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|
MIRA INFORM REPORT
|
Report No. : |
502048 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
PARAG MILK FOODS LIMITED (w.e.f. 07.07.2015) |
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Formerly Known
As : |
PARAG MILK FOODS PRIVATE LIMITED (w.e.f. 11.04.2008) PARAG MILK AND MILK PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital,
S. B. Road, Shivaji Nagar, Pune-411016, Maharashtra |
|
Tel. No.: |
91-20-41314444 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.12.1992 |
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Com. Reg. No.: |
11-070209 |
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Capital
Investment / Paid-up Capital : |
INR 841.150 Million |
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CIN No.: [Company Identification
No.] |
L15204PN1992PLC070209 |
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|
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IEC No.: [Import-Export Code No.] |
3197031814 |
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TIN No.: |
27220293349 |
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PAN No.: [Permanent Account No.] |
AABCP0425G |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
27AABCP0425G1ZT |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of procurement of cow milk
mainly in western and southern region. The Company undertakes processing of
milk and manufacture the various value added products namely cheese, butter,
ghee, fresh cream, milk powder, flavoured milk, lassi, curd etc. (Registered Activity and also Confirmed by
management) |
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|
|
|
No. of Employees
: |
1622 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 19000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated in the year 1992 as Parag Milk Foods Private
Limited and later in July 2015 it changed its name to Parag Milk Foods
Limited. The Company is engaged in the business of procurement of cow milk
mainly in western and southern region. The Company undertakes processing of
milk and manufacture cheese, butter, ghee, fresh cream, milk powder,
flavoured milk, lassi, curd, etc. which are marketed under its registered
brand name “Gowardhan”, “Go” and “Topp up”. For the quarterly results of December 2017, the company has earned
sales turnover of INR 5097.43 million along with fair net profit margin. As per the financials of 2017, the company has achieved an average
growth of 4.81% in its revenue as compared to the previous year’s revenue and
has reported low profitability margin of 0.59%. The company possesses sound financial position marked by strong net
worth base along with low debt balance sheet profile and satisfactory
liquidity position. The company has its share price trading at around INR 248.45 on BSE as
on April 4, 2018 as against the Face Value (FV) of INR 10. Trade relations are fair. Business is active. Payment seems to be
regular. In view of the aforesaid, the company can be considered for business
dealing 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long term loans : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
12.09.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short term loans : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
12.09.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 06.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-41314444 |
|
Date : |
04.04.2018 |
LOCATIONS
|
Registered Office : |
Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital,
S. B. Road, Shivaji Nagar, Pune-411016, Maharashtra, India |
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Tel. No.: |
91-20-41314444 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft |
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Location : |
Rented |
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Locality : |
Residential |
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Corporate Office /Head
Office : |
20th Floor, Nirmal Building, Near INOX, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Tel. No.: |
91-22-43005555 |
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Fax No.: |
91-22-43005580 |
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Plant 1 : |
Awasari Phata, Manchar, District Pune – 410503, Maharashtra, India |
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Tel. No.: |
91-2133-224761/ 62/ 63 |
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Fax No.: |
91-2133-223940 |
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Plant 2 : |
149/1,Samudra Palli (Vi), Pengaragunta (P.O.), Palamaner (Mdl), Chittoor- 517408, Andhra Pradesh, India |
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Regional Office : |
P-53, Taratala Road, Jinjira Bazar, Back Side of UBI Bank, Kolkata-700088, West Bengal, India |
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Tel. No.: |
