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|
|
MIRA
INFORM REPORT
|
Report No. : |
500106 |
|
Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI TEA AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Dhunseri House 4A, Wood Burnpark, Kolkata - 700020, West Bengal |
|
Tel. No.: |
91-33-2280-1950 (5 lines) |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
Date of
Incorporation : |
07.10.1997 |
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Com. Reg. No.: |
21-085661 |
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Capital
Investment / Paid-up Capital : |
INR 70.050 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15500WB1997PLC085661 |
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|
|
|
IEC No.: |
Not Applicable [As informed by the management that firm does
not have export and import] |
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|
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TIN No.: |
Not Divulged |
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|
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GST No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
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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
: |
Manufacturing, Cultivation and Sale of Tea. [Registered Activity] |
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|
|
|
No. of Employees
: |
5053 [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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 17800000 |
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|
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|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
was incorporated in the year 1997 and it is engaged in cultivating and
manufacturing of tea. As per
financials of March 2017, the company has registered healthy operating
revenue from its operations and has reported decent profit margin of 5.39%. Rating
takes into consideration the company’s established track record of business
operations marked by healthy net worth base along with low solvency
indicators and good liquidity position. Rating
also takes into account the extensive experience of its promoters in tea
industry and strong management team. Share are
quoted high on Stock Exchanges. (Share are traded at a price of INR 276.25
against its face value of INR 10). However,
rating strength is partially offset by labor intensive nature of industry,
susceptibility of tea business to the vagaries of nature. As per
unaudited quarterly financials of December 2017, the company has achieved a
revenue of INR 611.9 million and has reported good profit margin of 9.80%. Payment
terms seems to be regular. In view of aforesaid, the company 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.
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 |
CARE |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
06.03.2018 |
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
31-03-2016.
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 28.03.2018.
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 DECLINED BY
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-33-22801950]
LOCATIONS
|
Registered Office : |
Dhunseri House 4A, Wood Burnpark, Kolkata - 700020, West Bengal, India
|
|
Tel. No.: |
91-33-22801950 (5 lines) |
|
Fax No.: |
91-33-22878995 |
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E-Mail : |
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|
Website : |
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|
Tea Blending /
Packeting Unit: |
SP-534-A, Sitapura Industrial Area, Jaipur,
Rajasthan. Dhunseri Tea Estate, P.O. Mazbat - 784507, Assam, India |
|
|
|
|
Tea Packing
Factory: |
Located at: ·
Jaipur, Rajasthan, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Mrigank Dhanuka |
|
Designation : |
Director |
|
Address: |
14b, Dr. U.N. Brahmachary Street (Formerly 14, Loudon Street) Kolkata - 700017, West Bengal, India |
|
Date of Appointment: |
01.02.2014 |
|
DIN No.: |
00005666 |
|
|
|
|
Name : |
Mrs. Chandra Kumar Dhanuka |
|
Designation : |
Chairman and Managing Director |
|
Address: |
