MIRA
INFORM REPORT
|
Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDIAN POTASH LIMITED |
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Registered Office : |
Ambal Building, 3rd Floor, 727, Mount Road, Chennai – 600 006, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1955 |
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Com. Reg. No.: |
18-961 |
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CIN No.: [Company
Identification No.] |
U14219TN1955PLC000961 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI00029B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Cattle Feed and producing fertilisers by using imported potash as an intermediary. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and professionally managed company. Board of directors consists of eminent personalities from fertiliser industry. Available information indicates high financial responsibility of the company. Payments are usually correct and as per commitments. The company can be considered good for business dealings
at usual trade terms and conditions |
LOCATIONS
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Registered/ Corporate Office: |
Ambal Building, 3rd Floor, 727, Mount Road, p. o. Box No. 738, Chennai – 600 006, Tamilnadu, India |
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Tel. No.: |
91-44-28520855 (5 lines) |
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Fax No.: |
91-44-28522407 |
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E-Mail : |
1. potash@iplmds.xeemaa.xeemail.ems.vsnl.net.in |
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Area : |
8000 sq. ft. |
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Location : |
Rented |
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Factory: |
Cattle Feed Division
A-3, U.P.S.I.D.C Industrial Area, Secunderabad District,
Bulandshahr – 203 205, Uttar Pradesh, India |
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Tel. No.: |
91-5735-221632 |
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Fax No.: |
91-5735-221287 |
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Branches : |
v “Pragati Tower”, 3rd Floor, 26 Rajendra Place, New Delhi – 110 008, India Tel. No. 91-11-25761540 / 25732438 Fax. No. 91-11-25755313 Area : 3951 sq. ft. owned v P. B. No. 3051, “Kadavill Court”, Pulleppady Cross Road, Ernakulam, Kochi – 682 018, Kerala, India Tel. No. 91-484-2354435 Fax. No. 91-484-2372191 Area: 2500 sq. fts. owned v No. 312, B Wing, 3rd Floor, “Mittal Towers”, 6 M. G. Road, Bangalore – 560 001, Karnataka, India Tel. No. 91-80-5588057 Fax. No. 91-80-5065276 Area: 2070 sq. fts. owned v P. B. No. 1515, “Deepti Apartments”, 3rd Floor, Flat No. 18, 9-1-7/83-84, Sardar Patel Road, Secunderabad – 500 026, Andhra Pradesh, India Tel. No. 91-40-27805669 Fax. No. 91-40-27806029 Area: 2033 sq. fts. owned v “Chittod Complex”, Zone – I, Maharana Pratap Nagar, Bhopal – 462 011, Madhya Pradesh, India Tel. No. 91-755-22553022 Fax. No. 91-755-22029579 Area: 2529 sq. fts. owned v No. 45, Drive-in-Road, Opp. Nirav Park, Navrangpura, Ahmedabad – 380 009, Gujarat, India Tel. No. 91-79-26563605 Fax. No. 91-79-26427506 Area: 6420 sq. fts. owned v 63-64, “Mittal Chambers”, 6th Floor P. B. No. 9960, Nariman Point, Mumbai – 400 021, Maharashtra, India Tel. No. 91-22-22025269 Fax. No. 91-22-22029579 Area: 2218 sq. fts. owned v 259, Khervela Nagar, Unit III, Bhubaneshwar – 751 001, Orissa, India Tel. No. 91-674-2402954 Fax. No. 91-674-2416654 Area: 2395 sq. fts. leased v “Everest House”, 11th Floor, No. 46-C, Jawaharlal Nehru Road, Kolkata – 700 071, West Bengal, India Tel. No. 91-33-22881306 Fax. No. 91-33-22882150 Area: 2000 sq. fts. owned v “G. S. Road, Bhangagarh, Guwahati – 781 005, Assam, India Tel. No. 91-361-2529138 Fax. No. 91-361-2451375 Area: 1400 sq. fts. leased v No. 3, Ghokhle Marg, Lucknow – 226 001, Uttar Pradesh, India Tel. No. 91-522-2208863 Fax. No. 91-522-2208864 Area: 5000 sq. fts. owned v No. B-393, Rajendra Nagar, Bareilly – 243 122, Uttar Pradesh, India Tel. No. 91-581-2310450 Fax. No. 91-581-2586265 Area: 600 sq. fts. leased v 410, Gaurav Towers – I, Malviya Nagar, Jaipur – 302 017, Rajasthan, India Tel. No. 91-6728-2552509 Fax. No. 91-6728-2721348 Area: 1926 sq. fts. owned v SCO 443-444, Sector 35-C, Chandigarh – 160 022, India Tel. No. 91-172-2603721 Fax. No. 91-172-2601907 Area: 2346 sq. fts. leased v Office No. 15, 3rd Floor, Millennium Plaza, Banstal Road, Raipur – 492 001, Madhya Pradesh, India Tel. No. 91-771-2603721 Fax. No. 91-771-2601907 Area: 415 sq. fts. leased v Cattle Feed Division, A-3, U.P.S.I.D.C Industrial Area, Secunderabad District, Bulandshahr – 203 205, Uttar Pradesh, India Tel. No. 91-5735-221632 Fax. No. 91-5735-221287 Total Plot Area 134948.40 sq. fts. Built up leased Area 31084.89 sq. ft. v Ambal Building, II Floor, 727, Anna Salai, Chennai – 600 006, Tamilnadu, India Tel. No. 91-44-28522911 Fax. No. 91-44-28550161 Area: 3974 sq. fts. leased |
