MIRA
INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNITED PHOSPHORUS LIMITED |
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Registered
Office : |
3-11, G.I.D.C, Vapi District
Valsad– 396195, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.01.1985 |
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Com. Reg. No.: |
04 – 025132 |
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Capital
Investment / Paid-up Capital : |
Rs. 923.600 millions |
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CIN No.: [Company Identification
No.] |
L24219GJ1985PLC025132 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Agrochemicals |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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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 90000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Venkat Raman |
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Designation : |
Finance Department |
LOCATIONS
|
Registered Office : |
3-11, G.I.D.C, Vapi District Valsad– 396 195, Gujarat, India |
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Tel. No.: |
91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719 |
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Fax No.: |
91-260-2401823 |
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Email : |
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Website: |
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Corporate Office : |
Uniphos House, Madhu Park Centre, Opposite Madhu Park, Chitrakar
Dhurandar Marg, Khar (West), Mumbai –
400 052, Maharashtra, India |
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Tel. No.: |
91-22-26468000 |
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Fax No.: |
91-22-26041010 |
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E mail: |
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Administrative office : |
B - 905, Vasant Vihar Tower, Dafnala, Shahibaug,, Ahmedabad - 380 004,
Gujarat, India |
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Tel. No.: |
91-79 – 22862686/ 96 |
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Fax No.: |
91-79 - 22862676 |
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Email : |
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Factory 1 : |
117, G.I.D.C., Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-251223/ 250336/ 251249/ 250279/ 250379 |
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Fax No.: |
91-2646-250297 |
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Factory 2 : |
3405/ 6, G.I.D.C, Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-250578/ 250493/ 250563 |
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Fax No.: |
91-2646-251434 |
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Factory 3 : |
3101/2, G.I.D.C., Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-251189/ 225174/ 224473/ 252684 |
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Fax No.: |
91-2646-250615 |
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Factory : |
Located at: v
Vapi v
Jhagadia v
Halol v
Jammu |
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Depot : |
17-18 Sunrise Estate, 17-18 Sunrise Estate, 17-18 Sunrise Estate,
Sarkhej - 382 210, District. Ahmedabad, Gujarat, India |
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Tel. No.: |
91-79- 2093391/93/26890479/80 |
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Fax No.: |
91-79- 26890480 |
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Email : |
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Branch Office 1: |
F-7,Vinayak Sankul, Opposite Bhamburkar Hospital, Opposite Bhamburkar
Hospital, Tapdiya Nagar, Akola - 444 005, Maharashtra, India |
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Tel. No.: |
91-724- 2437957/2431733/2441565 |
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Fax No.: |
91-724- 2437957 |
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Email : |
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Branch Office 2: |
121/7, Pune -Saswad Road, Opposite Nutan Warehousing Godown, A/P
Phursungi -412308, Pune , Maharashtra, India |
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Tel. No.: |
91-20-6989858/698967295/6344820/6355823 |
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Fax No.: |
91-20- 6344820 |
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Email : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. R. D. Shroff |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. S. R. Shroff |
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Designation : |
Vice Chairman |
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Name : |
Mr. V. R. Shroff |
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Designation : |
Executive Director |
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Name : |
Mr. A. C. Ashar |
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Designation : |
Director – Finance |
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Name : |
Mr. K. Banerjee |
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Designation : |
Whole – time Director |
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Name : |
Mr. Pradeep Goyal |
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Designation : |
Director |
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Name : |
Dr. P. V. Krishna |
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Designation : |
Director |
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Name : |
Dr. (Mrs.) R. Ramachandran |
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Designation : |
Director |
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Name : |
Mr. Pradip Madhavji |
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Designation : |
Director |
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Name : |
Mr. Vinod Sethi |
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Designation : |
Director |
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Name : |
Mr. Chirayu R. Amin |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. B. Tridevi |
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Designation : |
Company Secretary |
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Name : |
Mr. J. R. Shroff |
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Designation : |
Global CEO of the Group |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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3790879 |
0.82 |
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|
118813730 |
25.75 |
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122604609 |
26.57 |
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Total shareholding of Promoter and Promoter Group (A) |
122604609 |
26.57 |
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(B) Public Shareholding |
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|
44869316 |
9.72 |
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|
325730 |
0.07 |
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26846388 |
5.82 |
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|
171281514 |
37.12 |
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|
243322948 |
52.73 |
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|
|
|
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|
49351143 |
10.70 |
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|
|
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|
31407386 |
6.81 |
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|
4813982 |
1.04 |
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|
9933486 |
2.15 |
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|
6740 |
-- |
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|
6510627 |
1.41 |
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|
3416119 |
0.74 |
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|
95505997 |
20.70 |
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Total Public shareholding (B) |
338828945 |
73.43 |
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Total (A)+(B) |
461433554 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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|
- |
- |
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|
370720 |
- |
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|
370720 |
- |
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Total (A)+(B)+(C) |
461804274 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agrochemicals |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Speciality Chemicals |
Tones |
12 |
48 |
27 |
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Chloro-Alkaline Products |
Tones |
106524 |
105402 |
95943 |
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|
NM3 |
-- |
-- |
11364345 |
|
Industrial Chemicals |
Tones |
53904 |
41484 |
30210 |
|
Power |
MW |
48 |
48 |
2204 (Lacs KWH) |
|
Pesticides |
Tones |
101164 |
140012 |
69429 |
|
Mercury Salts |
Tones |
100 |
100 |
-- |
|
Pesticides Intermediates |
Tones |
42631 |
34872 |
17101 |
Notes:
1.
