MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CROP CARE LIMITED (w.e.f 30th January, 2003) |
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Formerly Known
As : |
WEST COAST OXYGEN LIMITED |
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Registered
Office : |
184-87, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.03.1964 |
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Com. Reg. No.: |
11-012878 |
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Capital
Investment / Paid-up Capital : |
Rs.55.028
millions |
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CIN No.: [Company Identification
No.] |
L74999MH1964PLC012878 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04609D |
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PAN No.: [Permanent Account No.] |
AAACW3810D |
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Legal Form : |
A Public Limited
Liability Company. Company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Trader of Pesticides. |
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No. of Employees
: |
1218 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6752000 |
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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 established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per commitments.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Murthi |
|
Designation : |
Accountant |
|
Date : |
02.06.2011 |
LOCATIONS
|
Registered/ Head Office : |
184-87, |
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Tel. No.: |
91-22-42522200 |
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Fax No.: |
91-22-28713037 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
13 and 14, Aradhana
Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon
(East), Mumbai – 400 063, |
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Tel. No.: |
91-22-42522200 |
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Fax No.: |
91-22-28713037/
28712523 |
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E-Mail : |
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Manufacturing Units / Factory 1: |
Plot No. 60, B,
Nanji Industrial Estate, Kharadpada, Silvassa – 396 230, |
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Manufacturing Units / Factory 2: |
6/2, |
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Tel. No.: |
91-278-2212401-2 |
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Fax No.: |
91-278-2212410 |
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E-Mail : |
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Manufacturing Units / Factory 3: |
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Windmills : |
Located at: §
Plot
No. A/2, Village Dhank, Taluka Upleta, District §
Survey
No. 160, Village Navadra, Taluka Kalyanpur, District §
Survey
No. 16/1, |
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Zonal Offices:
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Located at: §
§
Ahmedabad
§
§
Kolkata
§
Secunderabad
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Branch Office
: |
Located at: v
v
v
v
Guwahati v
Hissar v
Hubli v
v
v
Jaipur v
Kottayam v
v
v
v
Parwanoo v
v
Pune v
v
v
Siliguri v
Srigangangar v
Uttar
Pradesh |
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International
Office: |
Excel Industries ( Uitbriedingstraat 84/3, 2600 Antwerpen – |
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Tel. No.: |
+32-3-5425722 |
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Fax No.: |
+32-3-2323735 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. A. C. Shroff |
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Designation : |
Chairman |
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Date of Birth/ Age : |
22.01.1945 |
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Qualification : |
B. Sc. |
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Experience : |
Chemicals and Agro Chemicals Industry |
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Other Directorship : |
v
Excel Industries Limited v
Transpek Industry Limited v
Transpek Silox Industry Limited v
Kamaliyot Investments Limited v
Phthalo Colours and Chemicals ( v
ECCL Investments and Finance Limited v
Waxsam Limited, v
Centre for Bharatiya Management Development v
Indian Centre for Climate and Societal Impacts
Research |
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Name : |
Mr. Dipesh K. Shroff |
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Designation : |
Managing Director |
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Date of Birth/ Age : |
50 Years |
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Qualification : |
Diploma in Civil Engineering |
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Experience : |
29 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. Prakash K. Shroff |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
64 Years |
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Qualification : |
Diploma in Electrical Engineering |
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Experience : |
41 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. J. R. Naik |
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Designation : |
Director |
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Date of Birth/ Age : |
23.09.1958 |
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Qualification : |
F.C.A. |
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Experience : |
Accounting, Audit, Finance, Taxation, Corporate Law |
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Other Directorship : |
v
v
Agrocel Industries Limited v
Divakar Chemicals Limited v
Acrysil Limited v
Good Rasayan Limited v
Excel Industries ( v
Anshul Speciality Molecules Limited v
Kutch Crop Services Limited v
ECCL Investments and Finance Limited |
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Name : |
Dr. Mukul G. Asher |
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Designation : |
Director |
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Date of Birth/ Age : |
17.12.1943 |
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Qualification : |
Economics, Public Finance and Social Security |
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Experience : |
B.A. (Hons.), M.A., Ph.D. |
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Date of Appointment : |
03.09.2003 |
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Other Directorship : |
UTI International ( Aditya Birla Sun Life Asset Management Company Pte. Limited, Candor RE Management Company, |
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Name : |
Mr. Sandeep Junnarkar |
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Designation : |
Director |
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Date of Birth/Age : |
02.07.1951 |
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Qualification : |
B. Sc. (Hons), LL. B. |
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Date of Appointment : |
03.09.2003 |
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Other Directorships : |
v
Everest Industries Limited v
IL and FS Infrastructure Development Corporation
Limited v
Jai Corporation Limited v
Jai Realty Ventures Limited v
Reliance Industrial Infrastructure Limited v
Reliance Industrial Investments and Holdings
Limited v
v
Sterlite Energy Limited v
Sterlite Industries ( v
Sunshield Chemicals Limited v
The |
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Name : |
Mr. B. V. Bhargava |
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Designation : |
Director |
