MIRA INFORM REPORT
|
Report No. : |
345934 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
JVL AGRO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Jhunjhunwala Bhavan, Nati Imli, Varanasi - 221001, Uttar Pradesh |
|
Tel. No.: |
91-542-2595930-32 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation
: |
17.11.1989 |
|
|
|
|
Com. Reg. No.: |
20-011396 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 167.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15140UP1989PLC011396 |
|
|
|
|
IEC No.: |
1593000243 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ5704B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Vanaspati, Refine and Mustard Oil and also Production
of Rice. |
|
|
|
|
No. of Employees
: |
616 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989 and it is engaged in
manufacturing and marketing of hydrogenated vegetable oil and Vanaspati ghee. For the financial year ended 2015, company has reported marginal
growth of 1.26% in its revenue profile and it has maintained above average
profitability margins at 1.37% during the year under a review. Ratings takes into consideration its steady increase in the scale of
operations and stable financial performance coupled with moderate liquidity position
and above debt protection indicators. However, rating strength partially offset by significant dependence on
the import of raw materials and profitability sensitive to volatility in raw
material prices and foreign exchange. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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 |
10.07.2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short-term Bank Facilities= A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
10.07.2015 |
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
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-542-2595930/ 2595124)
LOCATIONS
|
Registered Office : |
Jhunjhunwala Bhavan, Nati Imli, Varanasi - 221001, Uttar Pradesh,
India |
|
Tel. No.: |
91-542-2595930-32 |
|
Fax No.: |
91-542-2595941 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factories : |
·
Village Naupur, P.O. Thanagaddihe, Kerakat,
District Jaunpur, Uttar Pradesh, India ·
JVL
Agro Foods (a unit of JVL Agro Industries Limited) 207 MIA, Alwar 301001, Rajasthan, India ·
JVL
Oils and Foods (a unit of JVL Agro Industries Limited.) Village Chakia, P.O. Pahleja, District Rohtas-821307, Bihar, India ·
JVL Oil
Refinery (A unit of JVL Agro Industries Limited JL # 149, Mouza – Debhog, PS – Bhabanipur, Purba Medinipur, Haldia –
712657, West Bengal, India ·
JVL
Rice Mill (A unit of JVL Agro Industries Limited Sasaram Akhorigola Road, Jorawarpur, District Rohtas, Bihar, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr.
D. N. Jhunjhunwala |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
02.02.1936 |
|
Qualification : |
B.
Sc. (Industrial Chemistry) |
|
Expertise in functional areas:
Industrialist. : |
Mr. D. N. Jhunjhunwala is
the Chairman of the Company. He is a graduate in Industrial Chemistry. He has
55 years of experience in various facets of management, out of which 33 years
were dedicated in various oil industries. Mr. D. N. Jhunjhunwala
promoted Jhunjhunwala Vanaspati Limited in 1989 and he was President of
Solvent Extractors Association, member of U.P. Oil Millers Association,
member of Vegetable Oil Refiners Association of India and he is also involved
with various philanthropic activities. He has written many books on social
and religious topics. |
|
Date of Appointment : |
17.11.1989 |
|
|
|
|
Name : |
Mr.
S. N. Jhunjhunwala |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
24.04.1957 |
|
Qualification : |
B.Com. |
|
Expertise in functional areas:
Industrialist. : |
Mr. S. N. Jhunjhunwala is
the Managing Director and is a Commerce graduate. He has 33 years of
experience in solvent extraction, oil refining and Vanaspati manufacturing
units. |
|
Date of Appointment : |
17.11.1989 |
|
|
|
|
Name : |
Mr.
Adarsh Jhunjhunwala |
|
Designation : |
Whole-time
Director |
|
Date of Birth/Age : |
05.07.1983 |
|
Qualification : |
Chartered
Accountant and MBA (Finance). |
|
Expertise in functional areas: Commerce and Financial Accounting. |
Mr.
Adarsh Jhunjhunwala is Whole Time Director of the Company. |
|
Date of Appointment : |
27.02.2007 |
|
|
|
|
Name : |
Mrs.
Anju Jhunjhunwala |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.12.1958 |
|
Qualification : |
B.Com. |
|
Expertise in functional areas:
Industrialist. : |
Mrs.