14b, Dr. U.N. Brahmachary Street (Formerly 14, Loudon Street) Kolkata - 700017, West Bengal, India |
|
Date of Appointment: |
01.02.2014 |
|
DIN No.: |
00005684 |
|
|
|
|
Name : |
Mr. Vivek Goenka |
|
Designation : |
Additional Director |
|
Address: |
'Siya Gardens" 6, Alipore Park Place, Kolkata - 700027, West Bengal, India |
|
Date of Appointment: |
30.08.2017 |
|
DIN No.: |
00042285 |
|
|
|
|
Name : |
Mr. Bharat Bajoria |
|
Designation : |
Director |
|
Address: |
5, Alipore Road, Kolkata - 700027, West Bengal, India |
|
Date of Appointment: |
19.05.2014 |
|
DIN No.: |
00109241 |
|
|
|
|
Name : |
Mr. Basudeo Beriwala |
|
Designation : |
Director |
|
Address: |
167, Chittaranjan Avenue, Kolkata - 700007, West Bengal, India |
|
Date of Appointment: |
09.09.2014 |
|
DIN No.: |
00118319 |
|
|
|
|
Name : |
Mr. Rajiv Kumar Sharma |
|
Designation : |
Director |
|
Address: |
''Avani Niket, 63, Sarat Banerjee Road, Kolkata - 700029, West Bengal, India |
|
Date of Appointment: |
09.09.2014 |
|
DIN No.: |
05197101 |
|
|
|
|
Name : |
Mrs. Nandini Khaitan |
|
Designation : |
Director |
|
Address: |
3, Queens Park, Kolkata - 700019, West Bengal, India |
|
Date of Appointment: |
09.09.2014 |
|
DIN No.: |
06941351 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Chandra Dhandhania |
|
Designation : |
Chief Executive Officer |
|
Address: |
55/4, Ballygunge Circular Road, 2nd Floor, Flat No. 2A, Kolkata - 700019, West Bengal, India |
|
Date of Appointment: |
06.02.2015 |
|
PAN No.: |
HIPD5510D |
|
|
|
|
Name : |
Mr. Mahadevan Ramchandran Iyer |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address: |
Tandem Apartment, Flat # 5, 52E, Ballygunge Circular Road, Kolkata - 700019, West Bengal, India |
|
Date of Appointment: |
09.09.2014 |
|
PAN No.: |
AAEPI0591G |
|
|
|
|
Name : |
Mr. Vikash Jain |
|
Designation : |
CFO |
|
Address: |
32/36, D.H. Road Oxford View, Flat C-405, Kolkata - 700008, West Bengal, India |
|
Date of Appointment: |
14.12.2017 |
|
PAN No.: |
ACVPJ5147Q |
|
|
|
|
Name : |
Mrs. Bhavana Khemka |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
4640874 |
66.25 |
|
(B) Public |
2364077 |
33.75 |
|
|
|
|
|
Total |
7004951 |
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 % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
181476 |
2.59 |
|
|
CHANDRA KUMAR
DHANUKA KARTA OF SHANKARLAL CHANDRA KUMAR (HUF) |
80000 |
1.14 |
|
|
MRIGANK DHANUKA |
23184 |
0.33 |
|
|
MRIGANK DHANUKA
C/o AMAN DHANUKA TRUST |
18000 |
0.26 |
|
|
MRIGANK DHANUKA
C/o AYAAN DHANUKA TRUT |
18000 |
0.26 |
|
|
ARUNA DHANUKA |
16502 |
0.24 |
|
|
CHANDRA KUMAR
DHANUKA C/o SHREE SHALIGRAM TRUST |
9400 |
0.13 |
|
|
CHANDRA KUMAR
DHANUKA |
9104 |
0.13 |
|
|
TARULIKA KHAITAN
C/o TARUGREVE TRUST |
4000 |
0.06 |
|
|
TARULIKA KHAITAN |
2400 |
0.03 |
|
|
CHANDRA KUMAR
DHANUKA C/o SEW BHAGWAN & SONS |
886 |
0.01 |
|
|
Any Other
(specify) |
4459398 |
63.66 |
|
|
DHUNSERI
INVESTMENTS LIMITED |
3206397 |
45.77 |
|
|
NAGA DHUNSERI
GROUP LIMITED |
615751 |
8.79 |
|
|
MINT INVESTMENTS
LIMITED |
296425 |
4.23 |
|
|
DHUNSERI PETROCHEM
LIMITED |
265000 |
3.78 |
|
|
TRIMPLEX
INVESTMENTS LIMITED |
57625 |
0.82 |
|
|
MADHUTING TEA
PRIVATE LIMITED |
18200 |
0.26 |
|
|
Sub Total A1 |
4640874 |
66.25 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
4640874 |
66.25 |
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 |
0 |
0.00 |
|
|
Mutual Funds/ |
240 |
0.00 |
|
|
Foreign Portfolio
Investors |
20320 |
0.29 |
|
|
Financial
Institutions/ Banks |
2393 |
0.03 |
|
|
Insurance
Companies |
354093 |
5.05 |
|
|
GENERAL INSURANCE
CORPORATION OF INDIA |
144000 |
2.06 |
|
|
THE NEW INDIA
ASSURANCE COMPANY LIMITED |
141488 |
2.02 |
|
|
Sub Total B1 |
377046 |
5.38 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
235 |
0.00 |
|
|
Sub Total B2 |
235 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
1267846 |
18.10 |
|
|
Individual share
capital in excess of INR 0.200 Million |
131670 |
1.88 |
|
|
NBFCs registered
with RBI |
76944 |
1.10 |
|
|
GYAN TRADERS
LIMITED |
75000 |
1.07 |
|
|
Any Other
(specify) |
510336 |
7.29 |
|
|
Bodies Corporate |
394071 |
5.63 |
|
|
WEST BENGAL
INDUSTRIAL DEVELOPMENT CORPORATION LTD |
183000 |
2.61 |
|
|
Clearing Members |
92147 |
