MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN FARMERS FERTILISER CO-OPERATIVE LIMITED |
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Registered
Office : |
IFFCO Sadan, C-1, District Centre, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
03.11.1967 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI05639E |
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PAN No.: [Permanent Account No.] |
AAAAI0050M |
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Legal Form : |
A co-operative
society having limited liability of the members |
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Line of Business
: |
Manufacturers of
Fertilizers, Pesticides and Insecticides. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 170810000 |
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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 an
old, well-established and reputed company engaged in manufacturing and marketing
of a variety of Fertilizers. The company’s
business is growing satisfactorily. It is a professionally managed company.
Trade relations are reported as fair. Payments are correct and as per
commitments. It can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
IFFCO Sadan, C-1, District Centre, |
|
Tel. No.: |
91-11-42592626, 26542625 |
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Fax No.: |
91-11-42592650 |
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E-Mail : |
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Website : |
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Factory / Warehouse : |
·
IFFCO Kalol, Kasturi Nagar, Gandhi Nagar – 382
423, Tel No: - 91-2764-223256/ 223258/ 223272/ 223273/ 220202/ 220209/
221056/ 221165/ 220604 Fax No: - 91-79-23286020/ 21/ 22/ 23/ 24 ·
IFFCO Kandla, Unit, Post Box No. 12, Gandhidham –
370 201, Kandla (Kuchchh), Tel No: - 91-2826-270381/ 270382/ 270539/ 270639/ 270641 Fax No: - 91-2836-270642/ 270658/ 270685 ·
IFFCO Phulpur, Ghisyanagar, Tel No: - 91-5332-251250/ 251251/ 251252/ 2606420 Fax No: - 91-5332-251252/ 251253 ·
IFFCO, Aonla Unit, Tel No: - 91-581-234819/ 234822/ 234823/ 234822/ 234823 Telefax: - 91-581-2404227 ·
·
IFFCO - Paradeep Unit, Village Musadia, PO Paradeep,
District Jagatsinghpur, Orissa – 754 142, Tel No: - 91-6722-228201 to 07, 228176 Fax No: - 91-6722-228160/ 224857 |
|
Area : |
Owned |
|
Location : |
Industrial area |
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|
Marketing Division : |
Located at : ·
·
·
·
·
Kolkata ·
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Surinder Kumar Jakhar |
|
Designation : |
Chairman |
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Name : |
Mr. N.P. Patel |
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Designation : |
Vice-Chairman |
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Name : |
Mr. Prem Chandra Munshi |
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Designation : |
Director |
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|
Name : |
Mr. Tryambakrao G. Sirsath |
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Designation : |
Director |
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Name : |
Mr. Vithalbhai H. Radadia |
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Designation : |
Director |
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Name : |
Mr. Pramod Kumar Singh |
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Designation : |
Director |
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|
Name : |
Mr. Sheesh Pal Singh |
|
Designation : |
Director |
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|
Name : |
Mr. Balvinder Singh Nakai |
|
Designation : |
Director |
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|
Name : |
Mr. Ravindra Pratap Singh |
|
Designation : |
Director |
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|
Name : |
Mr. Simachal Padhy |
|
Designation : |
Director |
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|
Name : |
Mr. K. Srinivasa Gowda |
|
Designation : |
Director |
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Name : |
Mr. A. Praveen Reddy |
|
Designation : |
Director |
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|
Name : |
Mr. Anil Malik |
|
Designation : |
Director |
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Name : |
Mr. G.M. Dhananjaya |
|
Designation : |
Director |
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|
Name : |
Mr. Ramakant Bhargava |
|
Designation : |
Director |
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Name : |
Mr. Ankushrao R. Tope |
|
Designation : |
Director |
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Name : |
Mr. Harminder Singh Jassi |
|
Designation : |
Director |
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Name : |
Mr. R.K. Meena |
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Designation : |
Director |
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Name : |
Mr. Umesh Tripathi |
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Designation : |
Director |
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Name : |
Mr. Ram Chandra Singh Pradhan |
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Designation : |
Director |
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Name : |
Mr. Kartick Chandra Sarkar |
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Designation : |
Director |
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Name : |
Dr. B.S. Vishwanathan |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Tripathi |
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Designation : |
Director |
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Name : |
Dr. |
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Designation : |
Managing Director |
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Name : |
Mr. Rakesh Kapur |
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Designation : |
Joint Managing Director |
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Name : |
Mr. K.L. Singh |
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Designation : |
Director (Tech.) |
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Name : |
Dr. G.N. Saxena |
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Designation : |
Director (Coop. Development) |
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Name : |
Mr. R.P. Singh |
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Designation : |
Director (HRD) |
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Name : |
Mr. Arabinda Roy |
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Designation : |
Marketing Director |
KEY EXECUTIVES
|
Name : |
Dr. D. K. Shukla |
|
Designation : |
Senior Executive Director (Tpt.), MKCO |
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Name : |
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Designation : |
Senior Executive Director (MS and IT), HO |
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Name : |
Mr. S.B. Rindani |
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Designation : |
Senior Executive Director (Fin.), HO |
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|
Name : |
M.R. Patel |
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Designation : |
Executive Director, Paradeep |
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|
Name : |
Mr. L. Murugappan |
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Designation : |
Executive Director, Kandla |
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|
Name : |
Mr. A.K. Singh |
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Designation : |
Executive Director (Technical), HO |
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Name : |
Mr. D. Bhattacharyya |
|
Designation : |
Executive Director (HR), MKCO |
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Name : |
Mr. Ajay Misra |
|
Designation : |
Executive Director, Kalol |
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Name : |
Mr. Surjit Singh |
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Designation : |
Executive Director, Phulpur |
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|
Name : |
Mr. A.K. Maheshwari |
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Designation : |
Senior General Manager, Aonla |
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Name : |
Brig. (Retired) Bhanu B. Sud |
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Designation : |
Senior General Manager (Sec. and Admin.), HO |
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|
Name : |
Mr. V. Mediratta |
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Designation : |
Senior General Manager (Sys.), HO |
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Name : |
Mr. B.K. Grover |
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Designation : |
General Manager (I.A.), HO |
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Name : |
Mr. H.D. Mistry |
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Designation : |
General Manager (Maint.), Kalol |
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Name : |
Mr. Vinod Kumar |
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Designation : |
General Manager (Maint.), Kandla |
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Name : |
Mr. P.A. Wilson |
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Designation : |
General Manager (Prod.), Paradeep |
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Name : |
Mr. P.T. Parmar |
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Designation : |
General Manager (Prod.), Kandla |
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Name : |
Mr. O.P. Kathuria |
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Designation : |
General Manager (Maint.), Phulpur |
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Name : |
Mr. Shamsher Singh |
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Designation : |
General Manager (Prod.), Kalol |
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Name : |
Mr. A.T. Kansara |
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Designation : |
General Manager (F and A), Paradeep |
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|
Name : |
Mr. Ranjan Dwivedi |
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Designation : |
General Manager (P and A), Phulpur |
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|
Name : |
Mr. Sunil Kumar Gandhi |
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Designation : |
General Manager (Tech.), Paradeep |
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Name : |
Mr. A.K. Bhaduri |
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Designation : |
General Manager (Tech.), Aonla |
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Name : |
Mr. B.R. Patel |
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Designation : |
General Manager (Project), Kalol |
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Name : |
Mr. A.K. Sinha |
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Designation : |
General Manager (Maint.), Paradeep |
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Name : |
Mr. Birinder Singh |
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Designation : |
General Manager (P.S.), HO |
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Name : |
Mr. S. Ramachandran |
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Designation : |
General Manager (Imp. and Log.), HO |
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Name : |
Mr. S.K. Bandyopadhyay |
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Designation : |
Joint General Manager (Comm.), Phulpur |
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Name : |
Mr. A.B. Motwani |
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Designation : |
Joint General Manager (Utility), Kalol |
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Name : |
Dr. (Mrs.) Meena Srivastava |
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Designation : |
Joint General Mgr. (Med and HS), Aonla |
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|
Name : |
Mr. A.K. Singh |
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Designation : |
Joint General Manager (Mech.), Kandla |
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Name : |
Mr. B.B. Sachar |
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Designation : |
Joint General Manager (F and A), MKCO |
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|
Name : |
Mr. Akhilesh P. Singh |
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Designation : |
Joint General Manager (E and S), Paradeep |
