1. Summary Information

 

 

Country

INDIA

Company Name

INDIAN POTASH LIMITED

Principal Name 1

Mr. Balvinder Singh Nakai

Status

Good

Principal Name 2

Mr. Udai Shankar Awasthi

 

 

Registration #

18-000961

Street Address

Ambal Building, III Floor, P. B. No. 738, 727, Anna Salai, Chennai – 600006, Tamil Nadu, India

Established Date

17.06.1955

SIC Code

--

Telephone#

91-44-28520855

Business Style 1

Manufacturer

Fax #

91-44-28522407

Business Style 2

--

Homepage

--

Product Name 1

Urea (Imported and Indegenous)

# of employees

450 (Approximately)

Product Name 2

Di – Ammonium Phosphate

Paid up capital

Rs.142,986,000/-

Product Name 3

Muriate of Potash

Shareholders

Bodies corporate 99.00 %

Directors or relatives of directors 1.00 %

Banking

State Bank of India,

Public Limited Corp.

--

Business Period

56 Years

IPO

--

International Ins.

-

Public Enterprise

--

Rating

A (59)

Related Company

Relation

Country

Company Name

CEO

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2010

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

31,135,788,000

Current Liabilities

44,279,336,000

Inventories

8,228,341,000

Long-term Liabilities

37,727,134,000 

Fixed Assets

917,025,000

Other Liabilities

--

Deferred Assets

170,996,000

Total Liabilities

82,006,470,000

Invest& other Assets

46,194,846,000

Retained Earnings

4,497,540,000

 

 

Net Worth

4,640,526,000

Total Assets

86,646,996,000

Total Liab. & Equity

86,646,996,000

 Total Assets

(Previous Year)

122,349,818,000

 

 

P/L Statement as of

31.03.2010

(Unit: Indian Rs.)

Sales

170,038,079,000

Net Profit

1,839,215,000

Sales(Previous yr)

321,549,863,000

Net Profit(Prev.yr)

1,064,530,000

MIRA INFORM REPORT

 

 

Report Date :

19.09.2011

 

IDENTIFICATION DETAILS

 

Name :

INDIAN POTASH LIMITED

 

 

Registered Office :

Ambal Building, III Floor, P. B. No. 738, 727, Anna Salai, Chennai – 600006, Tamil Nadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

17.06.1955

 

 

Com. Reg. No.:

18-000961

 

 

Capital Investment / Paid-up Capital :

Rs.142.986 Millions

 

 

CIN No.:

[Company Identification No.]

U14219TN1955PLC000961

 

 

Legal Form :

A Closely held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Cattle Feed and Producing Fertilizers by using Imported Potash as an Intermediary.

 

 

No of Employees:

450 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (59)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 18562000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

LOCATIONS

 

Registered Office :

Ambal Building, III Floor, P. B. No. 738, 727, Anna Salai, Chennai – 600006, Tamil Nadu, India

Tel. No.:

91-44-28520855

Fax No.:

91-44-28522407

E-Mail :

rajeshkumar@potindia.com 

 

DIRECTORS

 

AS ON 16.08.2010

 

Name :

Mr. Harbachan Singh Bawa

Designation :

Director

Address :

Devika Tower, Ground Floor, 6 Nehru Place, New Delhi – 110019, India

Date of Birth/Age :

20.03.1931

Date of Appointment :

30.09.1981

 

 

Name :

Mr. Udai Shankar Awasthi

Designation :

Director

Address :

IFFCO, 34 Nehru Place, New Delhi – 110019, Delhi, India

Date of Birth/Age :

12.07.1945

Date of Appointment :

29.06.1993

 

 

Name :

Mr. Balvinder Singh Nakai

Designation :

Director

Address :

Bhatinda Barmala Road, Rampura Phul, Dist. Bhatinda, Punjab State, India

Date of Birth/Age :

05.12.1934

Date of Appointment :

25.09.1993

 

 

Name :

Mr. Parvinder Singh Gahlaut

Designation :

Director

Address :

C -9/9156, Vasant Kunj, New Delhi – 110078, India

Date of Birth/Age :

27.07.1947

Date of Appointment :

29.09.1997

 

 

Name :

Mr. Devinder Kumar

Designation :

Director

Address :

Flat No.512, Green Heavens, Sail CGHS Limited, Plot No.35, Sector – 4, Dwarka Phase – I, New Delhi – 110045, India