1.32 |
|
|
NRI |
23684 |
0.34 |
|
|
Trusts |
91 |
0.00 |
|
|
Foreign
Individuals |
343 |
0.00 |
|
|
Sub Total B3 |
1986796 |
28.36 |
|
|
B=B1+B2+B3 |
2364077 |
33.75 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Cultivation and Sale of Tea. [Registered Activity] |
|
|
|
|
Brand Names : |
‘Lal Ghora’, ‘Kala Ghora’ and ‘Bahipookri’ |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
5053 [Approximately] |
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Bankers : |
· State Bank of India · Bank of Baroda · Punjab National Bank · United Bank of India · Development Credit Bank · ICICI Bank Limited · HDFC Bank Limited · IndusInd Bank Limited |
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
· Dhunseri Petrochem and Tea Pte Limited · Elfin Heights Private Limited |
|
|
|
|
Subsidiary of Dhunseri
Petrochem and Tea Pte Limited: |
· Makandi Tea and Coffee Estates Limited · Kawalazi Estate Company Limited |
|
|
|
|
Subsidiary of Makandi
Tea and Coffee Estates Limited: |
A M Henderson and Sons Limited |
|
|
|
|
Group Companies: |
· Naga Dhunseri Group Limited · Mint Investments Limited · Trimplex Investments Limited · Dhunseri Investments Limited · Dhunseri Overseas Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
INR 10/- each |
INR 75.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7004951 |
Equity Shares |
INR 10/- each |
INR 70.050 Million |
|
|
|
|
|
Reconciliation of number of shares
|
Particulars |
31.03.2017 |
|
|
|
No. of shares |
INR in Million |
|
Balance as at the beginning of the year |
7004951 |
70.050 |
|
Balance as at the end of the year |
7004951 |
70.050 |
The company has on e class of equity share having a par value of INR
10/- each.
Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing annual general meeting except in the case of interim dividend. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount, in proportion to their shareholding
List of shareholder holding more than 5% of issued, subscribed and paid
up share
|
Particulars |
31.03.2017 |
|
|
|
No. of shares |
INR in Million |
|
Dhunseri Investments Limited |
3206397 |
45.77% |
|
Naga Dhunseri Group Limited |
615751 |
8.79% |
During the year 2014-15, 7004951 equity shares of INR 10/- each were
issued as fully paid up, issued pursuant to the scheme of arrangement without
payment being received in cash.
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 |
70.050 |
70.050 |
70.050 |
|
(b) Reserves & Surplus |
6160.213 |
4438.970 |
4321.573 |
|
(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) |
6230.263 |
4509.020 |
4391.623 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1.275 |
1.749 |
2.143 |
|
(b) Deferred tax liabilities (Net) |
75.771 |
71.434 |
80.461 |
|
(c)
Other long term liabilities |
8.143 |
8.613 |
8.422 |
|
(d)
long-term provisions |
4.007 |
3.408 |
2.937 |
|
Total
Non-current Liabilities (3) |
89.196 |
85.204 |
93.963 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
353.829 |
176.350 |
310.111 |
|
(b)
Trade payables |
130.081 |
133.332 |
104.805 |
|
(c)
Other current liabilities |
134.143 |
113.345 |
125.553 |
|
(d)
Short-term provisions |
45.104 |
110.997 |
91.012 |
|
Total
Current Liabilities (4) |
663.157 |
534.024 |
631.481 |
|
|
|
|
|
|
TOTAL |
6982.616 |
5128.248 |
5117.067 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5046.443 |
3445.183 |
3512.929 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
59.378 |
0.000 |
0.425 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
988.634 |
905.318 |
693.409 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
138.765 |
52.809 |
27.279 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6233.220 |
4403.310 |
4234.042 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
16.037 |
0.037 |
162.879 |
|
(b)
Inventories |
204.837 |
233.270 |
168.387 |
|
(c)
Trade receivables |
349.572 |
299.694 |
242.616 |
|
(d)
Cash and cash equivalents |
14.348 |
26.246 |
138.923 |
|
(e)
Short-term loans and advances |
159.576 |
156.705 |
160.631 |
|
(f)
Other current assets |
5.026 |
8.986 |
9.589 |
|
Total
Current Assets |
749.396 |
724.938 |
883.025 |
|
|
|
|
|
|
TOTAL |
6982.616 |
5128.248 |