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Name : |
Mr. N.R.K. Sinha |
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Designation : |
Joint General Manager (Project), HO |
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Name : |
Mr. B.B. Chhabda |
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Designation : |
Joint General Manager (GE), Kalol |
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Name : |
Mr. T.N. Gupta |
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Designation : |
Joint General Manager (Tech.), Paradeep |
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Name : |
Mr. A.E. Kadu |
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Designation : |
Joint General Manager (Maint.), Kandla |
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Name : |
Mr. K. Chellappa |
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Designation : |
Joint General Mgr. (Maint.), Paradeep |
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|
Name : |
Mr. S.R. Kushwaha |
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Designation : |
Joint General Mgr. (Mtrl), Phulpur |
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|
Name : |
Mr. Braj Kishore |
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Designation : |
Joint General Manager (Tech.), Kalol |
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|
Name : |
Mr. A.K. Chaturvedi |
|
Designation : |
Joint General Manager, Aonla |
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|
Name : |
Mr. H.R. Singh |
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Designation : |
Joint General Manager (Sys.), MKCO |
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|
Name : |
Mr. P.C. Verma |
|
Designation : |
Joint General Manager (Util.), Kandla |
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|
Name : |
Mr. Rajiv Srivastava |
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Designation : |
Joint General Manager (Prod.), Aonla |
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|
Name : |
Mr. J. Biswas |
|
Designation : |
Joint General Manager (Util.), Aonla |
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|
Name : |
Mr. Surendra Singh |
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Designation : |
Joint General Manager, Aonla |
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|
Name : |
Mr. Mukul Srivastava |
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Designation : |
Joint General Manager (Prod.), Phulpur |
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|
Name : |
Mr. V.J. Mankodi |
|
Designation : |
Joint General Manager (F and A), Kandla |
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|
Name : |
Mr. Yogesh Narula |
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Designation : |
Joint General Manager (Tech.), Phulpur |
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|
Name : |
Mr. J.N. Sahu |
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Designation : |
Chief Vigilance Officer, HO |
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Name : |
Mr. G.K. Gautam |
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Designation : |
Joint General Manager (Insp. and PH), Phulpur |
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|
Name : |
Mr. P.V. Narayana |
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Designation : |
Joint General Manager (Process), Paradeep |
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|
Name : |
Mr. K.N. Joshi |
|
Designation : |
Joint General Manager, Aonla |
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|
Name : |
Mr. Sandeep Ambekar |
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Designation : |
Joint General Manager (Maint.), Phulpur |
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|
Name : |
Mr. Anil Sahni |
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Designation : |
Joint General Manager (F and A), Kalol |
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|
Name : |
Dr. D.P. Patra |
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Designation : |
Joint General Manager (Marketing), MKCO |
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|
Name : |
Mr. Harbhajan Singh |
|
Designation : |
Joint General Manager (F and A), HO |
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|
Name : |
Mr. A.K. Ghosh |
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Designation : |
Joint General Manager (F and A), HO |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Fertilizers, Pesticides and Insecticides. |
|
|
|
|
Brand Names : |
“IFFCO” |
PRODUCTION STATUS (AS ON 31.03.2010)
(Quantity LMTs)
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
Production |
|
Ammonia |
|
24.87 |
24.87 |
25.52 |
|
Urea |
|
42.42 |
42.42 |
43.24 |
|
Phosphatic Fertilisers (in terms of P2O5) |
|
N.A. |
17.85 |
11.95 |
|
Sulphuric Acid |
|
N.A. |
23.10 |
14.28 |
|
Phosphoric Acid |
|
N.A. |
8.75 |
4.62 |
|
Particulars |
Production/
Purchase (Quantity
in |
|
Ammonia |
|
|
- Kalol |
3.84 |
|
- Phulpur – I |
4.23 |
|
- Phulpur – II |
5.84 |
|
- Aonla – I |
5.78 |
|
- Aonla – II |
5.84 |
|
|
|
|
Urea |
|
|
- Kalol |
6.00 |
|
- Phulpur – I |
7.23 |
|
- Phulpur – II |
10.00 |
|
- Aonla – I |
10.01 |
|
- Aonla – II |
10.00 |
|
- Imported/ OMIFCO |
20.52 |
|
|
|
|
NPK |
|
|
- Kandla |
16.51 |
|
- Paradeep |
10.98 |
|
|
|
|
DAP |
|
|
- Kandla |
7.23 |
|
- Paradeep |
4.02 |
|
- Imported |
15.88 |
GENERAL INFORMATION
|
No. of Employees : |
6662 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name 1 : |
S.K. Mehta and Company Chartered Accountants |
|
Address : |
2682, Gali No.2,
Beadan Pura, |
|
|
|
|
Name 2 : |
S.C. Vasudeva and Company Chartered Accountants |
|
Address : |
B-41, Panchsheel
Enclave, |
|
|
|
|
Name 2 : |
Arun Singh and Company Chartered Accountants |
|
Address : |
F-7, Lajpat
Nagar III, |
|
|
|
|
Name 4 : |
J.C. Bhalla and Company Chartered Accountants |
|
Address : |
B-5, Sector-6,
Noida - 201 301, |
|
|
|
|
Name 5 : |
Rajnish Associates Chartered Accountants |
|
Address : |
92 and 87,
Defence Colony Flyover Market, |
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|
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Subsidiary Companies : |
|
|
|
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Joint Ventures : |
|
|
|
|
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Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Shares |
Rs.100000/- each |
Rs.9000.000 millions |
|
50000 |
Shares |
Rs.10000/- each |
Rs.500.000 millions |
|
500000 |
Shares |
Rs.1000/- each |
Rs.500.000 millions |
|
|
Total |
|
Rs.10000.000
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35260 |
Shares |
Rs.100000/-
each |
Rs.3526.000
millions |
|
39627 |
Shares |
Rs.10000/-
each |
Rs.396.300
millions |
|
346115 |
Shares |
Rs.1000/-
each |
Rs.346.100
millions |
|
|
Less: Redemption to Cooperatives |
|
Rs.7.300
millions |
|
|
Add : Forfeited Shares |
|
Rs.1.300
millions |
|
|
Total |
|
Rs.4262.400 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4262.400 |
4262.800 |
4239.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38442.600 |
35325.900 |
32647.300 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42705.000 |
39588.700 |
36886.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50329.300 |
73731.800 |
24046.700 |
|
|
2] Unsecured Loans |
64992.400 |
54296.000 |
43709.700 |
|
|
TOTAL BORROWING |
115321.700 |
128027.800 |
67756.400 |
|
|
DEFERRED TAX LIABILITIES |
5167.800 |
5421.200 |
5341.900 |
|
|
|
|
|
|
|
|
TOTAL |
163194.500 |
173037.700 |
109984.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
48242.800 |
49658.400 |
47389.400 |
|
|
Capital work-in-progress |
3330.000 |
2909.800 |
4308.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
75312.800 |
75529.500 |
14167.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13022.500
|
17313.600
|
15771.000 |
|
|
Sundry Debtors |
680.800
|
4072.300
|
4137.600 |
|
|
Cash & Bank Balances |
10753.100
|
696.300
|
2433.200 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
33768.700
|
54647.700
|
35415.600 |
|
Total
Current Assets |
58225.100
|
76729.900
|
57757.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14978.600
|
|
10484.900 |
|
|
Other Current Liabilities |
3015.400
|
4125.200
|
|
|
|
Provisions |
3922.200
|
3227.100
|
3230.800 |
|
Total
Current Liabilities |
21916.200
|
31828.900
|
13715.700 |
|
|
Net Current Assets |
36308.900
|
44901.000
|
44041.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
39.000 |
78.000 |
|
|
|
|
|
|
|
|
TOTAL |
163194.500 |
173037.700 |
109984.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
168085.700 |
329333.000 |
121628.200 |
|
|
|
Other Revenue |
8415.500 |
4990.000 |
3547.700 |
|
|
|
TOTAL (A) |
176501.200 |
334323.000 |
125175.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials, Stores and Others |
95090.200 |
151697.200 |
75890.200 |
|
|
|
Purchase of Product for resale |
40178.500 |
145392.300 |
12454.400 |
|
|
|
Employees Remuneration and Benefits |
7021.200 |
5959.600 |
4057.500 |
|
|
|
Manufacturing, Administration, Distribution
and Other Expenses |
13096.000 |
14819.100 |
9594.900 |
|
|
|
Increase/(Decrease) in Stocks |
2886.100 |
(2805.100) |
11362.100 |
|
|
|
Prior Period Adjustments (Net) |
288.200 |
(134.600) |
(30.000) |
|
|
|
Deferred Revenue Expenses Written off (Voluntary
Retirement Scheme Expenses) |
39.000 |
39.000 |
38.600 |
|
|
|
TOTAL (B) |
158599.200 |
314967.500 |
113367.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17902.000 |
19355.500 |
11808.200 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
7649.800 |
10232.000 |
3893.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10252.200 |
9123.500 |
7914.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4579.400 |
4704.000 |
4109.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
5672.800 |
4419.500 |
3805.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1661.800 |
819.400 |
1229.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4011.000 |
3600.100 |
2575.900 |
|
|
|
|
|
|
|
|
|
|
Profit transferred to : |
|
|
|
|
|
|
Capital Repatriation Fund |
4.700 |
4.700 |
NA |
|
|
|
Contribution towards Approved Donations (under Income Tax Act, 1961) |
-- |
10.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Net Profit as per |
4006.300 |
3585.400 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Trading of Finished Goods |
0.000 |
1342.000 |
NA |
|
|
|
Dividend Income |
1950.000 |
2733.600 |
NA |
|
|
|
Others |
252.300 |
187.900 |
NA |
|
|
TOTAL EARNINGS |
2202.300 |
4263.500 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
55560.000 |
97188.800 |
NA |
|
|
|
Spare Parts and Catalysts |
194.900 |
297.400 |
NA |
|
|
|
Capital Goods |
192.000 |
78.400 |
NA |
|
|
|
Finished Goods |
37473.000 |
129977.600 |
NA |
|
|
TOTAL IMPORTS |
93419.900 |
227542.200 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
939.00 |
843.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.27
|
1.08 |
2.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.37
|
1.34 |
3.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.33
|
3.50 |
3.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
13.28
|
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.21
|
4.04 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.41 |
4.21 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
As per its tradition,
the Society has again exhibited an impressive financial performance in all its
major parameters, namely, revenue growth, margins and resource utilisation,
testifying to the robustness of its Corporate Strategy of creating multiple
drivers of growth in spite of constraints in the availability of raw materials
and the inordinate delays in the receipt of large subsidy amounts from
Government of India. It was made possible due to higher production, sales
volume and improvement in operating efficiencies.
With the efforts
of the Society, international prices of fertilisers have eased to reasonable
levels, which is good from the point of supplying strategic plant nutrients to
farmers at affordable prices. As a consequence of lowering of international prices
of inputs and imported fertilisers and subsidy levels, the Sales Turnover of
the Society in value has come down to Rs.168090.000 millions during 2009-10
from Rs.329330.000 millions in the previous year even though the physical
turnover was higher at 118.27 lakh MT of fertilisers during 2009-10 as against
112.58 lakh MT in 2008-09. The performance is even more satisfying when viewed
in the light of the challenging business environment in the fertiliser
industry.
