MIRA INFORM REPORT
|
Report No. : |
340690 |
|
Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOKUL REFOILS AND SOLVENT LIMITED |
|
|
|
|
Registered
Office : |
State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, |
|
Tel. No.: |
91-2767-222075 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.12.1992 |
|
|
|
|
Com. Reg. No.: |
04-018745 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 263.790 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15142GJ1992PLC018745 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the fields of manufacturing and
refining of edible oil, castor oil and its derivatives, vanaspati, solvent
extraction, commodity trading in the domestic and international markets. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Not Available |
|
|
|
|
Comments : |
Subject is an established company incorporated during the year 1992. It
has a satisfactory track record. For the financial year 2015, the company has performed decent marked
by upstanding sales turnover along with increase in its profit earnings. Further, the company has healthy financial risk profile marked by
comfortable capital structure and efficient networth base. Trade relations are fair. Business is active. Payments terms are
usually correct. The company can be consider 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 |
ICRA |
|
Rating |
Long Term Fund Based = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
August, 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 DENIED BY
|
Name : |
Mr. Ritesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-79-66615253 |
|
Date : |
10.09.2015 |
LOCATIONS
|
Registered Office/
Sidhpur Unit: |
State Highway No. 41, Near Sujanpur Patia, Sidhpur-384151, Gujarat, India |
|
Tel. No.: |
91-79-66304555 |
|
Fax No.: |
91-2767-223475 |
|
E-Mail : |
|
|
|
|
|
Corporate Office: |
“Gokul House” 43, Shreemali Co-operative Housing Society Limited, Opposite Shikhar Building, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-79 66304555/ 66615253/54/55 |
|
Fax No.: |
91-79 66304543 |
|
E-Mail : |
|
|
|
|
|
Gandhidham Unit: |
89, Meghpar-Borichi, Galpadar Road, Near Sharma Resort, Taluka Anjar, District Kutch- 370110, Gujarat, India |
|
Tel. No.: |
91-2836-247075/76/77/78/79 |
|
Fax No.: |
91-2836-247080 |
|
E-Mail : |
|
|
|
|
|
Haldia Unit: |
J. L. No-149 Plot, Near Essar’s Petrol Pump, Way to HPCL, Near Renuka Sugar’s Factory, Haldia Development Authority Area, P. O. Debhog, Haldia-721657 District Purba Medinipur, West Bengal, India |
|
Tel. No.: |
91-3224-252839/253474 |
|
Fax No.: |
91-3224-252939 |
|
E-Mail : |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. Balvantsinh C. Rajput |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Kanubhai J. Thakkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bipinkumar Thakkar |
|
Designation : |
Wholetime Director-Legal |
|
|
|
|
Name : |
Mr. Piyushchandra R. Vyas |
|
Designation : |
Independent Director |
|
Qualification : |
Graduate in Commerce with Honours and L.L.B. |
|
|
|
|
Name : |
Dr. Dipooba H. Devada |
|
Designation : |
Independent Director |
|
Qualification : |
Post Graduate in Science and Ph. D |
|
|
|
|
Name : |
Mr. Karansinhji Mahida |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Kalpesh Desai |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
AUDIT COMMITTEE: |
|
|
Name : |
Mr. Piyushchandra R Vyas |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bipinkumar Thakkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Karansinhji Mahida |
|
Designation : |
Member |
|
|
|
|
Name : |
Dr. Dipooba H Devada |
|
Designation : |
Member |
|
|
|
|
NOMINATION AND
REMUNERATION COMMITTEE: |
|
|
Name : |
Dr Dipooba H Devada |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Karansinhji Mahida |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Piyushchandra R Vyas |
|
Designation : |