DIRECTORS
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Name : |
Mr. A. Vellayan |
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Designation : |
Director |
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Address : |
No. 5, Ambadi Road, Jotturpuram, Chennai – 600085 |
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Date of Birth/Age : |
09.01.1953 |
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Date of Appointment : |
25.02.2004 |
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Name : |
Mr. Balvinder Singh Nakai |
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Designation : |
Director |
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Address : |
Bhatinda Barnala Road, Rampura Phul, District Bhatinda, Punjab |
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Date of Birth/Age : |
63 Years |
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Date of Appointment : |
25.09.1993 |
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Name : |
Mr. Devinder Kumar |
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Designation : |
Director |
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Address : |
Flat No. 612, Green Heavens, Sail CGHS Limited, Plot No. 35, Sector 4,
Dwarka Phase I, New Delhi 110 045, India |
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Date of Birth/Age : |
03.07.1953 |
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Date of Appointment : |
09.10.2001 |
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Name : |
Mr. Harbachan Singh Bawa |
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Designation : |
Director |
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Address : |
Devika Tower, Ground Floor, 6, Nehru Place, New Delhi 110 019, India |
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Date of Birth/Age : |
20.03.1931 |
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Date of Appointment : |
30.09.1981 |
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Name : |
Mr. M A Khan |
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Designation : |
Director |
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Address : |
M. P. State Co-operative Marketing, Fedn. Limited, Jehangirabad,
Bhopal – 462008 |
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Date of Birth/Age : |
01.04.1949 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Mostafa Sardar |
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Designation : |
Director |
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Address : |
C/O The West Bengal State Co-operative Mrketing Federation, 18,
Rabindra Sarani, Poddar Court, Kolkata 700 001 |
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Date of Birth/Age : |
03.01.1936 |
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Date of Appointment : |
12.09.2003 |
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Name : |
Mr. P S Gahlaut |
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Designation : |
Director |
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Address : |
C-9/9156, Vasant Kunj, New Delhi 110 070, India |
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Date of Birth/Age : |
27.07.1947 |
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Date of Appointment : |
29.09.1947 |
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Name : |
Mr. Sukumar N Oommen |
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Designation : |
Director |
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Address : |
No. 2, Chittaranjan Road, Teynampet, Chennai 600 018 |
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Date of Birth/Age : |
22.06.1949 |
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Date of Appointment : |
08.10.2002 |
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Name : |
Mr. Uday Shankar Jha |
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Designation : |
Director |
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Address : |
“RCF House”, Type VI Bunglow No. 4, RCF Colony, Chembur, Mumbai –
400074 |
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Date of Birth/Age : |
16.06.1950 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Udai S Awasthi |
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Designation : |
Director |
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Address : |
IFFCO, 34, Nehru Place, New Delhi 110 019, India |
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Date of Birth/Age : |
12.07.1945 |
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Date of Appointment : |
29.06.1993 |
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Name : |
Mr. V Sathyaseelan |
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Designation : |
Director |
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Name : |
Mr. Vijay Chhibber |
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Designation : |
