MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARADEEP PHOSPHATES LIMITED |
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Registered Office
: |
5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.12.1981 |
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Com. Reg. No.: |
15-001020 |
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Paid-Up Capital
: |
Rs. 5754.500 Millions |
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CIN No.: [Company Identification
No.] |
U24129OR1981PLC001020 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Di-ammonium Phosphate and Complex
fertilizers of NPK grades |
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|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 34000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Financial
position of the company is improving. The company has successful in wiping
off the accumulated losses of previous year. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, the company 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Corporate Office : |
5th Floor, |
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Tel. No.: |
91-674-2393931 |
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Fax No.: |
91-674-2392631/2391669/2394987/2398392 |
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E-Mail : |
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Website : |
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Factory : |
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Tel. No.: |
91-6722-229600 |
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Fax No.: |
91-6722-229625/229605 |
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E-Mail : |
DIRECTORS
As On 17.09.2010
|
Name : |
Mr. Harbachan Singh Bawa |
|
Designation : |
Chairman |
|
Address : |
B – 3, Maharani Bagh, |
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Date of Birth/Age : |
20.03.1931 |
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Date of Appointment : |
28.02.2002 |
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DIN No. : |
00244222 |
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Name : |
Mr. Sharachchandra Shrikirshna Nandurdikar |
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Designation : |
Managing Director |
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Address : |
66, |
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Date of Birth/Age : |
08.09.1945 |
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Date of Appointment : |
01.09.2004 |
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DIN No. : |
00148427 |
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Name : |
Mr. Akshay Poddar |
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Designation : |
Nominee Director |
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Address : |
Poddar Niket 2, |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
28.02.2002 |
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DIN No. : |
00008686 |
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Name : |
Mr. Marco Philippus Ardeshir Wadia |
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Designation : |
Nominee Director |
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Address : |
Thakur Nivas 1763, |
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Date of Birth/Age : |
30.01.1956 |
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Date of Appointment : |
21.03.2006 |
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DIN No. : |
00244357 |
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Name : |
Mr. Mohamed Ibnabdeljalil |
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Designation : |
Nominee Director |
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Address : |
Romandie 2 Tour Koweit No. 82, BD |
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Date of Birth/Age : |
12.09.1964 |
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Date of Appointment : |
20.12.2006 |
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DIN No. : |
00965743 |
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Name : |
Mr. Hoveyda Abbas |
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Designation : |
Nominee Director |
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Address : |
12.11.1972 |
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Date of Birth/Age : |
B-521, Pragati Vihar Hostel, |
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Date of Appointment : |
04.02.2009 |
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DIN No. : |
02167766 |
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Name : |
Mr. Anas Adbdelhafidh Lahlou |
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Designation : |
Nominee Director |
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Address : |
Loy Jardin, Californie ETG1, Lme1 Apartmnet 6, Californie, |
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Date of Birth/Age : |
23.11.1966 |
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Date of Appointment : |
19.02.2010 |
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DIN No. : |
02968092 |
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Name : |
Mr. Youssef Lahoucine Son of Brahim El Bari |
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Designation : |
Nominee Director |