Date of Birth/Age :

03.07.1953

Date of Appointment :

09.10.2001

 

 

Name :

Mr. A Vallayan

Designation :

Director

Address :

No.5, Ambadi Road, Kotturpuram, Chennai – 600085, Tamil Nadu, India

Date of Birth/Age :

09.01.1953

Date of Appointment :

25.02.2004

 

 

Name :

Mr. Uday Shankar Jha

Designation :

Director

Address :

Type VI, RCF Colony, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

16.06.1950

Date of Appointment :

05.08.2005

 

 

Name :

Mr. S L Dharmegowda

Designation :

Director

Address :

III Floor, Lalehzar Apartments, 45/1-13, Palace Road, Bangalore – 560036, India

Date of Birth/Age :

16.12.1956

Date of Appointment :

05.08.2009

 

 

Name :

Mr. Satish Chandra

Designation :

Director

Address :

D – 1/96, Satya Marg, Chankaya Puri, New Delhi – 110021, India

Date of Birth/Age :

20.11.1951

Date of Appointment :

14.11.2008

 

 

Name :

Mr. Kartic Chandra Sarkar

Designation :

Director

Address :

Sahpur Government Housing Society Estate, Plot No.18 (3rd Floor), Kolkata – 700038, India

Date of Birth/Age :

18.06.1935

Date of Appointment :

05.08.2009

 

 

Name :

Mr. Natwarlal Patel

Designation :

Director

Address :

17/8, Virnagar Society, S T Workshop Road, Mehsana, Gujarat, India

Date of Appointment :

24.08.2007

 

 

Name :

Mr. Rajiv Agarwal

Designation :

Director

Address :

C – II/46, Shajahan Road, New Delhi – 110011, India

Date of Birth/Age :

20.08.1952

Date of Appointment :

09.06.2008

 

 

Name :

Mr. Haribhai V Patel

Designation :

Director

Address :

MD’s, Bunglow, Fertiliser nagar, Township, PO Fertilisernagar – 391750, District – Vadodara, Gujarat, India

Date of Appointment :

09.06.2008

 

 

Name :

Mr. S Murlidharan

Designation :

Director

Address :

No.5, Vijay House, Chittaranjan Road, Teynampet, Chennai – 18, India

Date of Birth/Age :

25.09.1952

Date of Appointment :

05.08.2008

 

 

Name :

Mr. Sudheer Rajpal

Designation :

Director

Address :

Haryana State Co-Operative Supply and Marketing Federation Limited, Hafed Co-Operative Office, Sector- 5, India

Date of Birth/Age :

25.11.1966

Date of Appointment :

05.08.2008

 

 

Name :

Mr. Sunil K Singh

Designation :

Director

Address :

Bihar State Co-Operative Marketing Union Limited, Post Box No.104, Gandhi Maidan (W), Bihar – 800001, India

Date of Birth/Age :

26.01.1965

Date of Appointment :

05.08.2008

 

KEY EXECUTIVES

 

Name :

Mr. Rajesh Kumar Sadangi

Designation :

Company Secretary

Address :

3/5, Pari Street, Choolaimedu, Chennai – 94, India

Date of Birth/Age :

01.07.1976

Date of Appointment :

01.08.2009

 

 

Name :

Mr. H. C. Khanduri

Designation :

Additional General Manager (Marketing)

 

 

Name :

Mr. V. P. Pancholi

Designation :

Chief Manager (PO)

 

 

Name :

V. K. Chandha

Designation :

Senior Manager (M.S.)

 

 

Name :

Mr. S.K.Khanna

Designation :

Manager (Administrative)

 

 

Name :

Mr. B. C. Bharadwaj

Designation :

Manager (Marketing)

 

 

Name :

Mr. Anupam Nagpal

Designation :

Account Officer

 

 

Name :

Mr. Sunil Chopra

Designation :

PS to MD

 

 

Name :

Mr. Sudhir Kaushik

Designation :

Area Officer (PO)

 

 

Name :

Mr. P. S. Gahlaut

Designation :

Managing Director

 

 

Name :

Mr. M. Lobo

Designation :

General Manager (F and A)

 

 

Name :

Mr. S. Balasubramanian

Designation :

Additional General Manager (A. Cs.)