Member |
|
|
|
|
STAKEHOLDER
RELATIONSHIP COMMITTEE: |
|
|
Name : |
Dr. Dipooba H Devada |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Kanubhai J Thakkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Bipinkumar Thakkar |
|
Designation : |
Member |
|
|
|
|
SECRETARIAL AUDITOR: |
|
|
Name : |
Mohan B. Vaishnav & Co. |
|
Designation : |
Practising Company Secretary |
|
Address: |
203, Simandhar Avenue, Ashram Road, B/h H K House, Ashram Road, Ahmedabad, Gujarat 380009, India |
|
|
|
|
MANAGEMENT TEAM: |
|
|
Name : |
Mr. Mahesh Agrawal |
|
Designation : |
Group Chief Executive Officer and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Dharmendrasinh Rajput |
|
Designation : |
President-Corporate Strategies |
|
|
|
|
Name : |
Mr. Praveen Khandelwal |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Vinod Rajput |
|
Designation : |
Business Head(Castor Business) |
|
|
|
|
Name : |
Mr. Joseph Chettiar |
|
Designation : |
VP Exports |
|
|
|
|
Name : |
Mr. Vinod H. Rajput |
|
Designation : |
Business Head (Edible Oil Business Sidhpur) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of
Shareholder |
No. of Shares |
% of Holding |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
81162272 |
61.54 |
|
|
17062500 |
12.94 |
|
|
98224772 |
74.47 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
98224772 |
74.47 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1000000 |
0.76 |
|
|
192560 |
0.15 |
|
|
1192560 |
0.90 |
|
|
|
|
|
|
21011133 |
15.93 |
|
|
|
|
|
|
2200295 |
1.67 |
|
|
7121324 |
5.40 |
|
|
2144916 |
1.63 |
|
|
1219421 |
0.92 |
|
|
612000 |
0.46 |
|
|
21749 |
0.02 |
|
|
16892 |
0.01 |
|
|
274554 |
0.21 |
|
|
300 |
0.00 |
|
|
32477668 |
24.62 |
|
Total Public
shareholding (B) |
33670228 |
25.53 |
|
Total (A)+(B) |
131895000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the fields of manufacturing and
refining of edible oil, castor oil and its derivatives, vanaspati, solvent extraction,
commodity trading in the domestic and international markets. |
|
|
|
|
|
|
Products : |
Description of main products |
NIC Code of the products |
|
Food Products And Beverages |
463 |
|
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
|
|
Terms : |
Not Divulged |
|
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Ahmedabad, Gujarat, India · Punjab National Bank · Central Bank of India · State Bank of Travancore · Union Bank of India · Bank of India ·
The Jammu and Kashmir Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
M. R. Pandhi and Associates Chartered Accountants |
|
Address : |
101, Panchdeep Complex, Near Mithakhali Six Roads, Navrangpura, Ahmedabad -380009, Gujarat, India |
|
Tel. No.: |
91-79-26565949/ 26420994 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
A Firm in which
some of the Directors and Company are partners : |
Gokul Overseas |
|
|
|
|
Charitable Trust
where Key Management Personnel (KMP) are Trustees : |
· Gokul Foundation · Shree Bahuchar Jan Seva Trust |
|
|
|
|
Associates Company: |
Gujarat Gokul Power Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs. 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131895000 |
Equity Shares |
Rs.2/- each |
Rs. 263.790
Million |
|
|
|
|
|
Reconciliation of Number
of shares outstanding and the amount of share capital
(Rs. In Million)
|
Particulars |
Number of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
131895000 |
263.790 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
131895000 |
263.790 |
Shareholders
holding more than 5% equity share capital in the company:
|
Particulars |
No. of Shares held |
% of Holding |
|
Bhikhiben Balvantsinh Rajput |
18952500 |
14.37 |
|
Balvantsinh Chandansinh Rajput |
21074515 |
15.98 |
|
Kanubhai Jivatram Thakkar |
20858788 |
15.81 |
|
Manjulaben Kanubhai Thakkar |
18465000 |
14.00 |
|
Cresta Fund Ltd |
Less than 5% |
Less than 5% |
|
Profitline Securities Private Limited |