5117.067 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1877.304 |
1830.902 |
1642.192 |
|
|
|
Other Income |
18.916 |
34.262 |
29.754 |
|
|
|
TOTAL |
1896.220 |
1865.164 |
1671.946 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
336.249 |
346.495 |
339.729 |
|
|
|
Changes in inventories of finished goods |
17.014 |
(51.041) |
(32.062) |
|
|
|
Employees benefits expense |
638.592 |
577.918 |
464.442 |
|
|
|
Other expenses |
659.658 |
631.819 |
595.514 |
|
|
|
TOTAL |
1651.513 |
1505.191 |
1367.623 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
244.707 |
359.973 |
304.323 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
33.830 |
28.071 |
35.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
210.877 |
331.902 |
268.425 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
72.358 |
53.856 |
61.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
138.519 |
278.046 |
207.189 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
37.407 |
55.871 |
31.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
101.112 |
222.175 |
175.664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest income |
1.634 |
3.819 |
5.179 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
14.43 |
31.72 |
25.08 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.473 |
1.568 |
41.395 |
|
|
|
|
|
|
Cash used in operations |
153.906 |
238.526 |
234.979 |
|
|
|
|
|
|
Net Cash from/(used in) Operating Activities |
117.070 |
177.550 |
192.978 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
67.97 |
59.75 |
53.92 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.37 |
6.11 |
6.77 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
141.20 |
140.45 |
112.60 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.19 |
1.54 |
1.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.05 |
0.10 |
0.09 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.10 |
0.10 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.06 |
0.04 |
0.08 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.11 |
0.12 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.82 |
0.76 |
0.80 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.23 |
12.82 |
8.48 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.39 |
12.13 |
10.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.45 |
4.33 |
3.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.62 |
4.93 |
4.00 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.13 |
1.36 |
1.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.82 |
0.92 |
1.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.89 |
0.88 |
0.86 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.08 |
2.56 |
5.05 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.13 |
1.36 |
1.40 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 276.25/- |
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 |
70.050 |
70.050 |
70.050 |
|
Reserves & Surplus |
4321.573 |
4438.970 |
6160.213 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4391.623 |
4509.020 |
6230.263 |
|
|
|
|
|
|
long-term borrowings |
2.143 |
1.749 |
1.275 |
|
Short term borrowings |
310.111 |
176.350 |
353.829 |
|
Current Maturities of Long
term debt |
41.395 |
1.568 |
0.473 |
|
Total
borrowings |
353.649 |
179.667 |
355.577 |
|
Debt/Equity
ratio |
0.081 |
0.040 |
0.057 |
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 |
1642.192 |
1830.902 |
1877.304 |
|
|
|
11.491 |
2.534 |
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 |
1642.192 |
1830.902 |
1877.304 |
|
Profit |
175.664 |
222.175 |
101.112 |
|
|
10.70% |
12.13% |
5.39% |
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 |
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 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G71505788 |
100142278 |
AXIS BANK LIMITED |
22/09/2017 |
- |
- |
100000000.0 |
CORPORATE BANKING
BRANCH (CBB)1, SHAKESPEARE SARANI, 3RD FLOOR, AC MARKETKOLKATAWB700071IN |
|
2 |
G01827195 |
100020992 |
ICICI BANK LIMITED |
14/03/2016 |
- |
- |
20000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGU390015IN |
|
3 |
C50598564 |
10562685 |
UNITED BANK OF
INDIA |
25/02/2015 |
- |
- |
160000000.0 |
CALCUTTA BRANCH4,
N. C. DUTTA SARANIKOLKATAWB700001IN |
|
4 |
B45124542 |
