MIRA INFORM REPORT
|
Report No. : |
342691 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
15-9-449, Afzal Gunj, Hyderabad – 500012, Telangana |
|
Tel. No.: |
91-40-24610592 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.05.1980 |
|
|
|
|
Com. Reg. No.: |
36-002681 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.91.011 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900AP1980PTC002681 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA00064B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA0094R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Processing and refining of crude palm oil for edible use. |
|
|
|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company incorporated in the year
1980. It is having satisfactory track. The primary business of the company is processing and refining of
crude palm oil for edible use. Rating takes into consideration sound financial condition of the
company marked by strong networth base along with comfortable debt level in
FY14. Management has reported decrease in its revenue base and net profit
along with thin profit margin in the year under consideration. Rating further constraints on account of risk associated with the
highly volatile prices of crude palm internationally. However, trade relations are fair. Business is active. Payment terms
are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings with 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 |
CRISIL |
|
Rating |
Long term rating= BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
19.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A3 (Suspended) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
19.12.2014 |
Reason for Suspension: Absence of adequate
information from company.
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. Gopi |
|
Designation : |
Executive Secretary |
|
Contact No.: |
91-40-24610592 |
|
Date : |
26.09.2015 |
LOCATIONS
|
Registered / Corporate Office : |
15-9-449, Afzal Gunj, Hyderabad – 500012, Telangana, India |
|
Tel. No.: |
91-40-24610592 / 24600117 |
|
Fax No.: |
91-40-24600153 / 24610590 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No: 5A/6, IDA Vakalapudi, Near Light House Kakinada – 533005, Andhra Pradesh, India |
|
Tel. No.: |
91-884-2306242 / 43 |
|
Fax No.: |
91-884-2306841 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Anirudh Pershad Agarwal |
|
Designation : |
Managing Director |
|
Address : |
3-5-141/2/3, 3A, Agarwal House, Eden Bagh, Ramkote, Hyderabad - 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
04.03.1933 |
|
Date of Appointment : |
15.06.1980 |
|
DIN No.: |
00355212 |
|
|
|
|
Name : |
Mr. Satish Kumar Agarwal |
|
Designation : |
Whole-time Director |
|
Address : |
3-5-141/2/3, 3A, Agarwal House, Eden Bagh, Ramkote, Hyderabad - 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.06.1958 |
|
Date of Appointment : |
15.06.1980 |
|
DIN No.: |
00355267 |
|
|
|
|
Name : |
Mr. Murarilal Agarwal |
|
Designation : |
Director |
|
Address : |
3-5-141/2/3, 3A, Agarwal House, Eden Bagh, Ramkote, Hyderabad - 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
27.05.1960 |
|
Date of Appointment : |
30.09.1992 |
|
DIN No.: |
00355324 |
|
|
|
|
Name : |
Mr. Naresh Gupta |
|
Designation : |
Director |
|
Address : |
5-5-57/12, Nampally, Hyderabad - 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
16.06.1954 |
|
Date of Appointment : |
28.09.1991 |
|
DIN No.: |
00355407 |
KEY EXECUTIVES
|
Name : |
Mr. Gopi |
|
Designation : |
Executive Secretary |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
20.66 |
|
Directors or relatives of Directors |
79.34 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and refining of crude palm oil for edible use. |
|
|
|
|
Products : |
Crude Palm Oil for Edible Use |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· ING Vysya Bank Limited, 1-7-1,T. Subbarami Reddy Complex, Sardar Patel Road, Secunderabad - 500003, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Arunkumar Malani Chartered Accountants |
|
Address : |
6-1-68/1/33,
Shivrampally, Hyderabad – 500052, Telangana, India |
|
PAN No.: |
ABYPM0284D |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Joint Ventures : |
· A.P. Agro Industries |
|
|
|
|
Parties where
control exists : |
· Agarwal Agri and Steel Pvt.Ltd., · Agarwal Sponge and Energy Pvt.Ltd. · Bhagwati Fats And Edible Oils Pvt.Ltd |
|
|
|
|
Entities where key management
personal or relatives of key Management personnel have significant influence
: |
· A.P. Agarwal (HUF) · Satish and Company |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10500000 |
Equity Shares |
Rs.10/- each |
Rs.105.000 Million |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.120.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9101113 |
Equity Shares |
Rs.10/- each |
