MIRA INFORM REPORT
|
Report No. : |
345544 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMAMI AGROTECH LIMITED (w.e.f.27.01.2015) |
|
|
|
|
Formerely Knowns
As : |
EMAMI BIOTECH
LIMITED (w.e.f.13.07.2007) EMAMI BIOTECH
PRIVATE LIMITED (w.e.f.17.07.2006) NEW AGE BIOTECH
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
687, Anadapur, E. M. Bypass, Kolkata – 700107, West Bengal |
|
Tel. No.: |
91-33-66136264/792 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.04.2002 |
|
|
|
|
Com. Reg. No.: |
21-094530 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 380.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24233WB2002PLC094530 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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|
|
|
Line of Business
: |
Manufacturer of bio-diesel and edible oil. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Emami Group which was incorporated in the year
2002 and it is engaged in producing and cultivating biodiesel and edible oil.
The company products include mustard oil, sunflower oil, rice bran oil, palm
oil, soya-bean oil and blended oils. For the financials year ended 2014, company has reported 21.97% sales
turnover growth as compared to previous year sales turnover but it has failed
to maintained profitability margins and reported low margins at 0.09% during
the year under a review. Rating also takes into consideration extensive industry experience of
promoters in edible oil industry supported by company’s established track record
of business operations and regular support from the Emami group. Rating also takes into consideration company’s above average financial
profile marked by modest net worth base and sound debt coverage indicators of
the company. However, rating strength is partially offset by significant dependence
on the import of raw material along with volatility in raw materials and
foreign exchange fluctuation risk and low profit margin due to low value
addition and intense competition. 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 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 |
October 16, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
October 16, 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. Vinit Agarwal |
|
Designation : |
General Manager |
|
Contact No.: |
91-33-66136264 |
|
Date : |
20.10.2015 |
LOCATIONS
|
Registered Office : |
687, Anadapur, E. M. Bypass, Kolkata – 700107, West Bengal, India |
|
Tel. No.: |
91-33-66136264/792 |
|
Fax No.: |
91-33-66136300 |
|
E-Mail : |
|
|
Website : |
|
|
Locality : |
Commercial |
|
|
|
|
Factory 1 : |
J.L. No. 149, HPL Link Road, Debhong, Bhabanipur, Haldia, Purba
Medinipur - 721657, West Bengal, India |
|
Tel. No.: |
91-3224-255983 |
|
Fax No.: |
91-3224-255982 |
|
|
|
|
Factory 2 : |
Krishnapatnam, Survey No. 501-510, Near Zero Point, Krishnapatnam
Port, Pantapalem Village, Muthukur Mandal, SPSR, District Nellore - 524323,
Andhra Pradesh, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Pramod Kumar Shah |
|
Designation : |
Director |
|
Address : |
BF-55, Sector-I, Bidhannagar, Salt Lake, Kolkata - 700064, West Bengal, India |
|
Date of Birth/Age : |
02.12.1951 |
|
Date of Appointment : |
06.09.2014 |
|
PAN No.: |
ALUPS6697N |
|
DIN No.: |
00343256 |
|
|
|
|
Name : |
Debasish Bhaumik |
|
Designation : |
Director |
|
Address : |
19/5, Northern Avenue, Kolkata - 700037, West Bengal, India |
|
Date of Birth/Age : |
24.11.1948 |
|
Date of Appointment : |
06.09.2014 |
|
DIN No.: |
06933306 |
|
|
|
|
Name : |
Mrs. Nisha Murarka |
|
Designation : |
Director |
|
Address : |
55, Bhupendra Bose Avenue, Kolkata - 700004, West Bengal, India |
|
Date of Appointment : |
06.09.2014 |
|
DIN No.: |
06965528 |
|
|
|
|
Name : |
Mr. Ghan Shyam Gupta |
|
Designation : |
Whole-time director |
|
Address : |
Flat-9A, Golf Towers, 9, Prince Gulam Mohammad Shah Road, Kolkata - 700045, West Bengal, India |
|
Date of Birth/Age : |
01.10.1956 |
|
Qualification : |
FCA, FCS, B.Com (Hons) |
|
Experience : |
33 Years |
|
Date of Appointment : |
14.05.2012 |
|
PAN No.: |
ADHPG2724K |
|
DIN No.: |
00034927 |
|
|
|
|
Name : |
Swapan Kumar Mondal |
|
Designation : |
Whole-time director |
|
Address : |