Licensed and Installed Capacities are as certified
by a Director on which the Auditors have relied, being a technical matter.
2.
Licensed capacity represents registered capacity
with Directorate General of Technical Development (D.G.T.D.), capacity
intimated to D.G.T.D. under Industrial Licensing Policy and/or capacity
intimated to Secretary for Industrial Approvals.
3.
Production includes quantities produced for captive
consumption.
4.
During the year, the Company has produced
1,96,85,239 Liters (Previous Year: 1,31,18,838 Liters), 3,25,15,560 Kilograms
(Previous Year: 2,52,88,625 Kilograms) and 37,15,270 numbers (Previous Year:
27,68,165 numbers) of formulations out of Technical Grade Products
manufactured/purchased by the Company
5.
Production includes 3,091 Tones (Previous Year:
3,302 Tones) produced on Job-Work basis for outside parties.
GENERAL INFORMATION
|
No. of Employees : |
2500 (Approximately) |
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Bankers : |
v
Dena Bank v
Bank of Baroda v
State Bank of India v
Union Bank of India v
Canara Bank v
HDFC Bank Limited v
IDBI Bank Limited v
The Kurar Vysya Bank Limited v
Axis Bank Limited v
Andhra Bank v
State Bank of Hyderabad v
Export-Import Bank of India v
ICICI Bank Limited v
ING Vysya Bank Limited |
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Facilities : |
Notes: 1.
Non convertible Debentures (NCDs) referred in 1 above
are redeemable at par in three equal installments from 27.01.2014 and have a
put option at the end of 3rd year i.e. 27.1.2012. These debentures are
secured by way of pledge of 65,29,500 equity shares of Advanta India Limited. 2.
Cash Credit, Packing Credit and Working Capital
Demand Loan Accounts from Banks are secured by hypothecation of present and
future inventories, book debts, etc. of the Company, wherever situated. 3.
External Commercial Borrowing from International
Finance Corporation amounting to Rs. 187.300 millions (Previous Year:
Rs.314.300 millions) is secured by pari-passu first charge by way of
hypothecation of specific movable assets, present and future, situated at
Jhagadia Unit of the Company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. V. Ghatalia and Associates Chartered Accountant |
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Associates: |
·
Advanta India Limited ·
Advanta Seed International, Mauritius ·
Advanta Semilas SAIC, Argentina ·
Agrinet Solutions Limited ·
Chemisynth (Vapi) Limited ·
Kerala Enviro Infrastructure Limited ·
Pacific Seeds Pty Limited, Australia ·
Unicorn Seeds Private Limited |
|
|
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Subsidiaries |
·
Uniphos Limited, Mauritius ·
United Phosphorus (Korea) Limited ·
United Phosphorus (Shanghai) Company Limited ·
United Phosphorus (Taiwan) Limited ·
United Phosphorus Cayman Limited ·
United Phosphorus de Mexico, S.A. de C.V. ·
United Phosphorus do Brasil Limited ·
United Phosphorus GMBH - Germany ·
United Phosphorus Holdings B.V., Netherlands ·
United Phosphorus Holdings Cooperatief U.A. ·
United Phosphorus Inc., U.S.A. ·
United Phosphorus Italy S.R.L. ·
United Phosphorus Limited Mauritius. ·
United Phosphorus Limited, Australia ·
United Phosphorus Limited, Belgium S P R L ·
United Phosphorus Limited, Colombia ·
United Phosphorus Limited, Gibraltar ·
United Phosphorus Limited, Hongkong ·
United Phosphorus Limited, Japan ·
United Phosphorus Limited, New Zealand ·
United Phosphorus Limited, U.K. ·
United Phosphorus Limited, Zambia ·
United Phosphorus Polska Sp. z o.o - Poland ·
United Phosphorus Sole Partner Limited, Greece ·
United Phosphorus Switzerland Limited. ·
United Phosphorus Vietnam Company Limited ·
