MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NAGARJUNA AGRICHEM LIMITED |
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Registered Office : |
Plot No. 61, Nagarjuna Hills, Punjagutta, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.11.1993 |
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Com. Reg. No.: |
01-016607 |
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CIN No.: [Company
Identification No.] |
L24219AP1993PLC016607 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDN00523F |
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PAN No.: [Permanent
Account No.] |
AAACN6932H |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and Marketing of Pesticides Technical and Formulations (i.e. Liquids and Wettables). |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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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 8087000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
It is a well 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered Office : |
Plot No. 61, Nagarjuna Hills, Punjagutta, |
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Tel. No.: |
91-40-2335 8217 / 2335 0235/ 23357442 |
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Fax No.: |
91-40-2335 0234/ 23358062 |
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E-Mail : |
aspardhasaradhi@nagarjunagroup.com jagannadharao@nagarjunaagrichem.com (for overseas requirement) manikkam.natarajan@nagarjunaagrichem.com (for domestic requirement) |
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Website : |
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Corporate Office : |
Plot No. 12A, c Block, Laxmi Towers, Nagarjuna Hills, Punjagutta, Hyderabad – 500 082, Andhra Pradesh, India |
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Factory 1 : |
Plot No. 177, P.O. Allinagaram, Arinama Akkivalasa,
Etcherla Mandal, Srikakaulam – 532403, |
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Factory 2 : |
Shadnagar, |
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Factory 3 : |
Ethakota P O, Ravalapalem, East Godavari, |
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Branches : |
1st Floor, |
DIRECTORS
As on 31.03.2010
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Name : |
Dr. Nitish K. Sen Gupta |
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Designation : |
Chairman |
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Address : |
135 Pocket, 40
Chitaranjan Park, |
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Name : |
Mr. R S Nanda |
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Designation : |
Director |
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Name : |
Mr. Sukhendu Ray |
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Designation : |
Director |
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Address : |
6B Solanki
Apartments, 8/2, Alipore ParkRoad, Kolkata – 700027, West |
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Qualification : |
Chartered
Accountants |
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Name : |
Mr. K. Rahul Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot No.933
A, Road No. 47, Jubilee Hills, |
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Qualification : |
B.Com |
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Name : |
Mr. K. S. Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot
No.933 A, Road No. 47, Jubilee Hills, |
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Qualification : |
Mechanical
Engineer |
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Name : |
Mr. D. Ranga Raju |
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Designation : |
Director |
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Address : |
A Block, 201
Paradise Apartments, Seethammadhara, |
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Qualification : |
B.Com |
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Name : |
Mr. K. Lakshmi Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot
No.933 A, Road No. 47, Jubilee Hills, |
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Qualification : |
M.B.A. |
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Name : |
Mr. Prashant Kumar Mallik |
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Designation : |
Director |
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Address : |
6B Solani
Apartments, 8/2, |
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Qualification : |
Chartered
Accountants |
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Name : |
Mr. Sudhakar
Kudva |
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Designation : |
Director |
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Name : |
Mr. N.
Vijayaraghavan |
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Designation : |
Director |
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Name : |
Mr. C M Ashok
Muni |
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Designation : |
Director |
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Name : |
Mr. K Rghu Raman |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R.K. S. Prasad |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. D. Suresh Babu |
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Designation : |
Company Secretary and VP Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
301036 |
2.03 |
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Bodies Corporate |
11362350 |
76.27 |
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11663386 |
78.29 |
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- |
- |
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Total shareholding of Promoter and Promoter Group (A) |
11663386 |
78.29 |
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(B) Public Shareholding |
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215371 |
1.45 |
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500 |
- |
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0 |
- |
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215871 |
1.45 |
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618721 |
4.21 |
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1246402 |
12.91 |
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357671 |
2.40 |
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95724 |
0.66 |
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9317 |
0.06 |
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Trusts |
1729 |
0.01 |
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106770 |
0.73 |
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Total Public shareholding (B) |
2544835 |
21.71 |
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Total (A)+(B) |
14208221 |
100.00 |
(1) Indian
Mutual Funds / UTI
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturing and
Marketing of Pesticides Technicals and Formulations (i.e. Liquids and
Wettables). |
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Product : |
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PRODUCTION STATUS (31.03.2010)
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Particulars |
Unit |
Installed*
Capacity |
Actual**
Production |
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Pesticides |
MT per annum |
#9528 |
5342 |
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Liquida/ Wettables/ Granules |
KL/ MT per annum |
38050 |
21201 |
*As certified by the Management & relied upon by the auditors being a technical matter.
