AMPL) with itself, wherein no equity shares are to be issued as AMPL is a wholly owned subsidiary of AEL.

 

At 10:40 hours IST, the scrip Adani Enterprises was quoting at Rs 122.75, down Rs 515.30, or 80.76 percent on the BSE.



CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 64.73

UK Pound

1

Rs. 99.30

Euro

1

Rs.73.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP 

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.