Rs.91.011 Million |
|
|
|
|
|
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 |
91.011 |
91.011 |
90.949 |
|
(b) Reserves & Surplus |
813.509 |
801.781 |
753.756 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
9.000 |
|
Total
Shareholders’ Funds (1) + (2) |
904.520 |
892.792 |
853.705 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137.927 |
146.790 |
158.654 |
|
(b) Deferred tax liabilities (Net) |
29.765 |
30.904 |
35.914 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
167.692 |
177.694 |
194.568 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1409.835 |
1925.967 |
1655.035 |
|
(b) Trade
payables |
452.703 |
448.972 |
0.000 |
|
(c) Other
current liabilities |
50.493 |
195.079 |
919.564 |
|
(d) Short-term
provisions |
3.701 |
19.141 |
19.420 |
|
Total Current
Liabilities (4) |
1916.732 |
2589.159 |
2594.019 |
|
|
|
|
|
|
TOTAL |
2988.944 |
3659.645 |
3642.292 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
539.508 |
558.503 |
561.799 |
|
(ii)
Intangible Assets |
1.900 |
1.900 |
1.900 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
16.587 |
16.587 |
16.587 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.050 |
|
Total Non-Current
Assets |
557.995 |
576.990 |
580.336 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
343.477 |
289.833 |
478.050 |
|
(c) Trade
receivables |
1394.065 |
1064.634 |
768.118 |
|
(d) Cash
and cash equivalents |
283.666 |
1554.569 |
1497.692 |
|
(e)
Short-term loans and advances |
409.741 |
173.619 |
318.096 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2430.949 |
3082.655 |
3061.956 |
|
|
|
|
|
|
TOTAL |
2988.944 |
3659.645 |
3642.292 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
TOTAL
INCOME (A) |
8682.916 |
9274.463 |
5140.478 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
8481.805 |
8864.295 |
4933.811 |
|
|
|
Prior Period Adjustments |
(0.244) |
(0.324) |
0.265 |
|
|
|
TOTAL (B) |
8481.561 |
8863.971 |
4934.076 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
201.355 |
410.492 |
206.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
166.232 |
331.798 |
136.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
35.123 |
78.694 |
69.794 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
21.886 |
19.926 |
18.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
13.237 |
58.768 |
51.153 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.508 |
11.681 |
9.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
11.729 |
47.087 |
41.929 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.29 |
-- |
-- |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
25.906 |
46.393 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.45 |
1.61 |
1.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.71 |
2.35 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.19 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
90.949 |
91.011 |
91.011 |
|
Reserves & Surplus |
753.756 |
801.781 |
813.509 |
|
Share Application money pending
allotment |
9.000 |
0.000 |
0.000 |
|
Net
worth |
853.705 |
892.792 |
904.520 |
|
|
|
|
|
|
long-term borrowings |
158.654 |
146.790 |
137.927 |
|
Short term borrowings |
1655.035 |
1925.967 |
1409.835 |
|
Current Maturities of Long term debt |
46.393 |
25.906 |
0.000 |
|
Total
borrowings |
1860.082 |
2098.663 |
1547.762 |
|
Debt/Equity
ratio |
2.179 |
2.351 |
1.711 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
5140.478 |
9274.463 |
8682.916 |
|
|
|
80.420 |
(6.378) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
5140.478 |
9274.463 |
8682.916 |
|
Profit |
41.929 |
47.087 |
11.729 |
|
|
0.82% |
0.51% |
0.14% |
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) |
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
The Board has immense
pleasure in presenting the 33rd Annual report of the company. The company is
predominantly depending on import of edible Oils for Vanaspathi, Superior
quality of refining apart from trading of imported edible oils. The primary
business of your company is processing and refining of Crude Palm Oil for
edible use.
As you all are
aware the economy had not stabilized in the last year. The industrial output
and growth was largely impacted because of the volatility in the economy. It appears
that the recession of 2009 - 2010 is still having its effect on the economy in
some form or other and would take another year for the economy to come back to
normal.
The recent
unprecedented devaluation of rupee had impacted the companies to a great extent
and it would still take some more time for the companies to recover from the
shock. The rich and versatile experience of the board of Directors spanning
over five decades in manufacture of edible oils had been of great help in
steering the company and taking major policy decision during one of the most
turbulent period.