Financing Cost
The gross interest
expenditure at Rs.7650.000 millions during 2009-10 was much lower in comparison
to Rs.10230.000 millions incurred in the previous year. There was a significant
improvement in working capital management with a lower inventory of finished
goods/raw materials, improved debt collections, measures taken to tap alternate
cheaper sources of borrowings and negotiating lower interest rates with lenders
at the most competitive rates. The short-term interest burden includes an
amount of Rs.1220.000 millions attributed to the financing cost of funding the
delayed receipt of subsidy/concession from the Government of India during the
year.
Foreign Exchange
Management
The year witnessed
wide volatility in Foreign Exchange Parity of different currencies particularly
in respect of INR/USD parity. As a result of efficient Foreign Exchange
Management, the Society earned Foreign Exchange gain of Rs.1050.000 millions
during the year. The Board will like to place on record the outstanding
performance of the Joint Managing Director and CFO and his team for the
excellent performance on this Foreign Exchange Management.
Net Profit
Various business
segments of the Society achieved healthy growth in profitability over the
previous year. The Profit Before Depreciation, Interest and Tax (PBDIT) was
Rs.17902.000 millions as compared to Rs.19355.500 millions in the previous
year. The Profit Before Tax at Rs. 5672.800 millions showed an increase of
28.36 per cent as compared to Rs.4419.500 millions in the previous year with
the Profit After Tax at Rs.4011.000 millions as compared to the previous year’s
figure of Rs.3600.100 millions.
Appropriations Out
of Net Profit
In accordance with
the provisions of the Multi-State Cooperative Societies Act, 2002, (MSCS Act),
contribution towards the Capital Repatriation Fund is required to be deducted
from Profit After Tax for the purpose of arriving at the Net Profit in terms of
Section 62(2) of the MSCS Act. Accordingly, after providing for Rs.4.700
millions as contribution towards the Capital Repatriation Fund, the Net
Allocable Profit works out to Rs.4006.300 millions.
SHARE CAPITAL AND
NET WORTH
As on March 31,
2010, the paid-up Share Capital was Rs.4262.400 millions as against Rs.4262.800
millions during 2008-09. During the year, Share Capital of Rs.6.500 millions
was repatriated to weaker cooperative societies and Shares valuing Rs.6.200
millions to Member Cooperative Societies were issued. The total number of
Member Shareholders as on March 31, 2010, was 39,862.
RESERVES AND
SURPLUS
The Reserves and
Surplus increased from Rs.35325.900 millions as on March 31, 2009, to
Rs.38442.600 millions as on March 31, 2010, indicating an increase of
Rs.3116.700 millions over the previous year. The Net Worth of the Society as on
March 31, 2010, increased to Rs.42705.000 millions from Rs.39588.700 millions
in the previous year.
PLANT PERFORMANCE
Production
Since its inception, the Units have cumulatively produced 1,190.91 lakh
MT fertiliser materials comprising 714.94 lakh MT Urea and 475.97 lakh MT
NPK/DAP up to the period ending March 31, 2010. During the year 2009-10, the
Units surpassed all previous production by producing the highest-ever 81.98
lakh MT of fertilisers consisting of the highest-ever 43.24 lakh MT Urea and
also the highest-ever 38.74 lakh MT NP/NPK/DAP. The previous best production
level was 71.68 lakh MT of fertilisers during the year 2008-09. Thus, the
Society has produced an additional 10.40 lakh MT of fertilisers during 2009-10 as
compared to the last year, registering an increase in production by 14.5 per
cent. Urea Units have produced the highest-ever 43.24 lakh MT as compared to
40.68 lakh MT in the previous year, achieving an overall capacity utilisation
of 101.9 per cent. Kandla and Paradeep Units have shown excellent performance
producing 38.84 lakh MT NPK/DAP as compared to 31.00 lakh MT NPK/DAP during the
previous year, achieving an overall capacity utilisation of 89.4 per cent.
The Paradeep Unit
achieved the production of 15 lakh MT NPK/DAP during the year 2009-10, which is
the best production by Paradeep Unit so far and is 14.85 per cent higher as
compared to last year. The Kalol Unit achieved the highest-ever production of 6
lakh MT Urea during 2009-10. The Aonla and Phulpur Units have also achieved an
outstanding production performance by surpassing their previous best production
records.
The Kalol and
Phulpur Units achieved the lowest-ever Energy Consumption. The overall
composite Specific Energy Consumption per tonne of Urea for all the Plants
during 2009-10 was 5.832 GCal/MT Urea, which is the lowest energy consumption
so far.
Kalol Expansion
Project
IFFCO has planned
setting up a new 1.4 million MT Urea Plant at the Kalol Unit with an investment
of about Rs.45000.000 millions. Haldor Topsoe A/S, Process Licensor for the
Ammonia Plant, was entrusted the partial Basic Engineering Work for the Ammonia
Plant, based on which L and T has been invited for submission of a proposal for
the execution of the Ammonia Plant on a lumpsum EPC basis, with a view to
firm-up cost estimates for the project leased on a comparative evaluation of
the cost-plus and lumpsum EPC routes of project execution.
PDIL, the
Consultant for offsite facilities, has finalised the overall plot plan of the
complex. Pre-project activities such as site survey, contour mapping,
preliminary geo-technical investigation, back-filling/grading/levelling and
fencing of the project site, along with the construction of approach roads and
guard pond, have also been completed.
Environment
Clearance for the proposed Kalol Expansion Project II has been received from
the Ministry of Environment and Forests (MoEF), Government of India. Other
statutory approvals such as an NOC from GIDC and provisional approval of the plot
plan from the Directorate of Factories have also been obtained. A MoU has been
signed with the Government of Gujarat under the Vibrant Gujarat Programme to
facilitate project clearances/assistance, as required, during project
execution. The only pending matter is now the firm allocation of gas by the
GOI.
MARKETING
Sales Performance
The year 2009-10
had not been very good from the agriculture point of view. The south-west
monsoon during Kharif 2009 was the most deficient since 1972. Out of 36
meteorological sub-divisions in the country, 22 recorded deficient rainfall
during the south-west monsoon period (June-September 2009). Moreover,
distribution of rainfall was very erratic over time and space. Deficiency in
rainfall, particularly in July and August 2009, severely affected Kharif crops,
especially paddy. However, the recovery of monsoon in the last quarter of the
year 2009 protected the Kharif crops to some extent and improved the prospects
of Rabi crops in 2009-10. The overall production of Kharif cereals in 2009-10
declined by about 18.51 million tonnes over 2008-09. The foodgrain production
during the year 2009-10 is estimated at 218 million tonnes as against the
actual 233.88 million tonnes in 2008-09.
The fertiliser
consumption in the country during 2009-10 is estimated to be slightly higher as
compared to last year at 263 lakh tonne of nutrients (N+P+K) as against actual
of about 249 lakh tonnes of nutrients achieved during 2008-09, representing an
increase of about 5.6 per cent. Urea consumption during 2009-10 is estimated at
265 lakh tonnes as against 266 lakh tonnes during 2008-09. DAP/MAP/TSP
consumption during 2009-10 is likely to be seven per cent higher at 104 lakh tonnes
as against 97 lakh tonnes during 2008-09. NPK’s consumption during 2009-10 is
estimated at 82 lakh tonnes as against 70 lakh tonnes in 2008-09. The import of
Urea and DAP/MAP/TSP in the country during 2009-10 were about 52.1 lakh tonnes
and 59.3 lakh tonnes, respectively.
During the year,
IFFCO achieved the highest-ever sales of 118.27 lakh tonnes of fertiliser
material compared to the previous year’s record sale of 112.58 lakh tonnes,
representing an increase of about five per cent. Higher sales could be achieved
primarily due to effective planning, proper logistics management combined with
timely supplies and distribution, and intensive marketing strategy adopted by
the Society at all levels. Urea sales during 2009-10 were 63.35 lakh tonnes as
compared to 58.69 lakh tonnes achieved during 2008-09, representing an increase
of 7.9 per cent.
NP/NPK/DAP sales
during 2009-10 were slightly higher by about 1.9 per cent at 54.92 lakh tones
as against 53.89 lakh tonnes in 2008-09.
Distribution
Network
IFFCO distributes
its fertilisers in 29 States/UTs in the country through the cooperative system.
As a matter of policy, IFFCO is channelising its entire production and imports
through the cooperative network.
IFFCO sells its
fertilisers through a network of about 39,862 cooperative societies in
different States. Nearly 60 per cent of the material was sold directly to
Societies whereas 35 per cent was routed through Federations. About 5 per cent
fertilisers are sold through 158 Farmers Service Centres run by IFFCO. The
Member Societies are well spread out, reaching out to most of the villages in
the country and thus constitute the backbone of the cooperative network.
Product Movement
The Society
despatched 117.7 lakh tonnes of fertiliser material (Urea and NP/NPK/DAP/MAP)
from the plants and ports during the current year. This included 9.5 lakh
tonnes of Urea from OMIFCO, 10.3 lakh tonnes imported Urea on GOI Account, and
15.9 lakh tonnes imported DAP/MAP. OMIFCO and imported Urea were dispatched
from the ports to different States according to ECA allocation given by the
GOI.
Farmers Service
Centres
The Society also
sensitises farmers through its own 158 Farmers Service Centres (FSCs) spread
over 10 States, namely, Punjab, Haryana, Rajasthan, Himachal Pradesh, U.P.,
Uttarakhand, Bihar, Madhya Pradesh, West Bengal and Goa. Apart from the supply
of fertilisers, seeds, agro-chemicals and so on, under one roof, these centres
also serve as the contact point for providing technical know-how to farmers.