Anju Jhunjhunwala is Non – Executive Non – Independent Director of the
Company. |
|
Date of Appointment : |
25.08.2014 |
|
|
|
|
Name : |
Dr.
S. K. Dixit |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.07.1946 |
|
Expertise in functional areas : |
Mr. S. K. Dikshit is a
Director of the Company. He is a Doctor. He has expertise in herbal products
and medical science. |
|
Date of Appointment : |
10.07.2001 |
|
|
|
|
Name : |
Mr.
Mahesh Kedia |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.06.1963 |
|
Qualification : |
B.
Sc (Statistics), C.A. |
|
Expertise in functional areas: Commerce and Financial Accounting : |
Shri
Mahesh Kedia is a Director, Chartered Accountant and a Science graduate. |
|
Date of Appointment : |
29.12.2003 |
|
|
|
|
Name : |
Mr.
Harsh Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.03.1987 |
|
Qualification : |
Engineering
graduate. |
|
Expertise in functional areas: Engineering. : |
Sri Harsh Agrawal is a
Director and having deep insight into Electronic and telecommunication and
practical experience in the field. |
|
Date of Appointment : |
30.09.2011 |
|
|
|
|
Name : |
Mr.
Kanhaiya Lal Goenka |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.03.1979 |
|
Qualification : |
B.Com. |
|
Expertise in functional areas : |
Experience
in solvent extraction, oil refining and vanaspati manufacturing units. |
|
Date of Appointment : |
27.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr.
Deepak Kumar Chopra |
|
Designation : |
Chief
Executive Officer |
|
|
|
|
Name : |
Mr.
R. C. Garg |
|
Designation : |
Chief
Finance Officer |
|
|
|
|
Name : |
Mr.
Kartik Agrawal |
|
Designation : |
Company
Secretary |
|
|
|
|
Audit Committee : |
·
Mr. Mahesh Kedia ·
Mr. Harsh Agrawal · Mr. Kanhaiya Lal Goenka |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
24144487 |
14.38 |
|
|
64406900 |
38.35 |
|
|
88551387 |
52.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
88551387 |
52.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
79000 |
0.05 |
|
|
22504680 |
13.40 |
|
|
22583680 |
13.45 |
|
|
|
|
|
|
30794043 |
18.34 |
|
|
|
|
|
|
17976166 |
10.70 |
|
|
6965438 |
4.15 |
|
|
1069286 |
0.64 |
|
|
912886 |
0.54 |
|
|
156400 |
0.09 |
|
|
56804933 |
33.82 |
|
Total Public shareholding (B) |
79388613 |
47.27 |
|
Total (A)+(B) |
167940000 |
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) |
167940000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Vanaspati, Refine and Mustard Oil and also Production
of Rice. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
616 (Approximately) |
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Bankers : |
·
Bank of Baroda ·
Punjab National Bank ·
State Bank of India ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of Travancore ·
Vijaya Bank ·
Corporation Bank ·
Indian Overseas Bank ·
Union Bank of India ·
Oriental Bank of Commerce ·
Allahabad Bank · Standard Chartered Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Singh Dikshit and Company Chartered Accountants |
|
Address : |
Hathua Market, Chetganj, Varanasi, Uttar Pradesh, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company : |
JVL
Oversease Pte Limited |
|
|
|
|
Other Related Companies : |
·
Jhunjhunwala Gases Private Limited ·
Jhunjhunwala Oils Mills Limited ·
Nilamber Trexim and Credit Private Limited · Hari Fertilizers Limited |
|
|
|
|
Other : |
Jhunjhunwala
Sewa Society |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,00,00,000 |
Equity Shares |
Re. 1/- each |
Rs. 200.000 Million |
|
5,000 |
10%
Cumulative Red.Pref.Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
2,50,000 |
Cumulative
Red.Pref.Share |
Rs. 100/- each |
Rs. 25.000 Million |
|
|
Total |
|
Rs. 225.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,79,40,000 |
Equity Shares |
Re. 1/- each |
Rs. 167.900
Million |
|
|
|
|
|
C. Reconciliation of number of shares
|
Particulars |
Nos. of Shares |
|
Balance
as at beginning of the year 16,79,40,000 Equity Shares |
167940000 |
|
Add:
Shares Issued |
0.000 |
|
Less:
Shares bought back during the year |
0.000 |
|
Balance
as at end of the year |
167940000 |
D. Rights, preferences and restrictions
attached to the shares
Equity shares: The company
has one class of equity shares having a par value of H1 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 shareholdings.