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Address : |
No. 170, Rue Kourtobahay, Andalouss, |
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Date of Birth/Age : |
10.07.1977 |
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Date of Appointment : |
19.02.2010 |
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DIN No. : |
03012930 |
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Name : |
Mr. Sanjay Kumar Gauri Shankar Prasad Sinha |
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Designation : |
Nominee Director |
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Address : |
D-1/122 West Kidwai Nagar, |
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Date of Birth/Age : |
01.07.1967 |
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Date of Appointment : |
06.05.2010 |
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DIN No. : |
02043644 |
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Name : |
Mr. Abdeljebbar Bennis |
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Designation : |
Nominee Director |
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Address : |
16 Rue Lagramta Villa No. 6 Oasis, |
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Date of Birth/Age : |
02.03.1958 |
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Date of Appointment : |
03.09.2007 |
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Date of Cessation : |
17.02.2010 |
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DIN No. : |
01639650 |
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Name : |
Mr. Abdelilah Bennani |
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Designation : |
Nominee Director |
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Address : |
102, Rue Youssef 1BN, Tachfine, |
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Date of Birth/Age : |
13.01.1950 |
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Date of Appointment : |
03.09.2007 |
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Date of Cessation : |
17.02.2010 |
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DIN No. : |
00973967 |
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Name : |
Mr. Rajesh Radeshyam Agrawal |
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Designation : |
Nominee Director |
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Address : |
M-2763 Netaji Nagar, |
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Date of Birth/Age : |
05.01.1970 |
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Date of Appointment : |
30.03.2009 |
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Date of Cessation : |
06.05.2010 |
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DIN No. : |
00242334 |
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Name : |
Mr. Prabhu Narayan Mishra |
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Designation : |
Director |
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Address : |
P-2, University Bungalow, |
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Date of Birth/Age : |
10.10.1966 |
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Date of Appointment : |
21.07.2008 |
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Name : |
Mr. Ishwar Chandra Srivastava |
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Designation : |
Director |
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Address : |
4-Ka-26, Jawahar Nagar, Jaipur – 302004, |
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Date of Appointment : |
06.12.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Damodar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
VI-M-839, H. B. Colony Sailashree Vihar Chandrasekharpur, |
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Date of Birth/Age : |
06.07.1968 |
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Date of Appointment : |
22.04.1997 |
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Pan No. : |
ABKPM7438B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
1124879 |
|
Zuari Maroc Phosphates Limited – |
|
4629600 |
|
Singhal Deepak |
|
1 |
|
Zuari Maroc Phosphates Limited – |
|
1 |
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Zurari Maroc Phosphates Limited – |
|
1 |
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Zurari Maroc Phosphates Limited – |
|
1 |
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Zurari Maroc Phosphates Limited – |
|
1 |
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Zurari Maroc Phosphates Limited – |
|
1 |
|
Zurari Maroc Phosphates Limited – |
|
1 |
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Zurari Maroc Phosphates Limited – |
|
1 |
|
Zurari Maroc Phosphates Limited – |
|
1 |
|
Zurari Maroc Phosphates Limited – |
|
1 |
|
Abbas Hoveyda |
|
2 |
|
Bhardwaj Mukesh |
|
2 |
|
Verma Sunder Shyam |
|
2 |
|
Ghosh Ranjan Subhendu |
|
2 |
|
S.T. Venkatachalapathy |
|
1 |
|
Peter M Johnson |
|
1 |
|
Zurari Maroc Phosphates Limited – |
|
1 |
|
Total |
|
5754500 |
As On 17.09.2010
|
Category |
Percentage |
|
Government
[Central and State] |
19.55 |
|
Bodies corporate |
80.45 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in manufacturing and marketing of complex
phosphatic fertilizers. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Di-Ammonium Phosphate |
MT |
720000 |
720000 |
764486 |
|
NPK Complex |
MT |
720000 |
720000 |