9187500 |
6.97 |
|
Shantiniketan Financial Services Private Limited |
7875000 |
5.97 |
Aggregate number
of equity shares during five years immediately preceeding the date of balance
sheet:
|
Allotted as Equity
Shares |
Number of Shares |
|
Fully paid up pursuant to contract(s) without payment being received in cash |
NIL |
|
Fully paid up by way of bonus shares |
NIL |
|
Shares bought back |
NIL |
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 |
263.790 |
263.790 |
263.790 |
|
(b) Reserves & Surplus |
3328.184 |
3203.925 |
3173.043 |
|
(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) |
3591.974 |
3467.715 |
3436.833 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
500.000 |
510.000 |
231.277 |
|
(b) Deferred tax liabilities
(Net) |
13.807 |
10.937 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.316 |
4.724 |
4.003 |
|
Total
Non-current Liabilities (3) |
521.123 |
525.661 |
235.280 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5474.829 |
5820.455 |
11005.654 |
|
(b) Trade payables |
10124.548 |
10761.795 |
10108.871 |
|
(c) Other current liabilities |
213.036 |
532.119 |
475.140 |
|
(d) Short-term provisions |
132.973 |
204.865 |
193.664 |
|
Total
Current Liabilities (4) |
15945.386 |
17319.234 |
21783.329 |
|
|
|
|
|
|
TOTAL |
20058.483 |
21312.610 |
25455.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3448.403 |
3298.915 |
3365.115 |
|
(ii) Intangible Assets |
6.061 |
11.671 |
13.135 |
|
(iii) Capital work-in-progress |
76.581 |
69.570 |
125.964 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
147.290 |
146.929 |
146.929 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
36.251 |
|
(d) Long-term Loan and Advances |
40.553 |
37.126 |
138.303 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3718.888 |
3564.211 |
3825.697 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
325.340 |
1187.190 |
1813.407 |
|
(b) Inventories |
5653.842 |
4019.787 |
5006.614 |
|
(c) Trade receivables |
4588.101 |
4209.909 |
2690.595 |
|
(d) Cash and cash equivalents |
2110.992 |
4717.090 |
8672.630 |
|
(e) Short-term loans and
advances |
2864.696 |
2517.022 |
2084.522 |
|
(f) Other current assets |
796.624 |
1097.401 |
1361.977 |
|
Total
Current Assets |
16339.595 |
17748.399 |
21629.745 |
|
|
|
|
|
|
TOTAL |
20058.483 |
21312.610 |
25455.442 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue From Operations |
58694.817 |
63256.982 |
57184.709 |
|
|
Other Income |
525.973 |
841.213 |
1618.920 |
|
|
TOTAL
(A) |
59220.790 |
64098.195 |
58803.629 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
50642.422 |
43645.601 |
48690.406 |
|
|
Purchases of Stock-in-Trade |
4921.357 |
14235.681 |
5087.629 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(903.356) |
718.522 |
(236.435) |
|
|
Employees benefits expense |
265.594 |
276.952 |
223.822 |
|
|
Other expenses |
2735.061 |
3846.318 |
2650.534 |
|
|
Exceptional Items |
4.159 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
57665.237 |
62723.074 |
56415.956 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
1555.553 |
1375.121 |
2387.673 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
1075.969 |
902.537 |
1929.218 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
479.584 |
472.584 |
458.455 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
326.188 |
374.321 |
365.456 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
153.396 |
98.263 |
92.999 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
29.136 |
67.381 |
(36.251) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
124.260 |
30.882 |
129.250 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
8037.598 |
12339.607 |
9753.700 |
|
|
Interest from Subsidiaries |
18.778 |
15.888 |
8.177 |
|
|
TOTAL
EARNINGS |
8056.376 |
12355.495 |
9761.877 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
29082.938 |
25945.707 |
29239.088 |