* The products manufactured by the Company are under delicensed category.
** Actual Production includes processed for outsiders.
*#Excludes capacity of intermediates.
GENERAL INFORMATION
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Suppliers : |
Ř Akkireddy Agencies Ř Arihant Polypack Industries Ř Ashok Engineers Ř Baba Container Manufacturers Ř Bullion Flexi Pack Private Limited Ř Canle Valves Private Limited Ř Coastal Cartoons Private Limited Ř Domino
Printech Ř Eagle Metal Printers Private Limited Ř Emmennar Pharma Containers Private Limited Ř Essae Teraoka Limited Ř Globe Scientific Glass Industries Ř Hitech Plastics Ř Hychem Laboratories Ř Industrial Sales Corporation Ř Industrial Solvents & Chemicals Ř Jalaram Plastic Industries Ř Kranti Metals Private Limited Ř Manasa Printers |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Ř
State Bank of Ř HDFC Bank Limited Ř Punjab National Bank Ř IDBI Bank Limited Ř ICICI Bank Limited Ř New India Co-op Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Bhaskara Rao and Company Chartered Accountants |
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Address : |
5-D, Kautilya, Somajiguda, |
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Subsidiaries : |
Nagarjuna Agrichem ( |
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Holding Company : |
KLR Products Limited (Formerly GSR Products Limited) |
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Associates |
Ř Nagarjuna Fertilizers and Chemicals Limited Ř Ikisan Limited Ř Nagarjuna Hydro Energy Private Limited Ř Bhagiratha Chemicals and INdustries Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14898157 |
Equity Shares Of the above shares 21,03,157 shares are alloted as fully
paid on preferential basis Of the above shares 1,13,62,350 shares are held by
KLR Products Limited (Formerly GSR Products Limited), holding company |
Rs. 10/- each |
Rs. 148.981 Millions |
As on 30.07.2010
Authorised Capital : Rs. 250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.148.982
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
148.982 |
148.981 |
148.981 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1872.903 |
1362.489 |
956.993 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2021.885 |
1511.470 |
1105.974 |
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LOAN FUNDS |
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1] Secured Loans |
1790.497 |
724.710 |
802.892 |
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2] Unsecured Loans |
63.286 |
88.797 |
169.030 |
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TOTAL BORROWING |
1853.783 |
813.507 |
971.922 |
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DEFERRED TAX LIABILITIES |
226.374 |
227.112 |
207.917 |
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TOTAL |
4102.042 |
2552.089 |
2285.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1539.944 |
1577.925 |
1386.769 |
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Capital work-in-progress |
300.454 |
38.425 |
173.988 |
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INVESTMENT |
0.500 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1594.452
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950.380
|
767.868 |
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Sundry Debtors |
1630.516
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851.260
|
651.879 |
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Cash & Bank Balances |
224.947
|
185.781
|
81.992 |
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Other Current Assets |
1.320
|
0.829
|
1.185 |
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Loans & Advances |
257.066
|
262.175
|
152.851 |
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Total
Current Assets |
3708.301
|
2250.425
|
1655.775 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
203.812
|
243.124
|
830.875 |
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Sundry Creditors |
1169.111
|
789.843
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Provisions |
74.234
|
281.719
|
99.844 |
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Total
Current Liabilities |
1447.157
|
1314.686
|
930.719 |
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Net Current Assets |
2261.144
|
935.739
|
725.056 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4102.042 |
2552.089 |
2285.813 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6503.139 |
6053.578 |
4120.951 |
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Other Income |
86.657 |
16.607 |
45.319 |
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TOTAL (A) |
6589.796 |
6070.185 |
4166.270 |
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Less |
EXPENSES |