During 2009-10,
these FSCs sold about 5.49 lakh tonnes of fertilisers as against 4.47 lakh
tones in 2008-09. FSCs have also organised need-based promotional programmes
such as farmers meetings, soil test campaigns and demonstrations in the
villages around FSCs with a view to propagate the message of balanced and
efficient use of fertilisers.
Granular Urea from
The Government of
India has entrusted the responsibility of the handling and marketing of 50 per cent
of OMIFCO Urea to IFFCO. During 2009-10, IFFCO handled 32 vessels carrying
10.19 lakh tonnes of OMIFCO Urea at Kandla, Mundra, Pipavav, Vizag, Kakinada
Deep Water, Krishnapatnam and Tuticorin ports. Despatches of OMIFCO Urea were
made to different States against ECA allocation.
Water Soluble
Fertiliser
The Society
carried out extensive trials on Urea Phosphate (17:44:0) fertiliser (100 per
cent water soluble) in collaboration with ICAR, State Agricultural Universities
during the last three years. The results were very encouraging and highlighted
the importance of fertigation to increase both water and nutrient use
efficiency in high value crops such as fruits, vegetables, flowers and
sugarcane. During 2009-10, the Society sold 385.6 tonnes of Urea Phosphate and
174.0 tonnes of NPK 19:19:19.
BUSINESS AND
FINANCIAL REVIEW OF SUBSIDIARIES AND ASSOCIATES
Their business
portfolio has been steadily growing with the high growth aspirations. They have
stepped up their investments in related businesses through various Joint
Ventures and Associate Companies in order to strengthen ourselves further by
looking at new opportunities that are unfolding and create value addition in
the core fertiliser sector. On March 31, 2010, the total investment was
Rs.8923.300 millions in comparison to Rs.9140.000 millions on March 31, 2009.
IFFCO-TOKIO
General Insurance Company Limited (ITGI)
IFFCO TOKIO
General Insurance Company Limited (IFFCO-TOKIO) has total paid-up equity
capital of Rs.2470.000 millions. IFFCO holds major shares with equity
contribution at 72.64 per cent along with IPL at 1.36 per cent and Tokio Marine
Asia Limited at 26 per cent. During the financial year 2009-10, IFFCO-TOKIO
recorded a GWP of Rs.16395.600 millions. As per audited accounts for the year
ended March 31, 2010, Profit Before Tax was Rs.386.100 millions.
IFFCO TOKIO had
launched in the previous years unique rural products such as ‘Barish Bima
Yojna’, ‘Kisan Suvidha Bima Yojna’ and ‘Mausam Bima Yojna’ to cater to the
insurance needs of the farming community. ITGI with its Micro Insurance
initiatives such as Janta Bima Yojna, Jansuraksha Bima Yojna, Janswasthya Bima
Yojna and Mahila Suraksha Bima Yojna, has been able to take forward the message
and benefits of insurance to the underprivileged, particularly to the rural
masses. ITGI has been identified for a Micro Insurance innovation grant by the
International Labour Organization (ILO) to carry out the Cattle Insurance
project using RFID technology called ‘Pashudhan Bima’. The unique policy Sankatharan
Bima Yojna linked with the purchase of fertiliser bags from the Cooperative
Society, which has been sponsored by IFFCO, entered its tenth year of launch.
During the period, the Yojna has covered approximately 78.05 lakh farmers and
disbursed Rs.567.400 millions (up to February 2010) towards claims since
September 2001.
IFFCO TOKIO
Insurance Services Limited (ITIS), the subsidiary company of IFFCO-TOKIO, has
extended its presence to over 318 locations in 2009-10. The Company has sourced
and serviced premium of Rs.6100.000 millions for ITGI in the year 2009-10
registering a growth of about 10 per cent over 2008-09.
Oman India
Fertiliser Company (OMIFCO)
Oman India
Fertiliser Company (OMIFCO) is a Joint Venture Company in
IFFCO Chhattisgarh
Power Limited (ICPL)
The Society has
diversified into the Power Sector by incorporating a Joint Venture Company,
named, IFFCO Chhattisgarh Power Limited (ICPL), with the Chhattisgarh State
Electricity Board (CSEB) to set up a 1320 MW coal-based Mega Power Plant based
on supercritical technology in District Surguja of Chhattisgarh. The project
cost is estimated to be Rs.75000.000 millions. IFFCO, as the majority partner,
will hold 74 per cent equity in the power company. IDBI has been appointed as
the Lead Debt Syndicator and its Credit Committee has approved the project. The
Project is expected to commence commercial operation in the year 2013-14. Till
March 31, 2010, IFFCO has contributed an amount of Rs.518.000 millions towards
equity in ICPL.
Another JV
Company, namely, CMDC ICPL Coal Limited (CICL) had been formed to develop the
coal block and ensure the supply of coal to the Power Plant. This Company,
CMDC, holds 51 per cent Share Capital and ICPL holds 49 per cent Share Capital.
IFFCO Kisan Sanchar
Limited (IKSL)
IFFCO Kisan
Sanchar Limited (IKSL) was incorporated in April 2007 with the objective of
empowering farmers with pertinent information to improve decision-making
ability towards sustainable agriculture and better living. The Society has
invested an amount of Rs.36.500 millions to acquire 72.99 per cent equity in
IKSL. During the financial year 2009-10, IKSL has further consolidated its
activities in 18 States by providing location-specific, time-sensitive
information and alerts to its rural subscribers. The subscriber base of IKSL at
the end of March 2010 was 50 lakh, which predominantly focuses upon the rural
community. About 22,000 Cooperative Societies have become a part of this
channel in terms of diversifying their business into this emerging
telecommunication market in rural
Five free voice
messages of immediate relevance to people living in rural areas and a helpline
with experts to provide information constitute a major source of knowledge
empowerment of farmers.
During the year,
innovative programmes such as ‘phone-in’ and ‘quiz for farmers’ were introduced
to attract active participation of farmers in VAS programmes. Till now, over
100,000 messages were broadcast and almost the same number of helpline queries
had been answered.
IKSL has forged
strategic tie-ups with State Agricultural Universities and Research
Institutions to ensure the quality and relevance of information supplied
through its VAS platform. During the year, IKSL signed an agreement with GSMA
Foundation for undertaking a special project ‘IKSL Farmer Helpline’, which aims
at reviewing and re-engineering the Quality Management System of the content on
messages and helpline.
National Commodity
and Derivatives Exchange Limited (NCDEX)
The Society has
made equity investment of Rs.135.000 millions and holds 12 per cent
shareholding in NCDEX and its entire preference capital of Rs.100.000 millions.
Currently, NCDEX offers contracts in 50 commodities: 27 agricultural, 7
bullion, 6 metals, 6 energy and 3 polymers and 1 environment (Carbon Credit).
NCDEX has over 840
trading and clearing members and more than 27,000 trading terminals, which can
connect to the Exchange from more than 650 centres across the country. NCDEX
has accredited more than 400 warehouses, with a storage capacity of about 1.4
million MT for storage and delivery of commodities traded on its platform.
Besides, the Exchange has approved 62 depository participants, 12 clearing
banks for ensuring smooth operations, clearing and settlement of trades put
through by its trading and clearing members. For the year ended March 31, 2009,
the total income was Rs.724.400 millions and net loss was Rs.117.300 millions.
Considering the turmoil in the financial sector and its adverse impact on the
financials of NCDEX, no dividend was declared by NCDEX during 2008-09. The
income and profitability of NCDEX have improved during 2009-10. As per
unaudited results, the total income has been estimated at Rs.961.800 millions
with Profit Before Tax of Rs.211.800 millions.
National
Collateral Management Services Limited (NCMSL)
NCMSL was
incorporated in 2004 under the Companies Act, 1956. IFFCO has made an equity
investment of Rs.40.000 millions and holds 13.56 per cent of the paid-up equity
capital in NCMSL, which is the country’s leading organisation in the area of
Commodity Risk Management, providing a bouquet of services to manage risks
across various stages of commodity and inventory handling under a single
umbrella.
Currently, NCMSL
handles more than 400 warehouses across
Kisan
International Trading FZE (KIT)
Kisan
International Trading FZE (KIT) was set up as a wholly-owned subsidiary of the
Society in
Jordan India
Fertilizer Company (JIFCO)
IFFCO and Jordan
Phosphates Mines Company Limited (JPMC), Jordan, had formed a Limited Liability
Joint Venture Company, namely Jordan India Fertiliser Company (JIFCO) on March 6,
2008, in
IFFCO Kisan SEZ
Limited
The Society is
setting up a multi-product ‘IFFCO Kisan SEZ’ at
Letters of Intent
have been received from various overseas and domestic investors for setting up
their operations in SEZ.
Indian Potash
Limited (IPL)
IFFCO holds an
investment of Rs.26.800 millions in Indian Potash Limited (IPL) with equity
share holding of 34 per cent in the paid-up equity share capital of IPL. IPL is
primarily engaged in the trading of imported Potassic and Non-Potassic
fertilisers. During the year 2008-09, the company achieved a healthy increase
in volume sales of MOP, DAP and Urea, resulting into the highest-ever sales
turnover of Rs.321550.000 millions, earning a Net Profit of Rs.1060.000
millions. IFFCO received a dividend of Rs.9.700 millions from IPL for the year
2008-09.
Industries
Chimiques Du
IFFCO holds an
investment of Rs.803.700 millions with equity shareholding of 18.54 per cent in
ICS, which manufactures Phosphoric Acid for export and Phosphatic fertilisers
for domestic consumption. ICS has capacity to produce 660,000 MT of Phosphoric
Acid (as P2O5) per year. Post restructuring and recapitalisation of ICS in
2009, the new Board had been reconstituted and the IFFCO consortium had taken
over the management control of ICS. Major rehabilitation work has been taken up
of ICS plant facilities and rock phosphate mines for improving the production
performance to achieve full capacity utilisation. The company exported 256,561
MT of P2O5 to IFFCO in the year 2009, which is about 39 per cent higher than
2006.