E. Details of equity shares
held by shareholders holding more than 5% shares to the aggregate shares in the
company
|
Particulars |
Nos. of Shares |
|
a.
Nilamber Trexim and Credit Private Limited 10.07%
(10.07%) |
16912900 |
|
b.
Jhunjhunwala Gases Private Limited
09.57% (09.57%) |
16075000 |
|
c.
Aryan Multibusiness Private Limited
07.15% (07.15%) |
12000000 |
|
d.
Paharia Markets and Investment Private Limited 07.15% (07.15%) |
12000000 |
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 |
167.900 |
167.900 |
167.900 |
|
(b) Reserves & Surplus |
5080.700 |
4493.600 |
3922.300 |
|
(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) |
5248.600 |
4661.500 |
4090.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
666.600 |
744.100 |
1004.400 |
|
(b) Deferred tax liabilities (Net) |
318.400 |
338.700 |
282.700 |
|
(c)
Other long term liabilities |
115.800 |
116.900 |
22.600 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1100.800 |
1199.700 |
1309.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1708.200 |
1337.600 |
1107.500 |
|
(b)
Trade payables |
9684.200 |
8347.900 |
7291.000 |
|
(c)
Other current liabilities |
516.200 |
465.600 |
491.300 |
|
(d)
Short-term provisions |
40.500 |
41.500 |
33.600 |
|
Total
Current Liabilities (4) |
11949.100 |
10192.600 |
8923.400 |
|
|
|
|
|
|
TOTAL |
18298.500 |
16053.800 |
14323.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4096.300 |
3638.700 |
3088.100 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.900 |
192.600 |
184.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
54.400 |
55.300 |
56.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
204.800 |
254.200 |
398.900 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4372.400 |
4140.800 |
3728.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5626.100 |
4542.000 |
4532.100 |
|
(c)
Trade receivables |
2887.500 |
1886.400 |
1608.600 |
|
(d)
Cash and cash equivalents |
4128.900 |
4393.200 |
3237.300 |
|
(e)
Short-term loans and advances |
1283.600 |
1091.400 |
1217.300 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
13926.100 |
11913.000 |
10595.300 |
|
|
|
|
|
|
TOTAL |
18298.500 |
16053.800 |
14323.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
44038.800 |
43504.700 |
38110.800 |
|
|
|
Other Income |
58.000 |
44.400 |
62.600 |
|
|
|
TOTAL |
44096.800 |
43549.100 |
38173.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
32641.300 |
33471.900 |
22016.200 |
|
|
|
Purchases of Stock-in-Trade |
9584.000 |
9597.000 |
14146.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
39.600 |
(1140.000) |
404.000 |
|
|
|
Employees benefits expense |
120.400 |
101.100 |
73.400 |
|
|
|
Other expenses |
883.700 |
827.800 |
681.100 |
|
|
|
TOTAL |
43269.000 |
42857.800 |
37320.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
827.800 |
691.300 |
852.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
420.700 |
352.000 |
241.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
407.100 |
339.300 |
611.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
162.400 |
187.500 |
102.100 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
(410.100) |
(548.400) |
(263.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
654.800 |
700.200 |
772.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
28.500 |
87.600 |
168.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
626.300 |
612.600 |
603.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
248.300 |
208.800 |
323.500 |
|
|
TOTAL EARNINGS |
248.300 |
208.800 |
323.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imported
Oils |
39364.300 |
35352.400 |
34668.000 |
|
|
TOTAL IMPORTS |
39364.300 |
35352.400 |
34668.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.73 |
3.65 |
4.19 |
|
|
|
Diluted |
3.73 |
3.65 |
4.19 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net
Cash Flow from Operating Activities |
(599.700) |
1356.600 |
(106.900) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.42 |
1.41 |
1.58 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.88 |
1.59 |
2.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.59 |
4.43 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.15 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45 |
0.45 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.17 |
1.19 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Re. 1.00/- |
|
|
|
|
Market Value |
Rs. 17.15/- |
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 |
167.900 |
167.900 |
167.900 |
|
Reserves & Surplus |
3922.300 |
4493.600 |
5080.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4090.200 |
4661.500 |
5248.600 |
|
|
|
|
|
|
Long-term borrowings |
1004.400 |
744.100 |
666.600 |
|
Short term borrowings |
1107.500 |
1337.600 |
1708.200 |
|
Total
borrowings |
2111.900 |
2081.700 |
2374.800 |
|
Debt/Equity
ratio |
0.516 |
0.447 |
0.452 |
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 |
38110.800 |
43504.700 |
44038.800 |
|
|
|
14.153 |
1.228 |
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 |
38110.800 |
43504.700 |
44038.800 |
|
Profit |
603.700 |
612.600 |
626.300 |
|
|
1.58% |
1.41% |
1.42% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY INFORMATION
JVL Agro Industries Limited
(the ‘Company’) is a public limited company and listed on Bombay Stock Exchange
(BSE), National Stock Exchange (NSE), Delhi Stock Exchange and Uttar Pradesh
Stock Exchange (Kanpur). The company is market leader in edible oil industry.
