MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
UNIPHOS ENTERPRISES LIMITED |
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Registered Office : |
11, G.I.D.C., Vapi, District Valsad- 396 195, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.05.1969 |
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Com. Reg. No.: |
04-1588 |
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CIN No.: [Company Identification No.] |
L24219GJ1969PLC001588 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMU03711B |
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Legal Form : |
The company is a public limited liability company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Trader of Phosphorus and its Compounds, Pesticides, Mercury Salts and Pesticides Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 14300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of United Phosphorous Group, a well established industrial house. Trade relations are fair. Payments are reported as correct and as per commitments. Profit margin is under severe pressure. However, the company is expected to do well as management is strong and having good track records. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
11, G.I.D.C., Vapi, District Valsad- 396 195, |
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Tel. No.: |
91-2638-232716 – 232720/232992 , 260-2400717 |
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Fax No.: |
91-2638-231823, 260-2401823 |
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E-Mail : |
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Website : |
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Head Office : |
Ready Money Terrace, |
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Tel. No.: |
91-22-24930681 / 24935666 / 24930560 |
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Fax No.: |
91-22-24937331 / 2493 8826 |
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Administrative Office : |
Uniphos House, C.D. Marg, Khar (West), Mumbai – 400 052, |
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Tel. No.: |
91-22-26461368 / 26461506 / 26461507 / 26461540 / 2604111 |
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Fax No.: |
91-22-26041010 |
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E-Mail : |
DIRECTORS
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Name |
Mr. R.D. Shroff |
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Designation |
Chairman and Managing Director |
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Age |
66 years |
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Qualification |
B.Sc. |
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Date of Joining |
29.05.1969 |
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Name |
Mrs. S.R. Shroff |
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Designation |
Vice Chairman |
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Age |
59 years |
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Date of Joining |
29.05.1969 |
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Name |
Mr. K.M. Banerjee |
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Designation |
Whole Time Director |
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Age |
57 years |
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Qualification |
B.Tech. |
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Date of Joining |
01.07.1977 |
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Name |
Mr. J. R. Shroff |
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Designation |
Director |
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Age |
35 years |
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Qualification |
B.Sc. |
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Date of Joining |
01.01.1990 |
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Name |
Mr. A C Ashar |
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Designation |
Director |
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Name |
Mr. Pradeep Goyal |
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Designation |
Director |
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Name |
Mr. Prakash Shah |
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Designation |
Director |
KEY EXECUTIVES
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Name : |
Mr. K. M. Thacker |
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Designation : |
Company Secretary |
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Address : |
8, Shri Krishna Commercial Centre, Ground Floor, Opp Raheja Solitire, 6 Udyog Nagar, Off S V Road, Goregaon (West), mumbai – 400 062, Maharashtra, India |
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Tel. No.: |
91-22-28724862 |
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Fax No. |
91-22-28753485 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of holding |
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Promoter |
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40.62 |
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Indian Public |
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23.35 |
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Corporate Bodies |
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3.18 |
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Mutual Funds/LIC/ Banks |
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12.04 |
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NRIs /OCBs |
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5.58 |
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FIIs |
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15.23 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Phosphorus and its Compounds, Pesticides, Mercury Salts and Pesticides Intermediates. |