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Manufacturing Expenses |
4546.894 |
4191.068 |
3001.693 |
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Administrative and Selling Expenses |
699.558 |
701.458 |
460.981 |
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Duties and Taxes |
54.805 |
0.232 |
(15.295) |
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TOTAL (B) |
5301.257 |
4892.758 |
3447.379 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1288.539 |
1177.427 |
718.891 |
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Less |
FINANCIAL
EXPENSES (D) |
170.879 |
191.083 |
167.420 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1117.660 |
986.344 |
551.471 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
204.984 |
182.339 |
153.848 |
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PROFIT BEFORE
TAX (E-F) (G) |
912.676 |
804.005 |
397.623 |
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Less |
TAX (I) |
315.111 |
311.359 |
140.169 |
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PROFIT AFTER TAX
(G-I) (J) |
597.565 |
492.646 |
257.454 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
985.611 |
630.115 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
60.000 |
50.000 |
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Dividend – Interim Dividend - Final Dividend |
29.796 44.694 |
29.796 44.694 |
NA |
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Corporate Dividend tax on interim dividend |
5.064 |
5.064 |
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Corporate Dividend tax on interim dividend |
7.596 |
7.596 |
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BALANCE CARRIED
TO THE B/S |
1436.026 |
985.611 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of goods on fob basis |
2247.923 |
2682.304 |
1430.072 |
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TOTAL EARNINGS |
2247.923 |
2682.304 |
1430.072 |
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IMPORTS |
|
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Raw Materials |
1744.838 |
1950.304 |
1153.971 |
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Capital Goods |
11.924 |
11.385 |
44.755 |
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TOTAL IMPORTS |
1756.762 |
1961.689 |
1198.726 |
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Earnings Per
Share (Rs.) |
40.11 |
33.07 |
-- |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1408.500 |
1868.400 |
1274.800 |
|
Total Expenditure |
1251.600 |
1600.800 |
1192.300 |
|
PBIDT (Excl
OI) |
156.900 |
267.600 |
82.500 |
|
Other Income |
30.900 |
7.600 |
7.700 |
|
Operating
Profit |
187.800 |
275.200 |
90.200 |
|
Interest |
61.400 |
65.000 |
62.500 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
126.400 |
210.200 |
27.700 |
|
Depreciation |
53.800 |
55.100 |
62.100 |
|
Profit
Before Tax |
72.600 |
155.100 |
(34.400) |
|
Tax |
23.200 |
28.500 |
(23.800) |
|
Reported PAT |
49.400 |
126.600 |
(10.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.07
|
8.11
|
6.18 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
14.03
|
13.28
|
9.65 |
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.39
|
21.00
|
13.07 |
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.53
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
1.41
|
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
1.71
|
1.78 |
LOCAL AGENCY FURTHER INFORMATION
History :
The company was incorporated on 11th November, 1986 at
The company was originally incorporated under the name and style of
Chemagro International Limited and was changed to the present in October 1996.
The company is an associate of Nagarjuna Fertilisers and Chemicals, NSL
and Nagarjuna Financé. It is a part of the Nagarjuna Group and managed by
Chairman Mr. Nitish K. Sen Gupta.
In October 1994 it came out with a public issue of 2.370 million shares
at a premium of Rs. 5/- aggregating Rs. 35.60 millions, to part finance a Rs.
240 millions project to manufacture monocrotophos (MCP) technicals and MCP
formulations. MCP is an organo-phosphorous Pesticide. The company supplies 50%
of MCP to Nagarjuna Fertilizers, a group company and the remaining 505 was used
in formulations. MCP has eco-friendly characteristics and is a fast acting
pesticide useful against a wide range of pests. The company has entered into an
agreement with Nagarjuna Fertilizers and Chemicals for marketing MCP
formulations under the Nagarjuna brand name.
The company has also commenced commercial production of Acephate with
certain additions to the existing plant. It has also identified three new
projects viz. DDVP, Atrazine and Profenofos. Of these, commercial production of
Atrazine and Profenofos is expected to commence by end of 1999.
