Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
EXCEL CROP CARE
LIMITED |
Principal Name 1 |
Mr. A. C. Shroff |
|
Status |
Good |
Principal Name 2 |
Mr. Dipesh K. Shroff |
|
|
|
Registration # |
11-012878 |
|
Street Address |
184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai – 400 102,
Maharashtra, India |
||
|
Established Date |
21.03.1964 |
SIC Code |
-- |
|
Telephone# |
91-22-42522200 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28713037 |
Business Style 2 |
Trader |
|
Homepage |
Product Name 1 |
Endosulfan |
|
|
# of employees |
1218 (Approximately) |
Product Name 2 |
Glyphosate |
|
Paid up capital |
Rs.
55,028,000/- |
Product Name 3 |
Chlorpyriphos Technical |
|
Shareholders |
Promoters and Promoters Group – 19.27% Public Shareholder – 80.73% |
Banking |
Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
47 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (58) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
Australia |
Excel Industries (Australia) Pty Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,066,546,000 |
Current Liabilities |
1,371,084,000 |
|
Inventories |
1,395,462,000 |
Long-term Liabilities |
1,225,851,000 |
|
Fixed Assets |
1,115,662,000 |
Other Liabilities |
96,812,000 |
|
Deferred Assets |
0 |
Total Liabilities |
2,693,747,000 |
|
Invest& other Assets |
193,041,000 |
Retained Earnings |
2,021,936,000 |
|
|
|
Net Worth |
2,076,964,000 |
|
Total Assets |
4,770,711,000 |
Total Liab. & Equity |
4,770,711,000 |
|
Total Assets (Previous Year) |
4,817,335,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
7,022,770,000 |
Net Profit |
439,336,000 |
|
Sales(Previous yr) |
6,204,073,000 |
Net Profit(Prev.yr) |
373,381,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CROP CARE LIMITED (w.e.f 30th January, 2003) |
|
|
|
|
Formerly Known
As : |
WEST COAST OXYGEN LIMITED |
|
|
|
|
Registered
Office : |
184-87, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.03.1964 |
|
|
|
|
Com. Reg. No.: |
11-012878 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.55.028
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1964PLC012878 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04609D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW3810D |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. Company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Pesticides. |
|
|
|
|
No. of Employees
: |
1218 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 8300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
184-87, |
|
Tel. No.: |
91-22-42522200 |
|
Fax No.: |
91-22-28713037 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
13 and 14,
Aradhana Industrial Development Corporation, Near Virwani Industrial Estate,
Goregaon (East), Mumbai – 400 063, |
|
Tel. No.: |
91-22-42522200 |
|
Fax No.: |
91-22-28713037/
28712523 |
|
E-Mail : |
|
|
|
|
|
Manufacturing Units / Factory 1: |
Plot No. 60, B, Nanji
Industrial Estate, Kharadpada, Silvassa – 396 230, |
|
|
|
|
Manufacturing Units / Factory 2: |
6/2, |
|
Tel. No.: |
91-278-2212401-2 |
|
Fax No.: |
91-278-2212410 |
|
E-Mail : |
|
|
|
|
|
Manufacturing Units / Factory 3: |
|
|
|
|
|
Windmills : |
Located at: §
Plot No.
A/2, Village Dhank, Taluka Upleta, District §
Survey
No. 160, Village Navadra, Taluka Kalyanpur, District §
Survey
No. 16/1, §
Survey
Nos. 1180/14 and 1180/15, Village: Vandhiya, Taluka Bhachau, District, Kutch.
