|
|
|
MIRA INFORM REPORT
|
Report No. : |
504117 |
|
Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT TEA PROCESSORS AND PACKERS LIMITED |
|
|
|
|
Registered
Office : |
Wagh Bakri House, Opposite Parimal Garden, Ambawadi, Ahmedabad - 380006, Gujarat |
|
Tel. No.: |
91-79-26409631-36 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
22.09.1980 |
|
|
|
|
Com. Reg. No.: |
04-003946 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 348.563
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01132GJ1980PLC003946 |
|
|
|
|
Tin No.: |
24073701192 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG5594L |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AAACG5594L1ZA |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company is engaged in blending and packaging of tea. (Registered activity) |
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|
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|
No. of Employees
: |
Information declined by the management |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject was incorporated in the year 1980 and it is a manufacturer and processors of packet tea. As per financials of March 2017, the company has registered a growth of 5.74% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 7.18%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth along with strong debt coverage indicators and good liquidity position. Rating also takes into account established position in the domestic market as a third largest player with brand name of “Waghbakri” and strong distribution network of the company. Further, the company has reported a good earnings per share of INR 21.33 against its face value of INR 10. However, rating strength is partially offset by susceptibility of profitability to volatile bulk tea prices. Payments terms seems to be regular. In view of aforesaid, the subject can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 18.04.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-79-26409631 / 36)
LOCATIONS
|
Registered Office : |
Wagh Bakri House, Opposite Parimal Garden, Ambawadi, Ahmedabad - 380006, Gujarat, India |
|
Tel. No.: |
91-79-26409631 to 36 |
|
Fax No.: |
91-79-26409639-40 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rasesh Ramdas Desai |
|
Designation : |
Managing Director |
|
Address : |
Parag Bunglow, Maharashtra Society, Navranpura, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
05.05.1947 |
|
Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
01.11.1983 |
|
PAN No.: |
AAOPD6544L |
|
DIN No.: |
00095010 |
|
|
|
|
Name : |
Mrs. Krishnaben Raseshkumar Desai |
|
Designation : |
Director |
|
Address : |
Parag Bunglow, Maharashtra Society, Navranpura, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
08.09.1950 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.10.1998 |
|
PAN No.: |
AAJPD7182P |
|
DIN No.: |
00095070 |
|
|
|
|
Name : |
Mr. Parag Raseshkumar Desai |
|
Designation : |
Whole-time Director |
|
Address : |
Parag Bunglow, Maharashtra Society, Navranpura, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
08.02.1973 |
|
Qualification : |
B.Com, MBA(USA) |
|
Date of Appointment : |
19.06.2009 |
|
PAN No.: |
AAOPD6542N |
|
DIN No.: |
00095112 |
|
|
|
|
Name : |
Mr. Rajesh Chimanlal Shah |
|
Designation : |
Director |
|
Address : |
Sahkar Opposite U.S. Pizza, Near St. Xavier's Lad. Hostel University Road, Navrangpura, Ahmedabad 380009, Gujarat, India |
|
Date of Birth/Age : |
20.07.1953 |
|
Qualification : |
CA |
|
Date of Appointment : |
25.12.2003 |
|
PAN No.: |
ACBPS8913R |
|
DIN No.: |
00095221 |
|
|
|
|
Name : |
Mr. Piyushkumar Ochhavlal Desai |
|
Designation : |
Director |
|
Address : |
Punit Bunglow, Mithakhali Six Roads, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
05.12.1939 |
|
Qualification : |
D.Com |
|
Date of Appointment : |
01.04.1995 |
|
PAN No.: |
AAOPD6534E |
|
DIN No.: |
00095244 |
|
|
|
|
Name : |
Mr. Pankajkumar Ramdas Desai |
|
Designation : |
Managing Director |
|
Address : |
'Parag' Mithakhali Six Marg, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
02.06.1942 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
22.09.1980 |
|
PAN No.: |
AAOPD6536G |
|
DIN No.: |
00112238 |
|
|
|
|
Name : |
Mrs. Pratimaben Pankajkumar Desai |
|
Designation : |
Director |
|
Address : |
'Parag' Mithakhali Six Marg, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
28.07.1941 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.10.1998 |
|
PAN No.: |
AEXPD7042J |
|
DIN No.: |
00112435 |
|
|
|
|
Name : |
Mr. Paraskumar Pankajkumar Desai |
|
Designation : |
Whole-time Director |
|
Address : |
'Parag' Mithakhali Six Marg, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Date of Birth/Age : |
09.08.1973 |
|
Qualification : |
B.Com, Diploma in Mgt. Studies (USA) |
|
Date of Appointment : |
01.01.2012 |
|
PAN No.: |
AAOPD6537H |
|
DIN No.: |
00112503 |
|
|
|
|
Name : |