|
|
Capital Goods |
5.530 |
0.000 |
0.000 |
|
|
Others |
33.151 |
53.480 |
22.220 |
|
|
TOTAL
IMPORTS |
29121.619 |
25999.187 |
29261.308 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) Basic and Diluted |
0.94 |
0.23 |
0.98 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
183.572 |
288.154 |
|
Cash generated from operations |
(1151.172) |
3235.545 |
9421.654 |
|
Net Cash Flow From (used in) Operations |
NA |
NA |
NA |
|
Net Cash From Operating Activities |
(1183.240) |
3199.191 |
9323.833 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
|
|
30.06.2015 1st Quarter |
|
Unaudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
4022.64 |
|
Total Expenditure |
|
|
3978.80 |
|
PBIDT (Excl OI) |
|
|
43.84 |
|
Other Income |
|
|
33.26 |
|
Operating Profit |
|
|
77.10 |
|
Interest |
|
|
25.84 |
|
Exceptional Items |
|
|
(0.41) |
|
PBDT |
|
|
50.85 |
|
Depreciation |
|
|
25.74 |
|
Profit Before Tax |
|
|
25.11 |
|
Tax |
|
|
8.78 |
|
Profit After Tax |
|
|
16.33 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.21 |
0.05 |
0.23 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
2.65 |
2.17 |
4.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.77 |
0.47 |
0.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.66 |
1.83 |
3.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.02 |
0.99 |
STOCK
PRICES
|
Face Value |
Rs. 2/- |
|
Market Value |
Rs. 23.80/- |
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 |
263.790 |
263.790 |
263.790 |
|
Reserves & Surplus |
3173.043 |
3203.925 |
3328.184 |
|
Net
worth |
3436.833 |
3467.715 |
3591.974 |
|
|
|
|
|
|
long-term borrowings |
231.277 |
510.000 |
500.000 |
|
Short term borrowings |
11005.654 |
5820.455 |
5474.829 |
|
Total
borrowings |
11236.931 |
6330.455 |
5974.829 |
|
Debt/Equity
ratio |
3.270 |
1.826 |
1.663 |
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) |
|
Revenue From Operations |
57184.709 |
63256.982 |
58694.817 |
|
|
|
10.619 |
(7.212) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue From Operations |
57184.709 |
63256.982 |
58694.817 |
|
Profit |
129.250 |
30.882 |
124.260 |
|
|
0.23% |
0.05% |
0.21% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
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 |
OPERATIONS:
During the year, the net revenue from operations decreased by 6.80%, from Rs. 62270.184 million to Rs. 58305.352 million. For FY-2014-15 and profit after tax stood at Rs. 124.259 million from Rs. 30.882 million in the previous year, registering a growth of 302%.
MANAGEMENT
DISCUSSION AND ANALYSIS:
The financial year 2014-15 was the year of revival for the Indian Economy as it grew in excess of 7% for the first time since the financial year 2010-11. The key driver of the growth was the service sector which grew by 10.6% during the year. The performance of the industrial sector also improved during the year and registered a growth of 5.9% compared to 4.5% growth registered during 2013-14. Agriculture 3 and allied sectors witnessed a slowdown during the year as they grew by just 1.1% during the year compared to 7% growth registered during 2013-14
The average Wholesale Price Index (WPI) inflation rate, which is the measure of increase in the prices of commodities, displayed a declining trend during the year 2014-15. In the initial four months of the year, it remained in the range of 5% to 6%. However, from the month of August 2014, it began to fall sharply and in the month of November, 2014, it became nil. The last three months of the financial year registered negative WPI inflation. Overall, the WPI inflation rate for the financial year was 2% as against 6% registered during the year 2013-14. The last quarter of the financial year saw reduction in the Bank Rate and Repo Rate by 50 basis points each by the Reserve Bank of India on account of prevailing disinflationary pressures in the economy.