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Date of Birth/Age : |
16.04.1936 |
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Qualification : |
M. Com., LL. B. |
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Experience : |
Development Banking, Project Finance and Credit Rating |
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Date of Appointment : |
29.10.2003 |
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Other Directorships : |
v
CRISIL Limited v
Grasim Industries Limited v
ICICI Lombard General Insurance Company Limited v
J. K. Lakshmi Cement Limited v
Supreme Industries Limited v
L and T Infrastructure Finance Company Limited v
Grasim Bhiwani Textiles Limited v
Lakshmi Precision Screws Limited |
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|
Name : |
Mr. Kevin Martin |
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Designation : |
Director |
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Name : |
Mr. Sharad L. Patel |
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Designation : |
Director |
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Name : |
Mr. Vinayak B. Buch |
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Designation : |
Director |
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Date of Birth : |
21.02.1940 |
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Qualification : |
Master’s Degree in Economics and Econometrics |
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Experience : |
Public Administration and Management |
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Other Directorship : |
v
Steel Cast Limited v
Agrocel Industries Limited |
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Name : |
Mr. Deepak Bhimani |
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Designation : |
Director |
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Date of Birth : |
31.08.1939 |
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Qualification : |
Post Graduate in Textile Chemistry |
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Experience : |
Chemicals |
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Other Directorship : |
v
Jayant Agro Organics Limited |
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Name : |
Mr. Ninad D. Gupte |
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Designation : |
Director |
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Date of Birth : |
31.08.1953 |
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Qualification : |
B.Sc.,
PGDBM (XLRI – |
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Experience : |
Commercial
functions, Corporate Management and Indirect Taxes |
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Date of Appointment : |
03.12.2008 |
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Other Directorship : |
v
Crop Care Federation of v
Transpek Industry Limited v
Agrocel Industries Limited v
TML Industries Limited v
Excel Genetics Limited v
Transpek Industry ( |
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|
Name : |
Mr. L. Rajagopalan |
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Designation : |
Alternate Director of Dr. Mukul G Asher |
KEY EXECUTIVES
|
Name : |
Mr. Pravin D.
Desai |
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Designation : |
Vice
President (Finance and Accounts) and Company Secretary |
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Name : |
Mr. Murthi |
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Designation : |
Accountant |
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Name : |
Mr. Ashok K. Jain |
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Designation : |
Senior Vice President (R and D and Operations) |
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Date of Birth/ Age : |
59 Years |
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Qualification : |
B. Chem. Eng. (BUDCT) |
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Experience : |
35 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. K. Srinivasan |
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Designation : |
Senior Vice President (Finance and Accounts) |
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Date of Birth/ Age : |
60 Years |
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Qualification : |
B.Com. (Hons.), FCA, FCS |
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Experience : |
36 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. R. Hariharan |
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Designation : |
Vice President (International Business) |
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Date of Birth/ Age : |
44 Years |
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Qualification : |
B.Sc., MBA (International Marketing) |
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Experience : |
23 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. V. P. Rathod |
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Designation : |
Vice President (Seeds Business) |
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Date of Birth/ Age : |
61 Years |
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Qualification : |
B.Sc. |
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Experience : |
38 Years |
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Date of Appointment : |
01.09.2003 |
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|
Name : |
Mr. Anil Kadian |
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Designation : |
General Manager |
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Date of Birth/ Age : |
50 Years |
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Qualification : |
M.Sc. (Agri.) MBA (Marketing) |
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Experience : |
24 Years |
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Date of Appointment : |
17.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
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|
427,048 |
3.88 |
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|
1,610,111 |
14.63 |
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|
2,037,159 |
18.51 |
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|
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|
81,830 |
0.74 |
|
|
81,830 |
0.74 |
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Total
shareholding of Promoter and Promoter Group (A) |
2,118,989 |
19.25 |
|
(B) Public
Shareholding |
|
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|
|
|
|
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|
294,686 |
2.68 |
|
|
5,021 |
0.05 |
|
|
1,017,757 |
9.25 |
|
|
353,210 |
3.21 |
|
|
1,670,674 |
15.18 |
|
|
|
|
|
|
515,221 |
4.68 |
|
|
|
|
|
|
4,209,624 |
38.25 |
|
|
726,093 |
6.60 |
|
|
1,765,029 |
16.04 |
|
|
148,029 |
1.35 |
|
|
1,617,000 |
14.69 |
|
|
7,215,967 |
65.57 |
|
Total Public
shareholding (B) |
8,886,641 |
80.75 |
|
Total (A)+(B) |
11,005,630 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
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Total
(A)+(B)+(C) |
11,005,630 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pesticides. |
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Products : |
v
Insecticides v
Herbicides v
Fungicides v
Lumigants v
Rodenticides v
Fumigants v
Seeds v
Biologicals v
Fishery
Segment |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pesticides |
Tonnes |
25900 |
20750 |
14519 |
|
Pesticides Intermediates |
Tonnes |
*11000 |
6900 |
4449 |
Notes:
(a) Installed
Capacity is as certified by the Executive Director on which the Auditors have
relied, being a technical matter.
