MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
INSECTICIDES INDIA LIMITED |
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Registered Office : |
401-402, Lusa Tower, Azadpur Commercial Complex, New Delhi – 110 033, |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12.1996 |
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Com. Reg. No.: |
55-83909 |
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CIN No.: [Company
Identification No.] |
L65991DL1996PLC083909 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturing of Insecticides, Pesticides and Agrochemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1360000 |
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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 is a well established and reputed company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. General financial position is satisfactory. Payments are reported as usually correct and as per commitments. Your proposed business dealings of US $ 120000 against D/A or D/P terms suggested. |
LOCATIONS
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Registered Office : |
401-402, Lusa Tower, Azadpur Commercial Complex, New Delhi – 110 033, India |
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Tel. No.: |
91-11-27679700 to 27679704 |
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Fax No.: |
91-11-27671617 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft. (Owned) |
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Location : |
Commercial |
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Factory 1 : |
E – 443-444, RIICO Industrial Area, Chopanki, Bhiwadi 301 707 |
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Tel. No. : |
91-01493-260082-85 |
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Factory 2 : |
SIDCO Industrial Growth Centre, Samba (Jammu) |
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Branches : |
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DIRECTORS
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Name : |
Mr. Hari Chand Aggarwal |
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Designation : |
Managing Director |
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Address : |
FD – 42, Vishakha Enclave, Pitampura, Delhi – 110 034, India |
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Date of Birth/Age : |
15/11/1948 |
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Date of Appointment : |
02/05/2002 |
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Name : |
Mr. Sanjeev Bansal |
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Designation : |
Director |
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Address : |
763/46, Tri Nagar, New Delhi – 110 035, India |
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Date of Birth/Age : |
25/06/1975 |
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Date of Appointment : |
01/04/2002 |
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Name : |
Mr. Rajesh Aggarwal |
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Designation : |
Director |
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Address : |
FD – 42, Vishakha Enclave, Pitampura, Delhi – 110 034, India |
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Date of Birth/Age : |
02/09/1970 |
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Date of Appointment : |
02/05/2002 |
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Name : |
Mr. Rajender Pershad Gupta |
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Designation : |
Director |
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Name : |
Mr. Gaurav Barathi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Pankaj Gupta |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE |
Mr. Navneet Goel -
Chairperson |
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Mr. Rajender Pershand Gupta –
Member |
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Mr. Gaurav Barathi - Member |
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Mr. Pankaj Gupta – Secretary |
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REMUNERATION COMMITTEE |
Mr. Navneet Goel – Chairperson Mr. Rajender Pershad Gupta -
Member Mr. Gaurav Barathi - Member Mr. Pankaj Gupta - Secretary |
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SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE |
Mr. Navneet Goel – Chairperson Mr. Rajender Pershad Gupta -
Member Mr. Gaurav Barathi - Member Mr. Pankaj Gupta - Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter and Promoter Group |
9472700 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Insecticides, Pesticides and Agrochemicals |
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Products : |
Ø Insecticides Ø Pesticides Ø Agrochemicals Ø Fungicides Ø Dust Formulations Ø Weedicides Ø Herbicides |
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Exports : |
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Countries : |
Bangladesh |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C basis |
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Purchasing : |
L/C basis |
PRODUCTION STATUS
CHOPANKI UNIT
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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EC |
Lac., Ltrs. |
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30.00 |
2864926.80 |
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WDP |
Mts. |
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2300.00 |
2123705.00 |
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Granules |
Mts. |
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6500.00 |
10319664.00 |
SAMBA UNIT
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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EC |
Lac., Ltrs. |
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30.00 |
1760352.30 |
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WDP |
Mts. |
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1800.00 |
1603297.65 |
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Granules |
Mts. |
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6000.00 |
1874525.00 |
GENERAL
INFORMATION
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No. of Employees : |
Around 50 |
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Bankers : |
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Facilities : |
Secured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohit Parekh and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9472700 |
Equity Shares |
Rs. 10/- each |
Rs. 94.727 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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94.727 |
93.030 |
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2] Share Application Money |
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0.000 |
17.020 |
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3] Reserves & Surplus |
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245.590 |
144.627 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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340.317 |
254.677 |
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LOAN FUNDS |
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1] Secured Loans |
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120.150 |
89.324 |
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2] Unsecured Loans |
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17.747 |
24.528 |
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TOTAL BORROWING |
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137.897 |
113.852 |
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DEFERRED TAX LIABILITIES |
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5.822 |
4.721 |
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TOTAL |
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484.036 |
373.250 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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125.854 |
76.295 |
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Capital work-in-progress |
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INVESTMENT |
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0.994 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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740.555 |
573.104 |
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Total
Current Assets |
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740.555 |
573.104 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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383.450 |
276.348 |
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Total
Current Liabilities |
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383.450 |
276.348 |
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Net Current Assets |
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357.105 |