Due to fast changing international business scenario the company has
enhanced its Research and Development activities and also plans to introduce
two new fungicides, Tricyclazole and Propiconazole. These products are currently imported and
sold in
Business :
It is in trade terms with:
- Cores and
Containers Private Limited
- Caps and
Containers Industries
- Hitech
Plastics
- Mipak
Plastics
- Manjushree
Strech Films Private Limited
- Silver Prints
- Sri Sai Sindura
Poly Products
- Sannidhi
Industries
- Tejeswi
Packing Private Limited
- Core
Chemicals Private Limited
- Intermediates
and Chemicals
- Piyush
Chemicals
- Spak
Chemicals
Performance:
During the year, Sales were Rs.6503.100 Millions as compared to Rs.
6053.600 Millions during the previous year. The Profit after Tax for the year
was Rs.597.600 Millions as compared to Rs. 492.600 Millions during the previous
year. The cash profits for the year were Rs.801.800 Millions as compared to Rs.
694.100 Millions during the previous year.
Domestic and
Export Markets:
The Agro Chemical industry has witnessed a growth of 2% in the domestic
market during the year due to deficit rain.
This year Kharif / Rabi acreage was affected adversely and continued dry
spells in many parts of the Country resulted in less pest infestation. Against
all the odds the Company saw 21% growth in branded sale while this segment grew
only by 2% which placed it ahead of many competitors.
Exports dropped by 15% largely owing to global recession and climatic
vagaries. Initially panic liquidation of stocks has scuttled the demand supply
equation and at later part of the year there was a roll back of stocks due to
lesser fungal attack and pest infestation as a common global phenomena.
The Climatic adversity, severe competition and crop specific business
dynamic has stretched the credit market. Also strategic placement of products
resulted in inventory built up.
The over all business scenario in The Company in both export and domestic market put
together proved to be favorable,
despite various market constraints so far, due to the improved operational
efficiency, proactive steps taken
to grab business
opportunity, built inventories
before Olympics, strategic placement and favorable price realization.
The focus on the aforesaid areas will continue to be stronger in the coming
year.
Build up of higher inventories to leverage reduced raw material cost before
Olympics has caused a severe strain on the working capital / cash flows.
However, it got eased by the close of the financial year.
Company gained marginally due to natural hedging in a fairly stable
forex market.
New Project
As a support to its growth plan in the technical export market, the
Company is planning to set up a green filed project which is expected to be
operational during first half of the Financial Year 2012-13.
Environment
Protection
The Company is continuously
committed to the environment protection and responsible care for all its stake
holders. It is also driven as a corporate culture through its various welfare
activities.
The Company is recommended ISO
9001:2008, ISO 14001:2004; OHSAS 18001:2007 certification accreditation for its
proven standards covering Quality, Environment, Safety and Occupational Health
Management Systems.
MANAGEMENT
DISCUSSION and ANALYSIS
Industry Structure
and Developments
The Company in Agrochemicals would strategically strive to build up
capacities and enhance the market share both in domestic and global markets in
Technicals and Formulations for the next few years before the Company embarks
on diversification.
The Company has embarked on a quantum leap in the retail segment through
aggressive market penetration, with diversified portfolio and further spreading
distribution network in untapped markets. As a state-of-art world class
formulation plant development centre being built at
While the Company will predominantly and aggressively grow in Crop
Protection Chemicals, it will parallely pursue its interests in other life
sciences and specialty chemicals.
Growth of the Company will be, in future, both through Organic and
Inorganic growth, Mergers and Acquisitions, Joint Venture Partnerships and New
Alliance Partnerships.
Financial
Performance
During the year, overall sales has increased. The profit after tax was
at Rs.597.600 millions
Opportunities and
Threats
The Company pioneered strongly in Agrochemicals and sustained to be a
lead player in
As
The Proposed New Green Field Project in SEZ near Vizag, with best
technology and economy of scale and international manufacturing standards, will
pave way for being a lead contract manufacturing and export promoting Company
for Crop Protection Chemicals.
Threats
Economic buoyancy and global climate drift could be a potential threat
for Agrochemicals business with a premonition of negative growth. This could
also be compounded with the newly emerging competition threads in the global
markets.