The company has started production of rice during the year. The company has
manufacturing facilities in Naupur- Uttar Pradesh, Alwar- Rajasthan, Dehri-
Bihar, Haldia- West Bengal and Rohtas, Bihar and sell primarily in India.
MANAGEMENT AND DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC OVERVIEW
The global economy is on
the path of regaining its lost momentum as many high-income countries continue
to deal with the repercussions of the global financial crisis. Resultantly,
global growth has picked up, albeit marginally in 2014, to 2.6% from 2.5% in
2013 (Source: IMF). Several major forces are driving the global outlook
including softer commodity prices, persistently low interest rates and a
reasonable uptick in consumption. Most importantly, the sharp decline in oil
prices since mid-2014 is expected to support global activities and help offset
some of the headwinds to growth in oil-importing economies including that of
India.
Reduced crude prices pose a
serious challenge for oil-exporting countries. Conflicts in Syria, inflow of
refugees into Turkey, terrorist attacks in Iraq, the civil war in Yemen and
uncertainty over the nature and timing of the US-Iran nuke deal have hampered
growth prospects. Anticipating continued depression in oil prices, the UAE and
Saudi Arabia have revised their forecasted GDP growths. Kenya and Nigeria are
reeling under geopolitical tension and the expected GDP growth has also been
similarly revised. Turkey has projected a GDP growth of 3.1%. The devaluation
of the Nigerian naira, Turkish lira, Kenyan shilling and Moroccan dirham
against the US dollar during the second half of 2014-15 posed a threat to
growth in these markets.
In the coming years, IMF
projects world growth to pick up modestly to 3.5% by end-2015; it is estimated
to grow to 3.7% by 2016. According to IMF reports, while advanced economies are
expected to grow stronger at an increased rate of 2.4% in 2015, emerging
markets are predicted to show a weaker growth of 4.3%, reflecting uncertainty
in some of the large emerging market and oil economies. High-income countries
are likely to witness growth of 2.2% till 2017, up from 1.8% in 2014, on the
back of gradually recovering labour markets, ebbing fiscal consolidation and
lowering financing costs.
INDIAN ECONOMIC REVIEW
With a new and stable
government at the helm after a considerable while, the economy has bounced back
to its growth track after a couple years. The Indian economy grew at 7.3% in
2014-15 on the back of an improvement in the performance of both the services
as well as the manufacturing sectors. Lower oil prices and widespread monetary
easing has pegged India to grow by 8% in 2015-16 according to forecasts by the
OECD, compared to China, which is estimated to grow at 7% during the same time.
With labour costs spiking in China, India is now expected to emerge as the
fastest growing major economy in 2015-16. Further, the per capita income at
current prices during 2014-15 rose by 9.2% to Rs. 0.088 Million as against Rs.
0.080 Million in the previous fiscal (it was Rs. 0.064 Million in 2011-12 and
Rs. 0.072 Million in 2012-13). Gross fixed capital formation increased from 3%
in
2013-14 to 4.1% in 2014-15.
Average retail inflation moderated to 6.3% in 2014-15 as against 8.9% in
2013-14. Food inflation declined from 9.5% in 2013-14 to 4.8% in 2014-15.