 

 

Name :

Mr. George Zachariah

Designation :

Chief Manager (IA and T)

 

 

Name :

Mr. k. Bavanathan

Designation :

Company Secretary-cum C. M. (P and A)

 

 

Name :

Mr. A. S. Ananthraman

Designation :

Senior Manager (Accounts) 

 

 

Name :

Mr. R. Balasubramanian

Designation :

Senior Manager (Accounts)

 

 

Name :

Mr. M. K. Thomas

Designation :

Manager (Accounts)

 

 

Name :

Mr. V. Natarajan

Designation :

Manager (Administrative)

 

 

Name :

Mr. M. P. Muthikumaraswamy

Designation :

Manager (Accounts)

 

 

Name :

Mr. K. N. Srikantan

Designation :

PS to MD

 

 

Name :

Mr. P. Raghuveer

Designation :

Accounts officer

 

 

Name :

Mr. S. V. Manoharan

Designation :

System officer

 

 

Name :

Mr. S. Mohan

Designation :

Accounts officer

 

 

Name :

Mr. Satyaljit Mishra

Designation :

Accounts officer

 

 

Name :

Mr. T. P. S. Josen

Designation :

Chief Manager (Marketing Gujrat)

 

 

Name :

Mr. C. R. Vaidyanathan

Designation :

Manager (PO)

 

 

Name :

Mr.  S. K. Mahapatra

Designation :

Manager (A and A)

 

 

Name :

Sunil N. Vaishnav

Designation :

Manager marketing

 

 

Name :

Mr. N. N. Patel

Designation :

Area Sales officer

 

 

Name :

Mr. Pothen Cherian

Designation :

Additional General Manager (Marketing K and K)

 

 

Name :

Mr. G. Kannan

Designation :

Manager (A and A)

 

 

Name :

Mr. Ashok bajpai

Designation :

Manager (marketing)

 

 

Name :

Mr. S. G. Kanade

Designation :

Dy. Manager (PO)

 

 

Name :

Mr. Krishnamurthy

Designation :

Manager (Marketing)

 

 

Name :

Mr. B. G. Devaiah

Designation :

Area Sales Officer

 

 

Name :

Mr. Laxmisha Bekala

Designation :

Area Sales Officer

 

 

Name :

Mr. Jagan V. Thomas

Designation :

Area Sales Officer

 

 

Name :

Mr. M. marideva

Designation :

Area Sales Officer

 

 

Name :

Mr. Neeraj Sharma

Designation :

Senior Manager (Marketing)

 

 

Name :

Mr. H. N. Verma

Designation :

Manager Marketing

 

 

Name :

Mr. S. S. Sandhawalia

Designation :

Senior Regional manager (Marketing Madhya Pradesh)

 

 

Name :

Mr. R. S. yadav

Designation :

Marketing Manager

 

 

Name :

Mr. P. K. Sarangi

Designation :

Area officer (A and A)

 

 

Name :

Mr. B. P. Gupta

Designation :

Area Sales Officer

 

 

Name :

Mr. N. Ramchandra

Designation :

Senior Regional manager (Marketing Orisa)

 

 

Name :

Mr. Lakshmi narasimhan

Designation :

Area Officer

 

 

Name :

Mr. Ghanvir Singh

Designation :

Senior Regional manager (marketing  NR)

 

 

Name :

Mr. b. k. marwah

Designation :

Manager (A and A)

 

 

Name :

Mr. Rajneesh Rana

Designation :

Area Sales Officer

 

 

Name :

Mr. T. Ramchandran

Designation :

Chief manager (marketing Tamil nadu)

 

 

Name :

Mr. V. Sabhapathy

Designation :

Senior manager ( marketing)

 

 

Name :

Mr. parhasarathy

Designation :

Manager (A and A)

 

 

Name :

Mr. Shankar

Designation :

Dy. Manager (PO)

 

 

Name :

Mr. C. P. Jayakrishnan

Designation :

Area Sales Officer

 

 

Name :

Mr. R. Sahadevan

Designation :

Area Sales Officer

 

 

Name :

Mr. S. mani

Designation :

Area Sales Officer

 

 

Name :

Mr. A. K. Deb

Designation :

Manager (marketing – NE States)

 

 

Name :

Mr. Javed Iqbal Sheikh

Designation :

Regional manager

 

 