Outlook
Normal monsoon season forecast during the year 2010-11 indicating a
better business prospect compared to the previous year.
With many new entrants in the domestic market with generics and newer
molecules could make the domestic market intensely competitive. In view of
generic competition intensity, the Company launched strategically seven new
products which has given tremendous success. While these seven and already
existing old molecules will continue to grow, there is a plan to launch 10 more
new products.
WEBSITE DETAILS
About
Nagarjuna Group
Nagarjuna Group is truly an enterprise on the move. The foundation
of the Group was laid over two decades ago by technocrat entrepreneur Shri. KVK
Raju. He started with an initial investment of US $ 1.2 million and sowed the seeds of
what is now one of the fastest growing industrial houses in
In addition to a growing presence in Agribusiness, the Group
has made significant investments in core sectors like Refining, Power
generation and Life Sciences. Today, the asset base of Nagarjuna Group is over US $ 2.5 billion.
The Agribusiness Division of Nagarjuna is committed to enhancing the availability of quality
food supply for the future by developing products and services that contribute
to increasing farm productivity.
The Agribusiness Division of the Nagarjuna Group consists of
the following business units:-
·
Plant Nutrition
·
Crop Protection
Nagarjuna provides a
complete range of cost effective agricultural inputs. Nagarjuna's products and
services enjoy nationwide reputation in
FIXED ASSETS
Ř
Goodwill
Ř
SAP Upgrade License Fees
Ř Land
Ř Buildings
Ř Plant &
machinery
Ř Electrical
installations
Ř Furniture & fixtures
Ř Office equipments
Ř
Vehicles
Ř
Computer and Peripherals
Contingent Liabilities
|
Particulars |
As at 31.03.2010 |
As at 31.03.2009 |
|
Letters of Credit |
237.839 |
288.070 |
|
Counter Guarantees * |
63.135 |
19.078 |
|
Excise Duty, Service Tax Demands - Company has appealed against orders raised the demands |
5.411 |
5.148 |
|
Sales Tax Demands - Company has appealed against orders raised the demands |
- |
17.617 |
|
Income Tax Demands - Company has appealed against orders raised the demands |
12.079 |
8.182 |
* Includes guarantee provided on behalf of Nagarjuna Hydro Energy Pvt Ltd for an amount of Rs.
463.88 Lacs (Previous year Rs.Nil).
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Nine Months Ended |
|
Operating Income |
|
|
|
Gross sales / Income from Operations |
|
|
|
Less: Excise Duty / Sale Tax recovered |
|
|
|
a) Net Sales / Income from Operations |
1274.800 |
4551.700 |
|
b) Other Operating Income |
0 |
0 |
|
Total Operating Income |
1274.800 |
4551.700 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
98.400 |
186.700 |
|
(b) Consumption of Raw Materials |
629.600 |
2641.800 |
|
Purchase of Traded Goods |
191.000 |
371.700 |
|
(c) Employees Cost |
97.700 |
296.400 |
|
(d) Depreciation |
62.100 |
171.000 |
|
(e) Other Expenditure |
175.600 |
548.200 |
|
Total Expenditure |
1254.400 |
4215.800 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
20.400 |
335.900 |
|
Other Income |
7.700 |
46.300 |
|
Profit/(Loss) before Interest and Exceptional items |
28.100 |
382.200 |
|
Interest |
62.500 |
188.900 |
|
Profit / (Loss) after interest before Exceptional items |
(34.400) |
193.300 |
|
Deferred Interest |
0 |
0 |
|
Net Profit/(Loss) after exceptional item |
(34.400) |
193.300 |
|
Tax Expenses |
(23.800) |
27.900 |
|
Net Profit/(Loss) after tax |
(10.600) |
165.400 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
1490 |
1490 |
|
Public Share
Holding |
|
|
|
Number of Shares |
3233971 |
3233971 |
|
Percentage of Shareholding |
21.71% |
21.71% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
11664186 |
11664186 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
78.29% |
78.29% |
i) Above unaudited results were reviewed by the committee of the board and approved by the board of directors at their respective meetings held on 28.01.2011.
ii) The statutory auditors have carried out the limited review as required under clause 41 of the listing agreement
iii) The company’s business is seasonal in nature and the performance can be impacted by weather conditions
iv) The company’s business is agro chemicals, hence there is no separate reportable business segment as per segment reporting accounting standard 17. Secondary segmental reporting is performed on the basis of the geographical location of customers.