Mrs. Maitriben Darshanbhai Jhaveri |
|
Designation : |
Director |
|
Address : |
'Fagun', Near Bank of India Officer's Society, Polytechnic, Ambawadi, Ahmedabad 380015, Gujarat, India |
|
Date of Birth/Age : |
25.08.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.10.1998 |
|
PAN No.: |
ACPPD9340P |
|
DIN No.: |
00119792 |
|
|
|
|
Name : |
Mr. Bhushan Chelaram Punani |
|
Designation : |
Director |
|
Address : |
34, Spring Field, Judges Bunglows Road, Near Lad Society, Vastrapur Ahmedabad 380015, Gujarat, India |
|
Date of Birth/Age : |
03.01.1954 |
|
Qualification : |
MBA (IIM-A) |
|
Date of Appointment : |
22.03.2001 |
|
PAN No.: |
ACOPP9024B |
|
DIN No.: |
00119874 |
|
|
|
|
Name : |
Mr. Mayank Pradyumna Shah |
|
Designation : |
Director |
|
Address : |
51-52, Shanti Niketan, 1st Road, Prabhat Colony, Santacruz East, Mumbai 400055, Maharashtra, India |
|
Date of Birth/Age : |
27.03.1953 |
|
Qualification : |
CA |
|
Date of Appointment : |
16.12.1994 |
|
PAN No.: |
ALRPS8300H |
|
DIN No.: |
01655046 |
|
|
|
|
Name : |
Mr. Ashwin Narhariprasad Joshi |
|
Designation : |
Director |
|
Address : |
5, Anmol Flats, Bhattha, Paldi, Ahmedabad 380007, Gujarat, India |
|
Date of Birth/Age : |
31.12.1957 |
|
Qualification : |
B. Com , LLB |
|
Date of Appointment : |
14.05.2012 |
|
PAN No.: |
ACNPJ1983G |
|
DIN No.: |
05274484 |
|
|
|
|
Name : |
Mr. Priyam Bimalbhai Parikh |
|
Designation : |
Whole-time Director |
|
Address : |
9, Heritage Residency Near Thaltej Gam, Thaltej Ahmedabd 38059, Gujarat, India |
|
Date of Birth/Age : |
12.03.2013 |
|
Qualification : |
MBA (Finance) |
|
Date of Appointment : |
12.03.2013 |
|
PAN No.: |
ANOPP1255B |
|
DIN No.: |
06459542 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Laxmanbhai Patel |
|
Designation : |
Company Secretary |
|
Address : |
C-1 / 151, Nandanvan Society, New Sama Road, Vadodara 390008, Gujarat, India |
|
Date of Birth/Age : |
04.12.1965 |
|
Qualification : |
B.com; LL.B; FCS |
|
Date of Appointment : |
01.07.2015 |
|
PAN No.: |
AGQPP3633A |
|
|
|
|
Name : |
Mr. Rahul Vrundavandas Devi |
|
Designation : |
CFO(KMP) |
|
Address : |
A/503, Dhananjay Towers, Near Shyamal Row House-II 100ft. Road, Satellite Ahmedabad 380015, Gujarat, India |
|
Date of Birth/Age : |
19.10.1963 |
|
Qualification : |
B.Com, CA |
|
Date of Appointment : |
02.05.2016 |
|
PAN No.: |
ACHPD4188K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 04.08.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
64.71 |
|
Promoter - Bodies
corporate |
35.11 |
|
Public - Bodies corporate |
0.18 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in blending and packaging of tea. (Registered activity) |
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Products : |
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Brand Names : |
“Waghbakri” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
C. C. Chokshi and Company Chartered Accountants |
|
Address : |
19th Floor, Shapath-V, S. G. Highway, Ahmedabad, Gujarat – 380015, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFC2938D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
U51909GJ1992PTC017127
U51909GJ1992PTC017128
U51909GJ1992PTC017129
|
|
|
|
|
Other Related Party : |
Vasant Narayana Desai Multipurpose Charitable Trust |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39900000 |
Equity Shares |
INR 10/- each |
INR 399.000 Million |
|
10000 |
Preference Shares |
INR 100/- each |
INR 1.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34856250 |
Equity Shares |
INR 10/- each |
INR 348.563
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
348.563 |
174.281 |
174.281 |
|
(b) Reserves & Surplus |
3599.230 |
3138.013 |
2695.668 |
|
(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) |
3947.793 |
3312.294 |
2869.949 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
18.186 |
12.182 |
8.417 |
|
Total
Non-current Liabilities (3) |
18.186 |
12.182 |
8.417 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
319.438 |
828.536 |
717.703 |
|
(b) Trade payables |
349.656 |
256.712 |
270.724 |
|
(c) Other current liabilities |
437.260 |
386.639 |
373.175 |
|
(d) Short-term provisions |
7.737 |
6.231 |
4.594 |
|
Total
Current Liabilities (4) |
1114.091 |
1478.118 |
1366.196 |
|
|
|
|
|
|
TOTAL |
5080.070 |
4802.594 |
4244.562 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
634.017 |
679.766 |
696.226 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
2.789 |
|
(iii) Capital work-in-progress |
7.576 |
4.376 |
5.622 |
|
(iv) Intangible assets under
development |
5.124 |
6.301 |
0.000 |
|
(b) Non-current Investments |
0.127 |
0.133 |
0.187 |
|
(c) Deferred tax assets (net) |
20.218 |
24.218 |
11.831 |
|
(d) Long-term Loan and Advances |
0.130 |
0.203 |
90.837 |
|
(e) Other Non-current assets |
479.967 |
133.610 |
0.070 |
|
Total
Non-Current Assets |
1147.159 |
848.607 |
807.562 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2319.691 |