91-33-24014906/ 07/ 08 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Preetam Prakash Shah |
|
Designation : |
Managing director |
|
Address : |
A-602, Kumar Puram, Mukundnagar, Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1970 |
|
Date of Appointment : |
29.12.1992 |
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PAN No.: |
AHOPS1105P |
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DIN No.: |
01127247 |
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|
|
|
Name : |
Mr. Devendra Prakash Shah |
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Designation : |
Whole-time Director |
|
Address : |
A-602, Kumar Puram, Mukundnagar, Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
05.06.1964 |
|
Date of Appointment : |
29.12.1992 |
|
PAN No.: |
AHOPS1104N |
|
DIN No.: |
01127319 |
|
|
|
|
Name : |
Mr. Ramesh Chandak |
|
Designation : |
Director |
|
Address : |
1202, Shrushti Towers, Old Prabhadevi Road, Prabhadevi,,
Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
09.09.2015 |
|
DIN No.: |
00026581 |
|
|
|
|
Name : |
Mr. Narendra Kumar Anand Ambwani |
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Designation : |
Director |
|
Address : |
1201, Sterling Sea Face, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India |
|
Date of Appointment : |
26.05.2015 |
|
DIN No.: |
00236658 |
|
|
|
|
Name : |
Mr. Sunil Badriprasad Goyal |
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Designation : |
Director |
|
Address : |
731/A, 7th Floor, Akshay Girikunj-III, Paliram Road, Andheri (West),
Mumbai- 400058, Maharashtra, India |
|
Date of Appointment : |
15.01.2008 |
|
DIN No.: |
00503570 |
|
|
|
|
Name : |
Mr. Nitin Ramchandra Dhavalikar |
|
Designation : |
Director |
|
Address : |
Flat No-2 Nimit HSG Society, 45/5A Karve Nagar, Pune-411052,
Maharashtra, India |
|
Date of Appointment : |
28.07.2015 |
|
DIN No.: |
07239870 |
|
|
|
|
Name : |
Mr. Bharatkumar Mahendrabhai Vyas |
|
Designation : |
Director |
|
Address : |
A-1, Kaira Can Complex, Near Chikhodra Railway Crossing, Anand-388001,
Gujarat, India |
|
Date of Birth/Age : |
05.05.1950 |
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Date of Appointment : |
22.07.2010 |
|
DIN No.: |
00043804 |
|
|
|
|
Name : |
Mrs. Radhika Carlton Pereira |
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Designation : |
Director |
|
Address : |
72, Buena Vista, J. Bhosale Marg, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Date of Appointment : |
26.05.2015 |
|
DIN No.: |
00016712 |
KEY EXECUTIVES
|
Name : |
Mrs. Rachana Sanganeria |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
1/501, Hari Om CHS Limited, Millennium Park, Hari Om Nagar, Mulund
(East), Mumbai-400081, Maharashtra, India |
|
Date of Birth/Age : |
18.12.1969 |
|
Date of Appointment : |
02.12.2013 |
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PAN No.: |
ANPPS0362R |
|
|
|
|
Name : |
Mr. Vimal Agarwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
H. No. 9A/T-6, Central Park 2, Sohna Road, Gurugram-122018, Haryana, India |
|
Date of Appointment : |
21.12.2017 |
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PAN No.: |
ADRPA0775G |
|
|
|
|
Name : |
Mr. Ajit Marathe |
|
Designation : |
Accounts Manager |
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MANAGEMENT TEAM : |
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|
Name : |
Mr. Mahesh Israni |
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Designation : |
Chief Marketing Officer |
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|
Name : |
Mr. H.S. Oberoi |
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Designation : |
President |
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|
Name : |
Mr. Sachin Shah |
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Designation : |
Vice President, Southern Operations |
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|
Name : |
Mr. Sanjay Mishra |
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Designation : |
General Manager, Works |
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|
Name : |
Mr. Sanjay Nakra |
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Designation : |
General Manager, Operations |
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|
Name : |
Miss Akshali Shah |
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Designation : |
VP - Strategic (Sales and Marketing) |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
40975635 |
48.71 |
|
|
(B) Public |
42911947 |
51.02 |
|
|
(C) Non Promoter-Non Public |
227000 |
0.27 |
|
|
Grand Total |
84114582 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
38661435 |
45.96 |
|
|
DEVENDRA PRAKASH SHAH |
15006400 |
17.84 |
|
|
PRITAM PRAKASH SHAH |
9159888 |
10.89 |
|
|
PARAG PRAKASH SHAH |
100000 |
0.12 |
|
|
PRAKASH BABU LAL SHAH |
100 |
0.00 |
|
|
NETRA PRITAM SHAH |
8867027 |
10.54 |
|
|
PRITI DEVENDRA SHAH |
2222820 |
2.64 |
|
|