India’s current account could be a surplus in 2015, after 32 consecutive
quarters in deficit, and the deficit for the upcoming fiscal could halve to
0.6% of the GDP from 1.1% during the current fiscal. The GVA (gross
value-addition), a new concept introduced by CSO to measure the economic
activity, rose by 7.2% in 2014-15 compared to 6.6% in the previous fiscal. The
manufacturing sector GVA rose by 7.1% during the year as against 5.3% in
2013-14. Similarly, the output of electricity, gas, water supply and other
utility services rose by 7.9% as against 4.8% a year ago.
INDIAN EDIBLE OIL INDUSTRY
India, with 21% of world’s
area and 15% of world’s production, is the fourth largest oilseed producing
country in the world, next to the US, China and Brazil. Oilseeds in India
account for the second largest agricultural commodity after cereals, accounting
for 13% of the country’s gross cropped area, nearly 5% of the gross national
product and 10% ofthe overall value of agricultural products. The industry
comprises 15,000 oil mills, 600 solvent extraction units, 600 vegetable oil
refineries and 250 vanaspati manufacturing
units spread across the country. These are engaged in crushing and processing
of oilseeds, oilcakes, rice, bran and vegetable oils. The Indian edible oil
industry is a highly fragmented one and in terms of volumes, palm oil, soya
bean oil and mustard oil are the three largest consumed edible oils in India.
According to the SEA, the
vegetable oil availability from kharif oilseeds and secondary sources is
estimated at 5.460 Million tonnes compared to last year’s 5.795 Million tonnes
i.e. down by 0.335 Million tonnes for 2014-15. This indicates that local prices
have ceased to be a determinant of domestic demand-supply dynamics which has
instead been dictated by cues from global markets. A strong inflow of cheap oil
from overseas is keeping the local scenario depressed. This equation is
unlikely to change in the near-term and a setback in rabi oilseeds harvest might
not lead to a massive rise in the prices. Domestic oilseeds production is
projected to drop by 9% in 2014-
Although global farm
commodity prices have eased significantly, any plunge in pulses and oilseed
planting raises risks of imported inflation as the country meets around half of
its annual requirement of cooking oils through overseas purchases (Source: CACP). The Indian edible oil
industry, which has grown at a CAGR of 13% from 2009-14 in terms of the
revenue, is expected to cross Rs. 2,080 billion by 2019 due to the increasing
number of edible oil brands and rising consumption of edible oil in the
country.
OUTLOOK
The Indian edible oils
market continues to be underpenetrated and given the positive macro and demographic
fundamentals, the prospects of mediumto long-term growth seem bright. The
Indian per capita consumption for edible oil is expected to grow from the
current consumption levels of ~16 kilograms to ~24 kilograms by 2020 with a
conservative CAGR of around 6%. This growth is expected to translate into an
edible oil consumption market
of approximately 32 million
tonnes by 2020.
COMPANY OVERVIEW
JVL Agro Industries Limited
(formally known as Jhunjhunwala Vanaspati Limited) was incorporated in 1989. The
Company manufactures
hydrogenated vegetable oil (vanaspati), refined oils and rice from its
manufacturing facilities in Naupur (UP), Pahleza (Bihar), Alwar (Rajasthan),
Haldia (West Bengal) and Sasaram (Bihar). The Company commenced with a
production capacity of 25 metric tonnes per day; today, the Company is the
single largest manufacturer of edible oil in India (3000 metric tonnes per
day). The Company’s name was changed from Jhunjhunwala Vanaspati Limited to JVL
Agro Industries Limited on October 21, 2008 due to diversification of Company
operations from a hydrogenated vegetable oil manufacturer to multiproduct
dealer.
FINANCIAL OVERVIEW
In 2014-15, the Company
reported an increase of 1.23% in revenues from Rs. 43504.700 Million in 2013-14
to Rs. 440.388 Million in 2014-15. The revenue for all four quarters surpassed
the corresponding period of the previous financial year. The Company’s profit
after tax grew from Rs. 612.600 Million in 2013-14 to Rs. 626.300 Million
2014-15, an increase of 2.24%. EBIDTA decreased by 0.15% to Rs. 1237.900
Million in 2014-15 from Rs. 1239.700 Million in 2013-14. Cash profit decreased
from Rs. 800.100 Million in 2013-14 to Rs. 788.700 Million in 2014-15. Raw
material consumption: Raw material consumed for 2014-15 decreased by 2.48% to
Rs. 3,2641.300 Million from Rs. 3,3471.900 Million in 2013 14.
