MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE SCIENTIFIC FERTILISER COMPANY PRIVATE LIMITED |
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Registered Office : |
Sudarsanam, No.8, Ponnurangam Road, Coimbatore – 641002,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.01.1938 |
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Com. Reg. No.: |
18-178 |
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CIN No.: [Company
Identification No.] |
U24123TZ1938PTC000178 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBT03367A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, and Importer of Pesticides,
Fungicides Insecticides, Chemicals and
Raw Materials. |
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 90000 |
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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 reported company having fine track. Available information indicates hirer financial reporting of the companies financial position is good. Payment are usually correct and as per commitment. The company is doing well. It can be considered good for any normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Sudarsanam, No.8, Ponnurangam Road, Coimbatore – 641002,
Tamilnadu |
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Tel. No. |
91-422-234019/2541312/ 2547312/ 2549706 |
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Fax No. |
91-422-2549706/ |
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E-Mail |
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Website : |
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Factory : |
Located At: v Coimbatore, Tamilnadu, India. v Trichy v Madurai |
DIRECTORS
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Name : |
Mr. T. V. Natarajan |
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Designation : |
Director |
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Address : |
No.88 Nachimuthu Layout, Frist Cross, Coimbatore – 641038, Tamilnadu, India |
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Date of Birth/Age : |
07.03.1944 |
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Date of Appointment : |
26.08.1962 |
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Name : |
Mr. T. V. T. Pathy |
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Designation : |
Director |
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Address : |
36 A Bharathi Park , Cross Road 5, Coimbatore – 651012,
Tamilnadu, India |
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Date of Birth/Age : |
26.08.1921 |
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Date of Appointment : |
24.10.1940 |
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Name : |
Mr. T.V. Ramachandran |
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Designation : |
Director |
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Address : |
114 Sastri Road , Ramnagar, Coimbatore – 641009,
Tamilnadu, India |
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Date of Birth/Age : |
04.07.1925 |
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Date of Appointment : |
16.04.1950 |
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Name : |
Mr. R. Chandrasekar |
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Designation : |
Director |
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Address : |
32-10-01 Mogalrajapuram, Vijayawada – 520010, Andhra
Pradesh, India |
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Date of Birth/Age : |
20.05.1956 |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr. C. S.K. Prabhu |
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Designation : |
Director |
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Address : |
2 Subramaniapuram, First Sreet, Coimbatore – 641002,
Tamilnadu, India |
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Date of Birth/Age : |
10.09.1954 |
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Date of Appointment : |
11.11.1996 |
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Name : |
Mr. T. N. Sambasivan |
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Designation : |
Director |
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Address : |
No.8 Nachimuthu Layout, Frist Cross, Coimbatore – 641038, Tamilnadu, India |
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Date of Birth/Age : |
16.12.1975 |
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Date of Appointment : |
21.07.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.07.2008)
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Names of Shareholders |
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No. of Shares |
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T. V. V. Pathy |
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10410 |
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T.V. Natarajan |
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12755 |
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T.V. Ramachandran |
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8405 |
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R. Chandrasekar |
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2605 |
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Rajendra Maharashtra Chandra |
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167 |
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Sarada Pathy |
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1097 |
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Geetha Raghavan and Vijay K. Raghavan |
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483 |
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S Kusumakrishnan and Lakshmi Narayan Krishnan |
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658 |
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K.S. Ramakrishnan |
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255 |
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R. Sambasivan |
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2605 |
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Suparna Investment Private Limited |
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613 |
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N.C. Meenakshy |
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548 |
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T.N. Sambasivan |
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1817 |
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A.K. Ranganathan and Mrs. Srmadakrishnan |
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658 |
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Bhavani Natarajan |
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1097 |
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T.V.V. Pathy and Sarada Pathi |
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7743 |
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T.V. Ramachandran and Meenakshy |
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2666 |
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T.V. Natarajan and Mrs. Bhavani Natarajan |
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4796 |
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(As on 31.03.2008)
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Category |
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Percentage |
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Directors or relatives of director |
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95.57 |
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Other top fifty shareholders (other than listed above) |
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4.43 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, and Importer of Pesticides,
Fungicides Insecticides, Chemicals and
Raw Materials. |
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Products : |
Products Description : Insecticides Chlorpyrifos Item Code No.: 380810.21
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PRODUCTION STATUS (31.03.2008)
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Particulars |
Unit |
Actual
Production |
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Wettables |
MT |
67.494 |
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Liquids |
KL |
561.883 |
GENERAL
INFORMATION
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No. of Employees : |
275 |
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Bankers : |
Coimbatore Main Branch, 324 Oppanakara Street, Coimbatore-641001, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
B Thiagarajan and company Chartered Accountant |
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Address : |
24, Yagambal Street, T Nagar, Chennai – 600017, India |
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Name : |
T. R. Subramanian Chartered Accountant |
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Address : |
24, Yagambal Street, T Nagar, Chennai – 600017, India |
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Associates/Subsidiaries : |
Cimnbatore, Tamilnadu, India.