UPL Investment Private Limited ·
Agri pack Zambia Limited ·
Agrindustrial, S.A., Spain ·
Agrodan, ApS ·
Anning Decco Fine Chemical Company Limited, China ·
Bio-win Corporation Limited, Mauritius ·
Canegrass LLC, USA ·
Cerexagri B.V. - Netherlands ·
Cerexagri Costa Rica, S.A. ·
Cerexagri Delaware, Inc., USA ·
Cerexagri Italia S.R.L. ·
Cerexagri S.A.S., France ·
Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret
Limited Sirketi, Turkey ·
Cerexagri, Inc. (PA) ·
Citrashine (Pty) Limited, South Africa ·
Compania Espanola Industrial Quimica de Productos
Agricolas Y Domesticos, S.A.U., Spain ·
Cropserve Zambia Limited ·
Decco Iberica Postcosecha, S.A.U., Spain
(formerly Cerexagri Iberica) ·
Decco Italia SRL, Italy ·
Decco US Post-Harvest Inc (US) ·
Decco Worldwide Post-Harvest Holdings B.V. ·
Decco Worldwide Post-Harvest Holdings Cooperatief
U.A. ·
Desarrollo Quimico Industrial, S.A., Spain ·
Eddyville Consultants Group, Inc. Panama ·
Evofarms Colombia SA ·
Evofarms S.A. - Colombia ·
Friedshelf 1114 (Pty) Limited ·
Global Chem Trade Corp., Panama ·
Icona S A - Argentina ·
Icona Sanluis S A - Argentina ·
Jiangsu Kaznam Chemical Group.,Panama ·
JSC United Phosphorus Limited, Russia ·
Phosfonia, S.L., Spain ·
Prime Agri Centre Zambia Limited ·
PT Catur Agrodaya Mandiri, Indonesia ·
PT. United Phosphorus Indonesia ·
Regentstreet B.V. ·
Reposo S.A.I.C., Argentina ·
Riceco LLC ·
Safepack Products Limited ·
Samma International S.R.L., Italy ·
Samrod Chemicals (Pty) Limited ·
Shroffs United Chemicals Limited ·
SWAL Corporation Limited ·
Transterra Invest, S. L. U., Spain ·
Universal Pestochem Limited ·
Tatva Global Environment (Deonar) Limited |
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|
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|
Joint Ventures Companies: |
·
United Phosphorus (Bangladesh) Limited. ·
Hodogaya UPL Company Limited, Japan ·
Nisso TM LLC |
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|
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|
Enterprises over which key management personnel
and their relatives have significant influence: |
·
Bharuch Enviro Infrastructure Limited ·
Bloom Packaging Private Limited ·
Bloom Seal Containers Private Limited ·
Coimbatore Integrated Waste Management Company
Private Limited ·
Daman Ganga Pulp and Papers Private Limited ·
Demuric Holdings Private Limited ·
Entrust Environment Limited ·
Enviro Technology Limited ·
Gabo Products Private Limited ·
Gharpure Engineering and Construction Private
Limited ·
Uniphos Envirotronic Private Limited ·
Jai Research Foundation ·
Jai Trust ·
JRF Biogenomics Limited ·
Nerka Chemicals Private Limited ·
Pot Plants ·
Sanguine Holdings Private Limited ·
Tatva Global Enviroment Limited ·
Ultima Search ·
Uniphos Agro Industries Limited ·
Uniphos Enterprises Limited ·
UPL Environmental Engineers Limited ·
Vikram Farm |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1275000000 |
Equity Shares |
Rs.2/- each |
Rs. 2550.000 Millions |
|
14000000 |
Preference Shares |
Rs. 100/- each |
Rs. 1400.000 millions |
|
5000000 |
Preference Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
Total |
|
Rs. 4000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
461804274 |
Equity Shares |
Rs.2/- each |
Rs. 923.600
Millions |
|
|
|
|
|
Notes:
1.
Of the above:
12,73,31,215 (Previous Year: 12,73,31,215) Equity Shares of Rs.2 each
fully paid-up have been allotted pursuant to a Scheme of Arrangement, without
payments being received in cash.
21,97,81,784 (Previous Year: 21,97,81,784) Equity Shares of Rs. 2 each
fully paid-up have been alloted as bonus shares by capitalisation of Securities
Premium, without payments being received in cash.
2.