Due to various
compulsions there had not been any major policy movement both at the center and
the state levels. Due to a policy paralysis at the government level there has
not been any major policy decision in the corporate sector as well. During the
last 12 to 15 months the company has witnessed a substantial decline in the
non-plan spending by government and private limited companies. Further the
inflation in the last year has also been at all-time high. The food inflation
index was recorded to be hovering around17% during the year under
consideration. All this has largely affected the spending power of the people.
The agitations in
the state over bifurcation have also impacted the company to a large extent.
Earlier due to agitation in the Telangana region there was no power supply to
the cities in Andhra and subsequent to the announcement of Telangana as a
separate state due to agitations in the Andhra Region the companies in Andhra
region are not being allowed to operate smoothly. This has badly affected the
productions and delivery schedules of the company and thereby having a direct
impact on the profitability of the company.
The edible oil
industry has witnessed large volatility in prices of crude palm during the
financial year. The international prices showed significant swings with a sharp
increase in prices of Crude oil. There has been an unprecedented volatility in
exchange difference between Indian Rupee and US$ resulting in a substantial
devaluation of rupee. The Indian economy has never witnessed such steep
devaluation of rupee when compared to the US$ in the last decade. This
fluctuation and devaluation in rupee has substantially impacted the
profitability of the companies. Due to the increase in price of crude oil
couples with the steep devaluation of rupee the company could nor import
substantially during the year. The volume of import has decreased when compared
year on year.
Power shortage has
also been contributing to the ills of industry. All the states are witnessing
shortage power. In the last 12 to 15 months there have been numerous unplanned
/ unscheduled power cuts which have affected the production schedule. However
the company has now installed substantial power backup facilities to ensure
smooth production and to minimize the disruption in the production scheduled
die to power cuts.
By and large the
volume of production and the profitability have been largely affected, during
the last year, due to the increasing prices of crude, devaluation of rupee and
the unscheduled power cuts. The decision of the board to hedge the process of
oil and to book forward from time to time have to a great extent helped in
curtailing the losses.
It is in this
perspective that the operational and financial performance of your company has
to understood. The profits during the year have increased marginally when
compared to the earlier years despite sentiments and operations of the
industry.
However, the
government have announced various stimulus packages to bring back the economy
on track. The corporate sector has welcomed the decisions of the government.
The companies including public of the government and the corporate sector have
given laid a road map of capital expansion over the next two years. These steps
both of the government and the corporate sector would have a substantial effect
on the economy in the years to come.
The company has
achieved sales of Rs. 8682.916 million for the year 2013-14 as against sales of
Rs.9274.463 million for the year 2012-13 under difficult conditions. They have
achieved a net profit of Rs. 11.729 million for the year as against a net
profit of Rs.47.087 million for the year 2012-13. With the stability in their
operations, conservative business practices through hedging operations they are
confident of posting an improved financial performance for the current
financial year.
FUTURE AND INDUSTRY OUTLOOK
The domestic
edible oil consumption has been steadily growing and is estimated to be over around
17 million MT in the current year with Palm oil and Soya oil, in which your
Company has a presence.
The agriculture
commodities in particular, have witnessed volatility in prices during the year
ended March, 2014 on account of various factors such an inflation and global
economic crisis followed by continuing global Technical crisis. These factors
impacted the business sentiments, the environment and the margins. Also, the
business confidence. As the commodity prices have remained more or less steady
with a moderately firm in this financial year and the confidence id on its way
to recovery. The price of domestic commodities are also influenced by the
demand, supply gap, weather factors etc. Edible oil is an item of mass
consumption and the consumption is sensitive to price dynamics. The Government
has realized the need of bringing down the pieces as a part of inflation
control.
The government of
Indonesia had changed the export duty structure for the export of crude and refined
palm oils during the October 2011, increasing the duty for the export of Crude
oils. Based on the import duty structure in India, the landed cost of imported
crude oil in India was much higher, entailing adverse cost structure for the
domestic refining industry and the higher quantum of import of refined oil in
to the country.