Name :

Mr. R. pant

Designation :

Area Sales Officer

 

 

Name :

Mr. Siddartha Singh

Designation :

Area Sales Officer ((A and A)

 

 

Name :

Mr. S. Mohan

Designation :

Senior Regional manager (Marketing Kerala)

 

 

Name :

Mr. A. Ouseph

Designation :

Marketing Manager

 

 

Name :

Mr. R. K. Shah

Designation :

Manager (A and A)

 

 

Name :

Mr. P. A. Manimohan

Designation :

Senior Manager (A and A)

 

 

Name :

Mr. A. K. Baruah

Designation :

Manager (ER)

 

 

Name :

Mr. Avijit Sinha

Designation :

Manager (Marketing)

 

 

Name :

Mr. D. K. Saha

Designation :

Area Sales Officer

 

 

Name :

Mr. A .K. Mishra

Designation :

Area Sales Officer

 

 

Name :

Mr. K. K. Jha

Designation :

Senior Regional manager (Marketing Uttar Pradesh)

 

 

Name :

Mr. S. K. Mahendra

Designation :

Area Sales Officer (A and A)

 

 

Name :

Mr. Amitabh Bajpai

Designation :

Area Sales Officer

 

 

Name :

Mr. S. K. bajpai

Designation :

Additional General Manager (Marketing Maharashtra)

 

 

Name :

Mr. P. P. Kannam

Designation :

Senior Manager Marketing

 

 

Name :

Mr. A. V. Nakanekar

Designation :

Senior Manager Marketing

 

 

Name :

Mr. S. T. Nair

Designation :

Dy. Manager (PO)

 

 

Name :

Mr. S. M. Shinde

Designation :

Manager Marketing

 

 

Name :

Mr. A. K. Bal

Designation :

Senior Regional manager (Marketing Bihar)

 

 

Name :

Mr. Ashok pande

Designation :

Senior Regional manager (Marketing)

 

 

Name :

Mr. Sudheer Relan

Designation :

Chief Manager (Marketing Andhra Pradesh)

 

 

Name :

Mr. I. V. Ramanababu

Designation :

Manager (PO)

 

 

Name :

Mr. Niranjana Mahanta

Designation :

Dy. Manager (A and A)

 

 

Name :

Mr. P. Satyanarayana

Designation :

Area Sales Officer

 

 

Name :

Mr. G. S. Kumara Sarma

Designation :

Manager (Marketing)

 

 

Name :

Dr. G. C. Shrotriya

Designation :

Project Manager

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 16.08.2010

 

Names of Shareholders

No. of Shares

V Ravindranath

31200

Dharamsi Moraji Chemical Company Limited, India

33000

Rallis India Limited, India

54000

Fertilisers and Chemicals Travancore Limited, India

324000

R Revathi

11600

Rashtriya Chemicals and Fertilisers Limited, India

336600

Steel Authority of India Limited, India

360000

Andhra Pradesh State Co-Operative Marketing Federation Limited, India

891000

Bihar State Co-operative Marketing Union Limited, India

60000

Madhya Pradesh State Co-operative Marketing Federation Limited, India

192000

Tamilnadu Co-operative Marketing Federation Limited,

480000

Karnataka State Co-operative Marketing federation Limited, India

432000

Gujarat State Co-operative Marketing Federation Limited, India

1494000

Punjab State Co-operative Supply and Marketing Federation Limited, India

264000

Indian Farmers Fertilisers Co-operative Limited, India

4860000

Orrisa State Co-operative Marketing Federation Limited, India

216000

Gujarat State Fertilisers and Chemicals Limited, India

1125000

Haryana State Co-operative Supply and Marketing Federation Limited, India

60000

Madras Fertilisers Limited, India

792000

National Co-operative Development Corporation

306000

Vasanadu Govind

22500

Bihar State Co-operative Coal Marketing Society Limited, India

75000

Shaw Wallace Financial Services Limited, India

212400

 

AS ON 16.08.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

99.00

Directors or relatives of directors

 

1.00

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Cattle Feed and Producing Fertilizers by using Imported Potash as an Intermediary.

 

 

Products :

ITEM CODE NO.