Director |
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Address : |
D – 1/174, Satya Marg, New Delhi – 110021, India |
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Date of Birth/Age : |
12.12.1955 |
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Date of Appointment : |
24.02.2006 |
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Name : |
Mr. Dinesh Rai |
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Designation : |
Director |
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Address : |
C/O, National Co-operative Development Corporation No. 4, Sin Industrial
Area, Hauz Khas, New Delhi 110 016, India |
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Date of Birth/Age : |
12.08.1950 |
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Date of Appointment : |
26.03.2003 |
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Name : |
Mr. Alexander Kolppuren Luke |
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Designation : |
Director |
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Address : |
M. D. Bungalow, GSFC Township, P. O. Fertiliser Nagar 391 750,
Vadodara |
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Date of Birth/Age : |
04.08.1948 |
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Date of Appointment : |
29.05.2003 |
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Name : |
Ms. Prem Singh Meena |
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Designation : |
Nominee Director |
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Address : |
B-22, Sangam Society, Andheri Versova Link Road, Andheri (West),
Mumbai |
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Date of Birth/Age : |
06.07.1956 |
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Date of Appointment : |
06.09.2006 |
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Name : |
Mr. Arvind Namdeorao Poreddiwar |
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Designation : |
Nominee Director |
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Address : |
63/64, Ujjwal Nagar, Opposite to hotel airport center point, Nagpur
440025, Maharashtra, India |
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Date of Birth/Age : |
01.07.1953 |
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Date of Appointment : |
23.11.2004 |
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Name : |
Mr. Santosh Kumar Vashishtha |
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Designation : |
Nominee Director |
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Address : |
EN – 1/6, Char Imli, Bhopal 462016, Madhya Pradesh, India |
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Date of Birth/Age : |
31.07.1948 |
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Date of Appointment : |
06.09.2006 |
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Name : |
Mr. M. G. Banga |
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Designation : |
Director |
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Address : |
25-C, Railway Officer’s Enclave, S P Marg, Chanakyapuri, New Delhi |
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Date of Birth/Age : |
19.06.1961 |
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Date of Appointment : |
30.07.2002 |
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Name : |
Mr. S. Balan |
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Designation : |
Director |
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Address : |
VI / 5, RCF Colony, Chembur, Mumbai – 400074 |
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Date of Birth/Age : |
18.07.1945 |
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Date of Appointment : |
12.11.2002 |
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Name : |
Mr. Devender Singh |
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Designation : |
Director |
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Address : |
Haryana State Co-operative, marketing Fedn. Corporate Office, Sector
5, Panchkula – 134109, Haryana |
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Date of Birth/Age : |
31.07.1962 |
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Date of Appointment : |
25.04.2003 |
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Name : |
Mr. Ajit Kumar Singh |
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Designation : |
Director |
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Address : |
Flat no. 804, Santosh Apartments, Bander Bagicha, Dak Bunglow Road,
Patna – 800001 |
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Date of Birth/Age : |
12.01.1961 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. P. P. Thankachan |
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Designation : |
Director |
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Address : |
The Kerala State Co-operative Marketing Federation, P. B. No. 2024,