(b) Production includes
quantities produced for internal consumption and excludes reprocessed material.
*(c) Includes
capacity as acknowledged by Directorate General of Technical Development/
Secretariat for Industrial Approvals, Capacity being intimated to Secretariat for
Industrial Approvals, for acknowledgement.
(d) Production
excludes formulations produced out of captive/bought out Technical grade
material.
(e) Production is
inclusive of subcontracted production.
GENERAL INFORMATION
|
Suppliers : |
v
Aryan
Paper Containers v
Dimple
Drums and Barrels Limited v
Hindcomp
Private Limited v
Mullackal
Polymers v
Unitop
Chemicals Private Limited v
Bharat
Tin Works v
Packaging
Remedies v
Omni
Cans and Printers Private Limited |
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Customers : |
Chemical Companies and Manufacturer |
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No. of Employees : |
1218 (Approximately) |
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Bankers : |
v
Bank
of v
Syndicate
Bank v
State
Bank of v
Citibank
N.A. v
Axis
Bank v
Standard
Chartered Bank v
ICICI
Bank Limited |
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Facilities : |
Notes: 1. Loans from Banks
on Cash Credit and Working Capital Demand Loan/Term Loan Accounts are secured
by way of hypothecation of all tangible movable assets, both present and
future, including stock of raw materials, finished goods, goods-in-process,
stores, book debts etc. 2. Term Loans
under Vehicle Finance from banks and from others for purchase of vehicles
amounting to Rs.1.675 millions (Previous Year: Rs.8.636 millions)
and Rs.9.627 millions
(Previous Year: Rs.11.915 millions) respectively are secured by an exclusive
charge by way of hypothecation of cars purchased under the said Schemes.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered
Accountants |
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Joint Venture : |
v
Multichem Industries (a partnership firm) |
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Subsidiaries : |
v
Excel Industries ( v
Excel Industries ( v
ECCL Investments and Finance Limited v
Excel Genetics Limited (formerly Harvest Inte-Agro
Limited) (w.e.f. 10 August 2009) |
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Associates : |
v
Aimco Pesticides Limited v
Excel Bio Resources Limited v
Kutch Crop Services Limited |
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|
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|
Enterprises over which key management personnel and their relatives have
significant influence : |
v
Agrocel Industries Limited v
Anshul Specialty Molecules Limited v
C. C. Shroff Research Institute v
C. C. Shroff Self Help Centre v
Dipkanti Investments and Financing Private
Limited v
Divakar Chemicals Limited v
Excel Industries Limited v
Hyderabad Chemicals Limited v
Hyderabad Chemical Products Limited v
Parul Chemicals Limited v
Pritami Investments Private Limited v
Shroff Family Charitable Trust v
Shroffs Foundation Trust v
Shrujan v
Shrodip Investments Private Limited v
TML Industries Limited (Formerly Transmetal
Limited) v
Transpek Industry Limited v
Transpek Industry ( v
Utkarsh Chemicals Private Limited v
Shree Vivekanand Research and Training Institute |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.5/- each |
Rs.60.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11005630 |
Equity Shares |
Rs.5/- each |
Rs.55.028
millions |
|
|
|
|
|
Note:
Of the above,
(a) 92,000 Equity Shares of Rs. 5/-
each fully paid-up have been issued by way of Bonus Shares by capitalisation of
the surplus in the Profit and Loss Account.
(b) 1,09,05,630 Equity Shares of
Rs. 5/- each fully paid-up have been issued pursuant to a Scheme of
Arrangement, without payments being received in cash.