4479995 |
|
Phosphoric Acid |
MT |
225000 |
225000 |
224500 |
|
Sulphuric Acid |
MT |
660000 |
660000 |
635620 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
|
Address : |
Ernst and Young, Tower – B, Near DLF Golf Course, Sector – 42, Sector Road,
Gurgaon – 122002, Haryana, India |
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Pan No.: |
AABFS3421N |
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Holding Company : |
CIN: U24124GA2002PLC003064 |
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Joint Venture of the Holding Company : |
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Subsidiary of Joint Venture of the Holding Company : |
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Joint Venture of Joint Venture of the Holding Company : |
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Party having significant influence : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs. 1000/- each |
Rs. 8000.000 Millions |
|
2000000 |
7% Non Cumulative Redeemable Preference Shares |
Rs. 1000/- each |
Rs. 2000.000 Millions |
|
|
Total |
|
Rs. 10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5754500 |
Equity Shares |
Rs. 1000/- each |
Rs. 5754.500
Millions |
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|
|
|
|
Note:
4629610 (4629610) equity shares are held by
Zuari Maroc Phosphates Limited, the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5754.500 |
5754.500 |
5754.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2849.958 |
1079.128 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(436.365) |
|
|
NETWORTH |
8604.458 |
6833.628 |
5318.135 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11398.731 |
10430.690 |
8507.223 |
|
|
2] Unsecured Loans |
0.000 |
832.841 |
4272.450 |
|
|
TOTAL BORROWING |
11398.731 |
11263.531 |
12779.673 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20003.189 |
18097.159 |
18097.808 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2287.035 |
2220.460 |
2368.059 |
|
|
Capital work-in-progress |
254.847 |
144.686 |
46.810 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.530 |
60.530 |
8213.033 |
|
|
DEFERREX TAX ASSETS |
203.689 |
336.930 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5002.274
|
3736.267
|
5515.907 |
|
|
Sundry Debtors |
5176.390
|
6005.151
|
8663.200 |
|
|
Cash & Bank Balances |
6279.112
|
2605.784
|
414.224 |
|
|
Other Current Assets |
4218.541
|
8454.800
|
9073.551 |
|
|
Loans & Advances |
259.110
|
678.574
|
860.530 |
|
Total
Current Assets |
20935.427
|
21480.576
|
24527.412 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
2717.219
|
5549.486
|
16462.095 |
|
|
Provisions |
961.120
|
596.539
|
595.411 |
|
Total
Current Liabilities |
3678.339
|
6146.025
|
17057.506 |
|
|
Net Current Assets |
17257.088
|
15334.551
|
7469.906 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20003.189 |
18097.159 |
18097.808 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12829.724 |
11983.118 |
51144.436 |
|
|
|
Other Income |
23476.669 |
19709.555 |
4953.005 |
|
|
|
TOTAL (A) |
36306.393 |
31692.673 |
56097.441 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
0.000 |
0.000 |
37233.743 |
|
|
|
Purchases of Traded Goods |
6446.406 |
4923.711 |
5535.582 |
|
|
|
Consumption of stores and spare parts |
0.000 |
0.000 |
248.906 |
|
|
|
Increase/Decrease in Stocks |
(1072.566) |
906.537 |
(918.424) |
|
|
|
Manufacturing and Other Expenses |
27330.138 |
22992.697 |
6348.756 |
|
|
|
Prior Period Adjustments |
(0.768) |
38.291 |
0.000 |
|
|
|
TOTAL (B) |
32903.210 |
28861.236 |
48448.563 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3403.183 |
2831.437 |
7648.878 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
964.368 |
729.368 |
526.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2438.815 |
2102.069 |
7122.691 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
247.001 |
304.831 |
334.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2391.814 |
1797.238 |
6788.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
620.984 |
281.745 |
1416.953 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1770.830 |
1515.493 |
5371.083 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1079.128 |
(436.365) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2849.958 |
1079.128 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
307.73 |
263.36 |
933.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.88
|
4.78
|
9.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.64
|
14.99
|
13.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.30
|
7.58
|
25.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.26
|
1.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
2.55
|
5.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.69
|
3.49
|
1.44 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject is engaged in the Manufacturer of Di-ammonium Phosphate
and Complex fertilizers of NPK grades, having its manufacturing facility at the
port town of paradeep. With its held office at
FINANCIAL RESULTS:
The company during the year under report earned a total income of Rs.
31511.300 millions with a profit after tax (PAT) of Rs. 1515.500 millions. The
turnover and profits are lower, compared to the previous year, because of the
overall sleep decrease in the commodity prices including that of DAP and other
fertilizers during the year.