Gandhi Nagar, Cochin – 682020 |
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Date of Birth/Age : |
29.05.1937 |
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Date of Appointment : |
12.09.2003 |
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Name : |
Mr. Shreeram Bakaramji Astankar |
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Designation : |
Director |
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Address : |
At Rameshwar Ward, Ramtek, District Nagpur, Maharashtra |
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Date of Birth/Age : |
01.04.1940 |
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Date of Appointment : |
06.08.2004 |
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Date of Ceasing : |
23.11.2004 |
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Name : |
Mr. Harminder Singh Jassi |
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Designation : |
Director |
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Address : |
Markfed House – 4, Sector 35-B, Chandigarh – 160022 |
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Date of Birth/Age : |
09.08.1955 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Ms. Prem Kumar Taneja |
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Designation : |
Director |
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Address : |
GACL House, 41-A, Urmi Society, Productivity Road, Vadodara – 390007,
Gujarat, India |
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Date of Birth/Age : |
05.02.1957 |
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Date of Appointment : |
22.12.2006 |
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Other Directorship : |
GSFC Investment and Leasing Company Limited U65910GJ1990PLC013913 Gujarat Green Revolution Company Limited U63020GJ1998PLC035039 The Fertilizer Association of India U99999DL1955GOI002999 Gujarat Narmada Valley Fertilizers Company Limited L24110GJ1976PLC002903 Gujarat Chemical Post Terminal Company Limited U99999GJ1992PLC017798 Gujarat State Fertilizers and Chemicals Limited L99999GJ1962PTC001121 |
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|
Name : |
Mr. Parthasarathi Uma Shankar |
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Designation : |
Director |
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Address : |
H No. 17, Sector – 14 A, Noida 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
07.06.1953 |
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Date of Appointment : |
11.11.2005 |
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|
Name : |
Mr. Pramod Kumar Patnaik |
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Designation : |
Director |
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Address : |
Plot No. B-8, IRC Village, Nayapalli, Bhubaneswar – 751012, Orissa |
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Date of Birth/Age : |
03.03.1951 |
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Date of Appointment : |
06.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Mylapore P. Muthukumaraswamy |
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Designation : |
Secretary |
|
Address : |
Plot No. D-4, Door No. 8, 16th street, Periyar Nagar,
Chennai 600082 |
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Date of Birth/Age : |
30.06.1970 |
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Date of Appointment : |
01.09.2005 |
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|
Name : |
Mr. M. K. Bavananthan |
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Designation : |
Secretary |
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Address : |
No. 8, Jamunabai Street, M H Road, Sembiam, Chennai – 600011 |
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Date of Birth/Age : |
01.07.1951 |
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Date of Appointment : |
24.03.1997 |
MAJOR SHAREHOLDERS
|
Names of
Shareholders |
No. of Shares |
|
Indian Farmers Fertiliser Co-operative Limited |
32,40,000 |
|
Gujarat State Co-operative Marketing. Federation Limited |
9,96,000 |
|
Gujarat State Fertilisers and Chemicals Limited |
7,50,000 |
|
Andhra Pradesh State Co-operative Marketing. Federation |
5,94,000 |
|
Madras Fertilisers Limited |
5,28,000 |
|
Parry & Company Limited |
4,24,800 |
|
Tamilnadu Co-operative Marketing Federation Limited |
3,20,000 |
|
West Bengal State Co-operative Marketing Federation Limited |
3,12,000 |
|
Karnataka State Co-operative Marketing Federation Limited |
2,88,000 |
|
Steel Authority of India Limited |
2,40,000 |
|
Rashtriya Chemicals Travancore Limited |
2,24,400 |
|
Fertilisers & Chemicals Travancore Limited |
2,16,000 |
|
National Co-operative Development Corporation |
2,04,000 |
|
Punjab State Co-operative Supply and Marketing Federation |
1,76,000 |
|
Orissa State Co-operative Marketing Federation Limited |
1,44,000 |
|
Shaw Wallace Financial Services Limited |