2473.798 |
2110.423 |
|
(c) Trade receivables |
231.976 |
198.405 |
151.145 |
|
(d) Cash and cash equivalents |
1344.147 |
1227.381 |
1116.074 |
|
(e) Short-term loans and
advances |
0.522 |
0.723 |
29.637 |
|
(f) Other current assets |
36.575 |
53.680 |
29.721 |
|
Total
Current Assets |
3932.911 |
3953.987 |
3437.000 |
|
|
|
|
|
|
TOTAL |
5080.070 |
4802.594 |
4244.562 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
10345.870 |
9784.455 |
9130.292 |
|
|
Other Income |
138.128 |
119.915 |
115.214 |
|
|
TOTAL
|
10483.998 |
9904.370 |
9245.506 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
7043.436 |
6751.402 |
6311.740 |
|
|
Purchases of Stock-in-Trade |
60.997 |
57.635 |
53.556 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6.800 |
(56.458) |
(51.773) |
|
|
Employees benefits expense |
430.018 |
373.875 |
317.654 |
|
|
CSR Expenditure |
0.000 |
0.000 |
13.077 |
|
|
Other expenses |
1630.073 |
1545.133 |
1502.781 |
|
|
TOTAL |
9157.724 |
8671.587 |
8147.035 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1326.274 |
1232.783 |
1098.471 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
71.144 |
97.375 |
95.489 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1255.130 |
1135.408 |
1002.982 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
107.541 |
120.834 |
127.977 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1147.589 |
1014.574 |
875.005 |
|
|
|
|
|
|
|
Less |
TAX |
404.277 |
349.875 |
299.568 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
743.312 |
664.699 |
575.437 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
480.927 |
383.345 |
|
|
TOTAL
EARNINGS |
NA |
480.927 |
383.345 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
72.595 |
29.273 |
|
|
Components and Stores parts |
NA |
9.167 |
7.306 |
|
|
Capital Goods |
NA |
4.393 |
51.491 |
|
|
TOTAL
IMPORTS |
NA |
86.155 |
88.070 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
21.33 |
19.07 |
33.02 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1599.999 |
765.203 |
999.114 |
|
Net cash flows from (used in) operating activities |
1142.329 |
328.999 |
655.162 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
8.18 |
7.40 |
6.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
44.60 |
49.32 |
60.41 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
17.96 |
13.76 |
15.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.57 |
0.50 |
0.52 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.05 |
1.79 |
1.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.22 |
0.31 |
0.32 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.08 |
0.25 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.28 |
0.45 |
0.48 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.16 |
0.21 |
0.25 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
18.64 |
12.66 |
11.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
7.18 |
6.79 |
6.30 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
14.63 |
13.84 |
13.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.83 |
20.07 |
20.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
3.53 |
2.68 |
2.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.45 |
1.00 |
0.97 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.78 |
0.69 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.92 |
4.75 |
4.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
3.53 |
2.68 |
2.52 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
174.281 |
174.281 |
348.563 |
|
Reserves & Surplus |
2695.668 |
3138.013 |
3599.230 |
|
Net
worth |
2869.949 |
3312.294 |
3947.793 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
717.703 |
828.536 |
319.438 |
|
Total
borrowings |
717.703 |
828.536 |
319.438 |
|
Debt/Equity
ratio |
0.250 |
0.250 |
0.081 |
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
|
9130.292 |
9784.455 |
10345.870 |
|
|
|
7.165 |
5.738 |
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
|
9130.292 |
9784.455 |
10345.870 |
|
Profit |
575.437 |
664.699 |
743.312 |
|
|
6.30% |
6.79% |
7.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from Vipal Estate, Pragati Highschool, Khokhra, Mehadebad, Ahmedabad – 380022, Gujarat, India to the present address w.e.f. 16.06.2006
TEA SCENARIO
The new season cropped well in March/April and prices rose momentarily. As the season started picking up, there was abundance of plainer/medium category available in the North Indian markets resulted in lower levels. However, South India continued to remain bullish due to strong export demand. With the overall quality table having dropped, there was good demand for the better teas through the season but weather plays important role in delivering quantity and quality of tea crop. Due to adverse weather conditions, the crop was abundant but its quality was lower and not up to the mark. Hence, it saw subdued price for teas which used to be segmental as quality teas.