Legend
International Holdings Inc,
IFFCO and Legend
International Holdings, Inc. (LEGEND),
Legend has
exploration interests in
Legend has been
granted mining lease in majority of its D-Tree Project Tenements having proven
reserves of 305 million tonnes at 15 per cent P2O5. The Rock Phosphate supplies
arriving over the years from Legend will help in production of quality
phosphatic fertilisers in the interests of farmers.
Americas PetroGas
Inc,
IFFCO and its
Associates have acquired about 10 per cent stake in Americas Petro Gas Inc.,
Canada (API) along with 20 per cent stake in GrowMax Agri Corp. API is a public-listed
CanadianCompany having interests in Oil and Gas fields in
VISION 2015
In pursuit of its
growth and development, IFFCO had embarked upon and successfully implemented
its Corporate Plans, ‘Mission 2005’ and ‘Vision 2010’. These plans have
resulted in IFFCO becoming one of the largest producers and marketeers of
chemical fertilisers by expansion of its existing Units, setting up joint
venture companies overseas and diversification into new sectors.
IFFCO has now
visualised a comprehensive plan titled ‘Vision-2015’ which will be guided by
the following objectives:
·
Production of fertilisers through expansion of
existing units.
·
Setting up of fertiliser production facilities in
·
Diversification into other profitable sectors.
·
Strengthening its raw material sourcing through
strategic joint ventures in
·
Strategic alliances through IFFCO Consortium. The
salient features of the ‘Vision-2015’ document are as under:
·
To stand as a Global Leader in fertiliser
production to cater to the food security need of the nation.
·
Maximising the synergies of the core business
through downstream value additions and forward/ backward integrations.
·
Enhancing presence in international markets through
strategic joint ventures and synergistic acquisitions.
·
Diversification into other profitable businesses to
maximise returns to their stakeholders.
·
Leveraging state-of-the-art technologies and global
best practices to retain its global competitiveness.
·
Promoting Integrated Nutrient Management to improve
efficiency of fertiliser use and promoting
·
location specific research on efficient fertiliser
practices.
·
To bring in sustainability and strategies to prevent
climate change by reducing energy consumption, better resources management and
promoting renewable energy sources.
·
To help the cooperative societies become
economically strong, professionally managed and to equip the farming community
with advanced agricultural practices for improved productivity, to ensure an
empowered rural
·
Achieve fertiliser production/marketing target of
15 million tonnes per annum with an annual turnover of Rs.300000.000 millions.
CORPORATE SOCIAL
RESPONSIBILITY (CSR)
In line with
cardinal cooperative principles, as a leading cooperative society, the
Corporate Social Responsibility (CSR) in IFFCO is the commitment to contribute
to the sustainable economic development, working with employees and their
families, the local community and Society at large to improve their quality of
life in ways that are also good for IFFCO. In its CSR strategy, the Society
inter-alia advocates and participates in the initiatives for preservation of
the environment. Truly sustainable initiatives are those that have a positive
and tangible benefit on the health of the business.
The Society
follows the global practice of addressing CSR issues in an integrated
multi-stakeholder approach covering the environment and social aspects. In its
endeavour to discharge its responsibility, the Society has undertaken
activities in the areas of community development, environment protection and
horticulture, health care/medical facilities and literacy enhancement/
empowerment programme. During the current financial year, the Society incurred
an amount of Rs.459.200 millions on various social development activities,
which were broadly as under:
Village Adoption
The village
adoption programme was initiated by IFFCO with the objective of bringing about
overall socio-economic development in rural areas with particular emphasis on
agriculture with correct and balanced use of fertilisers, quality seeds and
better farm management. During the year, various promotional, social and
community development programmes based on specific needs were organised. These
included medical and veterinary check-up, training programmes for rural women
and drinking water facilities, etc. During 2009-10, IFFCO effected all-round
development in 434 adopted villages under this programme.
Promotional
Programmes and Farmers Extension Activities
Various
promotional and extension programmes were organised with focus primarily on
improving soil health, promote balanced use of fertilisers to improve N:P:K
consumption ratio, educating farmers in the latest available technology so as
to enhance crop productivity through efficient use of fertilisers, water
conservation and thereby promoting sustainable agriculture. During the year
under report, the Society conducted 5,292 field programmes, 1,118 sale point
personnel training programmes, 153 crop seminars and 910 agricultural
campaigns, that is, soil testing and bio-fertilisers. The Society analysed
1,51,413 soil samples, in different States, including 51,848 soil samples
tested by 10 mobile soil testing vans for recommending optimum dose of
fertilisers for improved productivity. In addition, 8,125 Critical Input
Package (CIP) Kits containing seeds, fertilisers, bio fertilisers, agro
chemicals, etc., were also distributed to the farmers in the field programmes
for raising good crops. Literature in the form of crop folder, booklet,
pamphlets, etc., was distributed during the field programmes.
Special Projects
In order to help
the farmers at disadvantaged locations, IFFCO undertakes special projects to
help the farmers in arranging natural local resources and thus helping them in
improving their livelihood.
During the year
2009-10, the Society has worked intensively in 24 special projects on agricultural,
social and community development programmes in various States. These special
projects were on watershed management, agricultural development and micro
enterprises, assisting Self Help Groups in earning livelihood, etc.
Seed
Multiplication Programme
The Society has
entrusted the Seed Multiplication Programme (SMP) to IFFDC. IFFDC has
undertaken SMP on farmers’ fields in the States of Haryana, Uttar Pradesh and
Rajasthan on wheat crop to augment the supply of quality seeds. During 2009-10,
33,429 quintals of wheat and 310 quintals of mustard seed were made available
to the farmers through IFFCO Farmers Service Centres (FSCs), IFFDC Kisan Seva
Kendra (KSKs) and Primary Farm Forestry Cooperative Societies (PFFCS), etc. An
area of 1,303 ha was covered under this programme on wheat during Rabi 2009-10
with an expected production of about 53,000 quintals. In addition, 1,535
quintals of seeds of wheat and Paddy were also produced by CORDET, Phulpur and
distributed through cooperatives societies and their Farmers Service Centres.
IFFCO Chairs in
Agriculture
The Society has
instituted 18 IFFCO Chairs at Agricultural Universities/Cooperative
Institutions in the disciplines of Agronomy, Soil Science, Agro Economics,
Agricultural Extension, Cooperation and Fertiliser Technology to provide a link
between these institutions in the areas of research, education and extension.
The guidance of IFFCO Chair Professors is sought in the areas of promotional
programmes based on research with thrust on current issues in agriculture.
Environment
Management
To set an example
in environment protection, all the units and townships of the Society have
attractive landscape surrounded by thousands of trees. The Society is committed
to continuously improving the safety, health and environment in and around its
manufacturing units in line with international norms.
Community Centres
As on March 31,
2010, 205 Storage-cum-Community Centres were operating and 9 centres were under
various stages of completion. The Storage-cum-Community centres are being
utilised for storage of fertilisers and agricultural inputs, apart from
providing venues for organising agricultural extension activities and social
functions for villagers.
For laying thrust
to its CSR focus, IFFCO has also established the following Trusts:
IFFCO Kisan Sewa
Trust
The Society
established a charitable trust known as ‘IFFCO Kisan Sewa Trust’ to provide
relief and rehabilitation to the victims in the event of natural calamities and
to undertake programmes for the welfare and critical medical attention of needy
farmers including projects aimed at improving their quality of life.
The Trust
undertakes a variety of activities to assist needy farmers in getting medical
assistance, organising eye camps, health camps, cancer detection camps,
providing medical equipment, arranging for blood through Red Cross Society and
financial assistance to various hospitals for the treatment of farmers. During
the year, the Trust spent Rs.7.133 millions towards its activities for providing
medical relief to needy ones.
During the year,
the Trust provided financial assistance for organising free eye check-up camps
in
IFFCO Foundation
IFFCO Foundation, a
brain trust of IFFCO, continued to support farmer members in agricultural
development through technology transfer. It provided forum for exchange of
thoughts on issues elating to food security and agricultural development at the
global level especially in SAARC, Africanand Latin American countries, which
has opened avenues for larger cooperation among farmers at the global level.
IFFCO Foundation
took up education and training of members of cooperatives by organizing RGB
members’ workshops and member education programmes with special focus on issues
relating to strengthening of cooperatives, current and emerging challenges on
agriculture sector such as business diversification and resource management.
IFFCO Foundation
has set up 41 nurseries through self-help groups of farmers. It also continued
to help farmers in generating additional income through grassroots level
farm-based programmes such as dairy, goatery, bee-keeping and agro-processing.
The Foundation continued to implement model village development activities by
providing latrines, safe drinking water, improving village sanitation. Advisory
services are being provided to cooperative sugar mills under the Sugar
Development Fund Programme.
Indian Farm
Forestry Development Cooperative Limited (IFFDC)
The Society had
promoted a separate Multi-State Cooperative Society named ‘Indian Farm Forestry
Development Cooperative Limited (IFFDC)’ in 1993 with the prime objective of
development of wasteland for tree plantation and to enhance the socio-economic
status of rural poor through sustainable Natural Resource Management by
collective action. To achieve this, IFFDC initially implemented afforestation
and rural development projects in the States of Uttar Pradesh, Madhya Pradesh
and Rajasthan with an objective to improve degraded land, generate employment
and provide fuel and fodder to the community. Afforestation in about 27,000
hectare wasteland had been achieved by promoting 146 village level Primary Farm
Forestry Cooperative Societies (PFFCS). These PFFCS cover about 28,500 members,
out of which about 38 per cent are landless and 51 per cent small/marginal
farmers. The area of operation of IFFDC has further been extended to
Uttarakhand, Jharkhand, Orissa, Chhattisgarh, Andhra Pradesh, West Bengal,
Assam, Tamil Nadu and
IFFDC has been
awarded the ‘Amity Corporate Excellence Award 2008’ by Amity International
Business School for its outstanding contribution towards afforestation on
wasteland, environment conservation and promoting rural economy and ‘Amity HR
Work Place Environment Award 2008’ for its consistent and relentless efforts to
create a conducive environment yielding success and growth.