1,41,600 |
|
Madhya Pradesh State Co-operative Marketing Federation |
1,28,000 |
|
Maharashtra State Co-operative Marketing Federation Limited |
1,20,000 |
|
Coromandel Fertilisers Limited |
60,000 |
|
Bihar State Co-operative Coal Marketing Society |
50,000 |
|
Zuari Agro Chemicals Limited |
48,000 |
|
Bihar State Co-operative Marketing Union Limited |
40,000 |
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Haryana State Co-operative Marketing Union Limited |
40,000 |
|
Rallis India Limited |
36,000 |
|
Bharat Fertilisers Industries Limited |
22,800 |
|
Dharamsi Morarji Chemical Company Limited |
22,000 |
|
Mrs. Vasanadu Nirmala |
21,600 |
|
Mr. V. Venugopal |
20,800 |
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Kerala State Co-operative Marketing Federation Limited |
20,000 |
|
Mrs. V. Anusuya Devi |
15,200 |
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Mr. Vasanadu Mohanrao |
15,000 |
|
Mr. Vasanadu Govind |
15,000 |
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Shetkari ahakari Sangh Limited |
13,000 |
|
Ms. Vasanadu Shalini |
10,400 |
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Equity Share
Break-up |
Percentage of Holding |
|
Bodies Corporate |
99.00 |
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Other top Fifty shareholders |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Cattle Feed and producing fertilisers by using imported potash as an intermediary. |
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Products : |
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Exports : |
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Countries : |
Bangladesh and Sri Lanka |
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Imports : |
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Countries : |
Jordan Israel, England, United Kingdom, Singapore, Canada,
USA, Germany and Switzerland |
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PRODUCTION STATUS
|
Particulars |
|
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Cattle Feed |
|
Mts. |
30000 |
30000 |
GENERAL
INFORMATION
|
No. of Employees : |
450 |
|
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Bankers : |
q State Bank of India, Commercial Branch, 232, NSC Bose Road, Chennai – 600 001, Tamilnadu, India Facility – Fund Based – Rs. 218.000 millions Non Fund Based (Letter of Credit) – Rs. 1079.100 millions Non Fund Based (Guarantee) – Rs. 21.800 millions q Canara Bank, Corporate Service Branch, 770-A, Spencer Towers, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 135.000 millions Non Fund Based (Letter of Credit) – Rs. 668.250 millions Non Fund Based (Guarantee) – Rs. 13.500 millions q Central Bank of India, 48/49, Montieth Road, Egmore, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 157.000 millions Non Fund Based (Letter of Credit) – Rs. 771.150 millions Non Fund Based (Guarantee) – Rs. 15.700 millions q Oriental Bank of Commerce, Spencer Plaza, Anna Salai, Chennai – 600002, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions
q Andhra Bank, 95, Anna Salai, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 140.000 millions Non Fund Based (Letter of Credit) – Rs. 693.000 millions Non Fund Based (Guarantee) – Rs. 14.000 millions
q Bank of Baroda q State Bank of Patiala , 27, Whites Road, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions q Indian Overseas Bank q Punjab National Bank, 156, Linghi Chetty Street, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 100.000 millions Non Fund Based (Letter of Credit) – Rs. 495.000 millions Non Fund Based (Guarantee) – Rs. 10.000 millions q Corporation Bank, 49, Armenian Street, Chennai – 600 001, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions q Allahabad Bank q Punjab and Sind Bank, George Town Branch, 165 Thambu Chetty Street, Chennai 600001, Tamilnadu q State Bank of Bikaner and Jaipur q State Bank of Hyderabad, 37-B, First Floor, Whites Road, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 100.000 millions Non Fund Based (Letter of Credit) – Rs. 495.000 millions Non Fund Based (Guarantee) –
Rs. 100.000 millions |
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Banking Relations : |
Good |
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Auditors : |
Deloitte Haskins and Sells Chartered Accountants, |
|
Address: |
2nd
floor, Temple Tower, 672, Anna Salai, Nandanam 600035, Chennai, Tamilnadu,
India |
|
Tel. No.: |
91-44-28251152 / 2631 |
|
|
|
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Associates: |
Indian Farmers Fertilisers Co-operative Limited |
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|
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Subsidiaries: |
Goldline Milkfood Limited |
|
CIN No.: |
U15203HR1992PLC034058 |
|
Address: |
11,12/56, Industrial Area, Near HSIDC Office, Kundli, Sonepat, Haryana, India |
|
Line of Business: |