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Products : |
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Brand Names : |
“Quick-Phos” |
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Exports to : |
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Imports from : |
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GENERAL INFORMATION
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No. of Employees : |
Around 50 |
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Bankers : |
v Canara Bank, Mumbai v IDBI Bank Limited, Mumbai v
State Bank of v HDFC Bank Limited v Yes Bank Limited |
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Facilities : |
Secured Loan (figures are in Rs. millions)
Notes: 1. Term Loan of Rs. 100.000 millions from YES Bank Limited is to be secured by a first exclusive charge on the immovable fixed assets of the Company situated at Mumbai. 2. Term Loan of Rs. 150.000 millions from YES Bank Limited is secured by way of guarantee provided by Demuric Holdings Private Limited through lien on it's Fixed Deposits 3. Vehicle finance loan from ICICI Bank Limited is secured
by way of hypothecation of vehicle purchased under the said scheme. Unsecured Loan (figures are in Rs. millions)
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Banking Relations
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Satisfactory |
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Auditors : |
S. V. Ghatalia and Associates Chartered Accountants |
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Associates : |
v Agri Net Solution Limited v Bharuch Enviro Infrastructure Limited v Midland Fumigant, Inc. v Kaw Valley, Inc. v Bloom Packaging Private Limited v Bloom Industrial Plastics Private Limited v Demuric Holdings Private Limited v Esthetic Finvest Private Limited v Jai Research Foundation v Kline Chemicals Private Limited v Nerka Chemicals Private Limited v Nivi Trading Limited v R Shroff Consultants Private Limited v Rakshak Chemicals Private Limited v Shroff United Chemical Limited v Ultima Search v Uniphos Agro Industries Limited v Vikram Farm v Shroff Envirotral Private Limited v Sovereign Holdings Private Limited v Teknomic Consultants Private Limited v SWAl Corporation Limited v Uniphos Seeds and Biogenetics Private Limited |
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Subsidiaries : |
v
Agrodan A/S, v Biowin Corporation Limited v Enviro Technology Limited v Inventa Corporation v Bio-Win Corporation Limited v
United Phosphorus Limited ( v
United Phosphorus Limited ( v United Phosphorus De Mexico S.A. De. C.V. v
Agrodan A/S, v
United Phosphorus Inc. ( v
United Phosphorus Limited ( v
United Phosphorus Limited, v
United Phosphorus Limited, v
United Phosphorus Limited, v
United Phosphorus Limited ( v
United Phosphorus De v
United Phosphorus v United Phosphorus Zimbabwe Limited v United Phosphorus South Africa Limited |
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Memberships : |
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,00,00,000 |
Equity Shares |
Rs. 2/- each |
Rs. 300.000 millions |
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70,00,000 |
Preference Shares |
Rs. 100/- each |
Rs. 700.000 millions |
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Total |
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Rs. 1000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,54,74,670 |
Equity Shares |
Rs. 2/- each |
Rs. 50.949 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.949 |
50.949 |
50.949 |
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2] Reserves & Surplus |
306.473 |
313.624 |
317.478 |
NETWORTH
|
357.422 |
364.573 |
368.427 |
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LOAN FUNDS |
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1] Secured Loans |
250.283 |
100.367 |
100.443 |
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2] Unsecured Loans |
338.500 |
182.000 |
144.170 |
TOTAL BORROWING
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588.783 |
282.367 |
244.613 |
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DEFERRED TAX LIABILITIES |
2.661 |
2.390 |
3.086 |
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TOTAL
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948.866 |
649.330 |
616.126 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
324.798 |
50.680 |
53.578 |
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Capital work-in-progress |
121.155 |
93.478 |
9.884 |
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INVESTMENTS |
545.503 |
532.062 |
532.062 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.062 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
2.580 |
3.184 |
3.753 |
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Loans & Advances |
184.617 |
150.731 |
163.365 |
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Total
Current Assets |
187.197 |
153.915 |
167.180 |
Less:
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities |
229.788 |
180.805 |
146.578 |
Provisions
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0.000 |
0.000 |
0.000 |
Total Current Liabilities
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229.788 |
180.805 |
146.578 |
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Net Current Assets |
(42.591) |
(26.890) |
20.602 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
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948.866 |
649.330 |
616.126 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.000 |
9.297 |
4.035 |
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Other Income |
41.147 |
38.366 |
17.533 |
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Total Income |
41.147 |
47.663 |
21.568 |
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Profit/(Loss) Before Tax |
(8.948) |