10246346 |
UNITED BANK OF
INDIA |
13/09/2010 |
13/06/2012 |
- |
160000000.0 |
CALCUTTA BRANCH4,
N. C. DUTTA SARANIKOLKATAWB700001IN |
|
5 |
G48686307 |
10087278 |
STATE BANK OF
INDIA |
30/11/2007 |
26/05/2017 |
- |
670000000.0 |
LEAD BANK, 2ND
FLOOR, SRIBRIDDHI BHAVAN,34, JAWAHARLAL NEHRU ROAD,KOLKATAWB700071IN |
|
6 |
Z00098715 |
80020728 |
UNITED BANK OF
INDIA (LEAD BANK) |
09/04/1999 |
22/12/2006 |
- |
400000000.0 |
4, NARENDRA
CHANDRA DUTTA SARANIKOLKATAWB700001IN |
|
7 |
A62045067 |
90252715 |
STATE BANK OF
INDIA (LEAD BANK) |
13/02/1995 |
28/04/2009 |
- |
524575000.0 |
COMMERCIAL BRANCH,
KOLKATA24, PARK STREETKOLKATAWB700016IN |
|
8 |
G11948023 |
10308746 |
AXIS BANK LIMITED |
05/09/2011 |
29/06/2013 |
24/08/2016 |
190000000.0 |
CORPORATE BANKING
BRANCH, 1 SHAKESPEARE SARANIA.C. MARKET BUILDING, 3RD FLOORKOLKATAWB700071IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans from bank |
218.495 |
132.666 |
|
|
|
|
|
Total |
218.495 |
132.666 |
OVERVIEW
Dhunseri Tea Markets its retail products in Rajasthan, where it enjoys a
widespread retail network, allowing the company to moderate its reliance on
auctions or private channels and focus on the retail market. The company has
three packaged tea brands, namely ‘Lal Ghora’, ‘Kala Ghora’ and ‘Bahipookri’.
These brands have repaidly gained consumer preference across Rajasthan,
maintaining the leadership position in the branded tea segment, with a marjet
share of 5%.
Having a sustainable strategy for expansion is one aspect. Doing it
intelligently is more vital. Managing advertising cost and creating a
dealership network were key elements for expansion into other regions; Dhunseri
Tea is expanding into the State of Odisha. A soft retail launch of the ‘Lal
Ghora’ and ‘Kala Ghora’ brands in this state should provide better relisations
for packet teas. The revenue from malawni comes mainly comes mainly from
exports. The produce from the company’s estate in Africa cater to the packer
tea manufacturers worldwide.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st
DECEMBER 2017
(INR IN MILLION)
|
Particulars |
Three
Months Ended |
Preceding
Three
Months Ended |
31.12.2017 |
|
|
|
|
|
|
31.12.2017 |
30.09.2017 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income from Operations |
|
|
|
|
a) Net Sales / Income
from Operations |
611.878 |
549.248 |
182.959 |
|
b) Other Income |
2.979 |
7.269 |
13.957 |
|
Total Income from
Operations (net) |
614.857 |
556.517 |
1396.916 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
85.744 |
142.625 |
325.602 |
|
b) Purchase of
stock-in-trade |
111.567 |
(136.167) |
(202.753) |
|
c) Changes in inventories
of finished goods |
10.647 |
(2.757) |
4.615 |
|
d) Employee benefits expense |
157.350 |
179.300 |
497.300 |
|
e) Finance Cost |
5.817 |
17.929 |
32.417 |
|
f) Depreciation and
amortisation expenses |
18.416 |
183.547 |
55.250 |
|
g) Other expenses |
132.274 |
153.547 |
434.110 |
|
Total Expenses |
521.815 |
372.894 |
1146.541 |
|
|
|
|
|
|
Profit Before Tax |
93.042 |
183.623 |
250.375 |
|
|
|
|
|
|
Tax Expenses |
|
|
|
|
Current
Tax |
35.408 |
44.875) |
75.802 |
|
Deferred
Tax |
(2.302) |
(3.408) |
(3.023) |
|
Total Tax Expenses |
33.106 |
41.467 |
72.779 |
|
|
|
|
|
|
Profit for the period |
59.936 |
142.156 |
177.596 |
|
|
|
|
|
|
Other Comprehensive
Income |
|
|
|
|
i) Item that will not reclassified to profit or loss |
|
|
|
|
Remeasurement of post employment benefit obligations |
(2.892) |
(2.892) |
(8.676) |
|
Changes in fair value of
FVOCI equity instruments and gain/(loss) on sale of FVOCI equity instrument |
92.33 |
28.398 |
111.572 |
|
Income tax relating to
those items |
0.921 |
0.921 |
2.763 |
|
Other Comprehensive Income for the period |
90.372 |
26.427 |
105.659 |
|
|
|
|
|
|
Total Comprehensive
Income for the period |
150.308 |
168.583 |
283.255 |
|
|
|
|
|
|
Paid-up equity share capital (Face Value of INR 10 per share) |
70.050 |
70.050 |
70.050 |
|
Basic and Diluted Earning
per share |
8.56 |
20.29 |
25.35 |
NOTES:
1. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning 1st April 2017, the Company has for the first time adopted Ind AS with a transition date of 1st April, 2016.