Form 8:
|
Corporate
identity number of the company |
U24129OR1981PLC001020 |
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|
Name of the
company |
PARADEEP
PHOSPHATES LIMITED |
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|
Address of the
registered office or of the principal place of business in |
5th |
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|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge Stock |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1. Letter of Hypothecation
of Stocks, Book Debts and Machinery dated 20.09.2010 |
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|
Date of
instrument Creating the charge |
20.09.2010 |
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|
Amount secured by
the charge |
Rs. 2000.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Cash Credit (CC) - Per prevailing rates. Working Capital
Demand Loan (WCDL) / FCNR (B) - Per
prevailing rates. Terms of
Repayment - Cash Credit (CC) - on demand, Working Capital
Demand Loan - Maximum 180 days - Principal amount to be repaid as bullet
payment on the maturity date. FCNR (B) Loan -
Maximum 180 days (subject to availability of funds). Principal amount to be
repaid as bullet payment on the maturity date. Letter of Credit
- Up to 180 days. Bank Guarantee
(BG) - Maximum 24 months (including claim period) Buyers; Credit
(BC) - Maximum 360 days for raw materials from BL date. Margin - On cash
credit (CC) and WCDL / FCNR (B) Loan - 25% on stock / Inventory and book
debts. Extent and
Operation of the charge - First pari-passu charge by way of hypothecation of
Company' Stock, book debts and Movable Fixed assets Others - Other
terms and conditions are as stipulated in
the Sanctioned Letter and Deed of Hypothecation. |
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|
Particulars of
the property charged |
First pari-passu
charge by way of hypothecation of Company' Stock, bookdebts and Movable Fixed
assets |
FIXED ASSETS:
- Land - Lease
Hold, Free Hold
- Buildings
- Railway
siding
- Plant and
machinery
- Furniture and
fixtures
- Fittings and
office equipment
- Vehicles
- Software
AS PER WEBSITE
DETAILS
PROFILE:
Subject (incorporated in 1981) is a premier fertilizer
company engaged in manufacturing and marketing of complex phosphatic
fertilizers. The company was initially commissioned as a joint venture between
Government of India and
PPL produces about 1.2 million metric tonnes of DAP and
other complex fertilizers annually. The plant also produces intermediary
products like Phosphoric Acid and Sulphuric Acid, which are critical raw
materials in the manufacture of phosphatic fertilizers. The plant, located in
the port town of
With a stellar turnaround, PPL is a case study in favour of privatization. The company’s focus on performance and continuous efforts towards development are reflected in the FAI Awards for Improvement in Overall Performance of the company in 2002-03, 2005-06, 2008-09 and the Best Technical Innovation in the year 2005 - 06. PPL received the ISO 14001: 2004 certification in May 2006 for good environment management systems, reflecting the fact that along with technical advancement, the company also values maintaining and working towards a clean and safe environment.
|
Milestone |
Details |
|
Date of
incorporation |
24.12.1981 |
|
Commissioning of
Phase-I (DAP Plant) |
February 1986 |
|
Commissioning of
Phase-II (SAP, PAP & CPP) |
1992 |
|
Date of
Disinvestment from GOI |
28.02.2002 |
|
Turnover (2008-09) |
Rs.36310.000
millions |
|
Designed Annual
Capacity of DAP |
1200000 MT |
|
Designed Annual
Capacity of PAP |
300000 MT |
|
Designed Annual
Capacity of SAP |
726000 MT |
|
Captive Power
Plant |
Two Units of 16 MW
each |
|
Conveyor Belt |
3.4 km ( from Port
to Plant Site) |
|
Products Manufactured |
DAP, NPK grade
fertilizers |
|
|
Products are
distributed in a pan-India market covering 16 states |
|
Systems |
ISO 14001: 2004 in
May 2009 ISO 9001: 2008 in
September 2009 BS OHSAS
18001:2007 in December 2010 |
BOARD OF DIRECTORS
Chairman, Paradeep Phosphates
Limited
Chambal Fertilizers and Chemicals Limited,
14th Floor,
Mr. H. S. Bawa is the Chairman of the Board of Directors of the Company since
the date of its disinvestment i.e. 28.02.2002. He is the Managing Director of
Zuari Industries Limited, and Vice Chairman of Chambal Fertilizers and