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 |
55.028 |
55.028 |
55.028 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1633.041 |
1338.906 |
1125.282 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1688.069 |
1393.934 |
1180.310 |
|
|
|
|
|
|
|
|
DEFERRED GOVERNMENT GRANTS |
4.673 |
5.405 |
6.137 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
500.275 |
790.562 |
733.031 |
|
|
2] Unsecured Loans |
953.182 |
689.183 |
508.634 |
|
|
TOTAL BORROWING |
1453.457 |
1479.745 |
1241.665 |
|
|
DEFERRED TAX LIABILITIES |
137.680 |
137.753 |
124.545 |
|
|
|
|
|
|
|
|
TOTAL |
3283.879 |
3016.837 |
2552.657 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1072.010 |
1002.130 |
884.862 |
|
|
Capital work-in-progress including capital advances |
23.745 |
15.695 |
9.722 |
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
7.791 |
10.859 |
12.360 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.595 |
33.814 |
63.357 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1429.827
|
1300.014
|
931.389
|
|
|
Sundry Debtors |
1647.449
|
1317.771
|
1135.656
|
|
|
Cash & Bank Balances |
109.385
|
121.532
|
132.633
|
|
|
Other Current Assets |
58.913
|
80.006
|
72.886
|
|
|
Loans & Advances |
412.267
|
387.173
|
403.005
|
|
Total
Current Assets |
3657.841
|
3206.496
|
2675.569 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1094.581 |
883.916 |
811.047 |
|
|
Other Current Liabilities |
216.660
|
198.633
|
140.812
|
|
|
Provisions |
192.862
|
169.608
|
141.354
|
|
Total
Current Liabilities |
1504.103
|
1252.157
|
1093.213 |
|
|
Net Current Assets |
2153.738
|
1954.339
|
1582.356 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3283.879 |
3016.837 |
2552.657 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
|
SALES |
|
|
|
|||||||
|
|
|
|
6204.073 |
6850.997 |
4859.344 |
||||||
|
|
|
Other Income from Operations |
227.500 |
287.758 |
178.867 |
||||||
|
|
|
Other Income |
14.017 |
3.268 |
4.616 |
||||||
|
|
|
TOTAL (A) |
6445.590 |
7142.023 |
5042.827 |
||||||
|
|
|
|
|
|
|||||||
|
Less |
EXPENSES |
|
|
|
|||||||
|
|
|
Manufacturing and Other Expenses |
5856.388 |
6678.835 |
4573.795 |
||||||
|
|
|
(Increase)/Decrease in Stocks |
(169.677) |
(225.870) |
(93.916) |
||||||
|
|
|
Amortisation of Intangible Assets |
8.713 |
12.173 |
15.753 |
||||||
|
|
|
TOTAL (B) |
5695.424 |
6465.138 |
4495.632 |
||||||
|
|
|
|
|
|
|||||||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
750.166 |
676.885 |
547.195 |
|||||||
|
|
|
|
|
|
|||||||
|
Less |
INTEREST (D) |
89.967 |
149.890 |
99.261 |
|||||||
|
|
|
|
|
|
|||||||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
660.199 |
526.995 |
447.934 |
|||||||
|
|
|
|
|
|
|||||||
|
Less/ Add |
DEPRECIATION (F) |
88.291 |
80.957 |
71.567 |
|||||||
|
|
|
|
|
|
|||||||
|
|
PROFIT BEFORE TAX
(E-F) (G) |
571.908 |
446.038 |
376.367 |
|||||||
|
|
|
|
|
|
|||||||
|
Less |
TAX (H) |
198.527 |
167.408 |
129.388 |
|||||||
|
|
|
|
|
|
|||||||
|
|
PROFIT AFTER TAX
(G-H) (I) |
373.381 |
278.630 |
246.979 |
|||||||
|
|
|
|
|
|
|||||||
|
|
Less: Prior Period Adjustments (Net) |
|
|
|
|||||||
|
|
(a) Taxation |
(5.293) |
(0.258) |
-- |
|||||||
|
|
(b) Others |
4.330 |
0.884 |
12.746 |
|||||||
|
|
|
|
|
|
|||||||
|
|
Add: Debenture Redemption Reserve written back |
-- |
-- |
6.032 |
|||||||
|
|
|
|
|
|
|||||||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
107.660 |
94.036 |
68.151 |
|||||||
|
|
|
|
|
|
|||||||
|
Less |
APPROPRIATIONS |
|
|
|
|||||||
|
|
|
Proposed Dividend |
68.785 |
55.028 |
55.028 |
|
|||||
|
|
|
Tax on Distributed Profits |
11.424 |
9.352 |
9.352 |
|
|||||
|
|
|
Transfer to General Reserve |
300.000 |
200.000 |
150.000 |
|
|||||
|
|
BALANCE CARRIED
TO THE B/S |
101.795 |
107.660 |
94.036 |
|||||||
|
|
|
|
|
|
|||||||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|||||||
|
|
|
Export of Goods on F.O.B. basis |
2094.356 |
2876.242 |
1769.628 |
||||||
|
|
|
Other Income (including interest) |
4.695 |
0.002 |
0.000 |
||||||
|
|
TOTAL EARNINGS |
2099.051 |
2876.244 |
1769.628 |
|||||||
|
|
|
|
|
|
|||||||
|
|
IMPORTS |
|
|
|
|||||||
|
|
|
Raw Materials |
1478.619 |
2315.936 |
1297.657 |
||||||
|
|
|
Packing Materials |
1.259 |
0.000 |
3.761 |
||||||
|
|
|
Components and Spare Parts |
8.144 |
1.709 |
0.783 |
||||||
|
|
|
Capital Goods |
3.101 |
3.607 |
17.601 |
||||||
|
|
|
Traded Finished Goods |
37.856 |
1.826 |
0.000 |
||||||
|
|
TOTAL IMPORTS |
1528.979 |
2323.078 |
1319.802 |
|||||||
|
|
|
|
|
|
|||||||
|
|
Earnings Per
Share (Rs.) |
34.01 |
25.26 |
21.28 |
|||||||
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
7500.000 |
|
|
|
|
|
The above information has been parted by Mr. Murthi (Accountant).