During the year, the Company has issued 2,22,40,706
(Previous Year: Nil) equity shares of Rs. 2 each fully paid-up on conversion of
654 Foreign Currency Convertible Bonds of USD 1,00,000 each
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
923.600 |
879.100 |
879.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
852.800 |
|
|
3] Reserves & Surplus |
21657.200 |
18336.200 |
17297.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22580.800 |
19215.300 |
19029.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4189.600 |
2216.900 |
4140.300 |
|
|
2] Unsecured Loans |
20206.900 |
19278.000 |
16032.100 |
|
|
TOTAL BORROWING |
24396.500 |
21494.900 |
20172.400 |
|
|
DEFERRED TAX LIABILITIES |
630.700 |
722.300 |
265.500 |
|
|
DEFERRED PAYMENT LIABILITIES |
5.100 |
43.900 |
211.700 |
|
|
|
|
|
|
|
|
TOTAL |
47613.100 |
41476.400 |
39678.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8097.900 |
8370.500 |
7793.700 |
|
|
Capital work-in-progress |
521.500 |
293.300 |
1002.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
10118.000 |
6878.700 |
3740.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
INTANGIBLE ASSETS |
1280.500 |
1357.300 |
1419.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4090.400
|
2870.100
|
5519.100 |
|
|
Sundry Debtors |
10249.500
|
7468.300
|
7269.300 |
|
|
Cash & Bank Balances |
4378.200
|
3837.000
|
703.900 |
|
|
Other Current Assets |
814.300
|
605.400
|
707.400 |
|
|
Loans & Advances |
18862.700
|
17736.500
|
20369.000 |
|
Total
Current Assets |
38395.100
|
32517.300
|
34568.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5864.900
|
5010.200
|
5206.300 |
|
|
Other Current Liabilities |
3714.300
|
1746.100
|
2868.700 |
|
|
Provisions |
1220.700
|
1184.400
|
771.400 |
|
Total
Current Liabilities |
10799.900
|
7940.700 |
8846.400 |
|
|
Net Current Assets |
27595.200
|
24576.600
|
25722.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47613.100 |
41476.400 |
39678.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28091.400 |
24533.900 |
23273.900 |
|
|
|
Other Income from Operation |
1251.600 |
1017.400 |
1099.200 |
|
|
|
Other Income |
1303.800 |
722.100 |
1433.400 |
|
|
|
TOTAL (A) |
30646.800 |
26273.400 |
25806.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
24971.800 |
20681.500 |
22107.300 |
|
|
|
Increase/(Decrease) in Finished Goods |
(510.500) |
1102.400 |
(1140.500) |
|
|
|
Exceptional Item |
0.0000 |
0.000 |
5.000 |
|
|
|
TOTAL (B) |
24461.300 |
21783.900 |
20971.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6185.500 |
4489.500 |
4834.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2936.400 |
926.400 |
2301.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3249.100 |
3563.100 |
2533.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1146.800 |
1079.100 |
888.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2102.300 |
2484.000 |
1644.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
527.300 |
671.100 |
167.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1575.000 |
1812.900 |
1477.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
234.000 |
6.300 |
117.000 |
|
|
|
|
|
|
|
|
|
Add |
APPROPRIATIONS |
|
|
|
|
|
|
Debentures Redemption Reserve Written Bank |
3044.800 |
440.200 |
0.000 |
|
|
|
Amount transferred from General Reserve |
0.000 |
0.000 |
500.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend on Equity Shares |
926.100 |
879.100 |
659.600 |
|
|
|
Tax on Distributed Profit: On Equity Dividend
|
150.200 |
146.000 |
112.100 |
|
|
|
Debentures Redemption Reserve |
660.500 |
800.300 |
1166.400 |
|
|
|
Transfer to General Reserve |
2750.000 |
200.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
367.000 |
234.000 |
6.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
14457.500 |
13337.500 |
13807.900 |
|
|
|
Interest/ Dividend |
304.300 |
502.000 |
754.200 |
|
|
|
Others |
1.900 |
75.700 |
57.500 |
|
|
TOTAL EARNINGS |
14763.700 |
13915.200 |
14619.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Traded Goods |
7303.800 |
4414.700 |
9620.300 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
6.400 |
|
|
|
Capital Goods |
62.000 |
51.100 |
53.000 |
|
|
TOTAL IMPORTS |
7365.800 |
4477.300 |
9679.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.52 |
4.12 |
3.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
|
Net Sales |
9018.200 |
9006.300 |
|
Total Expenditure |
7337.800 |
7870.700 |
|
PBIDT (Excl OI) |
1680.400 |
1135.600 |
|
Other Income |
470.300 |
284.400 |
|
Operating Profit |
2150.700 |
1420.000 |
|
Interest |
514.000 |
614.900 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
1636.700 |
805.100 |
|
Depreciation |
288.700 |
303.200 |
|
Profit Before Tax |
1348.000 |
501.900 |
|
Tax |
381.100 |
140.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
966.900 |
361.900 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
966.900 |
361.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.14
|
6.90
|
5.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.48
|
10.12
|
7.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
|
6.08
|
3.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.13
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.53
|
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
4.10
|
3.91 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
PERFORMANCE:
During the year,
India received very good monsoon. The La Nina effect leading to high precipitation
resulted in bountiful rains throughout the country. Many crops recorded higher
production this year. There was bumper harvest in both kharif and rabi seasons.
Prices of most of the inputs also stabilized during the year. All these factors
led to overall improvement in the economy of the country. The GDP growth was
also higher.
Barring a few
countries like Argentina, the rains were good and fairly widespread in most of
the countries around the world. However, there were political upheavals and
public uprising which saw end of dynasty rule in countries like Tunisia, Egypt,
Libya, etc. Japan suffered national calamities like earthquake, tsunami and
nuclear leaks. It led to high crude oil prices which affected the economies of
all countries. Fears of inflation are looming large. Economies of some of the
European nations continued to remain sluggish.