PRODUCT DESCRIPTION

31042000

Muriate of Potash

31053000

Di – Ammonium Phosphate

31021000

Urea (Imported and Indegenous)

 

 

Exports :

 

Countries :

v      Bangladesh

v      Sri Lanka

 

 

Imports :

 

Countries :

v      Jordan Israel

v      England

v      United Kingdom

v      Singapore

v      Canada

v      USA

v      Germany

v      Switzerland

 

GENERAL INFORMATION

 

No. of Employees :

450 (Approximately)

 

 

Bankers :
  • State Bank of India, CAG Branch, 3rd Floor, SIGAPI Achi Building, 18/3, Rukmini Lakshmipathi Road, Egmore, Chennai – 600008, Tamil Nadu, India
  • State bank of Hyderabad
  • State bank of Patiala
  • Canara Bank
  • Bank of Baroda
  • Axis Bank
  • IDBI Bank
  • Andhra bank
  • Central Bank of India
  • Vijaya Bank
  • Allahabad bank
  • Punjab National Bank, 156, Linghi Chetty Street, Chennai-600001, Tamil Nadu, India

 

 

Facilities :

SECURED LOAN

AS ON 31.03.2010 (Rs. In millions)

AS ON 31.03.2009 (Rs. In millions)

From Banks

 

 

Term Loan

 

 

Working Capital Loan

210.587

50.000

Interest accrued and due

97.673

400.177

Note : Loan from banks represent inter-changeable Working Capital facilities which is secured on Current Assets and certain Investments of the company

0.000

0.277

TOTAL

308.260

450.454

 

UNSECURED LOAN

AS ON 31.03.2010 (Rs. In millions)

AS ON 31.03.2009 (Rs. In millions)

Short Term Loans – From Banks

 

 

Rupee Loans

22300.001

23500.000

Buyers Credit

15087.996

20105.246

Interest accrued and due

30.877

114.366

TOTAL

37418.874

43719.612

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

AVS, N Ramanas Tower, 52 Venkatnarayan Road, T Nagar, Chennai – 600017, Tamil Nadu, India

 

 

Associates/Subsidiaries :

v      Goldline Milkfood Limited – GML

v      Indian Farmers Fertiliser Co-operative Limited, (IIFFCO)

v      IPL Lanka Limited – (IPLLL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

50000000

Equity Shares

Rs. 10 each

Rs.500.000 millions

 

Issued :

 

No. of Shares

Type

Value

Amount

 

 

 

 

16568200

Equity Shares

Rs. 10/- each

Rs.165.682 millions

 

Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

14298600

Equity Shares

Rs. 10/- each

Rs.142.986 millions

 

NOTE :

 

Of the Above 7233200 equity shares were issued as fully paid up Bonus Shares by Capitalisation of General Reserve.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

142.986

142.986

142.986

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4497.540

2693.890

1666.130

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4640.526

2836.876

1809.116

LOAN FUNDS

 

 

 

1] Secured Loans

308.260

450.454

1006.473

2] Unsecured Loans

37418.874

43719.612

19297.191

TOTAL BORROWING

37727.134

44170.066

20303.664

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

42367.660

47006.942

22112.780

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

917.025

592.616

360.507

Capital work-in-progress

350.132

86.089

111.586

 

 

 

 

INVESTMENT

45844.714

26365.360

9839.063

DEFERREX TAX ASSETS

170.996

6.595

9.683

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
8228.341

27323.229

13602.595

 

Sundry Debtors
25841.610

60513.046

10532.568

 

Cash & Bank Balances
4278.365

6473.164

10649.858

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1015.813

989.719

1319.445

Total Current Assets
39364.129

95299.158

36104.466

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
37357.091

64076.695

24125.036

 

Other Current Liabilities
6611.489

9559.604

 

 

Provisions
310.756

1706.577

187.489

Total Current Liabilities
44279.336

75342.876

24312.525

Net Current Assets
(4915.207)

19956.282

11791. 941

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

42367.660

47006.942

22112.780

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

170038.079

321549.863

115930.345

 

 

Other Income

2692.891

2281.840

768.261

 

 

TOTAL                                     (A)

172730.970

323831.703

116698.606

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Materials

155443.820

303773.101

107344.920

 

 

Manufacturing and Operational Expenses

10934.871

10597.195

0.000

 

 

Employee Costs

205.071

179.062

0.000

 

 

Other Expenses

1425.340

3596.985

7578.280

 

 

Transfer from Revaluation Reserve

(2.218)