Cooperative Rural
Development Trust (CORDET)
The Cooperative
Rural Development Trust (CORDET) has been providing practical training to
farmers to improve their skills in crop and animal husbandry, horticulture,
farm mechanisation, balanced fertilisation, use of bio-fertilisers,
bee-keeping, pisciculture, computer use, screen printing, printing, welding, tailoring
and embroidery, adult education programmes, fruits and vegetables preservation,
etc., at Phulpur and Kalol Units.
During the year
2009-10, the CORDET Phulpur, Kalol and Kandla (Pantia Farm) organized 249
training programmes benefiting 14,314 farmers including women from various
States. CORDET Phulpur and Kalol also provide free soil testing facilities
through their Soil Testing Laboratories to the farmers. During the year
2009-10, 99,564 soil samples were analysed. In addition, 481 soil samples were
also analysed for micro nutrients and 18 samples for irrigation water.
The bio-fertiliser
plants at CORDET Phulpur and Kalol produced Azotobacter, Rhizobium and PSB
strains of bio-fertiliser. The total production of bio-fertilisers during
2009-10 was 719.3 tonnes in powder form and 7,579.0 litres in liquid form.
New MIS Portal
A new MIS portal,
‘New Sanjaya MIS’, has been created at the Corporate Office that provides MIS
information related to the following functional domains:
·
Plant Inventory
·
Human Resource Management System
·
Production/Technical Reporting
·
Sales and Stocks
·
Industry Performance
·
Financial Performance
·
Cost of Production, etc.
The data presented
in the modules can be viewed by way of monthly/yearly trends or graphical
representation (pie and bar charts) depending on the requirement.
New Materials
Management System
The Materials
Management System developed at Kalol has been implemented at the Kalol, Kandla
and Aonla Units. The system has also been implemented in ICPL and IKSEZ.
Biometrics
Attendance Recording System
The Systems have
been installed at Kalol, Paradeep and Aonla Units. It gives online display of
attendance and is fully integrated with HRMS. The technology has eliminated the
problem of proxy punching.
Product Dispatch System
New Product
Dispatch System has been developed to seamlessly integrate Plants Dispatch with
Marketing Sales, having its central data storage at the Corporate Office. It
has been implemented at all Units of IFFCO.
Oracle e-Business
Suite
The Financial
Accounting System (FAS) being used in IFFCO was developed about a decade ago.
In the meantime, many new systems such as HRMS, e-Vikas, Plant Maintenance
System, Materials Management System, e-Procurement, etc., were developed and
implemented. To have perfect integration with FAS, modifications were carried
out whenever any new system was implemented. It was decided either to redevelop
the system or opt for implementation of some ERP Suite. Moreover, IFFCO has to
adopt International Financial Reporting Standards (IFRS) from April 1, 2011. In
view of the above, the Oracle e-Business Suite was selected to be implemented
in IFFCO in all the areas of Finance, Procurement, Costing, Business
Intelligence, etc. Interface and development stage is in progress. The System
is likely to be rolled out in the entire IFFCO by December 2010.
Support to IFFCO’s
JVs
IT support has
also been provided to various Joint Venture Companies by developing for them
new Human Resource Management System (HRMS), an Investment System compliant
with IRDA regulations, Financial Accounting, Materials Management and E-mail
Systems.
ISO CERTIFICATION
IFFCO has been
giving continuous thrust to quality movement in all functional areas. The Kalol
Unit was the first in the fertiliser industry to receive the ISO-9002
International Certification for Quality Assurance in Production, Installation
and Services in August 1996, and this was re-certified from time to time. The
Phulpur Unit also acquired ISO-9002 International Certification in July 2000.
Both the Kalol and Phulpur Units were considered by M/s Bureau Veritas Quality
International (BVQI) for their Quality Systems, and awarded the certificate as
per New ISO Standard Version ISO 9001:2000. The Kalol Unit has now been
upgraded to ISO 9001-2008 and ISO 14001-2004 and OHSAS 18001-2007 has also been
included. The Aonla Unit had received international certifications ISO
9001-2000, ISO 14001: 2004 and OHSAS 18001: 2007. The adoption of an Integrated
Management System combining all the above systems is also in progress. The
Kandla Unit had received ISO 14001:2004 certification.
Work is in
progress for an Integrated Management System consisting of both ISO 14001: 2004
and OSHAS 18001:2007 certification process in respect of the Paradeep Unit.
FINANCIAL RATINGS
The Society’s
excellent credit ratings with bankers and rating agencies allows access to
short term funds including foreign currency borrowings at competitive rates.
Ratings assigned by different Rating Agencies to the Society were as under:
CRISIL Ratings
AA-(outlook
stable) rating on IFFCO’s Long Term Borrowing Programme. The rating indicates a
high degree of safety with regard to timely payment of interest and principal on
the instrument. ‘P1+’ (pronounced ‘P One Plus’) rating to IFFCO’s Rs.1000.000
millions Commercial Paper Programme. This rating indicates that the degree of
safety with regard to timely payment of interest and principal on the
instrument is Very Strong.
Governance and
Value Creation (GVC) rating at ‘GVC Level 2’. This rating indicates that the
capability of the Society with respect to wealth creation for all its
stakeholders, while adopting sound corporate governance practices, is high.
FITCH Ratings
Short Term Rating
of ‘F1+(
Long Term Rating
of ‘AA(
CARE Ratings
PR 1+ (P one Plus)
rating to IFFCO’s Working Capital facilities/Short Term Loans with a tenure up
to one year.
‘CARE AA’ (Double
A) rating to External Commercial Borrowings and other existing Long Term
Borrowings with a tenure of over one year.
IFFCO Glory 2009-10
·
IFFCO bagged the first-ever Dot Coop Global Award for
Cooperative Excellence, in a glittering opening ceremony of the General
Assembly of International Cooperative Alliance (ICA) at
KALOL UNIT
·
Kalol Unit has achieved ‘PRASHANSA PATRA’ from
National Safety Council of India Safety Award 2008 in the Manufacturing Sector
for ‘Developing and Implementing Occupational Safety and Health Management
Systems and Procedures’.
·
Two Kalol Unit employees have got Merit Award from
‘Indian National Suggestion Scheme Association’ (INSSAN).
·
Kalol Unit has been awarded by the Gujarat Safety
Council and Directorate of Safety and Health,
·
Kalol Unit also bagged five prizes from Gujarat
Horticulture Association for ‘Institutional Garden’, ‘Cut Flowers and
Vegetables’, ‘Society Garden’, ‘Traffic Island, GH-2’, and the overall first
prize ‘Governor’s Trophy’.
PHULPUR UNIT
·
Phulpur Unit has received the Golden Jubilee Award
in Recognition and Appreciation of Extraordinary Accomplishment and
Contribution to the Nation from Chamber of Commerce and Industry (Eastern
U.P.).
AONLA UNIT
·
Aonla Unit bagged ‘TERI Corporate Environment Award
2009’ for its effort towards environmental management and innovative
initiative.
·
Aonla Unit has won the ‘National Award for
Prevention of Pollution’ for the year 2007-08 under Fertiliser Category.
·
FAI Award for ‘Best Production Performance for
Nitrogenous Fertiliser 2009’ from Fertiliser Association of
·
‘Suraksha Puraskar’ under NSCI Safety Awards-2008
from National Safety Council of India for excellent performance in the field of
safety.
·
‘Greentech Environment Excellence Gold Award-2009’
in the fertiliser sector for outstanding achievement in environment management.
PARADEEP UNIT
·
Paradeep Unit has won the FAI Award for
‘Improvement in Overall Performance’ for the year 2008-09.
·
FAI Award for ‘Best Technical Innovation’ implemented
in the field of fertiliser technology for the year 2008-09.
·
Paradeep Unit also bagged the Certificate of Merit
in the field of Energy Conservation from the Bureau of Energy Efficiency,
Government of India.
·
Paradeep Unit has also been awarded the ‘Best
Importer’ for the year 2008-09 from the Paradeep Port Trust.
IT AWARDS
·
Top 10 Green I.T. Enterprise Award from CIO magazine and APC by Schnelder
Electric on the Green I.T. initiatives taken by IFFCO.
·
The CIO ‘Ingenious
100-2009’ award for overall technology implementation in IFFCO by International
Data Media Group,
·
Uptime Champion Award 2009 in Manufacturing and
General Industries Category was given by The Express
·
Group and Emerson Network Power for making IFFCO
infrastructure available almost round-the-clock.
·
CIOL Enterprise Connect Award 2009 by Cyber Media
in association with Dataquest magazine.
·
The Great Mind Challenge for Business Award 2009
was given by IBM for most innovative solution using Lotus Software.
·
Network Computing magazine and
United Business Media honoured IFFCO’s Plant Maintenance Software developed by
Aonla Unit with an EDGE Certificate for the use of IT for maximising business
impact.
Contingent Liabilities
a) Contingent
liabilities at the year end Rs.2336.300 millions as given below:
|
|
Amount (Rs. in
millions) |
|
i) Performance
Guarantees including Letters of Credit issued |
|
|
a) In respect of
Joint Ventures/Subsidiaries |
1425.200 |
|
b) Others |
130.000 |
|
ii) Claims against
Society/Disputed Liabilities not acknowledged as Debt |
188.400 |
|
iii)Claims
against Demand Notices issued by Income Tax, Customs, Excise and Sales Tax
Authorities |
501.300 |
|
iv) Others |
91.400 |
|
Total |
2336.300 |
b) Pursuant to
order pronounced by the Hon'ble High Court in the matter of entry tax and as
advised, the Society has not provided for entry tax amounting to Rs.245.300
millions upto 31.3.2010, in respect of Paradeep Unit. Pending disposal of
matter by the Hon'ble Supreme Court, entry tax paid / provided by the Unit for
earlier years has not been considered for write-back.