On the back of
good monsoon, the sale of agrochemicals in India in the first half of the year
were higher. However, contrary to the expectations, the sales in second half
were not so encouraging. On international front, the company did very good
business in Latin American market. The sales of company’s agrochemicals in
these parts were high and in future also, the sales of agrochemicals in the
Latin American countries will go up.
Total net sales
for the year were higher at 28091.400 millions as against 24533.900 millions.
Profit before Taxes were at 2102.300 millions as against 2484.000 millions last
year.
FUTURE OUTLOOK:
For the year
2011-12, normal monsoons are predicted in India. This should result in higher
sales and improved profitability. Further, economic situation in USA and many
countries in Europe are showing distinct signs of recovery. This will
positively affect the performance of agrochemical industry. With the population
in India going up, food production has to go up which can be possible only by
increased and regulated usage of agrochemicals. In the recent Union Budget,
greater thrust is provided on agriculture, infrastructure and education. This
will also help the Company to have better performance in the coming years.
FINANCE:
During the year,
the Company has raised funds of 6000.000 millions by issue of unsecured
Redeemable Non-convertible Debentures.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT :-
The Company is
mainly engaged in the business of agrochemicals, other industrial chemicals and
chemical intermediates. It hasalso got a captive power plant in Jhagadia.
The agrochemical industry
has several crop protection products which can be broadly divided into
herbicides, insecticides, fungicides and others. Herbicides prevent or reduce
weeds. They mainly replace or reduce mechanical weeding and thereby help in
reducing soil erosion, water loss and providing better targeted nutrition to
the plants. Insecticides are used to control insects and pests that reduce crop
yields and quality. Fungicides prevent and cure fungal plant diseases which
affect crop yields and quality.
The agrochemical
market is divided into products protected by patents and products which have
gone off-patent. Majority of sales of patented as well as off-patent products
are dominated by multinational corporations.
Over the last few
years, there have been many mergers and acquisitions among existing
agrochemical companies. The primary reasons for the same are slow pace of new
product development, growing generics penetration and increasing cost of
regulatory compliance. The industry is regulated by strict and expensive
registration processes in various jurisdictions and environmental and safety
legislations. There are environmental laws prescribed for production, storage
and handling of inputs, intermediates and agrochemicals.
As the new
products are slow to come in the market, the success of business depends
largely on distribution network of the companies. Over the years, the Company
has expanded its distribution network in the international market through
various subsidiaries. The Company has also acquired new products, businesses
and companies to successfully integrate new products to its existing business.
Within India, it has got sales depots and distributors across the country to
cater to the Indian market.
Population has
been rising everywhere. This results in higher food consumption. Farmable land
is limited and hence, productivity of land has to increase. In India,
agrochemical industry is set to progress very fast in the coming years. The
second Green Revolution is expected. The government is concerned with the slow
growth in agriculture sector. It is providing various incentives and facilities
for the growth of this sector.
SEGMENTWISE
PERFORMANCE:-
a)
Agrochemicals – Agrochemicals accounted for 80% of
total sales of the company. Increase in market share of the company’s products
mainly consists of agrochemicals.
b)
Industrial chemicals and intermediates – this
segment accounted for 19% of total sales.
c)
Power – Power plant is for captive.
d)
Exports – Exports accounted for 53% of total sales.
BUSINESS OUTLOOK:-
The world economy
is coming out of the downturn. Economies of USA and European countries are
picking up again. This will benefit the Company significantly. In last few
years, the Company’s performance had remained static on account of slackness in
demand in these countries.
Overall business
scenario for the Company is encouraging. A big advantage for the Company is
that its cost of manufacture of agrochemicals in India is competitive. Further,
it offers the largest range of agrochemicals. With various acquisitions, the
Company has gained access to global markets and it is in a position to offer an
extensive and balanced product portfolio to its customers worldwide. The
Company has also strengthened its distribution reach and access to new markets by
various strategic alliances with other agrochemical manufacturers of the world.
The Company holds more than 1000 registrations for its products worldwide. The
senior management devotes considerable time and resources in research and
development for developing new products and improvement in manufacturing
processes so as to enhance the quality of its products and make them more
affordable. All these factors will help the Company to perform better in coming
years.
FINANCIAL AND
OPERATIONAL PERFORMANCE:-
During the year,
turnover has gone up from 27389.800 millions to 31337.100 millions. Exports
have been 14457.500 millions. At consolidated level, the sales have gone up
from 52900.400 millions to 56496.900 millions. Profit before tax on
consolidated basis has increased from 5987.000 millions to 6644.400 millions.