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.50/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.50/- each |
Rs.2.500 Millions |
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The above includes:
- 24000 Equity Shares (after demerger adjustment – Refer Note No,1 in
Notes to accounts) were allotted by way of bonus shares as fully paid up,
from out of share premium account and General Reserve.
- 25000 Equity Shares were allotted by way of bonus shares as fully
paid up, from out of Capital Reserve of the company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 (18 months) |
30.09.2006 (6 months) |
31.03.2006 (12 months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.400 |
2.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.003 |
29.508 |
29.172 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.503 |
31.908 |
31.572 |
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LOAN FUNDS |
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1] Secured Loans |
10.206 |
13.133 |
16.016 |
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2] Unsecured Loans |
23.192 |
19.032 |
16.999 |
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TOTAL BORROWING |
33.398 |
32.165 |
33.015 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.901 |
64.073 |
64.587 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.643 |
23.547 |
23.633 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.612 |
2.617 |
2.617 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.833
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25.133 |
19.411 |
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Sundry Debtors |
23.196
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32.162 |
33.183 |
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Cash & Bank Balances |
11.722
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8.590 |
8.388 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.991
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3.156 |
4.240 |
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Total
Current Assets |
60.742
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69.041 |
65.222 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.926
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30.172 |
25.925 |
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Provisions |
1.170
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0.960 |
0.960 |
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Total
Current Liabilities |
22.096
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31.132 |
26.885 |
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Net Current Assets |
38.646
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37.909 |
38.337 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.901 |
64.073 |
64.587 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 (18 months) |
30.09.2006 (6 months) |
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Sales Turnover |
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166.302 |
56.139 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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166.302 |
56.139 |
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Profit/(Loss) Before Tax |
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2.427 |
2.546 |
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Provision for Taxation |
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0.821 |
1.250 |
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Profit/(Loss) After Tax |
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1.606 |
1.296 |
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Expenditures : |
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Interests |
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5.515 |
1.755 |
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Depreciation & Amortization |
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1.861 |
0.551 |
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Other Expenditure |
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156.499 |
51.287 |
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Total Expenditure |
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163.875 |
53.593 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 (18 months) |
30.09.2006 (6 months) |
31.03.2006 (12 months) |
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PAT / Total Income |
(%) |
0.97
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2.31 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.46
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4.54 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.40
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2.75 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.99
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1.98 |
1.90 |
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Current Ratio (Current Asset/Current Liability) |
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2.75
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2.22 |
2.43 |
LOCAL AGENCY FURTHER
INFORMATION
Operation Review:
The high court of madras has favorably considered the company petition
for demerger, under section 391 to 394 of the companies Act, 1956. Accordingly,
the fertilizer business of the company stands transferred to Suparna
Fertilizers Private Limited as a going concern, effective from the close of
business hours of September 30, 2006.
As a result of the demerger, the paid up share capital of the company stands
reduced from 48000 Equity shares of Rs.50/- each to 24000 shares of Rs.50/-
each. The company had during the year issued 1000 equity shares of Rs.50/- each
fully paid up by way of private placement. A further issue of 25000 equity
shares of Rs.50/- each by way of bonus shares was made, by utilizing the credit
balance in the capital reserve account.
In view of the company reconsititution of business pursuant to demerger
as above and also in view of the fact that the current year figures are for 18
months as against 6 months for the earlier period, the performance figures
gives above are not strictly comparable.
However, the board of directors is happy to inform that the company is
able to maintain its stronghold in pesticide business as ever before. Barring
unforeseen circumstances, the board of directors are hopeful of maintaining its
eminent position in the industry in the coming year as well.
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Motor
Vehicles
- Packing
Equipment
- Lab Equipment
- Electrical
Installation
- Furniture and
Fittings
Website Details:
Profile:
The Company is one of the ISO 9001:2000 certified
Manufacturers and Exporters of Pesticides - Technical as well as Formulations
for use in Agriculture and Public health.
Origin of the company can be traced back to the year 1938,
when it came into existence as a manufacturer of Fertiliser Mixtures. Since
then the company has added a lot of products to its offering including
Pesticides. For over 70 years, the company has been committed to serving the
world farming community with Quality products. Today the company offers a wide
range of agrochemical technicals, pesticide formulations, insecticide
formulations, weedicide formulations, combination and public health products. The company has been awarded a certificate of merit
by the Chemical Export Promotion Council of India for its 'Outstanding Export
Performance' for consecutive years (2001-02 & 2003-04).
Right from its inception and all through the years, the
company’s ultimate goal has been to provide the best quality products which
conform to the International standards. The company together with its Agency
Division currently has about 275 employees and an annual turnover of nearly US$
5 Million. The company is also the Indian agent for US based Stoller
Enterprises Inc.
Suparna Exports Private Limited its sister company, is
engaged in the export of Packaging Products for pesticides, perfumes, chemicals
etc.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
59 |
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. |
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 |
|