|
|
|
|
|
Zonal Offices:
|
Located at: §
§
Ahmedabad
§
§
Kolkata
§
Secunderabad
|
|
|
|
|
Branch Office
: |
Located at: v
v
v
v
Guwahati v
Hissar v
Hubli v
v
v
Jaipur v
Kottayam v
v
v
v
Parwanoo v
v
Pune v
v
v
Siliguri v
Srigangangar v
Uttar
Pradesh |
|
|
|
|
International
Office: |
Excel Industries ( Uitbriedingstraat 84/3, 2600 Antwerpen – |
|
Tel. No.: |
+32-3-5425722 |
|
Fax No.: |
+32-3-2323735 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. A. C. Shroff |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
22.01.1945 |
|
Qualification : |
B. Sc. |
|
Experience : |
Chemicals and Agro Chemicals Industry |
|
Other Directorship : |
v
Excel Industries Limited v
Transpek Industry Limited v
Transpek Silox Industry Limited v
Kamaliyot Investments Limited v
Phthalo Colours and Chemicals ( v
ECCL Investments and Finance Limited v
Waxsam Limited, v
Centre for Bharatiya Management Development v
Indian Centre for Climate and Societal Impacts
Research |
|
|
|
|
Name : |
Mr. Dipesh K. Shroff |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
50 Years |
|
Qualification : |
Diploma in Civil Engineering |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.09.2003 |
|
|
|
|
Name : |
Mr. Prakash K. Shroff |
|
Designation : |
Executive Director |
|
Date of Birth/ Age : |
64 Years |
|
Qualification : |
Diploma in Electrical Engineering |
|
Experience : |
41 Years |
|
Date of Appointment : |
01.09.2003 |
|
|
|
|
Name : |
Mr. J. R. Naik |
|
Designation : |
Director |
|
Date of Birth/ Age : |
23.09.1958 |
|
Qualification : |
F.C.A. |
|
Experience : |
Accounting, Audit, Finance, Taxation, Corporate Law |
|
Other Directorship : |
v
v
Agrocel Industries Limited v
Divakar Chemicals Limited v
Acrysil Limited v
Good Rasayan Limited v
Excel Industries ( v
Anshul Speciality Molecules Limited v
Kutch Crop Services Limited v
ECCL Investments and Finance Limited |
|
|
|
|
Name : |
Dr. Mukul G. Asher |
|
Designation : |
Director |
|
Date of Birth/ Age : |
17.12.1943 |
|
Qualification : |
Economics, Public Finance and Social Security |
|
Experience : |
B.A. (Hons.), M.A., Ph.D. |
|
Date of Appointment : |
03.09.2003 |
|
Other Directorship : |
UTI International ( Aditya Birla Sun Life Asset Management Company Pte. Limited, Candor RE Management Company, |
|
|
|
|
Name : |
Mr. Sandeep Junnarkar |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.07.1951 |
|
Qualification : |
B. Sc. (Hons), LL. B. |
|
Date of Appointment : |
03.09.2003 |
|
Other Directorships : |
v
Everest Industries Limited v
IL and FS Infrastructure Development Corporation
Limited v
Jai Corporation Limited v
Jai Realty Ventures Limited v
Reliance Industrial Infrastructure Limited v
Reliance Industrial Investments and Holdings
Limited v
v
Sterlite Energy Limited v
Sterlite Industries ( v
Sunshield Chemicals Limited v
The |
|
|
|
|
Name : |
Mr. B. V. Bhargava |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.04.1936 |
|
Qualification : |
M. Com., LL. B. |
|
Experience : |
Development Banking, Project Finance and Credit Rating |
|
Date of Appointment : |
29.10.2003 |
|
Other Directorships : |
v
CRISIL Limited v
Grasim Industries Limited v
ICICI Lombard General Insurance Company Limited v
J. K. Lakshmi Cement Limited v
Supreme Industries Limited v
L and T Infrastructure Finance Company Limited v
Grasim Bhiwani Textiles Limited v
Lakshmi Precision Screws Limited |
|
|
|
|
Name : |
Mr. Kevin Martin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sharad L. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinayak B. Buch |
|
Designation : |
Director |
|
Date of Birth : |
21.02.1940 |
|
Qualification : |
Master’s Degree in Economics and Econometrics |
|
Experience : |
Public Administration and Management |
|
Other Directorship : |
v
Steel Cast Limited v
Agrocel Industries Limited |
|
|
|
|
Name : |
Mr. Deepak Bhimani |
|
Designation : |
Director |
|
Date of Birth : |
31.08.1939 |
|
Qualification : |
Post Graduate in Textile Chemistry |
|
Experience : |
Chemicals |
|
Other Directorship : |
v
Jayant Agro Organics Limited |
|
|
|
|
Name : |
Mr. Ninad D. Gupte |
|
Designation : |
Director |
|
Date of Birth : |
31.08.1953 |
|
Qualification : |
B.Sc.,
PGDBM (XLRI – |
|
Experience : |
Commercial
functions, Corporate Management and Indirect Taxes |
|
Date of Appointment : |
03.12.2008 |
|
Other Directorship : |
v
Crop Care Federation of v
Transpek Industry Limited v
Agrocel Industries Limited v
TML Industries Limited v
Excel Genetics Limited v
Transpek Industry ( |
|
|
|
|
Name : |
Mr. L. Rajagopalan |
|
Designation : |
Alternate Director of Dr. Mukul G Asher |
KEY EXECUTIVES
|
Name : |
Mr. Pravin D.