The All India crop for the calendar year 2016 closed at 1267 M Kgs as against 1209 M Kgs in 2015 thereby having an increase of 58 M Kgs. This comprised of an increase of 74 M Kgs from North India from mainly the Dooars and Terai belt and nominal increase in Assam and Cachar. South India crop was negative by 15 M Kgs. The back end excess in crop dampened the market sentiments with the progress of the season and closed the year on a bearish note.
Orthodox production in North India during 2016 increased to 42 M Kgs as against 35 M Kgs in 2015 due to better price realisation.
Exports during the period stood at 223 M Kgs as against 229 M Kgs the year before.
On the Global front, Kenyan crop was ahead by 74 M kgs with bearish prices, while Srilanka was behind by 36 M Kgs with buoyant prices. Bangladesh was ahead by 16 M Kgs while Malwai and Indonesia were behind by 17 M kgs and 16 M Kgs respectively. Cumulatively the black tea market was ahead by 68 M Kgs and this comprised largely of the plainer quality of teas.
Due to lower crops of South India, its averages closed at INR 22.190 above 2015 levels. This held the bottom end of the market with greater demand from the major blenders and exporters who were active for the plainer/medium teas.
In the speciality segment, we are witnessing an improved demand for Green tea and HWS/CWS. With GST most likely to be rolled out in 2017, the impact remains uncertain.
FINANCE
The net worth of the Company as at March 31, 2017 stood at INR 3947.800 Million and the book value of Equity Share of the Company worked out to be INR 113.26 per share of INR 10/- each. The profit after taxation has gone up from INR 664.699 Million to INR 743.312 Million registering a growth of 11.83%.
The Company enjoys the working capital limit sanctioned by the bankers as per the requirements of Financial Year 2017-18. The Company has earned INR 103.000 Million by way of interest on fixed deposits as compared to INR 98.600 Million of previous year.
Inventories were maintained at optimum level and bank borrowings utilization was minimized by effective and proper cash flow management.
The overall liquidity position of the Company was comfortable throughout the year. During the current year, Company has done capex expenditure of INR 61.600 Million, which was funded through internal accruals.
During the year, Company has availed packing credit facility (both pre and post shipment) at very attractive rate.
MOST PRESTIGIOUS
AWARD
On 14th May 2017, Wagh Bakri Tea Group has been conferred Zee Media Family Legacy Business Award 2017 by the Hon’ble President of India, Shri Pranab Mukherjee in presence of the Hon’ble Prime Minister of India, Shri Narendra Modi, at Indira Gandhi Indoor Stadium, New Delhi. The Chairman Shri Piyushkumar O. Desai received this award from the worthy hands of the Hon’ble President of India for Wagh Bakri Tea Group. Shri Paragkumar R. Desai and Shri Paraskumar P. Desai, the Executive Directors of the Company, also remained present at this event to be a part and witness of these glorious and rare moments coming directly from their respective Eastern Europe family tour and Business tour to Africa. Dabur India Limited and Wockhardt Limited were the other two recipients of this award. This award has been instituted for the first time by Essel Group on completion of its 90 years of existence to recognize and acknowledge those family business houses running their businesses since five generations with three to five generations presently involved in the business and having turnover surpassing rupees one thousand crores. Wagh Bakri Tea Group has been selected and bestowed this award for its family legacy of successive generations of tea business since 1892, the year in which late Shri Narandas Desai started his business for the first time.
REPORTING ENTITY
The company is a company domiciled in India and incorporated under the provisions of Companies Act, 1956 of India. The Company has its registered office at Wagh Bakri House, Opp. Parimal Garden, Ambawadi, Ahmedabad- 380006, Gujarat, India. The company is engaged in blending and packaging of tea, having presence in tea business since 1892.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B94447752 |
90096388 |
STATE BANK OF INDIA |
29/09/1995 |
30/12/2013 |
- |
980000000.0 |
Overseas Branch, Amrit Jayanthi Bhavan, Navjivan P.O., Ahmedabad - 380014, Gujarat, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
54.462 |
46.305 |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Leasehold improvements
·
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,
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
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
|
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
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.