POOJAN DEVENDRA SHAH |
3295000 |
3.92 |
|
|
SHABDALI MITUL DESAI |
10000 |
0.01 |
|
|
STAVAN PRITAM SHAH |
100 |
0.00 |
|
|
RAJANI PRAKASH SHAH |
100 |
0.00 |
|
|
Any
Other (specify) |
2314200 |
2.75 |
|
|
IRIS Business Solutions
Private Limited |
2314200 |
2.75 |
|
|
Sub
Total A1 |
40975635 |
48.71 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
40975635 |
48.71 |
Statement showing shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
3477493 |
4.13 |
|
|
CANARA ROBECO MUTUAL FUND A/C
CANARA ROBECO EMERGING EQUITIES |
2772693 |
3.30 |
|
|
Venture
Capital Funds |
7186104 |
8.54 |
|
|
IDFC TRUSTEE COMPANY LIMITED
A/C IDFC INFRASTRUCTURE FUND |
5074234 |
6.03 |
|
|
IDFC SPICE FUND |
2111870 |
2.51 |
|
|
Alternate
Investment Funds |
194700 |
0.23 |
|
|
Foreign
Portfolio Investors |
13419955 |
15.95 |
|
|
NOMURA INDIA INVESTMENT FUND
MOTHER FUND |
1381522 |
1.64 |
|
|
COPTHALL MAURITIUS INVESTMENT
LIMITED |
872150 |
1.04 |
|
|
GOVERNMENT PENSION FUND GLOBAL |
2236595 |
2.66 |
|
|
GOLDMAN SACHS INDIA LIMITED |
2458724 |
2.92 |
|
|
NEW HORIZON OPPORTUNITIES
MASTER FUND |
2445000 |
2.91 |
|
|
Financial
Institutions/ Banks |
36373 |
0.04 |
|
|
Sub
Total B1 |
24314625 |
28.91 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
7719304 |
9.18 |
|
|
Individual share capital in excess of INR 0.200 Million |
4140771 |
4.92 |
|
|
ASHISH KACHOLIA |
1454721 |
1.73 |
|
|
MADHULIKA AGARWAL |
962040 |
1.14 |
|
|
NBFCs
registered with RBI |
1419354 |
1.69 |
|
|
INFINA FINANCE PRIVATE LIMITED |
894528 |
1.06 |
|
|
Any
Other (specify) |
5317893 |
6.32 |
|
|
NRI |
1007266 |
1.20 |
|
|
NRI – Non- Repat |
272775 |
0.32 |
|
|
Clearing Members |
185276 |
0.22 |
|
|
Trusts |
2158 |
0.00 |
|
|
Bodies Corporate |
3850418 |
4.58 |
|
|
AADI FINANCIAL ADVISORS LLP |
862046 |
1.02 |
|
|
Sub
Total B3 |
18597322 |
22.11 |
|
|
B=B1+B2+B3 |
42911947 |
51.02 |
Statement showing shareholding pattern of the Non Promoter-
Non Public shareholder
|
Category & Name of the Shareholders |
No. of shareholder |
No. of fully paid up equity shares held |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a of |
Number of Locked in shares |
Number of equity shares held in dematerialized
form (XIV) (Not Applicable) |
||
|
No |
As a % of total Shares held |
|||||||
|
||||||||
|
C1)
Custodian/DR Holder |
0 |
0 |
0.00 |
0.00 |
||||
|
C2)
Employee Benefit Trust |
0 |
0 |
0.00 |
0.00 |
||||
|
Employee
Benefit Trust |
1 |
227000 |
227000 |
0.27 |
0.00 |
227000 |
||
|
Sub
Total C2 |
1 |
227000 |
227000 |
0.27 |
0.00 |
227000 |
||
|
C=
C1+C2 |
1 |
227000 |
227000 |
0.27 |
0.00 |
227000 |
||
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of procurement of cow
milk mainly in western and southern region. The Company undertakes processing
of milk and manufacture the various value added products namely cheese,
butter, ghee, fresh cream, milk powder, flavoured milk, lassi, curd etc. (Registered Activity and also Confirmed by
management) |
||||||||
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Products / Services
: |
|
||||||||
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|
||||||||
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Brand Names : |
“GOWARDHAN” “GO” “TOPP UP” |
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Agencies Held : |
Not Available |
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Exports : |
|||||||||
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Products : |
· Cheese · Butter · Ghee · Fresh Cream · Milk Powder · Flavoured Milk · Lassi ·
Curd |
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|
Countries : |
·
Philippines ·
Dubai ·
Singapore |
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|
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Imports : |
|||||||||
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Products : |
Plant and Machinery |
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Countries : |
European Countries |
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Terms : |
|
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Selling : |
Cheque |
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Purchasing : |
Cheque |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1622 (Approximately) |
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Bankers : |
· State Bank of India ·
IDBI Bank Limited |
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Facilities : |
|
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|
Statutory Auditor : |
|
|
Name : |
Haribhakti and Co. LLP Chartered Accountants |
|
Address : |
Office No. 103, 1st Floor, S No. 185A, Shastri Nagar,
Yerwada, Pune - 411 006, Maharashtra, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Harshad S. Deshpande and Associates Cost Accountants |
|
Address : |
1254 Sadashiv Peth, Sadbhav Sadanika, Pune - 411 030,
Maharashtra, India |
|
|
|
|
Secretarial Auditor
: |
|
|
Name : |
N.L. Bhatia and Associates Company Secretaries |