This company is engaged in processing of milk into milk products like butter/ghee and milk food. |
CAPITAL STRUCTURE
Authorized
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
16568200 |
Equity Shares |
Rs. 10/- each |
Rs. 165.682 Millions |
Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
14298600 |
Equity Shares |
Rs. 10/- each |
Rs. 142.986 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
142.986 |
142.986 |
95.324 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1350.722 |
1043.957 |
871.579 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1493.708 |
1186.943 |
966.903 |
|
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LOAN FUNDS |
|
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|
1] Secured Loans |
3078.557 |
508.270 |
109.625 |
|
|
2] Unsecured Loans |
3792.923 |
1779.376 |
913.874 |
|
|
TOTAL BORROWING |
6871.480 |
2287.646 |
1023.499 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8365.188 |
3474.589 |
1990.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
286.847 |
215.262 |
169.623 |
|
|
Capital work-in-progress |
2.438 |
1.176 |
22.863 |
|
|
|
|
|
|
|
|
INVESTMENT |
61.736 |
67.745 |
56.206 |
|
|
DEFERREX TAX ASSETS |
12.197 |
32.186 |
3.923 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6694.117
|
7190.728
|
6238.399
|
|
|
Sundry Debtors |
14410.550
|
11646.033
|
7891.902
|
|
|
Cash & Bank Balances |
6687.820
|
2256.458
|
2795.826
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1121.551
|
612.032
|
135.375
|
|
Total
Current Assets |
28914.038
|
21705.251
|
17061.502
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
20802.689
|
18522.576
|
15299.186
|
|
|
Provisions |
109.379
|
24.455
|
24.529
|
|
Total
Current Liabilities |
20912.068
|
18547.031
|
15323.715
|
|
|
Net Current Assets |
8001.970
|
3158.220
|
1737.787
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8365.188 |
3474.589 |
1990.402 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
60764.880 |
43966.474 |
32671.955 |
|
|
Other Income |
488.266 |
364.022 |
218.450 |
|
|
Total Income |
61253.146 |
44330.496 |
32890.405 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
515.603 |
390.754 |
394.449 |
|
|
Provision for Taxation |
175.989 |
143.362 |
146.278 |
|
|
Profit/(Loss) After Tax |
339.614 |
247.392 |
248.171 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
NA |
NA |
30317.809 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
244.162 |
78.779 |
79.868 |
|
|
Purchase made for re-sale |
53924.120 |
40977.412 |
33448.774 |
|
|
Consumption of stores and spares |
1.270 |
1.238 |
1.364 |
|
|
Increased or decrease in finished goods |
0.000 |
[940.633] |
[3556.737] |
|
|
Salaries, wages |
83.387 |
105.831 |
101.000 |
|
|
Managerial remuneration |
0.107 |
0.123 |
0.118 |
|
|
Payment of Auditors |
0.999 |
0.614 |
0.658 |
|
|
Insurance Expenses |
741.921 |
0.318 |
1.130 |
|
|
Interest |
0.529 |
225.689 |
113.971 |
|
|
Power & Fuel |
11.159 |
6.963 |
6.705 |
|
|
Depreciation & Amortization |
19.957 |
147.126 |
12.917 |
|
|
Other Expenditure |
5709.933 |
3336.276 |
2286.187 |
|
Total Expenditure |
60737.544 |
43939.736 |
32495.955 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.55 |
0.56
|
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.85 |
0.88
|
1.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.77 |
1.78
|
2.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.32
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
18.60 |
17.55
|
16.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.17
|
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with:-
v The Arab Potash Company Limited, P. O. Box 1470, Amman 11118, Jordan
v Dead Sea Works Limited, Potash House, P. O. Box No. 75, Beersheva – 84100, Israel
v ICEC Limited, C/o ICEC Europe Limited, Cavendish House, 36-40 Goldsworth Road, Woking, Surrey GU 21 6JT, England
v International Potash Company (UK) Limited, Elscot House, Arcadia Avenue, Finchley, London, N3, 2JE, United Kingdom
v Canpotex International Pte Limited, 30 Hill Street, HEX 04-01, Singapore 179360
v Canpotex Limited, P. O. Box 1600, Suite 400, 111-2nd Avenue South, Saskatoon, Saskatchewan Canada 87K 3R7
v ICEC Limited, C/o, International Commodities Export Corporation, 2975 Westchester Avenue, Purchase, New York 10577, USA
v K+S Kali GmbH, Bertha-Von-Suttner-STR. 7, 34131 Kassel, Germany
v Transammonia AG, Bahnhofstrasse 1, CH-8852, Altendorf, Switzerland
v Jorden Phosphate Mines Company Limited, P. O. Box No. 30, Amman, Jordan
v Multicommerce LLC, 124, W-Putnam Avenue, Greenwinch CT – 06830, USA
v Petrochemical Industries Company (KSC), P. O. Box 1084, 13011, Safat, Kuwait
v Intermare Transport Pte. Limited, 100 Beach Road # 31-01, Shaw Tower, Singapore 189702
v Noble Resources Limited, 18/F, Massmutual Tower, 38, Gloucester Road, Wanchai, Hong Kong
v Transmmonia Agency, Bahnhofstrase 1, CH 8852, Altendorf, Switzerland
The company has been awarded Handling of Urea Shipments at the ports of Kochi and Okha.