(1.467)

0.000

 

 

TOTAL                                     (B)

168006.884

     318144.876

114923.200

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

4724.086

         5686.827

1775.406

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1880.008

2586.260

1076.484

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2844.078

3100.567

698.922

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

39.264

40.149

25.363

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

2804.814

3060.418

673.559

 

 

 

 

 

Less

TAX                                                                  (H)

965.599

1995.888

325.515

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1839.215

1064.530

348.044

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

990.520

559.446

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

600.000

600.000

NA

 

 

Dividend

28.597

28.597

NA

 

 

Tax on Dividend

4.750

4.860

NA

 

BALANCE CARRIED TO THE B/S

2196.388

990.520

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

45.003

106.583

NA

 

TOTAL EARNINGS

45.003

106.583

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

134707.279

289401.642

NA

 

TOTAL IMPORTS

 

 

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

128.63

74.45

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.06

0.32

0.30

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.64

0.94

0.58

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.93

3.19

0.58

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.60

1.07

0.37

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
17.67

42.12

15.26

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.89

1.26

1.43

 

 

LOCAL AGENCY FURTHER INFORMATION

 

GENERAL

 

During the previous fiscal year, there were major ‘economic upheavals in western economics which had the effect of lowering global trade and commodity prices. This worked to the advantage of Government of India as lower prices of Urea, DAP and MOP meant lower outgo of subsidy. However, the recessionary phase is beginning to subside in spite of the problems in the EU. countries and already an uptrend in commodity prices is discernible. This could result in weakening of Indian Rupee which goes against importers in general

 

The performance of Monsoon during 2009-10 was far from satisfactory. In the South-West Monsoon season, distribution of rainfall was erratic over time and space which is evident from the fact that out of 511 districts in the country, only 217 districts received excess or normal rainfall while the remaining districts received deficient rainfall. However, the late September rainfall helped during the Rabi season and the total fertiliser consumption during the year 2009-10 grew by 6.2% (approx) which is a sign of maturity and depth of Indian Fertiliser Market.

 

The forecast for 2010-ills for a normal Monsoon and it is hoped that with easy availability of all fertilisers, the consumption will rebound strongly.

 

IMPORT AND SALES

 

The total volume of sales of all products put together during the year 2009-10 is 9.06 million metric tonnes as compared to 9.30 million metric tonnes during the year 2008-09 The reduction in volume sales is mainly due to a strategic decision of Government of India not to import Urea during the January-March quarter of 2010 as a result of which share of IPL in canalized import of Urea was lower by 0.4 million metric tonne (approx.) vls-a-vis last year The sale of all other products was in accordance with revised budget estimates.

 

As regards Potassic Fertilisers which is the main stay of the Company, the sale of MOP and SOP during 2009-IC was 3.0 m Ilion metric tonnes as against 3.3 million metric tonnee during previous year. However, the import volumes were controlled at a lower level at 3 04 million metric tonnes anticipating a drop in the prices of MOP w. e. f. 1st April 2010.

 

FINANCIAL RESULTS

 

The company continues to record strong financial growth in the fiscal year 2009-10 despite of decline in turnover from Rs.321549.900 millions during previous year to Re 170038.100 millions during current year The decline in turnover is mainly attributed to steep fal in the international prices of fertilizers. There has been a marginal decrease of 0.237 millions metric tonnes of the volume sale of all products sold during current year as compared to previous year. It is pertinent to note that the volume sale of MOP during current year is incrementally higher by 0.288 millions metric tonnes in comparison with previous year. As in the past, the key drivers were MOP and DAP in sustaining the growth of the company.

 

The company has earned a pre tax profit of Rs.2804.600 millions and net profit of Rs.1839.200 millions as compared to Rs.3060.400 millions and Re 1064.500 millions during the previous fiscal respectively. The increase in net profit is essentially due to substantially lower provision of income tax during current fiscal year on account of providing a lower diminution in the value of investments as compared to previous financial year the company was also able to achieve such profit mainly on account of sustained sales volume, higher sales realization and higher other income and lower interest costs. Though the delay in releasing adhoc price concession led to higher short term borrowings, the improved financials helped in raising short term funds at comparatively lower interest cost.