|
Address : |
507, Skyline Wealth Space, 5th Floor, C2 Wing, Skyline Oasis
Complex, Premier Road, Near Vidya Vihar Station, Ghatkopar (West), Mumbai -
400 086, Maharashtra, India |
|
|
|
|
Internal Auditor : |
|
|
Name : |
KPMG |
|
Address : |
Building No. 10, 8th Floor, Tower-B, DLF Cyber City, Phase
– II, Gurugram - 122 002, Haryana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company
: |
Bhagyalaxmi Dairy Farms Private Limited |
|
|
|
|
Enterprise over which
Key Management Personnel exercise significant influence / control : |
Bharat Trading Company |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84114582 |
Equity Shares |
INR 10/- each |
INR 841.150 Million |
|
|
|
|
|
Shareholders holding more
than 5 % shares in the company is set out below:
|
Name of Shareholder |
As at 31.03.2017 |
|
|
No of Equity shares held |
Percentage |
|
|
Devendra Prakash Shah |
14570832 |
17.32% |
|
Pritam Prakash Shah |
9159888 |
10.89% |
|
Netra Pritam Shah |
8268149 |
9.83% |
|
IDFC Private Equity Fund III |
5074234 |
6.03% |
|
India Business Excelence Fund |
442511 |
0.53% |
Reconciliation of
number of shares
|
Name of Shareholder |
As at 31.03.2017 |
|
|
Number |
INR In Million |
|
|
At the beginning of the year |
70415887 |
704.160 |
|
Issued during the year |
13698695 |
136.990 |
|
At the end of the year |
84114582 |
841.150 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
841.150 |
704.160 |
159.690 |
|
(b) Reserves & Surplus |
5819.970 |
3072.710 |
1185.330 |
|
(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) |
6661.120 |
3776.870 |
1345.020 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
713.270 |
1242.730 |
1682.710 |
|
(b) Deferred tax liabilities
(Net) |
105.970 |
137.340 |
107.350 |
|
(c) Other long term
liabilities |
165.230 |
180.780 |
211.560 |
|
(d) long-term provisions |
14.580 |
5.710 |
4.300 |
|
Total
Non-current Liabilities (3) |
999.050 |
1566.560 |
2005.920 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1620.880 |
2357.010 |
2474.920 |
|
(b) Trade payables |
3058.260 |
1622.400 |
1880.140 |
|
(c) Other current liabilities |
967.630 |
625.350 |
1550.530 |
|
(d) Short-term provisions |
15.100 |
41.720 |
5.160 |
|
Total
Current Liabilities (4) |
5661.870 |
4646.480 |
5910.750 |
|
|
|
|
|
|
TOTAL |
13322.040 |
9989.910 |
9261.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3063.310 |
2950.490 |
2376.690 |
|
(ii) Intangible Assets |
4.220 |
2.430 |
2.300 |
|
(iii) Capital work-in-progress |
164.250 |
232.670 |
236.080 |
|
(iv) Intangible assets under
development |
41.850 |
45.060 |
46.240 |
|
(b) Non-current Investments |
577.700 |
577.700 |
180.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
703.000 |
149.830 |
656.770 |
|
(e) Other Non-current assets |
18.140 |
11.000 |
18.200 |
|
Total
Non-Current Assets |
4572.470 |
3969.180 |
3516.980 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4267.210 |
2710.510 |
2097.090 |
|
(c) Trade receivables |
2113.250 |
2330.650 |
1686.900 |
|
(d) Cash and cash equivalents |
1000.130 |
70.580 |
47.430 |
|
(e) Short-term loans and
advances |
912.860 |
508.840 |
1409.780 |
|
(f) Other current assets |
456.120 |
400.150 |
503.510 |
|
Total
Current Assets |
8749.570 |
6020.730 |
5744.710 |
|
|
|
|
|
|
TOTAL |
13322.040 |
9989.910 |
9261.690 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
17010.850 |
16229.520 |
14256.460 |
|
|
Other Income |
67.240 |
14.330 |
13.990 |
|
|
TOTAL
|
17078.090 |
16243.850 |
14270.450 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
13353.910 |
11280.650 |
10459.560 |
|
|
Purchases of Stock-in-Trade |
734.410 |
1317.480 |
392.360 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1551.230) |
(621.690) |
(216.960) |
|
|
Employees benefits expense |
779.780 |
660.270 |
539.130 |
|
|
Other expenses |
2682.960 |
2103.270 |
2018.280 |
|
|
Exceptional Items |
193.840 |
0.000 |
0.000 |
|
|
TOTAL |
16193.670 |
14739.980 |
13192.370 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
884.420 |
1503.870 |
1078.080 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
328.060 |
487.150 |
454.340 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
556.360 |
1016.720 |
623.740 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
472.630 |
317.250 |
254.170 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
83.730 |
699.470 |
369.570 |
|
|
|
|
|
|
|
Less |
TAX |
(16.460) |
174.380 |
3.930 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
100.190 |
525.090 |
365.640 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1247.800 |
1068.560 |
719.640 |
|
|
|
|
|
|
|
Less |
Accumulated
depreciation |
0.000 |
0.000 |
3.220 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to debenture
redemption reserve |
4.500 |
4.500 |
13.500 |
|
|
Bonus share issued |
0.000 |
341.350 |
0.000 |
|
|
Total
|
4.500 |
345.850 |
13.500 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1343.490 |
1247.800 |