The performance of the Indian Rupee against the US Dollar was stable during the year as it remained in the range of Rs. 60 to Rs. 63 per US Dollar during most part of the year. However, the Indian Rupee appreciated significantly against the other global currencies like the Euro and Japanese Yen.
The Company has made Net Profit of Rs. 124.259 million during the financial year 2014-15 in comparison to Net profit Rs. 30.882 million in the previous year 2013-14, registering the growth of 302% this is inspite of turnover has decreased to Rs. 58305.352 million as compared to Rs. 62270.184 million due to falling of commodity prices.
Global Outlook-
Edible oil:
World’s consumption of edible oil was to the tune of 82 million MT in 1990-91 and has doubled in the two decades. Palm, Soya and Rapeseed oil/ Mustard oil are expected to constitute 77% of the total global oil consumption. From the last two decade, global Palm oil consumption is growing faster than the global edible oil consumption. Global palm oil consumption has grown by 8.7% Cumulative Annual Growth Rate (CAGR), where as global edible oil consumption has grown by 4.4% only.
Palm oil is the more popular oil because of its lowest production cost per ton as well as its worldwide acceptability. The proportion of Palm oil out of total world’s oil consumption has increased from 13.8% in 1990-91 to approximately 30% in 2014-15. More than 84% of global palm oil is produced by Malaysia and Indonesia.
India is the 4th largest edible oil economy after United States of America, China and Brazil. As we can see that Asian Industries are emerged as the most promising industry at the world and the Global cues suggest that the next round of growth will come from Asian economies like China and India which have a growing population to feed, younger demographics, better lifestyle choices and increased purchasing power due to local development.
The future for food Companies will be fortified by giving the discerning consumer a sustainable, healthy and value added choice to create a better life. Edible oil Companies will create customer loyalty through sustained brand building efforts by catering to the local tastes of the consumers.
Overview of Indian
Market:
The Indian market presents a significant growth opportunity for edible oil players owing to a growing population, income growth, low current per capita consumption, low penetration and the fact that edible oils are a necessary part of the daily diet for a majority of Indian consumers. India accounts for a major part of global edible oil demand, which has grown over the years but the Indian oilseed crop has historically been insufficient to match oil demand.
India plays an important role in the global edible oil market, accounting for approximately 10.2 % share in consumption, 8% in oil seed production, 5.2% in edible oil production and 13.6 % in world edible oil imports for oil year (OY) 2014-15. The Indian edible oil market is currently at 20.32 million tonnes and is currently growing at a rate of 3%- 4% per annum but still India’s total requirement of edible oils for projected population of 1.27 billion is at the projected per capita consumption of about 16 kg per annum, which is very low as compared to the world average of 25.91 kg/ annum. As per Solvent Extractors’ Association of India, demand for edible oil is expected to increase to 23.1 million tonnes by 2020.
Import of edible oil has already been increased from approximately 4.71 million ton in 2006-07 to approximately 12.6 million ton in 2014-15 which is now 62% of total consumption. Palm oil has the highest consumption in India followed by soybean oil and mustard oil. India has imported approximately 8.2 million MT of palm oil and approximately 4.30 million MT of soft oils in comparison of approximately 7.80 million MT of palm oil and approximately 3.3 million MT of soft oils in last year. The import of soft oils like Soya degummed oil and Sunflower oils are increasing because of lower price differential with palm oil. In December, 2014, Government has increased import duty on imported RBD olein from 10% to 15% to protect interest of Indian Refiners. Now Government is maintaining duty difference of 7.5% between crude oils and refined oils for this year.
The edible oil sector in India is largely unorganized with a few organized players. There is a lot of potential and opportunity for organized players in Indian market because of growing population to feed younger demographics, better lifestyle choices and increased purchasing power due to local development. Integrated players typically operate at higher capacity utilizations and enjoy better price realizations and margins in addition to being more equipped to deal with fluctuation in prices and availability of raw material.