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
SEPTEMBER, 2011
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.09.2011 (Unaudited) |
Half Year Ended 30.09.2011 (Unaudited) |
|
|
|
|
|
1. a) Net Sales/
Income from operations |
17210.500 |
35430.500 |
|
b) Other
Operating Income |
546.500 |
947.900 |
|
Total Income |
17757.000 |
36378.400 |
|
|
|
|
|
2. Expenditure |
|
|
|
a) Consumption of
Raw Materials, Packing Material, Traded Goods and Increase/ Decrease in Stock |
9699.500 |
19933.100 |
|
b) Employees Cost |
1511.200 |
2998.200 |
|
c) Depreciation/
Amortisation |
719.100 |
1347.500 |
|
d) Other
Expenditure |
3291.400 |
6743.500 |
|
Total |
15221.200 |
31022.300 |
|
|
|
|
|
3. Profit/ Loss
form operations before other Income and Interest (1-2) |
2535.800 |
5356.100 |
|
|
|
|
|
4. Other Income |
195.700 |
421.400 |
|
|
|
|
|
5. Profit/ Loss
before Interest and Exceptional Item (3+4) |
2731.500 |
5777.500 |
|
|
|
|
|
6. Interest and
other Finance Charges |
1918.000 |
2631.700 |
|
|
|
|
|
7. Profit/ Loss
after Interest but before Exceptional
Items (5-6) |
813.500 |
3145.800 |
|
|
|
|
|
8. Exceptional
Items |
143.500 |
143.500 |
|
|
|
|
|
9. Profit/ Loss
before Tax (7+8) |
670.000 |
3002.300 |
|
|
|
|
|
10. Tax Expenses |
151.000 |
617.000 |
|
|
|
|
|
11. Net Profit/
Loss After Tax (9-10) |
519.000 |
2385.300 |
|
|
|
|
|
12. Less:
Minority Interest |
(134.800) |
(128.800) |
|
|
|
|
|
13. Add/ Less
Income/ Loss from Associate Company |
(84.300] |
(101.500) |
|
|
|
|
|
14. Less: Prior
Period Adjustment – Associate Company |
-- |
-- |
|
|
|
|
|
15. Net Profit
After Tax with Income from Associate Company |
569.500 |
2412.600 |
|
|
|
|
|
16.Paid up Equity
Shares Capital (Face Value of the
share Rs. 2/- each) |
923.600 |
923.600 |
|
|
|
|
|
17. Reserve
excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
18. Earnings per
share (EPS) |
|
|
|
Basic and Diluted
EPS and after extraordinary items for the period, for the year to date and
for the previous year (not to be annualized) |
|
|
|
Basic Earning per
share of Rs. 2.00 each (Rs) |
1.23 |
5.22 |
|
Diluted earning
per share of Rs. 2.00 each (Rs.) |
1.23 |
5.22 |
|
19. Public
Shareholding |
|
|
|
- No. of Shares |
339199665 |
339199665 |
|
% of Shareholding |
73.45% |
73.45% |
Notes:
1.
Share of Profit in Associate company for the quarter
is considered on the basis of unaudited Consolidated results of Advanta Group
and Standalone results of Sipcam UPL Brasil S.A. for the quarter ended 30th
June, 2011.
2.
Interest and other finance cost include net
exchange loss of Rs. 1113.500 Millions for quarter ended September 2011 and Rs.
962.300 Millions for half year ended September 2011 arising on foreign currency
loan/ advances and related derivatives. The amount for the previous quarter
ended September 2010 was Rs. 165.400 Millions and for half year ended September
2010 was Rs. 673.000 Millions
3.
Previous period/ Year’s figure have been regrouped/
rearranged wherever necessary.
FIXED ASSETS:
·
Land-Freehold
·
Land-Leasehold
·
Leasehold Improvement Asset
·
Buildings
·
Plant and Machinery
·
Laboratory Equipments
·
Furniture, Fixtures and Equipments
·
Vehicles
·
Temporary Structures
WEB
SITE DETAILS
PROFILE
subject is an India-based company engaged in the business of
agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals.
The Company operates in three segments: agro chemical, industrial chemicals and
others. The agro chemicals segment consists of agrochemicals technical’s and
formulations. The industrial chemicals segment consists of industrial chemicals
and speciality chemicals. The others segment consists of traded products. The
Company’s subsidiaries include United Phosphorus Limited, U.K., United
Phosphorus Limited, Hong Kong, United Phosphorus Inc. USA, United Phosphorus
Inc. USA/Cerexagi Inc (PA), Evafarms SA-Columbia, United Phosphorus Limited,
Cloumbia and United Phosphorus Limited, Australia. For the nine months ended 31
December 2010, United Phosphorus Limited's revenues increased 1% to RS40.16B.
Net income increased less than 1% to RS3.41B. Revenues reflect an increase in
other income from operation and higher other income. Net income was partially
offset by an increase in employee costs, higher other expenses, an increase in
interest & finance cost and a rise in minority interest.