1068.560 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
568.220 |
318.090 |
467.380 |
|
|
TOTAL
EARNINGS |
568.220 |
318.090 |
467.380 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
193.280 |
140.970 |
0.000 |
|
|
Packing material &
consumables |
41.910 |
32.070 |
0.000 |
|
|
Capital Goods |
45.970 |
52.940 |
18.120 |
|
|
Traded goods |
7.050 |
9.110 |
29.410 |
|
|
TOTAL
IMPORTS |
288.210 |
235.090 |
47.530 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
1.22 |
8.01 |
6.29 |
|
|
Diluted |
1.22 |
8.01 |
5.30 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
284.370 |
245.560 |
1213.880 |
|
Cash generated from operations |
722.410 |
1022.000 |
796.980 |
|
Net cash flows from (used in) operations |
558.820 |
886.650 |
774.040 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4046.780 |
4949.460 |
5097.430 |
|
Total Expenditure |
3761.690 |
4452.770 |
4524.530 |
|
PBIDT (Excl OI) |
285.090 |
496.690 |
572.900 |
|
Other Income |
8.120 |
13.380 |
13.200 |
|
Operating Profit |
293.210 |
510.070 |
586.100 |
|
Interest |
78.420 |
74.250 |
105.650 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
214.790 |
435.820 |
480.450 |
|
Depreciation |
110.650 |
123.680 |
130.790 |
|
Profit Before Tax |
104.140 |
312.140 |
349.660 |
|
Tax |
10.500 |
81.560 |
110.270 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
93.640 |
230.580 |
239.390 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
93.640 |
230.580 |
239.390 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
45.34 |
52.42 |
43.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.05 |
6.96 |
8.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
79.23 |
47.01 |
63.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.21 |
0.55 |
0.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.27 |
0.47 |
0.41 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.50 |
0.61 |
0.95 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.39 |
1.02 |
3.99 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.85 |
1.23 |
4.39 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.49 |
0.86 |
1.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.70 |
3.09 |
2.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.59 |
3.24 |
2.56 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.75 |
5.26 |
3.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.50 |
13.90 |
27.18 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.55 |
1.30 |
0.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.79 |
0.71 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.50 |
0.38 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.11 |
5.46 |
33.64 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.55 |
1.30 |
0.97 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 248.45/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
159.690 |
704.160 |
841.150 |
|
Reserves & Surplus |
1185.330 |
3072.710 |
5819.970 |
|
Net
worth |
1345.020 |
3776.870 |
6661.120 |
|
|
|
|
|
|
long-term borrowings |
1682.710 |
1242.730 |
713.270 |
|
Short term borrowings |
2474.920 |
2357.010 |
1620.880 |
|
Current maturities of
long-term debts |
1213.880 |
245.560 |
284.370 |
|
Total
borrowings |
5371.510 |
3845.300 |
2618.520 |
|
Debt/Equity
ratio |
3.994 |
1.018 |
0.393 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
14256.460 |
16229.520 |
17010.850 |
|
|
|
13.840 |
4.814 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
14256.460 |
16229.520 |
17010.850 |
|
Profit |
365.640 |
525.090 |
100.190 |
|
|
2.56% |
3.24% |
0.59% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
841.150 |
704.160 |
|
(b) Reserves & Surplus |
|
5732.960 |
2914.630 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6574.110 |
3618.790 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
713.270 |
1248.440 |
|
(b) Deferred tax liabilities
(Net) |
|
98.680 |
109.570 |
|
(c) Other long term
liabilities |
|
165.230 |
180.780 |
|
(d) long-term provisions |
|
15.590 |
6.100 |
|
Total
Non-current Liabilities (3) |
|
992.770 |
1544.890 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1620.880 |
2357.010 |
|
(b) Trade payables |
|
3118.730 |
1679.530 |
|
(c) Other current liabilities |
|
977.080 |
667.620 |
|
(d) Short-term provisions |
|
15.340 |
41.780 |
|
Total
Current Liabilities (4) |
|
5732.030 |
4745.940 |
|
|
|
|
|
|
TOTAL |
|
13298.910 |
9909.620 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3330.910 |
3211.950 |
|
(ii) Intangible Assets |
|
4.990 |
3.410 |
|
(iii) Capital work-in-progress |
|
164.250 |
232.670 |
|
(iv) Intangible assets under
development |
|
42.280 |
45.490 |
|
(v) Livestock |
|
251.930 |
232.010 |
|
(b) Non-current Investments |
|
0.060 |
0.060 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
707.870 |
157.190 |
|
(e) Other Non-current assets |
|
18.740 |
11.100 |
|
Total
Non-Current Assets |
|
4521.030 |
3893.880 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
4285.170 |
2724.260 |