296.756 |
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MISCELLANEOUS EXPENSES |
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0.083 |
0.199 |
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TOTAL |
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484.036 |
373.250 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1840.855 |
1334.470 |
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Other Income |
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58.494 |
43.420 |
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Total Income |
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1899.349 |
1377.890 |
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Profit/(Loss) Before Tax |
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101.147 |
114.201 |
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Provision for Taxation |
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15.458 |
12.402 |
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Profit/(Loss) After Tax |
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85.689 |
101.799 |
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Expenditures : |
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Finished Goods |
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3.717 |
23.069 |
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Preliminary Expenses |
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0.115 |
0.127 |
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] |
Research and Development Expenses |
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4.252 |
4.052 |
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Manufacturing Expenses |
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232.210 |
141.389 |
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Administrative Expenses |
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45.664 |
32.823 |
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Raw Material Consumed |
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933.619 |
670.557 |
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Selling and Distribution Expenses |
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396.236 |
261.815 |
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Financial charges |
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16.260 |
12.701 |
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Excise Duty |
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160.674 |
111.908 |
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Cenvat Credit reversed on material/machines |
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0.000 |
0.497 |
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Depreciation & Amortization |
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4.960 |
4.326 |
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Loss on sale of Asset |
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0.495 |
0.419 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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1798.202 |
1263.683 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1 Quarter |
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Sales Turnover |
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427.000 |
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Other Income |
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02.500 |
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Total Income |
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429.500 |
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Total Expenditure |
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399.600 |
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Operating Profit |
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29.900 |
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Interest |
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04.400 |
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Gross Profit |
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25.500 |
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Depreciation |
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1.700 |
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Tax |
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3.300 |
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Reported PAT |
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20.300 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
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0.44 |
0.43 |
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Long Term Debt-Equity Ratio |
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0.39 |
0.43 |
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Current Ratio |
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1.83 |
1.73 |
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Fixed Assets |
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20.39 |
16.62 |
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Inventory |
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6.16 |
5.72 |
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Debtors |
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7.95 |
8.25 |
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Interest Cover Ratio |
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7.21 |
9.99 |
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Operating Profit Margin(%) |
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6.65 |
9.83 |
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Profit Before Interest And Tax Margin (%) |
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6.38 |
9.51 |
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Cash Profit Margin(%) |
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4.93 |
7.95 |
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Adjusted Net Profit Margin (%) |
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4.66 |
7.63 |
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Return On Capital Employed(%) |
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28.34 |
46.24 |
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Return On Net Worth(%) |
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29.66 |
52.84 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS
- Building
- Building (R&D)
- Car
- Computer
- Cooler
- Cycle
- Cylinder
- Electric Equipment
- Electric Fitting
- Electricity Fitting (R&D)
- EPBX
- Fan
- Fax Machine
- Fire Extinguisher
- Furniture & Fixtures
- Furniture & Fixtures (R & D)
- Generator
- Jeep
- Laboratory Equip.
- Laboratory Equip. (R&D)
- Land
- Machinery (R&D)
- Mobile Phone
- Motor Cycles
- Office
- Office Equipments
- Packing Machine
- Photo State Machine
- Plant & Machinery
- Pollution Control
- Projector
- Scooter
- Sealing machine
- Stablizer
- Storage Tank
- Telephone
- Transformer
- Water cooler
- Water Fitter
- Water Pump
- Welding machine
- Weight
and measurement
- Website development
- CWIP machinery
- CWIP building
- CWIP furniture
- CWIP electricity
- CWIP general
- CWIP (office)
- CWIP transformers
- CWIP (Pollution Control Expenses)
REVIEW OF
PERFORMANCE
During the year under review , the turnover of the Company rose to
Rs.1840.856 Millions as against Rs 1334.470 Millions reported last year,
registering a growth of 37.95%. The company has earned a net profit Rs.85.69
Millions, as against the net profit of Rs. 101.800 Millions reported last year.
SUBSIDIARY COMPANY:
Advance Crop Solutions Limited is a wholly owned subsidiary Company,
which was incorporated during the year on 23rd November, 2006.
INDUSTRY
STRUCTURE AND DEVELOPMENT:
The agrochemicals industry of our country is the forth
largest industry in the world after U.S., Japan, and china. It has 22 share of
the worldwide generic market due to its technical expertise and cost advantage.
India has experienced rapid economic growth in recent years. India's GDP grew
at 8.1%, 8.4% and 9.3% in fiscal 2005, 2006 and 2007 respectively. According to
the 37th report of the standing committee on petroleum and chemicals in 2002,
losses from the pests, insects, and diseases in India amount to Rs.900000
Millions a year. This calls for the enhanced and effective use of pesticides to
cut down the crop losses and increase food grain production.
OUTLOOK:
The company is engaged in the business of agrochemicals. In Indian
agrochemicals industry, there is equal presence of Multinational as well as
Indian Companies.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.32 |
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UK Pound |
1 |
Rs. 81.35 |
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Euro |
1 |
Rs. 56.75 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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