Desai |
|
Designation : |
Vice
President (Finance and Accounts) and Company Secretary |
|
|
|
|
Name : |
Mr. Murthi |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
427048 |
3.88 |
|
|
1612321 |
14.65 |
|
|
2039369 |
18.53 |
|
|
|
|
|
|
81830 |
0.74 |
|
|
81830 |
0.74 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2121199 |
19.27 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
245149 |
2.23 |
|
|
4221 |
0.04 |
|
|
1017757 |
9.25 |
|
|
403210 |
3.66 |
|
|
1670337 |
15.18 |
|
|
|
|
|
|
465276 |
4.23 |
|
|
|
|
|
|
4183240 |
38.01 |
|
|
789011 |
7.17 |
|
|
1776567 |
16.14 |
|
|
159567 |
1.45 |
|
|
1617000 |
14.69 |
|
|
7214094 |
65.55 |
|
Total Public shareholding
(B) |
8884431 |
80.73 |
|
Total (A)+(B) |
11,005,630 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
11,005,630 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pesticides. |
||||||||
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|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pesticides |
Tonnes |
25900 |
20750 |
18666 |
|
Pesticides Intermediates |
Tonnes |
11000 |
6900 |
4822 |
Notes:
(a)
Installed Capacity is as certified by the Executive
Director on which the Auditors have relied, being a technical matter.
(b)
Production includes quantities produced for
internal consumption and excludes reprocessed material.
(c)
Includes capacity as acknowledged by Directorate
General of Technical Development/ Secretariat for Industrial Approvals,
Capacity being intimated to Secretariat for Industrial Approvals, for
Acknowledgement.
(d)
Production excludes formulations produced out of
captive/bought out Technical grade material.
(e)
Production is inclusive of subcontracted
production.
GENERAL INFORMATION
|
No. of Employees : |
1218 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
Bank
of v
Syndicate
Bank v
State
Bank of v
Citibank
N.A. ·
ICICI
Bank Limited |
||||||||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: 1.
Long Term Loan from Citi Bank N.A. is to be
secured by first exclusive charge on Windmill to be installed in Kutch, Gujarat
and specific Plant and Machinery of the Company. 2.
Loans from Banks on Cash Credit and Working
Capital Demand Loan/Term Loan Accounts/ Bills Discounting are secured by way
of hypothecation of all tangible movable assets, both present and future, including
stock of raw materials, finished goods, goods-in-process, stores, book debts
etc. 3.
Term Loans under Vehicle Finance from a bank and
from others for purchase of vehicles amounting to Nil (Previous Year: Rs. 1.675 millions) and Rs. 6.820 millions (Previous Year: Rs.