|
(c) Trade receivables |
|
2150.200 |
2359.920 |
|
(d) Cash and cash equivalents |
|
1008.490 |
76.830 |
|
(e) Short-term loans and
advances |
|
877.900 |
454.580 |
|
(f) Other current assets |
|
456.120 |
400.150 |
|
Total
Current Assets |
|
8777.880 |
6015.740 |
|
|
|
|
|
|
TOTAL |
|
13298.910 |
9909.620 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
17307.390 |
16452.010 |
|
|
Other Income |
|
109.870 |
15.480 |
|
|
TOTAL
|
|
17417.260 |
16467.490 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
13405.900 |
11268.400 |
|
|
Purchases of Stock-in-Trade |
|
734.410 |
1382.970 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1552.040) |
(621.690) |
|
|
Employees benefits expense |
|
794.450 |
671.300 |
|
|
Other expenses |
|
2843.030 |
2269.020 |
|
|
Exceptional Items |
|
193.840 |
0.000 |
|
|
TOTAL |
|
16419.590 |
14970.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
997.670 |
1497.490 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
332.760 |
495.720 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
664.910 |
1001.770 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
489.630 |
333.880 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
175.280 |
667.890 |
|
|
|
|
|
|
|
Less |
TAX |
|
4.020 |
194.710 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
171.260 |
473.180 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
2.08 |
7.22 |
LEGAL
CASES
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 |
Yes |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
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 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 |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company was incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in the business of procurement of
cow milk mainly in western and southern region. The Company undertakes
processing of milk and manufacture the various value added products namely
cheese, butter, ghee, fresh cream, milk powder, flavoured milk, lassi, curd
etc. which are marketed under its registered brand name “Gowardhan”, “Go” and
“Topp up”. The registered office of the Company is situated in the state of Maharashtra,
India. The Company changed its name to Parag Milk Foods Limited effective from
July 07, 2015.
BUSINESS OVERVIEW
The Company is a leading manufacturer and marketer of dairy based branded food products in India commencing business in 1992 with collection of milk and distribution of milk.
The Company’s focus is now in transforming itself into a “Dairy FMCG Company” with focus on “Health and Nutrition” and this will be through a multi brand strategy. The Company’s integrated business model gives it a strong edge over dairy companies, with diverse manufacturing capabilities of products like cheese, ghee, fresh milk, whey proteins, paneer, curd, yoghurt, milk powder and dairy based beverages targeting a wide range of consumer groups through several brands under the flagship brands “GOWARDHAN” “GO” “TOPP UP” “MILK RICH” and “PRIDE OF COWS”
The Company’s focus has been product innovations and towards that effect they expanded their cheese slice range last year with flavours like Piri Piri, chutney cheese, Kachha Aam, Schezwan and Acchari and other product categories like Pre-mix with Go Easy Shake and relaunched their dairy whitener under Milk Rich brand name
Continuing their endeavour of strengthening their brand communication, they launched the new communication for Ghee with the theme of “Pyar ka Rang Sunhera” with the philosophy of owning the golden colour of cow ghee. The high point of the campaign was the Mother’s Day video which created new records in terms of viewership.
Gowardhan Ghee has for the 2nd year in succession been awarded the most trusted brand in ghee category with “Brand Trust” and has infact moved 132 notches up in the overall ranking of brands across categories.
The Company’s focus on Cheese category continues and towards that endeavour they launched a new campaign with 5 new films with Celebrity Vir Das with focus on the new flavours of Cheese Slice.
“Cheese Lover’s Day” is one more property that they have created and started owning the same with specific campaign led by social media and print which has helped in enrolling newer consumers to the category of cheese. Their distribution expansion continues as per plan with 4 new depot locations being added and super stockists upto 120 catering to over 3000 distributors who in turn cater to more than 2.5 lakh outlets directly.
The company’s Route to Market strategy is further strengthened with beverages business focus on point of consumption outlets and expansion of Horeca segment at a rapid pace. During the year, the company has also expanded distribution of fresh milk in upcountry Tamil Nadu market. Their manufacturing facilities are being further strengthened with capacity expansion in Cheese and Paneer as per plan in Manchar.