MANAGEMENT
SANDRA R. SHROFF -
NON-EXECUTIVE VICE CHAIRMAN OF THE BOARD
Mrs. Sandra R. Shroff is Non-Executive Vice Chairman of the
Board of United Phosphorus Limited She is the Director of the Company since 1st
October, 1992. She has been associated with Uniphos Enterprises Limited
(erstwhile United Phosphorus Limited) since its inception. She has held various
important positions in commercial, educational and social fields. She is on the
Board of Uniphos Enterprises Limited, Uniphos Agro Industries Limited, Enviro
Technology Limited, Nivi Trading Limited, Shroff United Chemicals Limited,
Bharuch Enviro Infrastructure Limited, Vapi Waste and Effluent Management
Company Limited, Ventura Guaranty Limited and UPL Environmental Engineers
Limited.
CHIRAYU R. AMIN - INDEPENDENT
NON-EXECUTIVE DIRECTOR
Mr. Chirayu R. Amin is Independent Non-Executive Director of
United Phosphorus Limited. He is a Science graduate and Master in Business
Administration. Presently, he is the Chairman and Managing Director of Alembic
Limited. He represented the industry in various associations and federations
such as FICCI, International Chambers of Commerce, Federation of Gujarat
Industries etc. He is keenly interested in sports and presently he is the
Vice-President of Cricket Control Board of India. He has many years of
experience in business. He is also Chairman of Alembic Glass Industries Ltd.
and Paushak Limited. He is also on the Board of Alembic Exports Limited, AGI
Developers Limited and Elecon Engineering Company Limited.
A. C. ASHAR - DIRECTOR
- FINANCE, WHOLE-TIME DIRECTOR
Mr. Arun C. Ashar is Director - Finance, Whole-time Director
of United Phosphorus Limited since March, 1993. He is a Chartered Accountant. He
was associated with the group in the capacity of consultant prior to his
joining of the Board. He Iooks after the financial functions of the Company and
has been instrumental in raising finance for various projects of the Company.
He is. on the Board of Uniphos Enterprises Limited , Enviro Technology Limited,
Bharuch Enviro Infrastructure Limited, Agrinet Solutions Limited, SWAL
Corporation Limited, Shroff United Chemicals Limited, Search Enviro Limited,
Djai Power Limited, Shivalik Solid Waste Management Limited , and Associated
Environmental Engineers Limited .
KALYAN M. BANERJEE -
WHOLE TIME DIRECTOR
Mr. Kalyan M. Banerjee is Whole Time Director of the United
Phosphorus Ltd since 21 October, 2003. He is a Chemical Engineer. He has been
associated with the Uniphos Enterprises Limited (erstwhile United Phosphorus
Limited) since its, inception. He has held various important positions in
commercial, educational and social fields. He has been the Director of Rotary
International and is activeFy associated with all the Rotary projects. He is
also associated with various education institutions at Vapi. Mr. Banerjee is on
the Board of Uniphos Agro Industries Limited.
PRADEEP V. GOYAL -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Pradeep Goyal is Independent Non-Executive Director of
United Phosphorus Limited since 31 January, 2002. He is a Metallurgy Engineer
from IIT and Master Graduate from MIT, USA. He has been the member of various
associations such as All India Manufacturers Organisation, ASSOCHAM, Indo-German
Chambers of Commerce, etc. He has authored a few articles relating to steel
making. He is the Managing Director of Pradeep Metals Limited. He is also on
the Board of Uniphos Enterprises Limited, Hind Rectifiers Limited, Entegra
Limited and Jankalyan Sahakari Bank Limited.
Education
SM Materials Science, Massachusetts Institute of Technology
B Technology, Indian Institute of Technology, Kanpur
P. V. KRISHNA –
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. P. V. Krishna is Independent Non-Executive Director of United
Phosphorus Limited since 31 January, 2002. He is a member of the Audit
Committee, Shareholders/Investors Grievance Committee and Remuneration
Committee. He is Ph. D. (Tech.). He is a Chemical technologist with
specialization in chemicals and petrochemicals. He has over 40 years experience
in Research and Development and industry and held various positions in
Government of Gujarat and Government of India. He is presently a Project
Consultant for Chemicals, Petro Chemicals, Safety Management and Environment
Planning. He has got an excellent technical background. He is also a Director
on the Board of Suvikas People Co-operative Bank Limited.
PRADIP MADHAVJI -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Pradip Madhavji is Independent Non-Executive Director of
United Phosphorus Limited since 29th January, 2004. Mr. Madhayji is B.A.,
B.Com. arjd L.L.B. Mr. Madhavji has more than 43 years of experience in the
fields of finance and administration. Formerly he was chief of Thomas Cook
India Limited. Prior to joining Thomas Cook, He was in Dena Bank for 1. years.
Presently Mr. Madhavji is on the Board of Standard Chartered Asset Management
Company Private Limited, Kishco Cutlery Limited. and Travel Corporation of
India. Apart from this, he is Hon. Consul of New Zeland and also holds
positions in various trade bodies.
REENA RAMACHANDRAN -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. Rena Ramachandran is Independent Non-Executive Director
of United Phosphorus Limited since 21 October, 2003. She is the Director
General of j. K. Business School, running a UGC recognised management
programme. Presently, she is a member of the HR Advisory Committe of Reserve
Bank of India. She has been member of various associations and institutions
relating to education. She was also associated with various committees
appointed by various Ministries of Government of India. She has done her
Doctorate in Chemistry from University of Allahabad and Doctorate in Science
(chemistry) in France. She has varied professional experience of over 34 years
in Textile, Drug, Cement, Petroleum and Petro Chemical Industry.