3, Baishnab Ghata Patuli, Garia, Kolkata - 700094, West Bengal, India |
|
Date of Birth/Age : |
17.05.1950 |
|
Qualification : |
BE, PGDM |
|
Date of Appointment : |
18.04.2002 |
|
PAN No.: |
AEOPM4603B |
|
DIN No.: |
00367104 |
|
|
|
|
Name : |
Mr. Sudhakar Seshagiri Rao Desai |
|
Designation : |
Whole-time director |
|
Address : |
202, Odyssey-1, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1962 |
|
Qualification : |
MBA from IRMA |
|
Experience : |
27 Years |
|
Date of Appointment : |
06.09.2014 |
|
PAN No.: |
ABPPD7579K |
|
DIN No.: |
00140673 |
|
|
|
|
Name : |
Mr. Rajiv Kumar Tibrewal |
|
Designation : |
Whole-time director |
|
Address : |
19, Nand Lal Mitra Lane, PO - Salkia, Howrah - 711106, West Bengal, India |
|
Date of Birth/Age : |
23.07.1971 |
|
Qualification : |
CA |
|
Date of Appointment : |
16.06.2012 |
|
PAN No.: |
ABUPT4290Q |
|
DIN No.: |
02436031 |
KEY EXECUTIVES
|
Name : |
Mr. Vinit Agarwal |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Kailash Chandra Panda |
|
Designation : |
Secretary |
|
Address : |
2/4A, Arvind Nagar, Regent Park, Kolkata - 700040, West Bengal, India |
|
Date of Birth/Age : |
27.09.1976 |
|
Date of Appointment : |
03.07.2008 |
|
PAN No.: |
ANHPP1700E |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
92.04 |
|
Other
top fifty shareholders |
7.96 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of bio-diesel and edible oil. |
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Products : |
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Brand Names : |
‘Emami
Healthy and Tasty’ |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Malaysia |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 days) |
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Purchasing : |
Cash and Credit (30/60/90 days) |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S. K. Agarwal and Company Chartered Accountant |
|
Address : |
Kolkata, West Bengal, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
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|
Subsidiary company : |
Emami Biotech (Singapore) Pte Limited |
|
|
|
|
Associate : |
Oriental Sales Agencies (India) Private Limited |
|
|
|
|
Joint venture : |
Sealac Agro Ventures Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 320.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
320.000 |
274.425 |
274.425 |
|
(b) Reserves & Surplus |
1725.512 |
1447.170 |
1427.166 |
|
(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) |
2045.512 |
1721.595 |
1701.591 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4793.326 |
4867.872 |
4594.318 |
|
(b) Deferred tax liabilities (Net) |
59.204 |
38.801 |
14.572 |
|
(c)
Other long term liabilities |
67.000 |
45.528 |
41.755 |
|
(d)
long-term provisions |
9.890 |
6.109 |
0.618 |
|
Total
Non-current Liabilities (3) |
4929.420 |
4958.310 |
4651.263 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2928.544 |
989.939 |
1787.171 |
|
(b)
Trade payables |
15453.391 |
10674.745 |
4720.294 |
|
(c)
Other current liabilities |
1023.015 |
1044.871 |
778.024 |
|
(d)
Short-term provisions |
119.174 |
131.997 |
74.202 |
|
Total
Current Liabilities (4) |
19524.124 |
12841.552 |
7359.691 |
|
|
|
|
|
|
TOTAL |
26499.056 |
19521.457 |
13712.545 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6550.962 |
6392.476 |
4151.211 |
|
(ii)
Intangible Assets |
18.178 |
19.229 |
20.122 |
|
(iii)
Capital work-in-progress |
36.658 |
64.924 |
1439.371 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
18.063 |
18.188 |
59.478 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
47.721 |
62.817 |
302.794 |
|
(e)
Other Non-current assets |
47.215 |
0.835 |
0.000 |
|
Total
Non-Current Assets |
6718.797 |
6558.469 |
5972.976 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
672.085 |
400.840 |
437.755 |
|
(b)
Inventories |
5827.094 |
4614.169 |
2189.043 |
|
(c)
Trade receivables |
1124.874 |
629.946 |
705.366 |
|
(d)
Cash and cash equivalents |
8580.520 |
5244.713 |
3125.648 |
|
(e)
Short-term loans and advances |
3117.906 |
1963.693 |
1250.930 |
|
(f)
Other current assets |
457.780 |
109.627 |
30.827 |
|
Total
Current Assets |
19780.259 |
12962.988 |
7739.569 |
|
|
|
|
|
|
TOTAL |
26499.056 |
19521.457 |
13712.545 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