The management views
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Nine Months Ended |
|
Segment Revenue |
|
|
|
|
901.600 |
3492.200 |
|
Outside |
373.200 |
1059.500 |
|
Total |
1274.800 |
4551.700 |
v)
According to a technical assessment, there is no
impairment in carrying cost of cash generating unit of the company in terms of
accounting standard – 28
vi)
During the quarter a section of the contract labor
have not worked at the Srikakulam plant
from 10.11.2010 to 25.12.2010 as a result production and export dispatches were
severely affected. Normalcy in operation is being established.
vii)
The above financial statement have been drawn up in
accordance with the accounting policies consistently followed by the company
viii)
Number of investor complaints received and disposed
of during the quarter ended 31.12.2010
pending at the
beginning of the quarter – nil
received during
the quarter – 127
disposed during
the quarter – 125
remaining
unresolved at the end of the quarter – 2
ix)
Comparative figures have been regrouped and recast
wherever considered necessary.
AS PER WEBSITE :
About Nagarjuna Group
Nagarjuna Group is truly an enterprise on the move. The foundation of the
Group was laid over two decades ago by technocrat entrepreneur Shri. KVK Raju.
He started with an initial investment of US $ 1.2 million
and sowed the seeds of what is now one of the fastest growing industrial houses
in
In addition to a growing presence in Agribusiness, the Group has made
significant investments in core sectors like Refining, Power generation and
Life Sciences. Today, the asset base of Nagarjuna Group is over US $ 2.5 billion.
The Agribusiness Division of Nagarjuna is
committed to enhancing the availability of quality food supply for the future
by developing products and services that contribute to increasing farm
productivity.
The Agribusiness Division of the Nagarjuna Group consists of the
following business units:-
Ř Plant Nutrition
Ř Crop Protection
Nagarjuna provides a
complete range of cost effective agricultural inputs. Nagarjuna's products and
services enjoy nationwide reputation in
PROFILE
Nagarjuna Agrichem
Limited (NACL)
Subject NACL was established in 1994 for producing
Monocrotophos Technical. NACL has since grown substantially and now
manufactures a comprehensive range of pesticide technical's, formulations and
custom manufactured fine chemicals. All the manufactured products conform to
international quality standards and specifications.
They have adequate capacities, state-of-the-art infrastructure, skilled
experienced manpower and technical absorption capabilities. In fact, Custom
Synthesis and manufacturing are one of NACL's inherent capabilities. The
production lines are designed for a quick change over. They also have a Custom
Synthesis and Toll Manufacturing Division, which caters to the requirements of
reputed overseas customers.
Subject has one of the largest Dealer Network spread across
They operate one of the most modern and
comprehensive Technical Agrochemical manufacturing plants, situated in Srikakulam
district of
In addition to the above, they also custom synthesis some Fine Chemicals
in addition to some Agrochemical Technical Grade products for reputed overseas
customers.
NACL formulates its formulations in a modern Formulation
Plant situated in the East Godavari District of Andhra Pradesh. This location
is situated in the scenic rice growing area on
The category wise annual capacities are:
Liquid : 25,000 KL
Granules : 15,000 MT
Wettable Powder : 3,000 MT
Prills : 3,000 MT
Subject is setting up a New Green Field Project for Manufacturing
Technical with an initial investment of 30 Million US Dollars. The Project will
be on stream by 2010.
Subject is also setting up a New Corporate RandD Centre in
Subject has an impressive range of branded formulations in the
categories of Insecticides, Fungicides and Herbicides. In addition to catering
to the entire Indian subcontinent, they export both Technicals and Formulation
grade pesticides to some countries in Europe, Asia including the Middle East,
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.45.27 |
|
|
1 |
Rs.72.94 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|
26-40s |
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.