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2033.730 |
2302.100 |
1510.460 |
1465.200 |
|
Total Expenditure |
1732.170 |
1972.710 |
1365.170 |
1342.860 |
|
PBIDT (Excl OI) |
301.560 |
329.390 |
145.290 |
122.340 |
|
Other Income |
3.610 |
3.640 |
3.510 |
6.240 |
|
Operating Profit |
305.170 |
333.030 |
148.800 |
128.580 |
|
Interest |
23.400 |
16.480 |
17.140 |
24.520 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(102.000) |
|
PBDT |
281.770 |
316.540 |
131.660 |
2.070 |
|
Depreciation |
24.630 |
24.640 |
23.850 |
36.390 |
|
Profit Before Tax |
257.140 |
291.900 |
107.810 |
(34.320) |
|
Tax |
81.500 |
84.300 |
32.600 |
(15.210) |
|
Provisions and contingencies |
0.000 |
0.000 |
00 |
0.000 |
|
Profit After Tax |
175.640 |
207.600 |
75.210 |
(19.110) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.340 |
(0.140) |
(0.400) |
(2.290) |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
175.980 |
207.460 |
74.810 |
(21.390) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.79
|
3.90 |
4.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.22
|
6.51 |
7.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.09
|
10.60 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.32 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
1.96 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43
|
2.56 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
1094.581 |
883.916 |
811.047 |
|
|
|
|
|
HISTORY:
Subject [formerly West Coast Oxygen Limited] is engaged in
manufacture and trading of Pesticides. The agri business of Excel Industries Limited
was transferred to and vested with ECCL as a going concern w.e.f April 1, 2002.
It may be recalled that prior to the scheme of arrangement, ECCL was operating
as a wholly owned subsidiary of EIL under its earlier name West Coast Oxygen
(WCOL). Hence this is the 39th AGM of the company. The name was changed from
WCOL to ECCL with effect from 30th January 2003. Further as per the
scheme of arrangement ECCL has issued to the shareholders of EIL one equity
share of Rs 5/- each fully paid-up for every one equity share of Rs 5/- each
held by them in EIL. The paid-up equity capital after completion of entire
demerger process stood at Rs.55.000 Millions. The company's product are being
exported to most of the countries in the world. The new market recently added
by the company are Latin America and
OPERATIONS:
During the year,
the net sales decreased from Rs.6851.000 millions in the previous year to
Rs.6204.100 millions. Domestic sales marginally increased from Rs.3915.500
millions in the previous year to Rs.4039.600 millions in the year whereas the
export turnover dropped sharply by 26% from Rs.2935.500 millions to Rs.2164.500
millions.
Sharp drop in
price of Glyphosate, a major weedicide product of the Company, in the
international market was the major reason for the fall in exports. In the
domestic market, the sales offtake was higher. However, prices of several of
the Company’s products were significantly lower in comparison to the previous
year. The lower sales realisation was, however, compensated by lower input
costs and did not reduce profitability.
The Company’s
profit before tax in the year has increased to Rs.571.900 millions from
Rs.446.000 millions in the previous year mainly for the reason that in the
previous year the Company had an abnormal and large foreign exchange/derivative
loss of Rs.324.200 millions whereas in the year there is a foreign exchange
gain of Rs.3.000 millions.