Education
DS Chemistry, Allahabad University
VINOD R. SETHI -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Vinod R. Sethi is Independent Non-Executive Director of Board
of United Phosphorus Limited. He is a Chemical Engineer from IIT, Mumbai and
Master in Business Administration from IIM, Ahmedabad. Presently, he runs his
own private investment bank. He was previously with Morgan Stanley. He has many
years of experience in the field of finance. He is Chairman of K C P Sugar
Mills Limited and is also on the Board of Subex Systems Limited, Geodesic
Information Systems - Limited, GTL Limited. and Axsys TechnolOgy Limited.
Education
MBA Finance, New York University
B , Indian Institute of Technology, Mumbai
VIKRAM RAJNIKANT
SHROFF - EXECUTIVE DIRECTOR
Mr. Vikram R. Shroff is Executive Director of United
Phosphorus Limited. He is Science graduate from University of Mumbai. He has
been associated with the group since 1997. He looks after HR functions,
Purchase, Commercial, Marketing (IocI), production departments and SAP
implementation in the organization. He is on the Board of Bharuch Enviro
Infrastructure Limited and Agrinet Solutions Limited.
Education
Chemistry, University of Mumbai
Harvard University
JAIDEV R. SHROFF -
GLOBAL CEO OF THE GROUP, DIRECTOR
Mr. Jaidev R. Shroff is Global CEO of the Group, Director of
United Phosphorus Limited. He is the Director of the Company since 1st October,
1992 and is a science graduate. He has worked with the Group for more than 18
years. He has substantial experience in various areas of the Group operations.
He is also a Director on the Board of various other public limited companies,
viz. Uniphos Enterprises Limited, Enviro Technology Limited, Nivi Trading
Limited, Ventura Guaranty Limited, Advanta India Limited, Bharuch Enviro
Infrastructure Limited, Tatva Global Environment Limited, Tatva Global
Environment (Deonar) Limited, Shivalik Solid Waste Management Limited, UPL Environmental
Engineers Limited, Nirlon Limited, Latur Water Supply Management Company
Limited, Sharvak Environment Ltd. and Entrust Environment Limited.
NEWS
PRESS RELEASE
UNITED PHOSPHORUS
LIMITED ACQUIRES MAJORITY STAKE IN DVA AGRO BRAZIL
Jul 26, 2011
United Phosphorus Limited announced that it has acquired a
51% stake in DVA Agro Do Brasil (DVA Agro Brazil), a Brazilian company, from
DVA Group, Germany and other shareholders. The balance 49% will continue to be
held by the existing shareholders. DVA Agro Brazil based out of Campinas, Sao
Paulo state in Brazil is engaged in the production, marketing, selling and
distribution of crop protection products and specialties in the Brazilian
agrochemicals market. UPL's acquisition of 51% will be against an immediate
cash outlay of around USD150 million which will be accomplished through primary
infusion of funds in DVA Agro Brazil and secondary purchase of share from the
existing shareholders.
UNITED PHOSPHORUS
LIMITED ANNOUNCES MERGER WITH UNITED PHOSPHOROUS LIMITED (MAURITIUS)
May 25, 2011
United Phosphorus Limited announced that the Board of
Directors considered the merger of Company's overseas subsidiary United
Phosphorous Limited (Mauritius) into itself. The Scheme is subject to and
conditional upon the requisite approvals being / to be received thereof,
including the approval of the shareholders , sanction of the Hon'ble High Court
of Gujarat at Ahmedabad, pursuant to the provisions of sanction 391 to 394 of
the Companies Act, 1956 and other applicable provisions, and, stock exchanges,
filing of certified / authenticated copy of the order of Hon'ble Gujarat High
Court with Registrar of Companies at Ahmadabad and at Mauritius, and all
statutory and regulatory authorities, as applicable, for implementation of the
Scheme.
UNITED PHOSPHORUS
LIMITED TO CONSIDER MERGER WITH OVERSEAS SUBSIDIARY
May 23, 2011
United Phosphorus Limited announced that a meeting of the
Board of Directors of the Company will be held on May 25, 2011, inter alia, to
consider and if thought fit, approve merger of its overseas subsidiary with
itself.
UNITED PHOSPHORUS
LIMITED RECOMMENDS DIVIDEND
Apr 29, 2011
United Phosphorus Limited announced that the Board of
Directors of the Company at its meeting held on April 29, 2011, inter alia, has
recommended dividend at 100% on the equity shares of INR2 each (that is INR2
per equity share).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 48.87 |
|
UK Pound |
1 |
Rs.78.11 |
|
Euro |
1 |
Rs. 68.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
8 |
|
--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 |
|
67 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.