32533.160 |
26710.827 |
19944.367 |
|
|
|
Other Income |
921.605 |
717.093 |
399.149 |
|
|
|
TOTAL (A) |
33454.765 |
27427.920 |
20343.516 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
28427.084 |
24560.574 |
17539.623 |
|
|
|
Purchases of Stock-in-Trade |
1798.688 |
703.186 |
661.942 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(830.068) |
(793.151) |
164.147 |
|
|
|
Employees benefits expense |
263.457 |
207.006 |
133.130 |
|
|
|
Other expenses |
1517.231 |
1181.593 |
971.898 |
|
|
|
Exceptional Items |
0.000 |
29.090 |
13.348 |
|
|
|
TOTAL (B) |
31176.392 |
25888.298 |
19484.088 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2278.373 |
1539.622 |
859.428 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1809.810 |
1205.408 |
547.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
468.563 |
334.214 |
312.052 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
410.625 |
282.779 |
262.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
57.938 |
51.435 |
49.977 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.257 |
31.431 |
1.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
27.681 |
20.004 |
48.812 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
720.929 |
579.554 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
30342.211 |
|
|
|
|
|
Capital Goods |
0.000 |
73.512 |
|
|
|
TOTAL IMPORTS |
30342.211 |
29321.159 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
0.99 |
1.79 |
1.78 |
|
|
|
Diluted
|
0.99 |
0.73 |
1.78 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
35000.000 |
|
|
|
|
|
The above information has been parted by Mr. Vinit Agarwal (General
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.09 |
0.07 |
0.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.00 |
5.76 |
4.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.22 |
0.26 |
0.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.78 |
3.40 |
3.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
1.01 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
274.425 |
274.425 |
320.000 |
|
Reserves & Surplus |
1427.166 |
1447.170 |
1725.512 |
|
Net
worth |
1701.591 |
1721.595 |
2045.512 |
|
|
|
|
|
|
Long-term borrowings |
4594.318 |
4867.872 |
4793.326 |
|
Short term borrowings |
1787.171 |
989.939 |
2928.544 |
|
Total
borrowings |
6381.489 |
5857.811 |
7721.870 |
|
Debt/Equity
ratio |
3.750 |
3.403 |
3.775 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19944.367 |
26710.827 |
32533.160 |
|
|
|
33.927 |
21.798 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19944.367 |
26710.827 |
32533.160 |
|
Profit |
48.812 |
20.004 |
27.681 |
|
|
0.24% |
0.07% |
0.09% |
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 four 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10544041 |
24/12/2014 |
500,000,000.00 |
DBS BANK LIMITED |
4A, NANDALAL BASU SARANI, KOLKATA, WEST
BENGAL - 700071, INDIA |
C40912966 |
|
2 |
10543454 |
20/12/2014 |
10,334,700,000.00 |
THE BANK OF BARODA LIMITED |
PLOT NO - C-26, G - BLOCK, BANDRA - KURLA
COMPLEX, |
C40663338 |
|
3 |
10538077 |
19/12/2014 |
1,000,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, CENTRE POINT, 21,
HEMANT BASU SARANI, 1ST FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
C37747177 |
|
4 |
10524793 |
22/09/2014 |
1,320,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC
STREET, 1ST |
C28554079 |
|
5 |
10524720 |
17/09/2014 |
750,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA
- 416001, INDIA |
C28436392 |
|
6 |
10504691 |
25/06/2014 |
1,250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C07845944 |
|
7 |
10475959 |
05/02/2014 |
800,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B95633863 |
|
8 |
10450206 |
19/09/2013 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B85441905 |
|
9 |
10434890 |
16/11/2013 * |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, KOLKATA, 33, NETAJI
SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B90401902 |
|
10 |
10292529 |
17/10/2013 * |
1,820,000,000.00 |
BANK OF INDIA |
KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M
SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B90834748 |
|
11 |
10228516 |
14/03/2014 * |
7,749,900,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N.
MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
C05525407 |
|
12 |
10171381 |
24/12/2014 * |
7,600,000,000.00 |
THE BANK OF BARODA LIMITED |
BARODA CORPORATE CENTRE,, PLOT NO - C-26, G
- BLOCK, BANDRA - KURLA COMPLEX,, MUMBAI, MAHARASHTRA - |
C40613408 |
|
13 |
10103576 |
17/10/2013 * |
4,054,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET,
KOLKATA, WEST BENGAL - 700016, INDIA |
B91196162 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
2076.850 |
1835.850 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
440.000 |
10.000 |
|
|
|
|
|
Total |
2516.850 |
1845.850 |
OPERATIONS:
During
the year, operational income from the Edible Oil business increased to Rs.
31810.000 Millions from Rs. 27310.000 Millions in the previous year, a growth
of 16%. Sales volume has shown a growth of 4%.
During
the year, at the Company’s Haldia Plant 18,644 MT of Bio-diesel was
manufactured which is the highest ever production of Bio-diesel. With the
improvement in the marketability of Bio-diesel, it is expected that the
Bio-diesel Plant will give continuous stream of operating income in the years
to come.
The
Company exported 12,060 MT of Biodiesel for a value of about Rs. 562.800
Millions. The Company also exported Refined Edible Oil and Soya Fatty Acid for
a value of Rs. 163.300 Millions.
As
in the previous years, the Company continues to enjoy leadership position in
the Edible Oil segment in Haldia. The Company’s continuing efforts towards
development of ‘Emami Healthy and Tasty’ as a strong brand have started
yielding results. Sales under the brand ‘Emami Healthy and Tasty’ have shown a
volume and value growth of 31 % and 28% respectively. The Company expects that
these benefits will continue to result in the following years.
As
part of Company’s real estate development activities the Company has during the
year carried out following major activities:
a)
Entering
into a Co ‘Development agreement for a large residential project and
subsequently, assignment thereof yielding substantial gain to the Company.
b)
The
Company has, during the year, bought a piece of land measuring 6.77 acres at
Chennai, Kanchipuram district in Tamil Nadu for a total cost of about Rs.
540.000 Millions for development of residential project. Mutation of the said
land has been done in the Company’s name. An application has been filed for
re-classification of the land-use to mixed residential use. The Company is
taking other steps for obtaining various approvals.
The
Rupee-Dollar exchange rates remained volatile, especially during the first half
of the year under review. Such volatility did affect the Company’s operations
unfavorably. The Company is following suitable hedging mechanism to guard
itself against volatile risks for foreign exchange fluctuations. Such volatile
Forex rates have resulted into an increase in the Term Loan liability of the
Company by about Rs. 394.800 Millions. This amount has adversely affected the
Cash Flow of the Company. There has been cost implications in the form of
increased interest cost as well as depreciation charges on such exchange
fluctuations which have been booked in the accounts for the year.
FINANCE:
During
the year, the Authorized Share Capital of the Company was increased from Rs.
301.000 Millions to Rs. 350.000 Millions. In order to meet the long-term
working capital requirements of the Company during the year, the Company had
issued 45,57,480 Equity Shares of Rs. 10/- each at a total price of Rs. 65/-
per share (including a premium of Rs. 55/- per share) at a total consideration
of Rs. 296.200 Crore. These shares were issued on preferential allotment basis.
At the end of the Accounting Year, the Security Premium stood at Rs. 1480.700
Millions.
During
the year, the Company had made an application before the Hon’ble High Court of
Calcutta under Section 78 and Section 100 to 103 of the Companies Act, 1956
seeking the confirmation of the Court for utilization of an amount of Rs.
1230.000 Millions standing to the credit of the Security Premium Account in the
books of the Company as at 31st March, 2013 to be utilized from year to year in
such proportion as the Board may deem fit for the purpose of brand development
expenses through advertisement and sales promotion expenses, etc. and
non-capitalized foreign exchange losses. The Hon’ble High Court of Calcutta
vide its Order dated 15th February, 2014 has confirmed the said arrangement.