NEW PRODUCTS:
During the year,
the Company introduced a new rust fungicide in the international market. This
product is proposed to be introduced in the domestic market as well. The
Company also introduced an acaricide which is well received in the market. To
meet the changing market requirements, the Company has been increasing its
retail pack range and augmenting and modifying its packaging facilities. The
Company continues its efforts at energy conservation and energy cost reduction.
OUTLOOK:
The agriculture
sector in
TRANSFER OF SEEDS BUSINESS TO EXCEL GENETICS
LIMITED:
The Company
transferred its seeds business as a going concern to Excel Genetics Limited
(formerly, Harvest Inte-Agro Limited) with effect from 1st July, 2009 by
transfer of fixed and current assets, liabilities and provisions, trade marks,
copyrights, licences, registrations, contracts, etc. relating to the seeds
business at book value. The services of employees of the seeds business were
also transferred to Excel Genetics Limited. The Company acquired 75% stake in
Excel Genetics Limited by subscribing to its 1,50,000 equity shares of Rs. 10/-
each at par and it thus became the Company’s subsidiary.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure
and Developments:
The Company is
engaged in the business of agrochemicals comprising insecticides, weedicides,
fungicides, fumigants and rodenticides. The Company’s product basket also
includes Soil Enricher, Bio-Pesticides and Plant Growth Promoters. During the
year the Company transferred its seeds business to Excel Genetics Limited which
is now a subsidiary company.
Among the
agrochemicals, insecticides have dominated consumption pattern in
The fortunes of
the agrochemicals industry are interwoven with the fortunes of agriculture.
With the relatively slow pace of agricultural growth in
The industry
comprises of diverse players ranging from small and medium ones dealing in
generic molecules to large multinationals with high-priced new generation
molecules and patented products.
The industry has built
up large capacities in
Supply of high
quality products at competitive prices, development of new
products/formulations and product registration are emerging as key success
factors.
The domestic
industry is continuously striving to increase exports by providing quality products
at competitive prices with a view to ensure better utilisation of capacities as
also to hedge against uncertain climatic conditions within the country. Over
the years,
Opportunities and
Threats:
Agriculture is the
mainstay of rural economy and supports over two-thirds of the country’s
population. It continues to receive attention of the Central and State
Governments through favourable agriculture policies, minimum support price for
major produces, subsidies, developmental programmes and schemes and
availability of credit and finance through various schemes.
With decent
minimum support prices and attractive open market prices for several crops, the
farmers are receiving remunerative price for their produce. With increasing
purchasing power in hand, the farmers afford to spend on better farm inputs as
well as for personal consumption. Private sector also visualises good growth
potential for investment in agriculture and agro-based businesses. Rapidly
developing food processing industry is helping in large measure the growth of
the farming sector. Steady performance of the rural economy in the face of
recent sluggishness in other segments of the country’s economy is another
factor attracting attention of the private sector to rural areas in general and
to agriculture in particular.
With large food
grain stocks being carried by the government organizations and the food
processing industry, the demand for post-harvest crop protection chemicals is
rising. Farmers have also acquired stock holding capacity and wait for right
price in market. This also increases demand for such products.
All these factors
point to reasonably good growth prospects for agriculture and, by logical
extension, for the agrochemicals industry. Pesticides consumption in
Genetically
modified (GM) cotton crop now accounts for a large share of the cotton acreage
in
The Company, with
its vast experience in pest control practices, wide product range and efficient
and effective distribution network, has been taking various steps like
launching new products and formulations, introduction of combi-products,
improving processes to enhance yield and quality and reducing costs in order to
maintain its lead in the industry and stay competitive. In the year, the
Company introduced an acaricide molecule in the domestic market and a new
fungicide in the international market. The Company continues to offer new and
innovative products for weed control. The Company’s weedicide product range is
gaining new markets and customers and to meet with the increasing market demand
the Company has plans to expand production capacity for weedicides and their
formulations.
The Company’s ‘post-harvest
crop protection products’ are posting good growth in domestic and international
markets. The Company has also been introducing new generation products and
enlarging its product portfolio.
The Company
strives at finding application of its products for the newer crops through
field trials and thereby widen coverage for its existing products to more
crops. The Company also markets bio technology products such as Soil Enricher,
Bio- Pesticides and Plant Growth Promoters. These products, though small in
market size, have niche market position and hold good growth potential. This
product group is useful in the area of plant and soil nutrition, organic
farming and soil health management – the areas of interest for the Company. The
Company has a state-of-the-art soil health research laboratory to analyse soil
composition and assess soil health and to develop products for soil
rejuvenation and nutrition.