(3.850) |
(11.405) |
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Provision for Taxation |
0.277 |
0.004 |
0.058 |
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Profit/(Loss) After Tax |
(9.225) |
(3.854) |
(11.463) |
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Expenditures : |
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Administrative Expenses |
2.207 |
27.073 |
14.675 |
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Purchases made for re-sale |
0.000 |
3.066 |
1.359 |
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Interest |
45.272 |
17.723 |
14.128 |
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Depreciation & Amortization |
2.616 |
3.651 |
14.128 |
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Total Expenditure |
50.095 |
51.513 |
32.973 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1st
Quarter |
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Sales
Turnover |
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00.000 |
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Other Income |
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9.200 |
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Total Income |
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9.200 |
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Total
Expenditure |
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0.500 |
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Operating
Profit |
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8.700 |
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Interest |
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13.000 |
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Gross Profit |
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(4.300) |
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Depreciation |
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0.600 |
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Tax |
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0.000 |
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Reported PAT |
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(4.900) |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.21 |
0.72 |
0.61 |
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Long Term Debt-Equity Ratio |
0.49 |
0.27 |
0.13 |
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Current Ratio |
0.37 |
0.49 |
0.48 |
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TURNOVER RATIOS |
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Fixed Assets |
0.00 |
0.13 |
0.05 |
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Inventory |
0.00 |
236.00 |
92.00 |
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Debtors |
0.00 |
0.00 |
6.57 |
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Interest Cover Ratio |
0.80 |
0.78 |
0.20 |
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Operating Profit Margin(%) |
0.00 |
147.46 |
121.74 |
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Profit Before Interest And Tax Margin(%) |
0.00 |
116.95 |
60.87 |
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Cash Profit Margin(%) |
0.00 |
(2.54) |
(354.35) |
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Adjusted Net Profit Margin(%) |
0.00 |
(33.05) |
(415.22) |
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Return On Capital Employed(%) |
0.00 |
0.00 |
0.46 |
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Return On Net Worth(%) |
0.00 |
0.00 |
(5.05) |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated on 29.05.1969 under the name and style of United Phosphorus Private Limited having Company Registration Number 1588. Subsequently it was converted into a public limited liability company w.e.f. 03.02.1986.
Recently, the name of the company was changed to Uniphos Enterprises Limited.
Established in 1969 to manufacture red phosphorus, an import
substitute, Erstwhile United Phosphorus Limited, later started manufacturing
several speciality chemicals like compounds of phosphorus, pesticides, dyes and
dye-intermediates, plasticisers and mercury salts. It has grown to become one
of the biggest producers and exporters of organic and inorganic mercury
compounds in
The company as part of restructuring exercise has demerged
all its manufacturing facilities to Search Chem Industries, a subsidiary with
effective from
In 1994-95, as a part of backward integration and import substitution, the
company has commissioned a plant to manufacture D V E Ster which is an
important raw material for the manufacture of cypermethrin and enjoys
tremendous export potential.
To integrate the business operations nationally and
internationally and also to support and give boost to the export activities the
company has implemented Enterprise-wide Resource Planning (ERP) package developed
by Avalon Software Inc.,
The company is planning to make a preferential issue to the extent of Rs. 850 millions. The investment will be made in its specialty chemical subsidiary Search Chem Industries (SCIL). There will not be any extra cash outflow from the company as the Rs. 850 millions loan given by the company will be converted into preference shares. This is part of the financial restructuring plan suggested by IDBI to SCIL. Subject holding 53% stake in SCIL, has already given loans to the tune of Rs 1689.700 millions to its subsidiary, and out of these, Rs. 850 millions will be converted into preference shares.
During 1999-2000, the company had been able to maintain growth due to major brand-building and promotional exercise. The profitability is likely to be getting effected in future, due to proposal to phase out the tax exemption on export turnover, since the company's strategy in the agrochemicals business has always centred on the export of generic products.