The company has marketing arrangements with:-
§ National Fertiliser Corporation Limited
§ Hindustan Fertiliser Corporation Limited
§ Southern Petrochemical Industries Corporation Limited
97-98, Mount Road, Chennai – 600 032, Tamilnadu, India
Tel. No. 91-44-22350245
Fixed Assets:
- Land and Building (Freehold And Leasehold)
- Machinery
- Office Equipments and Fixtures
- Air Conditioners
- Refrigerators and Water Coolers
- Audio Visual / Soil Testing Vans and Equipments
- Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
INDIAN POTASH LIMITED |
|
Presented By |
Indian Potash
Limited, State Bank of Patiala, No. 30, Whites Road, Whites Road Branch,
Chennai – 600014 |
|
1) Date and description of instrument creating the change |
25.07.2005
All dated 25.07.2005
relate to one and the same charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2000.000
Millions Adhoc LC [Inland
/ Foreign / Usance / Demand] : Rs. 2000.000 Millions Together with interest,
costs, charges and other expenses which may be debited to the said account
form time to time. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Merchandise covered by LC bills and the borrowers entire goods, movables and
other assets present and future including documents of title to the goods and
other assets, such as book debts outstanding moneys, receivables including
receivables by way of cash assistance and cash incentives under the cash
inventive scheme or any other scheme claims, including claims by way of
refund of customs / excise duties under the Duty Drawback Credit Scheme or
any other Scheme, Bills invoices, documents, contracts, insurance polices,
guarantee, engagements, securities investments and right uncalled capital and
all machinery present and future belonging to or in the possession or under
the Control of the Borrower wherever lying stored and kept and whether in
possession of the borrower or any third party whether in India or elsewhere
through out the world shall stand hypothecated to the Bank by way of First
Charge. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 2 % Period :3 Months Purpose : For
import / purchase of Murriate of Potash, Di-Ammonium Phosphate, Sulphate of
Potash and other fertilizers. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Patiala,
No. 30, Whites Road, Whites Road Branch, Chennai – 600014 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
|
This Form is for |
Creation of Charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U14219TN1955PLC000961 |
|
Name of the
company |
Indian Potash
Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
Ambal Building, 3rd Floor, 727, Mount Road, Chennai – 600 006, Tamilnadu, India |
|
Type of charge |
|
|
Particular of
charge holder |
Allahabad Bank International
Branch 41 Anna Salai,
Chennai – 6900002, Tamilnadu, India |
|
Nature of description
of the instrument creating or modifying the charge |
General Letter of
Hypothecation dated 06.09.2007 |
|
Date of
instrument Creating the charge |
06.09.2007 |
|
Amount secured by
the charge |
Rs. 3000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest 2.25 % Below the
PLR with a minimum of 11 % all other terms and conditions as per the
agreement executed with the bank. [b] Terms of
Repayment Repayable on demand
together with all Interest with all interest, cost, charges which may be
debited to the respective accounts from time to time. All other terms and
conditions are as per the above agreements. [c] Margin As per the
agreement [d] Extend and
operation of the charge Operates as First
charge in favour of the Bank. The Limit enjoyed by the Company is Rs.
4670.000 Millions out of which Rs. 3000 Millions is onetime FLC in favour of
Bank and which is outside the consortium arrangement. [e] others Charge on the
movable property of the company situated at its premises or Godown in the
State of TN or Elsewhere shall be held by the Bank as security till the
complete closure of the FLC Limit sanctioned to the company. the limit
enjoyed by the company is Rs. 4670 Millions out of which Rs. 3000 Millions is
onetime FLC in favour of Bank and which is outside the consortium
arrangement. |
Press Release
ICRA assigns LA and A1 ratings to the bank lines of Indian
Potash Limited
ICRA has
assigned an LA (pronounced L A) rating, indicating adequate-credit-quality, to
Rs. 2250 million fund based limits and A1 (pronounced A one) rating, indicating
highest credit-quality in the short term, to Rs. 14350 million non- fund based
limits of Indian Potash Limited (IPL).
The
ratings reflect the company’s leadership position in the trade of imported
fertilizers, its strategic importance as one of the ‘state trading enterprises’
for canalising urea, favorable competitive position arising from the pan India
distribution network, scale and efficiency of its operations. The ratings also
draw comfort from the favorable prospects for fertilizer imports due to
declining self sufficiency in India, strong parentage, moderate financial risk
profile and high financial flexibility. However, the ratings are constrained by
the low trading margins intrinsic in this business, vulnerability of
profitability to agro climatic conditions and regulations, its low
capitalization levels in relation to the turnover and modest debt coverage
indicators. Also, the company’s business has a high working capital intensity,
which has resulted in large negative free cash flows in the recent past.
Company Profile
Indian
Potash Limited (IPL) was incorporated as Indian Potash Supply Agency (IPSA) in
1955 for import, handling, marketing and promotion of Potash fertilisers. The
company was initially promoted by private sector companies such as EID Parry,
Rallis India and Shaw Wallace. On the recommendations of National Commission on
Agriculture, the Government of India (GoI) expanded the equity base of the
company with majority shareholding with cooperatives and Public Sector
Fertilizer companies in 1970. Following this, IPSA was converted into IPL.