Castor Oil:
India, largest producer of Castor seeds in the world, with share of approximately 80% of total world crop, followed by Brazil and China. In India, Gujarat leads in castor seed production with 75% of total seed production followed by Rajasthan and Andhra Pradesh reduction with 18% and 7%. Majority of the castor oil produced in India is being exported through Gujarat Ports like Kandla and Mundra, estimated total production of castor seed in India for the year 2015 – 1.270 million. It has increased by 2.2% as compared to previous year. World market demand for castor oil and Castor oil derivatives are increasing at a pace of 6-7%.
Focus on Brands And
Packed Goods:
The Indian housewife, both in the urban and rural sector is becoming increasingly conscious about quality and purity, thus demanding branded edible oil products. This has resulted in a shift of the Indian consumer from loose and adulterated edible oils to branded offerings. With increasing quality consciousness, rising incomes and consolidation, branded sales are likely to grow at 25-30% over the next few years.
As per feedback and response, they believe that consumers relate their brands with purity, smell and taste. The Company has launched two new brands i.e. Premium brand Gurjari for Cotton oil and groundnut oil for Gujarat and Rozana for mass consumers. Gokul Refoils’ flagship brands Gokul, Rozana, Gurjari and Bakery Brand performed exceptionally well in the current year. Today, Gokul is positioned as the premium brand for the loyal housewife while Rojana is affordable brand. All major brands of Gokul Refoils reported robust growth for the year. Today, nearly 50% of the Company’s edible oil sales come from the branded segment and retail sales are also significantly increasing in the proportion.
Marketing and
Distribution Strategy:
The Company is following a threefold strategy for increasing sales, penetrating newer markets and strengthening the market share and brands in its current markets. Integrated manufacturing facilities supported by a strong distribution network would allow the Company to increasingly focus on branded retail sales.
The FMCG edible oil market can be divided in two Sections in India- urban and rural. During the year, Gokul Refoils developed a twin strategy for both these markets. Also, it sees significant growth opportunity coming from urban areas which are currently underpenetrated and not exposed to its brands and products in the future. As an initiative to increase its branded sales proportion and visibility of products in the urban markets, the Company has placed its products in Big Bazaar and Reliance Retail.
The semi urban and rural markets are under-penetrated, scattered and operate through “mom and pop” stores. Thus distribution and reach are critical to ensure products reach the consumers. Gokul Refoils is creating a pan-India distribution and retail network both in cities and in the interior heartlands through a combination of C and F agents, distributors and local retailers deepening our retail penetration.
With a well spread and intricately connected distribution network the Company has a well-established presence in the states of North East states , West Bengal, Bihar, Jharkhand, Orissa, Maharashtra, Uttar Pradesh, Uttaranchal, Madhya Pradesh, Delhi, Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Rajasthan and Gujarat.
Addition in
Production Capacity during the Year 2014-15:
During the year 2014-15 Company has increased the capacity of refining Crude palm oil by 200 TPD at Sidhpur plant along with Fractionation by adding 250 TPD with the existing capacity. During the year 14-15 Company has also increased capacity of Castor Solvent plant by 400 TPD at Sidhpur plant.
FINANCIAL REVIEW:
Turnover achieved for the year ended 31st March, 2015 was Rs. 58305.352 million as compared to Rs. 62270.184 million of previous year.
Employee cost was Rs. 2,65.594 million for the year 2014-15 as against Rs. 276.952 million for the year 2013-14. Earnings before interest, tax, depreciation and amortization (EBITDA) increased from Rs. 1375.121 million to Rs. 1559.713 million.
The finance cost of the Company has increased from Rs. 902.537 million to Rs. 1075.969 million This is on account of increase in the interest rates during the year as well as higher utilisation of facilities.
Depreciation (including amortization) has decreased to Rs. 326.189 from Rs. 374.321 million in the previous year.
Net Profit after tax for the current year Rs. 124.259 million against Net Profit for Rs. 30.882 million for the previous year.