The export market
continues to offer good growth opportunities to the Company. The Company has
been strengthening its presence in the overseas market by exploring new
markets, promoting existing and new products, especially branded products,
protecting its existing product registrations and making investment in new
product registrations. Product registration acts as an entry barrier in a new
export market and it is vital to continue investing in new product
registrations and protecting the existing ones. The Company continues to
explore opportunity for its products in new geographies and makes concerted efforts
for product registration in these countries with a view to entering new
markets.
Segment-wise
performance and outlook:
The Company’s
domestic sales increased from Rs.3915.500 millions in the previous year to
Rs.4039.600 millions in the year. Exports however reduced from Rs.2935.500
millions in the previous year to Rs.2164.500 millions in the year.
With increasing
emphasis on agriculture in public policies, increasing purchasing power in the
hands of farmers and near normal monsoon forecast, the current year outlook for
the industry and the Company appears reasonably good.
A strong brand
gives market depth and long term advantages in terms of strong and consolidated
market position. Over the years, the Company has made sustained efforts at
brand building. This has yielded good results and today branded products
dominate the Company’s sales turnover accounting for about two-thirds of the
turnover. Branded products, however, require higher investment in inventories
and book debt. The Company has a strong network of dedicated distributors and
dealers many of whom have decades-long association with the Company. The
Company has been quick in responding to changing demand for retail pack and has
built up packaging facilities suitably.
The Company has
been working closely with farmers, in
The initiatives
taken by the Company in promoting Integrated Pest Management (IPM) and
Integrated Crop Management (ICM) and its investment in brand promotion, developing
closer ties with farmers and corporate image building are helping it in
maintaining leading position in the industry. The Company’s recent initiatives
in soil health management are bringing it further closer to the farmers.
Financial Performance
and Analysis:
The net sales
reduced from Rs.6851.000 millions in the previous year to Rs.6204.100 millions
in the year. The profit before tax however increased from Rs.446.000 millions
in the previous year to Rs.571.900 millions in the year.
NATURE OF OPERATIONS:
Subject is a
reputed Company in agro chemicals sector manufacturing technical grade and
formulations of pesticides. The Company also markets agri inputs like soil
enrichers, bio-pesticides and plant growth promoters. The Company has presence
in both the domestic and international markets.
MARCH 2011 AUDITED
FINANCIAL RESULTS
SUMMARY
OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2011
(Rs. in millions)
|
|
|
Stand alone basis |
|
Sr. No. |
Particulars |
Year Ended |
|
1 |
Sales |
7490.165 |
|
2 |
Excise Duty |
467.395 |
|
3 |
Net Sales |
7022.770 |
|
4 |
Other Operating Income |
288.720 |
|
5 |
Total Income |
7311.490 |
|
6 |
Total Expenditure |
|
|
|
(a) (Increase)/Decrease in Stock |
76.856 |
|
|
(b) Consumption of Raw Materials |
3204.461 |
|
|
(c) Purchase of Traded Goods |
572.944 |
|
|
(d) Personnel Cost |
508.870 |
|
|
(e) Depreciation |
109.508 |
|
|
(f) Other Expenditure |
2049.786 |
|
|
Total Expenditure |
6522.425 |
|
7 |
Profit from Operations before Other Income, Interest and Exceptional items |
789.065 |
|
8 |
Other Income |
17.000 |
|
9 |
Profit before Interest and Exceptional items |
806.065 |
|
10 |
Interest |
81.538 |
|
11 |
Profit Before Taxation, Exceptional items and Prior Period Adjustments |
724.527 |
|
12 |
Exceptional item |
102.000 |
|
13 |
Profit Before Taxation and Prior Period Adjustments |
622.527 |
|
14 |
Provision for Taxation - Current |
228.000 |
|
|
- Deferred |
(44.809) |
|
15 |
Profit Before Prior Period Adjustments |
439.336 |
|
16 |
a) Prior Period Adjustments |
(2.492) |
|
|
b) Excess Provision for Taxation for earlier years |
0.017 |
|
17 |
Minority interest |
|
|
18 |
Share of Profit / (Loss) in Associate Company |
|
|
19 |
Net Profit |
436.861 |
|
20 |
Paid-up
Equity Share Capital (Face value Rs. 5/- per |
55.028 |
|
21 |
Reserves excluding Revaluation Reserves (as per the Balance Sheet) |
2021.936 |
|
22 |
Basic and Diluted Earning per Share (Rs.) |
39.69 |
|
23 |
Public Shareholding: |
|
|
|
- No. of Shares |
8886641 |
|
|
- Percentage of Shareholding |
80.75% |
|
24 |
Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