The company has evinced interest in acquiring a majority stake in Hindustan Insecticides (HIL), in which the government is disinvesting 51%. Though the company has not yet put in its bid, it has been reportedly approached by AF Ferguson & Company, which is the advisor for the proposed disinvestments.
OPERATIONAL
PERFORMANCE
During the year there were no sales as against Rs.9.297 millions in the previous year. Other income was Rs 41.147 millions as compared to Rs.38.428 millions in the previous year.
The Company has suffered loss of Rs. 7.151 millions after tax and prior period
adjustment for taxation as compared to Rs. 3.854 millions.
FUTURE OUTLOOK
The Company is ready to take advantage of the opportunity of trading in
chemicals with the reduction in tariffs for imports.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Company is engage only in trading activities.
SEGMENTWISE PERFORMANCE:
The Company operates in a single segment, viz. trading activities.
The Company’s Fixed Assets of important value includes:
v Buildings
v Land
v Furniture
v Fixtures
v Equipments
v Vehicles
Subject has been accredited with ISO 9001 and ISO 14001 Certification.
Website Details :
UPL Globally
United Phosphorus Limited (UPL) is the largest producer in
Through acquisitions, strategic alliances and subsidiaries, UPL has built a
network across the globe -- in Europe, America, Asia Pacific, CIS, Africa and
Australia with fully owned subsidiaries in Argentina, Australia, Bangladesh,
China, Cuba, Denmark, Honduras, Hong Kong, Japan, Mauritius, Mexico, Poland,
Russia, South Africa, USA, UK, Zambia, Zimbabwe and representative offices in
Sri Lanka & Vietnam.
Growth Strategy
UPL has pursued a strategy of continuous expansion, backward and forward
integration, branded product development, thrust on registration and aggressive
marketing. Through acquisitions, strategic alliances and subsidiaries, UPL has
built a network across the globe and operates across seven manufacturing sites,
six in
Integration is the core strength of UPL. This approach secures reliable raw
materials for multi-site manufacturing through an extensive downstream range of
products and services. UPL pioneered 'backward integration' in agrochemicals
and is one of the world's few companies to manufacture complex
organo-phosphorus compounds starting from the basic raw material, rock
phosphate ore. This strategy has now been extended to other products, the most
recent being an integrated caustic chlorine plant using the latest membrane
technology, creating basic building blocks for agrochemicals and speciality
chemicals.
Research and Development
Working closely with customers in the marketplace, UPL recognises the
requirement for the highest level of support in product research, development
and registration. Capability in applied R&D is one of UPL's major corporate
strengths. R&D strategy is to continue to invest in innovative formulations
that are environment and user friendly, which are essential to the growth of
agro chemical companies. Most importantly, UPL is wholly committed to
maintaining and expanding its portfolio of registrations globally. Considerable
investment has been focused on the regulatory requirements for registration
support. UPL has a dedicated registrations team, which works closely with
customers and registration authorities. Registrations activity is greatly
assisted by UPL's access to the internationally recognised Jai Research
Foundation an independent centre of excellence for research and toxicology with
Good Laboratory Practice (GLP) status.
A further step forward in product support is UPL's increasing capability in
formulation and distribution services. Formulation facilities in the
UPL has the commitment and capability to offer total support from start to
finish in the agricultural sector.
Products :
UPL is the largest producer in
UPL's quality control (QC) approach is based on the clear target of "Zero
Defect". Each stage of production from raw material sourcing through
manufacturing to post-production are closely monitored. UPL has also committed
substantial investment to maintain and improve high standard of environmental
care.
New products have been introduced virtually in every year of the company's
history in response to the specific needs of a changing market.
UPL offers 'total crop protection' with a comprehensive product range and a
sales support operation in every continent.
UPL has developed more than 100 insecticides, fungicides, herbicides, fumigants
and rodenticides for every stage of the growing cycle:
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.31 |
|
|
1 |
Rs.86.96 |
|
Euro |
1 |
Rs.58.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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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 |
|
42 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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/normal. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|