Amrit Banaspati is a 40 year old vegetable oil company based in Rajpura ,Punjab.
Company is selling edible oil from Groundnut, Cottonseed, Rice Bran, Soyabean, Mustard, and Sunflower . Company’s different products are marketed under the brands ‘GINNI’ ,‘GAGAN’and ‘ MERRIGOLD’ .Company is mainly operating with three products categories, viz – Lifestyle Products, Premium Products and Consumer Products. Under the lifestyle products category ,company selling GINNI NUTRI DELIGHT NUGGETS, MERRIGOLD TABLE MARGARINE and MERRILITE vegetable fat. Under the premium products category ,it is offering GINNI GOLD REFINED SUNFLOWER OIL, REFINED GROUNDNUT OIL, REFINED COTTONSEED OIL and REFINED RICEBRAN OIL . Its offering under Consumer products category includes GAGAN VANASPATI, GAGAN GOLD VANASPATI , GINNI PLUS REFINED OIL , GINNI REFINED PALM OIL , and GINNI REFINED SOYABEAN OIL. Company having a good dealer network of 1400 dealers in 850 cities across India .Its products are well established and having good brand loyalty . Since major part of its raw material ( Crude Palm Oil) is imported from foreign countries, considering the current exchange rate scenario, company is in a good position . Company posted a turnover of Rs.235 Cr in latest qtr with a net profit of Rs.4 Cr . It is expected to close the full year with an EPS close to Rs.18/- .One may consider buying in small lot at CMP of Rs.114/-
Dear value pick
ReplyDeletepls do a write up on this fraud company (INDO BONITO MULTINATIONAL ) as there are many blogs recomending it
note that motwani is OFFICIALLY not a director as of march 2010
it seems like another BENAMI diamond company with datta(chairman) serving as a figure head
source
http://timesofindia.indiatimes.com/city/mumbai/CBI-unearths-Rs-480-crore-jewellery-export-scam/articleshow/6837953.cms
MUMBAI: The Central Bureau of Investigation (CBI) on Friday unearthed a major scam related to the export of gold jewellery through MSTC Ltd. Officials brazenly flouted rules, resulting in a loss of Rs 480 crore to the corporation. Another similar scam, involving the State Trading Corporation (STC), is also being investigated by the CBI. The STC scam is to the tune of Rs 370 crore.
In 2008-2009, six firms-Ushama Jewellers and Packing Exports, Space Mercantile, KA Malle Pharmaceutical, Joshi Bullion and Gems Jewellery, Bond Gems and Indo Bonito Multinational-exported gold jewellery worth Rs 600 crore to various buyers in the UAE. The payment was due in US dollars and remitted in 170 days from the date of the acceptance of the documents. "No proceeds from the exports were received beyond the deadline," said joint director of CBI, Rishi Raj Singh. He further said that the buyers and exporters were the same and the remittance was routed back to the country through hawala channels.
As per the agreement between MSTC and the firms, the former gave advances worth 80% of the value of the goods. The advance was to be returned after the 170-day deadline. MSTC stands to gain 1% as commission. In the case of the STC, it pays the exporter upfront up to 90% of the proceeds that were to come from the buyer. The Exim Bank, in turn, loans the amount to the STC.
TOI had reported how the STC was yet to receive payments from the exporters. Superintendent of police Abhin Modak said they were investigating the role of officials from the both the corporations. "No letter of credit was opened with the importers that could have protected the MSTC's interest," he said.
A case has been registered against private persons, including Shishir Dharkar, who is the chairman of Pen Cooperative Urban Bank (erstwhile owner of Space Mercantile), his wife Gulraihna Oomer, its two directors, Jayesh Desai of Bond Gems and Vinod Motwani of Indo Bonito. The CBI also raided 15 places in Mumbai, Ahmedabad and Kolkota, the head office of MSTC.
VPji,
ReplyDeleteDo you track Shanthi Gears? The results are excellent and company coming out of red now after restructing.
Pls share your thoughts.
I didn't see any thread for it so posting here.
sorry for mixing up.
Shanthi gear is a scrip to watch.
ReplyDeletethrow some light on Indo Bonito Multinational Limited. Who are the persons behind this company. Whther the company is involved in the gold scam
ReplyDeleteHi Sir
ReplyDeleteNow can i buy Amrit Banaspati at these levels.
Thanks
Sravani
Dear Sravani
ReplyDeleteMy reco was @ Rs.114/- and now it is above Rs.180/-.So it is only a HOLD for me now.