FIXED ASSETS
TANGIBLE ASSETS
·
Land Freehold
·
Land Leasehold
·
·
·
Factory
·
Township
·
Roads, Culverts and Other Facilities
·
Temporary Structures
·
Plant, Machinery and Other Equipments
·
Furniture, Fixture and Office Equipments
·
Vehicle and
·
Rolling Stock and Locomotive
·
Railway Sidings
·
Liquid Cargo Jetty
INTANGIBLE ASSETS
·
Licences
·
Technical Knowhow
WEBSITE
DETAILS:
PROFILE:
During
mid-sixties the Co-operative sector in
Subject
was registered on November 3, 1967 as a Multi-unit Co-operative Society. On the
enactment of the Multistate Cooperative Societies act 1984 and 2002, the
Society is deemed to be registered as a Multistate Cooperative Society. The
Society is primarily engaged in production and distribution of fertilisers. The
byelaws of the Society provide a broad frame work for the activities of IFFCO
as a Cooperative Society.
IFFCO commissioned an ammonia - urea complex at Kalol and the NPK/DAP plant at
Kandla both in the state of
In 1993, IFFCO had drawn up a major expansion programme of all the four plants
under overall aegis of IFFCO VISION 2000 . The expansion projects at Aonla, Kalol and
Phulpur have been completed on schedule. The latest feather in the cap of IFFCO
was completion of Kandla Phase-II on 5th August 1999 which has heralded
realisation of all the objectives set forth under VISION - 2000. As per the
tradition of IFFCO the project was completed more than two months ahead of
schedule. As a result of these expansion projects IFFCO's annual capacity has
been increased to 3.69 million tonne of Urea and NPK/DAP equivalent to 825
thousand tonne of phosphates. With the successful realisation of all the
objectives of Vision 2000, IFFCO has emerged as a pioneer in international
cooperative movement. A new path has been chalked out to realise newer dreams
and greater heights through Vision 2010
which is presently under implementation.
The distribution of IFFCO's fertiliser is undertaken through over 36,000
co-operative societies. The entire activities of Distribution, Sales and
Promotion are
co-ordinated by Marketing Central Office (MKCO) at New Delhi assisted by the Marketing offices in
the field. In addition, essential agro-inputs for crop production are made
available to the farmers through a chain of 167 Farmers Service Centre
(FSC). IFFCO obsessively nurtures its relations with farmers and undertakes a
large number of agricultural extension activities for their benefit every
year.
At IFFCO, the thirst for ever improving the services to farmers and member
co-operatives is insatiable, commitment to quality is insurmountable and
harnessing of mother earths' bounty to drive hunger away from
IFFCO, to day, is a player in India's fertiliser industry and is making substantial contribution to
the efforts of Indian Government to increase foodgrain production in the country.
ABOUT MANAGEMENT:
The Representative General Body (RGB) which is the General Body forms
the supreme body that guides the various activities of IFFCO. The RGB consists
of:
1. Members of the Board of Directors.
2. One delegate from each of the Member Societies holding shares of the value
of Rs.100 thousand and above; such delegate shall be as per the provisions of
the Multi-State Cooperative Societies Act/Rules as amended from time to time;
3. Delegates to be elected from amongst the representatives of Member-Societies
(other than Members holding shares of the value of Rs.100 thousand and above)
in each State/ Union Terriotory at the rate of one delegate for every 200
societies or part thereof. However, the maximum number of such delegates from
any State /
The Board of Directors of IFFCO carry
out all functions as specified under the Multi-state Cooperative Societies
Act/Rules. The Board of Directors frame policies, direct the various activities
of the Society, and under take any other activities conducive to overall growth
and development of Societies. The Board is headed by the Chairman.
The Managing Director is the Chief
Executive of the organisation with responsibilities for general conduct,
supervision and management of day to day business and affairs of IFFCO. These
directors are assisted by Functional Directors and Senior Executives
who are experts in various disciplines.
AWARDS:
·
Aonla wins CII Environmental Best Practices
Award-2011
·
Safety Innovation Award - 2010
·
Greentech Gold Award for Training Excellence
·
IFFCO Aonla Unit has been awarded the 'EDGE' winner
prize
·
ICWAI Award for Excellence in Cost Management -
2009 for IFFCO
·
IFFCO Shines at Public Relation Society of India,
Grabbed 2 prestigious awards
·
IFFCO Aonla and Paradeep Unit have won the
prestigious FAI awards presented on 3rd Dec.'2009
·
IFFCO Aonla Wins "Gold Award“ - 10th Annual
Greentech Environment Excellence Award 2009
·
IFFCO bagged First ever dotCoop Global Award for
Cooperative Excellence
·
IBM Awards First Prize to IFFCO for Innovation
·
IFFCO Phulpur Unit-I bagged "First Prize"
by FAI.
·
Microsoft Felicitates IFFCO
·
National Energy Conservation 2008 - 1st Award
Conferred on Phulpur Unit
·
·
IFFCO bags three FAI Awards
·
IFFCO bags Energy conservation award
·
IFFCO Wins PRSI Award
·
Phulpur Unit Wins National Energy Conservation
Award-2006
·
Aonla Unit wins National Energy Conservation
Award-2006
·
IFFCO's
Corporate Film Wins NCUI's Award.
·
IFFCO Kalol Wins "National Energy Conservation
Award: 2006"
·
Kandla Unit wins FAI Prize
·
IFFCO Aonla Wins National Safety Award
·
Kandla Unit Wins - Golden Peacock Environment
Management Award
·
Phulpur Unit bags National Energy Award from
Honourable President of India
·
Best Managed Work Force Award for IFFCO
·
IFFCO Aonla Unit Wins National Safety Council of
BOARD OF DIRECTORS:
Mr. N. P. Patel
I
FFCO's Chairman
Mr. Natwarlal Pitambardas Patel is the Chairman of IFFCO. Mr. Patel is a
distinguished cooperator from
Mr. Patel held several state and national positions in reputed cooperative
societies. The Societies that have benefited from his services on the Board of
Directors include Krishak Bharati Cooperative Limited, National Agricultural
Federation (NAFED), Indian Tourism Cooperative, National Cooperative Bank of
Mr. Patel was instrumental in promoting several primary cooperative societies
in the state of
Besides IFFCO, Mr. Patel is also on the Boards of the following:
· IFFCO Kisan Sewa Trust
· National Agricultural Coop Marketing Fed., Limited
·
· Gujarat State Cooperative Bank Limited
·
· Mehasana District Centre Bank Limited
· Agricultural Produce Market Committee
Mr. Balvinder Singh Nakai
IFFCO's Vice-Chairman
Mr. Balvinder Singh Nakai is an eminent farmer - cooperator who has been
deeply involved in providing strength to Indian Cooperative Movement for the
last three decades. He is currently the Chairman of Malwa Fruit and Vegetable
Cooperative Marketing-cum-Procurement Society Limited. He has earlier served as
Vice Chairman of IFFCO for two terms. Being a farmer himself, Mr. Nakai has
been instrumental in formulating Farmers oriented policies of IFFCO.
Dr. U. S. Awasthi
Chief Executive Officer
The Chief Executive Officer of IFFCO, designated as Managing Director,
is vested with the overall responsibility of the affairs of IFFCO's day to day activities.
Dr. Udai Shanker Awasthi is Managing Director of IFFCO since 1993.
Dr. Awasthi is an internationally renowned chemical engineer and has about four
decades of experience which is completely dedicated to the fertiliser industry.
Dr. Awasthi enjoys the unique distinction of serving private, public and
cooperative sectors of the industry in
Ever since taking over as the Managing Director of IFFCO in February 1993, Dr.
Awasthi has instilled new dynamism into IFFCO. He was the architect of
"VISION 2000", a strategic road map for IFFCO, to make it a global
leader in fertiliser production. The organisation has made rapid strides on all
fronts under the aegis of this plan. New records and milestones were created in
projects, production, energy conservation, environmental protection and sales.