The Board has reviewed the said Order and is of the opinion that having regard
to the actual expenditure incurred on such brand development expenses and
non-capitalized foreign exchange losses for the year ending 31st March, 2014,
no amount standing to the credit of the Security Premium Account is required to
be utilized for this year.
As
reported in the previous year, the Company had filed a Writ Petition
challenging the constitutional validity of the Entry Tax which was imposed in
the State of West Bengal from 1st April, 2012 on goods imported into local area
within the State of West Bengal. The imposition of the Entry Tax was challenged
on the grounds, inter alia, that no Entry Tax can be levied on imported goods.
The Hon’ble High Court, vide its Order dated 24th June, 2013, has held the West
Bengal Taxes on Entry of Goods into Local Areas Act, 2012 as ultra virus. The
Government of West Bengal has filed appeal before the Division Bench of the
Hon’ble High Court of Calcutta.
The
Company was entitled for various incentives as provided in the West Bengal
Incentive Scheme 2004. Up to 31st March 2013, a total amount of Rs. 1139.400 Millions had accrued to the Company
as incentive out of which Rs. 168.200 Millions has been disbursed so far. Since
there was substantial delay in disbursement of the huge amount of Company’s
entitled incentive, the Company had no alternative but to file a Writ Petition
before the Hon’ble High Court of Calcutta. The Writ Petition filed by the
Company was disposed of by an Order dated 22nd July 2013 directing the West
Bengal Government to disburse the accrued and due amount upto 31st March, 2012
to the Company in the manner ordered by the Court. The Hon’ble High Court
further ordered that the incentive amount for which the Company is entitled for
the year 2012-13 onwards should be paid in accordance with the provisions of
the Scheme ‘as punctually as possible’. The Government of West Bengal and WBIDC
filed an appeal in the Division Bench against the said Order of the Calcutta
High Court. The appeal filed by the Company has also been disposed off by the
Division Bench vide its Order dated 13th March 2014, directing the Government
of West Bengal to make the payment of incentives accrued upto 31st March, 2012
in a manner mentioned in the Order. The Hon’ble Division Bench has not
disturbed that part of the Order of the Trial Court which related to payment of
incentive entitlement for the year 2012-13 onwards to the Company. Since the
Government of West Bengal and its Officers have defied the Order of the Trial
Court, the Company has filed a contempt petition before the Trial Court.
The
Company, aggrieved by the Order passed by the Division Bench, has filed Special
Leave Petition before the Hon’ble Supreme Court.
The
Company has a wholly-owned subsidiary abroad, viz. Emami Biotech (Singapore)
Pte Limited incorporated in Singapore. A statement pursuant to section 212 of
the Companies Act, 1956 relating to subsidiary companies. The Annual Accounts including
the Directors’ Report and Auditors’ Report of the subsidiary have been made out
in accordance with the requirements of the Companies Act, 1956.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
a) Outstanding guarantees furnished by the banks
on behalf of the Company |
418.100 |
265.081 |
|
b) Letter of Credit pending acceptance |
55.426 |
0.000 |
|
c) Duty saved on procurement of capital goods
under EPCG scheme |
0.000 |
3.843 |
|
d) Customs duty under appeal on import of crude
[Bank Guarantee Rs. 21.880 Millions furnished as guarantee] |
32.975 |
21.880 |
|
e) Surety given in favour of CRI Limited to
Customs Authority of India |
18.927 |
351.151 |
|
f) West Bengal Sales Tax (FY 2010-11) |
19.299 |
0.000 |
|
g) Entry Tax |
0.000 |
188.202 |
|
h) Income Tax |
0.190 |
0.190 |
|
i) Demand for Labour Welfare Cess |
24.000 |
24.000 |
|
j) During the year, the Company has created a charge
over a plot of land (cost Rs. 540.080 Millions) owned by it in favour of
banks towards loans granted to other companies. To perfect the charge the
company has extended corporate guarantee, the value of which is restricted to
the market value of the property. |
0.000 |
0.000 |
|
|
|
|
|
Total |
568.917 |
854.347 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Plantations
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.89 |
|
UK Pound |
1 |
Rs. 100.39 |
|
Euro |
1 |
Rs. 73.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.