The policy
response from the Government of India to protect he domestic industry was only
in July, 2012 after a series of representation by industry, consequent upon low
utilization of refining facilities and adverse performance of the domestic
units. However, the government had raised import duty on crude oil in January,
2013 without raising duty on imported refined oil, resulting in cost pressures
for the highly competitive domestic industry and promotion of refined products
to India (thereby benefitting overseas refining industry), contrary to the
general policy expectations of encouraging domestic industry (and the
associated dependent sectors) and promoting domestic value additions. The
anomaly has severely affected the operating performances of the port based
domestic refining industry including the supporting sectors during 2012-13 and
also the investments in manufacturing capacities, despite a strong consumption
growth and a case for value addition.
The challenging
environment faced by the industry, the global business trend and the volatile
commodity prices during the year have impacted the domestic industry, having a
large number of small players .It is expected that, given the changing business
dynamics, the need for integrated operations, economies of scale etc., the
industry is poised for greater consolidation in the years to come. It is
believed that there is a great scope for organized players to strengthen the presence
in future.
The domestic
edible oil growth in retail segment is growing faster than the overall growth.
Raw material sourcing has become important in the context of short supplies and
spiraling prices. Integration of complete value chain will facilitate capturing
the growing business opportunities with better margins. The directors are
hopeful of improving the performance during the current year.
The company has
also entered into contract for sale of Carbon Credits. The company would
generate approximately 28,000 CER annually. The company is likely to realize 13
(Euros) per CER which would result in earnings of approximately Rs. 2 Crores.
During the year
the company has successfully completed the inspection for carbon credit by the
respective authorities. The company has successfully met all the requirements
for carbon credits and a final report has already been submitted by the
verification agencies to the board. However, during the year the company could
not account for the sale of carbon credits since it did not receive a
certificate from the agency confirming the number of unit’s credit to the
account of the company.
The Indian edible
oil sector is, by and large, a price conscious and price sensitive market, as a
substantial part of higher consumption takes place at the bottom end of the
pyramid. The propensity to consume is correlated with the changes in prices of
edible oil and the quantum of disposable income. With rising incomes, food
remain an important item of expenditure to warrant large share of incremental
spending. Edible oil is and will remain an important constituent of dietary
plan despite varied eating habits and varied methods of cooking across the
different states/regions in the country.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Intercorporate borrowings |
109.315 |
75.600 |
|
|
|
|
|
Total |
109.315 |
75.600 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10570567 |
29/04/2015 |
50,000,000.00 |
ANDHRA BANK |
SULTAN
BAZAR BRANCH, KOTI, HYDERABAD, TELANGANA - |
C54221965 |
|
2 |
10511610 |
13/03/2015 * |
1,850,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, SRINIVASA PLAZA,, FIRST FLOOR, AMEERPET MAIN ROAD,,
HYDERAABD, TELANGANA |
C47582549 |
|
3 |
10518034 |
27/06/2014 |
100,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
DOOR NO.4-3-371,BANK STREET, KOTI, HYDERABAD, , TELANGANA - 500095, INDIA |
C19186444 |
|
4 |
10481054 |
01/03/2014 |
225,000,000.00 |
ANDHRA BANK |
SULTAN BAZAR BRANCH,, KOTI, HYDERABAD, ANDHRA PRADESH - 500095, INDIA |
B97811343 |
|
5 |
10477041 |
09/02/2015 * |
1,701,300,000.00 |
ANDHRA BANK |
SULTAN
BAZAR BRANCH, KOTI, HYDERABAD, TELANGANA - |
C45155058 |
|
6 |
10481394 |
05/06/2015 * |
995,000,000.00 |
ANDHRA BANK |
SULTAN
BAZAR, KOTI, HYDERABAD, TELANGANA - 500195 |
C59262329 |
|
7 |
10445929 |
13/08/2013 |
260,000,000.00 |
INDIAN BANK |
SURABHI ARCADE,, BANK STREET, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
B83506527 |
|
8 |
10374513 |
04/09/2012 |
3,375,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B57289852 |
|
9 |
10312415 |
29/08/2011 |
5,775,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B23317498 |
|
10 |
10301571 |
26/11/2013 * |
830,000,000.00 |
ANDHRA BANK |
SULTAN BAZAR BRANCH,, KOTI, HYDERABAD, ANDHRA PRADESH - 500095, INDIA |
B90715327 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
NO |
|
--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.