Currently the co-operative and public sectors own 70.21% and 20.55%
respectively in IPL, with IFFCO being the largest shareholder with 33.98 %
stake. IPL is a state trading enterprise involved in the import and trading of
fertilisers such as Muriate of Potash (MOP), urea, Di ammonium Phospate (DAP),
and sulphate of potash (SOP), besides trade of indigenously produced
fertilizers such as Single Super Phosphate (SSP) gypsum etc. IPL has also a
marginal presence in production of cattle feed and milk processing with a plant
in UP. During 2006-07, IPL achieved net sales and net profit of Rs. 60.76
billion and Rs. 340 million respectively. During the first nine months of
2007-09, IPL achieved net sales and net profit of Rs. 94.55 billion and Rs. 228
million respectively.
Indian
Potash to import MAP at $478 per tonne
New Delhi, Oct. 2 Indian Potash Ltd (IPL) would be importing mono-ammonium phosphate (MAP) at $478 per tonne cost and freight.
This is $17 cheaper than the $495 per tonne that was fixed for the import of 1.5 million tonnes di-ammonium phosphate (DAP) in August.
IPL is the nodal agency which has been entrusted to import phosphatic fertilisers on Government account as nobody was willing to contract imports because of the high costs.
“MAP is an alternative fertiliser which can be used in case of the non-availability of DAP as both are perfectly interchangeable. And since we are expecting a shortfall of DAP for the coming rabi season we would be importing MAP at $478 per tonne cost and freight,” a senior IPL official told Business Line.
It is, however, not still clear as to how much of MAP would be imported for the ensuing sowing season.
“It is too early to comment on what the import shortfall will be with regard to DAP. So it is too early to comment on the quantity of MAP which would be imported,” an official in the Department of Fertilisers said.
DAP is a vital nutrient for root establishment of crops and hence has to be applied at the time of sowing. While DAP contains 18 per cent nitrogen and 46 per cent phosphorous, MAP has 11 per cent nitrogen and 52 per cent phosphorous.
“The import of MAP is also being done to diversify into the use of other fertilisers and not totally depend on DAP during the rabi season. Another reason is the strong stake of the US manufacturers in global DAP trade and the limitations this poses on the growth of alternative phosphatic fertilisers,” the official said.
The five major States that require DAP during the rabi season are Punjab, Haryana, Uttar Pradesh, Madhya Pradesh and Rajasthan.
Fertiliser use
The import price of MAP is $17 lower than the import price
for DAP contracted in August.CCEA allowed inclusion of imported MAP under the
concessional scheme for de-controlled potassium and nitrate fertilisers
prospectively.According to official estimates Punjab requires 3.5 lakh tonnes
of DAP to be met from imports, Haryana around 3 lakh tonnes, Uttar Pradesh 4.5
lakh tonnes, Madhya Pradesh 2.25 lakh tonnes and Rajasthan 1.5 lakh
tonnes.Apart from the imports, the Government has also extended a few concessions
to importers of MAP to reduce the country's dependence on imports of DAP. The
Cabinet Committee on Economic Affairs on Monday has allowed inclusion of
imported MAP under the concessional scheme for de-controlled potassium and
nitrate (P&K) fertilisers prospectively. The maximum retail price of
imported MAP has been prospectively fixed at Rs 9,350 per tonne which is at par
with DAP
Markfed ties up with Indian Potash for DAP Supply
Express News Service
CHANDIGARH, Nov 11: Markfed has tied up with the Indian Potash Limited for supply of additional quantity of 11,000 meteric tonne of DAP fertilizer in view of the increased demand.
According to an official press release, the fresh purchases of DAP would be made at a rate of Rs 8200 per meteric tonne as compared to previous rate of Rs 8000 per meteric tonne. But, the same would be sold to agriculture service societies at a rate of Rs 8,150 per meteric tonne, thereby incurring a loss of Rs 50 per meteric tonne.
This was being done as per directions of the Punjab Chief Minister Parkash Singh Badal who wanted the agency to come to the help of farmers amidst reports of hoarding and black marketing of the DAP.
Till date, Markfed had supplied 1.76 lakh meteric tonne of DAP to agricultural cooperative societies and focal point societies in comparison to 1.08 lakh meteric tonne last year. The agency had already supplied 90 per cent of its planned quantity of DAP till date.
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 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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|