The Company’s building new capabilities and robust pipeline
of innovations resulted in new launches in the form of “GO Easy Shake”, “GO
Cheese Slice” in new flavours suited for Indian palate and “Milk Rich” and
other innovative products coupled with leading edge route to market strategy,
while building brand differentiation and relevance.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global and Indian
Dairy
Industry Overview
India is one of the world’s largest and fastest-growing dairy markets. Operation Flood, one of the world’s largest dairy development programmes, led by Dr. Kurien, played a crucial role in transforming India from a milk-deficient country to the largest milk producer in the world. India’s large leap in milk production from 17 MT in FY 50-51 to ~164 MT in FY 16-17, made it the largest milk producer in the world, surpassing even the US and EU.
OUTLOOK
The growth of the Indian Dairy industry in the past four decades has been very impressive. Rising population, changing lifestyle patterns, increasing incomes, urbanisation, dual income households, other demographic shifts and increasing health consciousness are driving the demand which is expected to provide a positive thrust to the sector. As per the IMARC report, the total dairy market (in value terms) in India is expected to grow at a CAGR of 14.6% between FY 15 and FY 20. The growth is expected to be led by the demand for value-added products which is expected to clock a healthy growth. With increased investments by organised players, the organised share is expected to go up in value terms by FY 19-20.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
0% Non-Convertible Debentures (NCDs) to Promoters |
0.000 |
180.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on
demand from Promoters |
|
|
|
0% Non-Convertible Debentures (NCDs) @ |
180.000 |
0.000 |
|
Total |
180.000 |
180.000 |
|
Short-term
borrowings @ The Company had made an issue of 18000000 Nos of
Non-Convertible Debentures of nominal value of INR 10 each aggregating INR
180.00 million at 0% interest to the Promoters. The life of such debentures
is 10 years from the issue date, i.e., March 2013 or anytime to be redeemed
on demand after the Company’s IPO. |
||
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G78178985 |
100157542 |
UNION BANK OF INDIA LIMITED |
04/12/2017 |
- |
330000000.0 |
INDUSTRIAL FINANCIAL BRANCH, 619-SACHAPIR STREET CAMP PUNE MAHARASHTRA 411001 INDIA |
|
2 |
G69601797 |
100138940 |
UNION BANK OF INDIA LIMITED |
25/09/2017 |
- |
770000000.0 |
INDUSTRIAL FINANCIAL BRANCH, 619-SACHAPIR STREET CAMP PUNE MAHARASHTRA 411001 INDIA |
|
3 |
C26306167 |
10524170 |
ELECTRONICA FINANCE LIMITED |
30/06/2014 |
- |
50020838.0 |
128/A, PLOT NO.3, KAILASHCHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
4 |
C11819620 |
10507191 |
International Finance Corporation |
03/06/2014 |
04/07/2014 |
872320000.0 |
VIBGYOR TOWERS, 6TH FLOOR,G-BLOCKC-62, BANDRA KURLA COMPLEX, BANDRA (EAST) MUMBAI MAHARASHTRA 400051 INDIA |
|
5 |
B82171810 |
10443204 |
Union Bank of India Industrial Finance Branch |
12/08/2013 |
- |
250000000.0 |
619,SACHAPIR STREET PUNE CANTONMENT, CAMP PUNE MAHARASHTRA 411001 INDIA |
|
6 |
B76640630 |
10429908 |
Union Bank of India |
15/05/2013 |
- |
130000000.0 |
INDUSTRIAL FINANCIAL BRANCH, 619-SACHAPIR STREET CAMP PUNE MAHARASHTRA 411001 INDIA |
|
7 |
B58501412 |
10377612 |
Union Bank of India Industrial Finance Branch |
09/08/2012 |
- |
100000000.0 |
619,SACHAPIR STREET PUNE CANTONMENT, CAMP PUNE MAHARASHTRA 411001 INDIA |
|
8 |
B28195378 |
10354822 |
UNION BANK OF INDIA |
25/08/2011 |
- |
120000000.0 |
INDUSTRIAL FINANCIAL BRANCH, 619-SACHAPIR STREET CAMP PUNE MAHARASHTRA 411001 INDIA |
|
9 |
C64454655 |
10354826 |
State Bank of India |
19/03/2011 |
02/09/2015 |
120000000.0 |
1ST FLOOR, TARA CHAMBERS,NEAR POLICE CHOWKY PUNE MAHARASHTRA 411013 INDIA |
|
10 |
A58278912 |
10146539 |
UNION BANK OF INDIA |
23/02/2009 |
- |
760000000.0 |
INDUSTRIAL FINANCIAL BRANCH, 619-SACHAPIR STREET CAMP PUNE MAHARASHTRA 411001 INDIA |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Guarantees given by banks on behalf of the Company |
50.100 |
9.720 |
|
Corporate guarantees given by the Company for loans taken by
its subsidiary company and suppliers from banks /financial institutions |
920.340 |
920.340 |
|
Sales tax matter under litigation in respect of Company for FY.2006-07, FY 2009-10 and F.Y. 2010-11 for pending F forms and lower allowance on account of Central Quantum Benefit, against which appeal has been filed. |
67.350 |
83.320 |
|