OPERATING COSTS:
The Company’s operating
expenses increased marginally in 2014-15 by 1% from Rs. 4,3045.300 Million in
2013-14 to Rs. 4,3431.200 Million in 2014-15. The proportion of operating
expenses to the total revenue stood at 99% in 2014-15, which is almost
identical to last year.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30.06.2015
PART I
(Rs. In Million)
|
|
Particulars |
30.06.2015 (Unaudited) 3 month Ended |
|
1. |
Income from operations |
|
|
|
a)
Net Sales/Income from Operations |
11055.000 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Cost of materials consumed |
9410.000 |
|
|
b)
Purchase of traded goods |
1400.000 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(190.600) |
|
|
d)
Employee benefits expense |
32.100 |
|
|
e)
Depreciation and amortisation expense |
450.000 |
|
|
f)
Other Expenditure |
224.500 |
|
|
Total Expenses |
10921.000 |
|
|
|
|
|
3. |
Profit from Operations
before other income, finance costs and exceptional Items (1-2) |
134.000 |
|
4. |
Other
Income |
6.500 |
|
5. |
Profit from ordinary
activities before finance costs and exceptional Items (3+4) |
140.500 |
|
6. |
Finance
costs |
62.500 |
|
7. |
Profit from ordinary
activities after finance costs but before exceptional Items (5-6) |
78.000 |
|
8. |
Exceptional
Items |
104.000 |
|
9. |
Profit
from ordinary activities before tax (7-8) |
182.000 |
|
10. |
Tax
expense |
|
|
|
a)
Current Tax |
10.00 |
|
|
b)
Deferred Tax |
|
|
11. |
Net
Profit from ordinary activities after tax (9-10) |
172.000 |
|
12. |
Extraordinary
items (Net of tax expenses Rs……) |
|
|
13. |
Net
Profit for the period (11-12) |
172.000 |
|
14. |
Paid
- up Equity Share Capital (Face
Value of shares) |
167.900 1/- |
|
15. |
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
5252.700 |
|
16. |
EPS
(in Rs) Not Annualized |
|
|
|
A)
Before Extra Ordinary Items Basic/ Diluted |
1.02 |
|
|
B)
After Extra Ordinary Items Basic/ Diluted |
1.02 |
|
PART
II |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
1. |
Public
Shareholding |
|
|
|
-
Number of Shares |
79388613 |
|
|
-
Percentage of Shareholding |
47.27% |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
5000000 |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
5.65% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
2.98% |
|
|
b)
Non-encumbered |
|
|
|
-
Number of Shares |
83551387 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
94.35% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
49.75% |
|
|
||
|
|
Particulars |
Quarter ended on June 30, 2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
1 |
|
|
Received
during the quarter |
2 |
|
|
Disposed
of during the quarter |
2 |
|
|
Pending
at the end of the quarter |
1 |
NOTES:
1. The above results were reviewed by the audit Committee and taken on record at the Board Meeting concluded on 13.08.2015.
2. The Company has secured final approval from Ministry of Food Processing industries, New Delhi for establishing the Mega food park in Bihar. The stone laying is scheduled for 14th August 2015 by the Honble Minister Smt. Harsimrat Kaur Badal and Other Dignttaries.
3. Figures have been regrouped and rearranged.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claim
against the company not acknowledged as debts |
|
|
|
Trade
Tax Liability under appeal before H'ble High Court, Allahabad |
3.600 |
3.600 |
|
Excise
Demand under appeal at different stage at H'ble High Court, Allahabad |
0.300 |
0.300 |
|
Entry
Tax demand under appeal before H'ble Supreme Court for different years for
which Bank Guarantee given by the company |
6.800 |
6.700 |
|
Value
added tax demand under appeal before appelate authority, Varanasi. |
7.100 |
0.000 |
|
Demand
On Excise Duty for different years under appeal at Appelate Tribunal, Custom,
Excise and Service Tax, New Delhi. |
253.500 |
108.500 |
|
|
|
|
|
Total |
271.300 |
119.100 |
FIXED ASSETS:
Tangible Assets
·
Land
(Free Hold)
·
Land
(Lease Hold)
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fittings
·
Vehicles
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 64.97 |
|
|
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.