Earnings per share (EPS) for the year Rs. 0.94 compared to previous year Rs. 0.23.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long Term
Borrowings |
|
|
|
From Promoters (Related Parties) |
500.000 |
500.000 |
|
|
|
|
|
Total |
500.000 |
500.000 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90100126 |
03/03/2014 * |
20,922,900,000.00 |
STATE BANK OF INDIA WITH ITS CONSORTIUM BANKS |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JIVAN BHAVAN, NAVJIVAN TRUST COMPLEX, AHMEDABAD, GUJARAT - 380014, INDIA |
C00599910 |
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
For Letter of credit opened for which goods were in transit |
1934.954 |
250.945 |
|
Guarantee Given to Banks |
128.308 |
187.223 |
|
For Corporate Guarantee Given |
0.000 |
1100.000 |
|
Disputed demand of custom duty, income tax, Entry Tax and Service Tax |
135.380 |
217.065 |
|
Claims not acknowledged as debt |
19.825 |
5.019 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
3987.135 |
|
b) Other operating income |
|
|
35.502 |
|
Total
income from Operations(net) |
|
|
4022.637 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
3344.722 |
|
b) Purchases of stock in trade |
|
|
822.205 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
(402.987) |
|
d) Employees benefit expenses |
|
|
13.548 |
|
e) Depreciation and amortization expenses |
|
|
25.739 |
|
f) Other expenditure |
|
|
201.313 |
|
Total expenses |
|
|
4004.540 |
|
3.
Profit/ (Loss) from operations before other income and Interest and other
exceptional items (1-2) |
|
|
18.097 |
|
4. Other income |
|
|
33.262 |
|
5. Profit/
(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
|
|
51.358 |
|
6. Finance costs |
|
|
25.844 |
|
7. Profit/(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
|
|
25.514 |
|
8. Exceptional item |
|
|
0.406 |
|
9. Profit/ (Loss) from
ordinary activities before tax Expense: (7-8) |
|
|
25.108 |
|
10.Tax expenses |
|
|
8.783 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
16.325 |
|
12.Extraordinary Items (net
of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for
the period |
|
|
16.325 |
|
14.Paid-up equity share capital (Face value Rs.2/- per share) |
|
|
263.790 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
1748.290 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.2/- each) (not annualised): |
|
|
|
|
(a) Basic |
|
|
0.12 |
|
(b) Diluted |
|
|
0.12 |
|
16.i) Earnings per share
(after extraordinary items) of Rs.2/- each) (not annualised): |
|
|
|
|
(a) Basic |
|
|
0.12 |
|
(b) Diluted |
|
|
0.12 |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A. Particulars
of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
|
|
33670228 |
|
- Percentage of shareholding |
|
|
25.53% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
15000000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
15.27% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
11.37% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
83224772 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
84.72% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
63.10% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
Nil |
|
Receiving during the quarter |
|
|
Nil |
|
Disposed of during the quarter |
|
|
Nil |
|
Remaining unreserved at the end of the quarter |
|
|
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
1. Segment Revenue |
|
|
|
|
a. Agro Based Commodities |
|
|
3987.135 |
|
Total |
|
|
3987.135 |
|
Less : Inter Segment Revenue |
|
|
-- |
|
Net Sales |
|
|
3987.135 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. Agro Based Commodities |
|
|
32.067 |
|
Total |
|
|
32.067 |
|
Less : (i) Interest |
|
|
6.959 |
|
Profit before Tax |
|
|
25.108 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a. Agro Based Commodities |
|
|
1748.290 |
|
Total |
|
|
1748.290 |
FIXED ASSETS:
Tangible
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Computers
- Vehicles
Intangible
- Goodwill
- Brands /Trademarks
- 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. 66.39 |
|
UK Pound |
1 |
Rs. 102.59 |
|
Euro |
1 |
Rs. 74.90 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.