Chemicals Limited in addition to holding the position of Director and Chairman
in many other companies. After his Masters Degree in Petroleum Engineering from
the University of Tulsa, USA, Mr. Bawa had a long tenure of 23 years with ESSO
India where he held key positions, both in
Mr. S. S. Nandurdikar
Managing Director, PPL
Paradeep Phosphates Limited
Pandit Jawaharlal Nehru Marg,
Bhubaneshwar - 751 001
Mr. S. S. Nandurdikar joined PPL on 01.09.2004 as Managing Director, in
addition to holding the position of Managing Director of Simon India Limited He
is a B. Tech. (1967–Honours) in Mechanical Engineering from Indian Institute of
Technology, Mumbai. He has also completed his Post Graduate Diploma in
Industrial Management from Bajaj Institute of Management,
Director, PPL
31, BBD Bagh (South),
Hongkong House,
Kolkata - 700 001
Mr. Akshay Poddar is a part-time Director in the Board of the Company since the
date of its disinvestment i.e, 28th Feb. 2002, being nominated by Zuari Maroc
Phosphates Limited He is a B.Sc. Graduate from the London School of Economics,
Independent Director, PPL
C/o Crawford Bayley and Co.,
State Bank Annex Buildings,
N.G.N. Vaidya Marg,
Mumbai - 400 023
Mr. Marco Wadia is a part-time Independent Director in the Board of the Company
with effect from 21.03.2006. He is a B.A (Hons.), LL.B and is a practicing
advocate since 1986. His specializes in corporate matters and is currently a
partner in the firm of Crawford Bayley and Co., Solicitors and Advocates. He
also holds directorship in many other companies.
Director, PPL
Office Cherifien des Phosphates,
Boulevard, De La Grande,
Ceinture,
Mr. Mohamed Ibnabdeljalil is a part-time Director in the Board of PPL with
effect from 20.12.2006, being nominated by Zuari Maroc Phoshates Limited. He
also holds directorship in Zuari Maroc Phosphates Limited. He has a full time
responsible position in Office Cherifien Des Phosphates, Marocco.
Director, PPL
Office Cherifien des Phosphates,
2, Rue Al Abtal, Hay Erraha –
20200,
Mr. Anas Lahlou is a part-time Director on the Board of PPL with effect from
19.02.2010 being nominated by Zuari Maroc Phosphates Limited. He is also a part
time director in Zuari Maroc Phosphates Limited. He holds a full time position
as an Executive, Finance, in Office Cherifien Des Phosphates,
Director, PPL
Office Cherifien des Phosphates,
2, Rue Al Abtal, Hay Erraha –
20200,
Mr. Youssef el Bari is a part-time Director on the Board of PPL with effect
from 19th February, 2010 being nominated by Zuari Maroc Phosphates Limited. He
is also a part time director in Zuari Maroc Phosphates Limited. He holds an
important full time position as an Executive, Strategy and Partnerships, in
Office Cherifien Des Phosphates.
Special Director, PPL
P-2, University Bungalow,
Dr. P. N. Mishra is the Special Director on the Board of the Company nominated
by the Board for Industrial and Financial Reconstruction (BIFR) with effect
from 21.07.2008. Dr. Mishra is qualified as an M.B.A, M. Sc., LL.B and D.Phil.
He is a UN Fellow, Commonwealth Academic Staff Fellow and also Professor of
Management and Director,
Director, PPL.
Deputy Secretary (A and V) ,
Department of Fertilizers,
Ministry of Chemicals and
Fertilizers,
Government of
Shastri Bhavan,
Mr. S. K. Sinha (43 years) is a part-time Director on the Board of the Company
with effect from 06.05.2010 being nominated by the Government of India. Mr.
Sinha is an IFS Officer of the Government of India and presently posted as
Deputy Secretary (AandV) in the Department of Fertilizers. He is also a part
time director in Project and Development India Limited.
Director, PPL
Deputy Secretary,
Department of Fertilizers,
Ministry of Chemicals and
Fertilisers,
Government of
Shastri Bhavan,
Mr. H. Abbas is a part-time Director on the Board of the Company with effect
from 04.02.2009, being nominated by the Government of India. Mr Abbas is from
Indian Audit and Accounts Service (IA and AS). He is presently posted as Deputy
Secretary in the Department of Fertilizers looking after Phosphatic and
Pottassic Concession Policy and Progress of the Government of India. He also
holds directorship in the Fertilizer Corporation of
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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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.