Four major expansion projects were completed and new projects in
Dr. Awasthi's deep rooted concern for Indian agriculture is evident from some
of the special agriculture projects he has visualised in the areas of drip
irrigation, bio-pesticides, bio-fertilisers, use of plastic in agriculture,
agricultural mechanisation, farm forestry etc. He has also galvanised the
farmers’ education programmes to make them more effective. Every year, a large
number of farmers from all over
He is on the Boards of several Indian as well as international
companies:Chairman, Industries Chimiques du Senegal (ICS), Senegal Deputy
Chairman, Jordan India Fertiliser Company,
Director on the Boards of:
- IFFCO-Tokio General Insurance Company Limited (ITGI)
- IFFCO Chattisgarh Power Limited (ICPL)
- IFFCO Kisan Sanchar Limited, (IKSL)
- IFFCO Kisan SEZ Limited
- Fertiliser
Association of
- Indian Potash Limited (IPL)
- Oman
India Fertiliser Company (OMIFCO),
- Kisan
International trading (KIT),
- Agricultural
Cooperative Development International (ACDI),
- Legend
International Holdings Inc,
Dr Awasthi had the honour of having represented the Industry Point of
View at High Level Segment in the 6th Session of United Nations Commission on
Sustainable Development and delivered a speech at ECOSOC Chamber, United
Nations Headquarters,
Prior to joining IFFCO, Dr. Awasthi was the Chairman and Managing
Director of Pyrites, Phosphates and Chemicals Limited (PPCL). During this
tenure, he had managed to bring stability and viability to PPCL. He also headed
Rashtriya Chemicals and Fertilisers Limited (RCF) for one year. Prior to this,
he held important positions in several prominent fertiliser companies and was a
key person in execution of Aonla and Hazira Projects. Dr Awasthi had been dedicated
to Indian fertiliser industry since 1967 after completing his graduation in
Chemical Engineering from
Dr Awasthi is a recipient of several honours and awards for his
outstanding contributions and achievements in the fertiliser industry and
Indian agriculture. Dr Awasthi was conferred Honorary Doctorate during the 20th
Convocation of University of Agricultural Sciences, Dharwad held on Apr 25,
2006. He was also conferred the Doctor of Science (D.Sc.) by Vikram University,
Ujjain, Madhya Pradesh, on March 2, 2008 at Ujjain. Other eminent awards
include, Uttar Pradesh Gaurav Award by the Society of Environment and
Agricultural Advancement, Distinguished Alumnus Award by
Widely travelled, Dr. Awasthi has more than 25 papers to his credit and
has co-authored a book 'Fertiliser Industry in
Mr. Rakesh Kapur
Joint Managing Director and Chief Financial
Officer
Mr. Rakesh Kapur holds the position of Joint Managing Director and Chief
Financial Officer in IFFCO. Mr Kapur is also responsible for the Finance
Division of IFFCO. He is a Director on the Board of IFFCO's subsidiaries. He is
also vested with the responsibility of Managing Director of IFFCO's
subsidiaries like IFFCO Kisan Special Economic Zone (IKSEZ),
Director on the Boards of:
· IFFCO-Tokio General Insurance Company Limited (ITGI)
· IFFCO-Tokio Insurance Services Limited
· IFFCO Chattisgarh Power Limited (ICPL)
·
Kisan International trading (KIT),
· IFFCO Kisan Bazar Limited
· Cooperative Rural Development Trust.(CORDET)
Mr. Kapur joined IFFCO on 5th October 2000 as Executive Director
(Finance) and took over the charge of Finance Director with effect from
November 7, 2001. He has been responsible for planning, managing and monitoring
all finance and accounts related functions of IFFCO. He has also been
extensively involved with all the new Projects, Acquisitions, Joint Ventures
and Diversification initiatives of IFFCO from their stage of inception.
Mr. Rakesh Kapur is an ex-IRS Officer of 1978 Batch, who was holding the
rank of Commissioner of Income Tax in his parent cadre before he was absorbed
in IFFCO in October 2005. He was awarded the “Best Probationer’s Silver Medal”
in the IRS Batch by the National Academy of Direct Taxes,
Mr. Kapur was born on September 26, 1954. He holds B.Tech. Degree in
Mechanical Engineering (in First Class with Distinction) from Indian Institute
of Technology (IIT), New Delhi and a Post Graduation in Management. He has travelled
widely and participated in various national and international Seminars and
Conferences, and presented papers on different subjects.
Mr. K. L. Singh
Director (Technical)
Mr.K.L.Singh, hold the position of Director (Technical), in IFFCO. Mr.
K.L.Singh graduated in Mechanical Engineering from Bihar College of
Engineering,
During his association with IFFCO he has widely travelled abroad for presenting
papers at various National and International Symposiums. He had been to ICS,
Dr. G. N. Saxena
Director (Coop. Development)
Dr. G N Saxena is presently the Head of Board, Shares, Agro Mktg. and
Cooperative Services Departments at Head Office,
He is vested with the responsibility to keep the activities of IFFCO within the
frame of Cooperative Act and Cooperative Principles including interpretation
and implementation of Bye-laws and Cooperative Acts. He has to maintain a
networking and channel building with about 40,000 member cooperative societies
of IFFCO. As sensitive and important part of his assignment, he has to ensure
timely Elections and Reconstitution of Board of Directors and Elections of
Representative General Body. His active involvement is also sought for other various
management activities of IFFCO. He is a widely travelled person and attended
several Conferences/Meetings on Cooperation in various parts of the world. Dr.
Saxena represented “Employee Group” of
Dr. Saxena is widely known among cooperators within and outside
Director on the Boards of:
·
Chairman, Cooperative Research Committee of
International Cooperative
·
Alternate Chairman, Regional Network for the
Development of Agriculture Cooperative in Asia and Pacific (NEDAC),
·
Executive Member, International Cooperative
Agricultural Organization (ICAO),
·
Agriculture Cooperative Development
International/ Volunteers in Overseas Cooperative Assistance, ACDI/VOCA ,
·
Kisan International Trading FZE (KIT),
·
National Collateral Management Services Limited
(NCMSL),
·
IFFCO Kisan Bazar Limited,
·
IFFCO Kisan Sanchar Limited,
·
Managing Trustee, IFFCO Kisan Sewa Trust,
Dr. G. N. Saxena
Director (Coop. Development)
Dr. G N Saxena is presently the Head of Board, Shares, Agro Mktg. and
Cooperative Services Departments at Head Office,
He is vested with the responsibility to keep the activities of IFFCO within the
frame of Cooperative Act and Cooperative Principles including interpretation
and implementation of Bye-laws and Cooperative Acts. He has to maintain a
networking and channel building with about 40,000 member cooperative societies
of IFFCO. As sensitive and important part of his assignment, he has to ensure
timely Elections and Reconstitution of Board of Directors and Elections of Representative
General Body. His active involvement is also sought for other various
management activities of IFFCO. He is a widely travelled person and attended
several Conferences/Meetings on Cooperation in various parts of the world. Dr.
Saxena represented “Employee Group” of
Dr. Saxena is widely known among cooperators within and outside
Director on the Boards of:
·
Chairman, Cooperative Research Committee of
International Cooperative
·
Alternate Chairman, Regional Network for the
Development of Agriculture Cooperative in Asia and Pacific (NEDAC),
·
Executive Member, International Cooperative
Agricultural Organization (ICAO),
·
Agriculture Cooperative Development International/
Volunteers in Overseas Cooperative Assistance, ACDI/VOCA ,
·
Kisan International Trading FZE (KIT),
·
National Collateral Management Services Limited
(NCMSL),
·
IFFCO Kisan Bazar Limited,
·
IFFCO Kisan Sanchar Limited,
·
Managing Trustee, IFFCO Kisan Sewa Trust,
Mr. R. P. Singh
Director (HRD)
Mr. R.P. Singh is presently the Director (HRD) at Head Office,
He is responsible for the Personnel, Administration and Legal functions of the
Society and also looking after the Corporate Affairs.
Prior to joining IFFCO, he worked in Pyrites Phosphates and Chemicals Limited
(PPCL) in various capacities in P and A/HR Department from July 1978 to May
1996. He started his career as a Trainee in HR Department at Telco,
Mr. A. Roy
Marketing Director
Mr.Arabinda Roy holds the position of Marketing Director of IFFCO. He is
responsible for planning and distribution of indigenous/imported fertilizer and
sale through a vast network of Cooperative Societies spanning almost entire
country. Marketing Director also responsible for the logistics of large
quantity of imported fertilizer that is received in almost 10 different Indian
Ports. He is also responsible for extending the support to farmers to adopt latest
methods/technology by suitable extension mechanism in the field of agriculture,
horticulture and allied areas through IFFCO’s marketing team comprising of
large number of technically qualified field force who are relentlessly striving
to improve the lot of farmers by offering appropriate site specific
intervention.
Mr. Roy has also served IFFCO since 1986 in various capacities in Technical
Services Division on various assignments in different retrofit projects and
expansion projects as well as Management Services Division. Prior to joining
IFFCO in 1986, Mr. Roy had worked at Nangal and Sindri Units of FCI Limited in
Production and Technical Services Department for about 11 years.
Mr. Roy holds B.Tech Degree in Chemical Engineering (In First Class Hons)
from IIT, Kharagpur and M.Tech in Petrochemicals from the same institute.
Director on the Boards of:
· IFFCO Kisan Sanchar Limited
· Indian Farm Forestry Development Cooperative
· Cooperative Rural Development Trust
· IFFCO Kisan Bazar Limited
· Freeplay Energy India Limited.
Mr. Manish Gupta
Director (Strategy and Joint Venture)
Shri Manish Gupta holds the position of Director (Strategy and Joint
Venture).
Shri Gupta joined IFFCO as Director (Strategy and Joint Ventures) on 2nd
December, 2010. Prior to joining IFFCO as Functional Director, Shri Gupta has
worked in IFFCO from March, 2004 to April, 2009. During this period he was
General Manager, Sr. General Manager and Executive Director and headed the
Strategic Management Group. He was associated with setting up of Kisan
International Trading FZE,
Shri Gupta is an Ex-IRS Officer of 1990 Batch. He has held various positions in
the I.R.S. Besides he has held the positions of Officer on Special Duty to the
Revenue Secretary, Govt. of
He was Government of
· Fertilisers and Chemicals Travencore
· Paradeep Phosphate Limited
· Hindustan Fertiliser Corporation
· Gramin Vikas Trust
· Indian Farm Forestry Development Cooperative
Shri Gupta was born on April 20, 1967. He holds B. Tech. Degree in Civil
Engineering from Indian Institute of Technology,
· Director on the Board of:
· Industries Chimiques du Senegal (ICS)
· Jordan India Fertiliser Company (JIFCO)
· Legend International Holdings, Inc.
· IFFCO Kisan Sanchar Limited (IKSL)
· Projects Sub Committee
· IFFCO Kisan Bazar Limited (IKBL) as Managing Director
· Universal Commodity Exchange (UCX)
· IFFCO Kisan SEZ Limited
· Aria Chemicals (Orissa) Limited
·
Baylis Generators Limited (Baylis) –
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.44.59 |
|
|
1 |
Rs.73.44 |
|
Euro |
1 |
Rs.64.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.