Claim against the Company not acknowledge as debt in relation to claim made by France International Trade, Rennes, vide Special Civil Suit No. 692/2012 dated March 07, 2012 in the Court of Honourable Civil Judge, Senior Division, Pune for damaged goods supplied by the Company. The amount includes interest of INR 20.370 Million |
70.680 |
70.680 |
|
Income tax matter under litigation for the AY 2012-13, AY 2013-14 and AY 2014-15 mainly with regard to taxability of PSI incentive [including interest of INR 40.070 million (March 31, 2016: INR 7.260 million)]. |
134.980 |
56.200 |
|
Demand notice received u/s 245 for AY 2014-15 & AY 2015-16 |
0.350 |
0.350 |
|
Duty liability under Advance License scheme |
135.680 |
62.750 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Nine Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
5097.430 |
4949.460 |
14093.660 |
|
b. Other Income |
13.200 |
13.380 |
34.700 |
|
Total Income from
Operations (Net) |
5110.630 |
4962.840 |
14128.360 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of Materials consumed |
3022.640 |
2947.190 |
9228.700 |
|
Purchase of stock-in-trade |
197.890 |
335.020 |
543.750 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
355.710 |
313.400 |
310.790 |
|
Employees Benefit Expenses |
224.970 |
217.470 |
626.250 |
|
Finance Cost |
105.650 |
74.250 |
258.320 |
|
Depreciation and Amortization Expenses |
130.790 |
123.680 |
365.120 |
|
Other expenses |
723.320 |
639.690 |
2029.510 |
|
Total Expenses |
4760.970 |
4650.700 |
13362.440 |
|
Profit / (Loss)
from ordinary activities after finance costs and before exceptional items |
349.660 |
312.140 |
765.920 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
from ordinary activities before tax |
349.660 |
312.140 |
765.920 |
|
Tax Expense |
|
|
|
|
- Current Tax |
90.410 |
66.750 |
191.200 |
|
- Deferred Tax |
19.860 |
14.810 |
11.120 |
|
Net Profit /
(Loss) After Tax |
239.390 |
230.580 |
563.600 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(0.500) |
1.680 |
(1.500) |
|
Income tax relating to items that will not be reclassified
to profit and loss |
0.170 |
(0.580) |
0.520 |
|
Total Other comprehensive income for the period |
239.060 |
231.680 |
562.620 |
|
|
|
|
|
|
Net profit after taxes |
239.060 |
231.680 |
562.620 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
|
|
|
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic |
2.85 |
2.75 |
6.72 |
|
Diluted |
2.85 |
2.75 |
6.72 |
Notes :
1. The standalone financial results of
Parag Milk Foods Limited (“the Company”) have been reviewed by the Audit
Committee and thereafter approved and taken on record by the Board of Directors
in their meeting held on February 08,
2. The Company has adopted the Indian Accounting
Standards (Ind-AS) from April 01, 2017 and these financial results have been
prepared in accordance with the Ind-AS as specified under section 133 of Companies
Act, 2013.The date of transition to Ind-AS is April 01, 2016. The impact of
transition has been accounted for in opening reserves and the comparative
period results has been restated accordingly.
3. The Statutory Auditors of the Company have
conducted a limited review of the above unaudited financial results of the
Company for the quarter and nine months ended December 31, 2017.
4. There is a possibility that these quarterly
and nine months financial results may require adjustment before constituting
the final Ind AS financial statements as of and for the year ended March 31,
2018, due to changes in financial reporting requirements arising from new or
revised standards or interpretations issued by MCA/ITFG or changes in use of
one or more of the optional exemptions from full retrospective application of
Ind AS.
5. Based on guiding principles given in Ind-AS
108 on "Operating Segments", the Company's business activity falls
within a single Operating Segment namely, "Milk and Milk Related
Products", hence the disclosure requirements of Ind AS 108 are not
applicable.
6. The statement does not include Ind AS
compliant results for the previous year ended March 31, 2017 as the same is not
mandatory as per SEBI's circular dated July 05, 2016.
7. Exceptional items represent VAT tax liability
for previous years and interest thereon in respect of inspection conducted by
VAT authorities during the quarter ended December 2016, wherein certain
transactions were identified which were to be considered as local sales instead
of interstate transfer.
FIXED ASSETS
- Land – Freehold
- Buildings
- Leasehold Building Improvements
- Plant and machinery
- Furniture and fixtures
- Office equipment
- Computers
- Vehicles
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
UK Pound |
1 |
INR 91.46 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·