 

PROSPECTS FOR 2010-2011

 

The Government of India has migrated to a fixed subsidy regime called Nutrient Based Subsidy (NBS) from Variable Subsidy w.e.f. 1.4.2010. Although the Scheme trees MRPS  technically but the controls on farmers prices will continue at least for some more time on an informal basis. The Industry has welcomed this step and the number of importers has gone up as a result of which competition may intensify in the second half of the year 201 (1.1 1. However, because of its strengths, distribution and logistics, the Company expects to maintain its current share of market for both DAP and MOP. The Government has also allowed imports of NPK complexes for the first time under Subsidy Scheme and the company is hopeful of getting major chunk of this business. But impondersbles like weakening of Indian rupee during the year could adversely affect the financial results of the Company.

 

The Company’s facilities for production of milk powder and bulk vended milk at Sikanderabad U.R are undergoing test runs and commercial production is expected during second half of July/ early August 2010. The marketing arrangements have already been firmed up with Mother Dairy and the Project not only adds substantial asset base but should also contribute cash profit even in the first year of its operation.

 

The Company is also actively examining proposals to diversify into Sugar Industry end it is hoped that the Company will succeed in acquiring crushing capacities of about 5000 MTs per day or so during the year 2010-11. Given the strengths of IPL in the rural markets, the decision of the Board to diversify into Sugar Sector should prove beneficial for the Company in the tong run and further reduce dependence on import business alone.

 

SUBSIDIARIES

 

Goldllne Milkfood Limited

The fully owned subsidiary Mis.Goldline Milkfood Limited has repaid the entire loan due to Indian Potash Limited during the year 2009-10 M/s Goldline Milkfood has also generated a profit of Rs.12.400 millions before tax.

 

FORM 8

 

Name of the company

INDIAN POTASH LIMITED

Presented By

PUNJAB NATIONAL BANK,

156, LINGHI CHETTY STREET,

CHENNAI - 600 001. and

M/S. INDIAN POTASH LIMITED

1) Date and description of instrument creating the change

DT. 11.01.2002 Deed of Hypothecation.

2) Amount secured by the charge/amount owing on the securities of charge

Foreign Letter or Credit DA) Rs. 1000.000 millions.

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

1. Goods/Assets represented by documents drawn/covered under Letter of Credit issued under the above said limit.

2. Various Raw Materials eq., Stock in process, Semi Finished Goods, Finished Goods.

3. Packaging Materials.

4) Gist of the terms and conditions and extent and operation of the charge.

1. The Borrowers shall not, except with the previous written conSent of the Punab National Bank (PNB), sell or dispose of in any manner the hypothecated assets or any part thereof.

2 The Borrower shall permit the PNB, its agents and servants from time to time and at all times to enter into and upon any godowns or premises wherein the hypothecated assets or any part thereof may for the time being be and to view, inspect and value the same and make inventories or take possession thereof to t a Bank and its servants all facilities, as may be required for any of the purpose aforesaid.

3. The company shall insure, to the satisfaction of the Banks, all properties. -

5) Name and Address and description of the person entitled to the charge.

Punjab National Bank, 156, Lingni Cetty Street, Chennai- 600 001

6) Date  and brief description of instrument modifying the charge

Dt. 20.01.2006

Deed of hypothecation to secure LC on DA Basis.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By this modification,

1) the Foreign Letter of Credit (DA) facility enjoyed by the

Company has been enhanced to Re. 2500.000 Millions to Rs. 3750.000 Millions by sanction of adhoc FLC limit

Rs. 1250.000 Millions Other terms and conditions as per the agreements executed on 20th day of January 2006.

2) Continuation of existing securities i.e., Hypothecation

Goods / Assets represented by documents drawn/covered under Letter of Credit issued under the above said limit, Various Raw Materials eg., Stock in process, Semi Finished Goods, Finished Goods including fertiliser and Packaging Materials, to secure the above enhanced credit facility together with interest, cost, charges and other expenses which may be debited to the account from time to time.

3) Terms and conditions of the original charge and subsequent modifications remains unchanged.

 

 

FIXED ASSETS

 

v      Leasehold Land

v      Building – Factory Building

v      Office Equipments

v      Furniture and Fixture

v      Air Conditioners

v      Water Coolers

v      Refrigerators

v      Vehicles

 

 

 

 

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.47.47

UK Pound

1

Rs.74.96

Euro

1

Rs.65.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

--

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

59

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.