2. The format for un-audited quarterly results as prescribed in SEBI's Circular
CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with
the requirements of SEBI's circular dated 5th July 2016, Ind AS and Schedule
III (Division II) to the Companies Act, 2013 which are applicable to company
that are required to comply with Ind AS
3. The Statement does not include Ind AS compliant statement of results for the
previous year ended 31st March, 2017 as the same is not mandatory as per SEBI's
circular dated 5th July, 2016.
4. The Company is primarily engaged in the business of cultivation, manufacture
and sale of tea and is managed organisationally as a single unit Accordingly,
the Company is a single segment company.
5. Cost of Materials consumed represents Green Leaf purchased from third
parties.
6. Cultivation and Manufacture of Tea being seasonal in nature, the results for
the quarter and nine months ended 31st December, 2017 are not indicative of the
results for the full year.
7. As on 31st December 2016 , the fair value of certain unlisted equity shares
amounting to INR 25.001 million was not ascertainable and accordingly the
resultant gain/ losses on fair valuation of the investment could not be
transferred to Other Comprehensive Income, in accordance with Indian Accounting
Standard 109- Financial Instruments and Indian Accounting Standard 113 - Fair
Value Measurement However, these equity shares were listed subsequently and
hence on a cumulative basis this has been appropriately recognised in the
results for the quarter and nine months ended December 31, 2017.
8. The reconciliation of net profit
reported in accordance with Indian GAAP to total comprehensive income in
accordance with Ind AS is given below
|
Particulars |
31.12.2016 |
|
|
|
Quarter
ended |
Nine
Months Ended |
|
Profit after tax as per previous GAAP |
100.826 |
262.217 |
|
Adjustment: |
|
|
|
Effect of changes in fair value of finished good (tea) |
(29.323) |
(16.871) |
|
Effect of changes in fair value of biological assets |
(5.316) |
(4.499) |
|
Effect of reclassification of remeasurement of employee benefit obligation to other comprehensive income |
5.115 |
15.345 |
|
Effect of reclassification of profit on sale of FVOCI equity instruments to |
0.000 |
(1.325) |
|
other items |
3.377 |
4.203 |
|
Tax effect of adjustments |
10.176 |
2.956 |
|
Total adjustments |
(15.971) |
(0.191) |
|
|
|
|
|
Profit after tax as
per IND AS |
84.856 |
262.026 |
|
|
|
|
|
Other comprehensive income (net of tax) |
(19.860) |
31.479 |
|
|
|
|
|
Total comprehensive
income as per Ind AS |
64.995 |
293.505 |
9. Figures for the quarter and nine months ended 31st December 2016, have been
reclassified, wherever necessary to make them Ind AS compliant and comparable
with the corresponding figure for the current period.
10. The above results for the quarter and nine months ended 31st December 2017,
have been reviewed by the Audit Committee and thereafter approved by the Board
of Directors at its meeting held on 14th February 2018 and these have been
subjected to limited review by the Statutory Auditors of the Company and their
observation has been dealt with in above which is self-explanatory.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the company not acknowledged as debts |
2.409 |
7.777 |
|
Standby letters of credit issued in connection with loan taken by Dhunseri Petrochem and Tea Pte Limited, a
wholly owned subsidiary, from a bank |
556121 |
646.878 |
FIXED ASSETS:
· Leasehold Land
· Freehold Land
· Bearer Plant
· Buildings
· Plant and Equipment
· Office Equipment
· Furniture and Fixture
· 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 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 64.80 |
|
UK Pound |
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION
DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
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 opera tions 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.