40600 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
1.92% |
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
0.37% |
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
2078389 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
98.08% |
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
18.88% |
STATEMENT OF
ASSETS AND LIABILITIES
(Rs. in millions)
|
|
|
Stand alone basis |
|
Sr. No. |
Particulars |
Year Ended |
|
|
(a)
Share Capital |
55.028 |
|
|
(b)
Reserves and Surplus |
2021.936 |
|
2 |
Minority
Interest |
- |
|
3 |
Deferred
Government Grants |
3.941 |
|
4 |
Loan
Funds |
1225.851 |
|
5 |
Deferred
Tax Liability |
92.871 |
|
|
Total |
3399.627 |
|
|
|
|
|
1 |
Fixed
Assets |
1209.373 |
|
2 |
Intangible
Assets |
27.204 |
|
3 |
Deferred
Tax Asset |
- |
|
4 |
Investments |
72.126 |
|
5 |
Current
Assets, Loans and Advances: |
|
|
|
(a)
Inventories |
1395.462 |
|
|
(b)
Sundry Debtors |
1498.410 |
|
|
(c) Cash
and Bank balances |
85.010 |
|
|
(d)
Other Current Assets |
126.373 |
|
|
(e)
Loans and Advances |
356.753 |
|
|
Less:
Current Liabilities and Provisions: |
|
|
|
(a)
Liabilities |
1176.677 |
|
|
(b)
Provisions |
194.407 |
|
|
Net Current
Assets |
2090.924 |
|
6 |
Miscellaneous
Expenditure |
- |
|
|
Total |
3399.627 |
NOTES:
1. The Board of Directors have recommended a dividend of Rs.3.75 per equity share of Rs.5/- each.
2. On a writ petition filed by Democratic Youth Federation
of India against the Union of India and State Governments seeking a ban on
Endosulfan (a major product of the Company) citing health concerns, the
Hon’ble Supreme Court opined that a detailed study on an all India basis needed
to be undertaken by an Expert Committee to address the said health
concerns. By an ad-interim order passed on 13th May 2011, the Hon’ble
Supreme Court has appointed a Joint Committee headed by the Director General of
Indian Council of Medical Research and the Commissioner (Agriculture) to
conduct a scientific study and submit its interim report within eight weeks.
Pending submission of the interim report, the order bans the production, use
and sale of Endosulfan all over
In compliance with the ad-interim order of the Hon’ble Supreme Court, the
Company immediately suspended production and sale of Endosulfan. As the
ad-interim order has been issued during the peak sale season, the performance
of the Company in the short term will be adversely affected. The Company is
revising its sales plan and marketing strategy and also undertaking other
measures to mitigate the adverse impact.
Out of abundant caution, a provision of Rs.102.000 millions has been made in respect of
the inventory items relating to Endosulfan as at 31st March, 2011.
3. The Company has only one primary business segment viz. Agri Inputs.
4. In the Consolidated Results for the year ended 31st March, 2011, the effect of investment in Aimco Pesticides Limited, an associate company, has been considered on the basis of its unaudited financial results whereas the Accounting Standard (AS) 23 ‘Accounting for Investments in Associate Companies in Consolidated Financial Statements’ requires that the same be considered on the basis of audited financial results. The amount of the share of loss so considered on the basis of unaudited results is Rs.1.779 millions.
5. In March, 2011, the Company has established a wholly owned
subsidiary named Excel Brasil Agronegocios Ltda in
6. The figures for the previous year have been regrouped wherever necessary.
7. There were 2 investor complaints pending as on 1st January, 2011. The Company received 4 investor complaints during the quarter ended 31st March, 2011. All the complaints were resolved during the quarter.
8. The above results as reviewed by the Audit Committee have
been approved at the meeting of the Board of Directors held on 25th
May, 2011.
CONTINGENT LIABILITIES:
|
Particulars
|
31.03.2010 (Rs.
in millions) |
|
(a) Disputed Excise-duty liability |
0.277 |
|
(b) Disputed Service-tax liability |
3.445 |
|
(c) Disputed Income-tax liability |
10.538 |
|
(d) Disputed Sales-tax liability |
1.157 |
|
(e) Guarantees given by the Company’s
bankers on behalf of the Company to third parties |
7.946 |
|
(f) Liability in respect of employee(s)
disputes |
Amount unascertainable |
|
(g) Claims against the Company not
acknowledged as debts |
1.986 |
|
|
|
FIXED ASSETS
Tangible Assets
v Land – Freehold
v Land – Leasehold
v Leasehold
Improvement’s
v Buildings
v Plant and
Machinery
v Electrical
Installations
v Laboratory
Equipments
v
Furniture, Fixtures and Office Equipments
v Vehicles
v Technical Books
Intangible Assets
v
Data Registration Expenses
v
Computer Software/ Licence Fees
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.