9.627 millions) respectively are secured by an exclusive charge by way of
hypothecation of cars purchased under the said Schemes.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered
Accountants |
|
|
|
|
Joint Venture : |
·
Multichem Industries (a partnership firm) |
|
|
|
|
Subsidiaries : |
·
Excel Industries (Australia) Pty Limited ·
Excel Industries (Europe) N.V. ·
ECCL Investments and Finance Limited ·
Excel Genetics Limited ·
Excel Crop Care (Africa) Limited (w.e.f. 15 June
2010) ·
Excel Brasil Agronegocious Limited |
|
|
|
|
Associates : |
·
Aimco Pesticides Limited ·
Excel Bio Resources Limited ·
Kutch Crop Services Limited |
|
|
|
|
Enterprises over
which key management personnel and their relatives have significant
influence: |
·
Agrocel Industries Limited ·
Anshul Specialty Molecules Limited ·
C.C.Shroff Research Institute ·
C.C.Shroff Self Help Centre ·
Dipkanti Investments & Financing Private
Limited ·
Divakar Chemicals Limited ·
Excel Industries Limited ·
Hyderabad Chemicals Limited ·
Hyderabad Chemical Products Limited ·
Mumukshu Finance and Services Limited ·
Parul Chemicals Limited ·
Pritami Investments Private Limited ·
Shroffs Foundation Trust ·
Shroff Family Charitable Trust ·
Shrujan ·
Shrodip Investments Private Limited ·
TML Industries Limited ·
Transpek Industry Limited ·
Transpek Industry (Europe) Limited ·
Utkarsh Chemicals Private Limited ·
Shree Vivekanand Research and Training Institute |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 5/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11005630 |
Equity Shares |
Rs. 5/- each |
Rs. 55.028
Millions |
|
|
|
|
|
Note:
Of the above,
(a)
92,000 (Previous Year:
92,000) Equity Shares of Rs. 5/- each fully paid-up have been issued by way of Bonus
Shares by capitalisation of the surplus in the Profit and Loss Account.
(b)
1,09,05,630 (Previous Year:
1,09,05,630) Equity Shares of Rs. 5/- each fully paid-up have been issued
pursuant to a Scheme of Arrangement, without payments being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.028 |
55.028 |
55.028 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2021.936 |
1633.041 |
1338.906 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2076.964 |
1688.069 |
1393.934 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
870.200 |
500.275 |
790.562 |
|
|
2] Unsecured Loans |
355.651 |
953.182 |
689.183 |
|
|
TOTAL BORROWING |
1225.851 |
1453.457 |
1479.745 |
|
|
DEFERRED TAX LIABILITIES |
92.871 |
137.680 |
137.753 |
|
|
DEFERRED GOVERNMENT GRANTS |
3.941 |
4.673 |
5.405 |
|
|
|
|
|
|
|
|
TOTAL |
3399.627 |
3283.879 |
3016.837 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1115.662 |
1072.010 |
1002.130 |
|
|
Capital work-in-progress |
93.711 |
23.745 |
15.695 |
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
27.204 |
7.791 |
10.859 |
|
|
INVESTMENT |
72.126 |
26.595 |
33.814 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1395.462
|
1429.827
|
1300.014
|
|
|
Sundry Debtors |
1498.410
|
1647.449
|
1317.771
|
|
|
Cash & Bank Balances |
85.010
|
109.385
|
121.532
|
|
|
Other Current Assets |
126.373
|
58.913
|
80.006
|
|
|
Loans & Advances |
356.753
|
441.620
|
387.173
|
|
Total
Current Assets |
3462.008
|
3687.194 |
3206.496 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1042.092
|
1123.934 |
883.916 |
|
|
Other Current Liabilities |
134.585
|
216.660
|
198.633
|
|
|
Provisions |
194.407
|
192.862
|
169.608
|
|
Total
Current Liabilities |
1371.084
|
1533.456 |
1252.157 |
|
|
Net Current Assets |
2090.924
|
2153.738
|
1954.339
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3399.627 |
3283.879 |
3016.837 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|||||
|
|
SALES |
|
|
|
|
|||||
|
|
|
|
7022.770 |
6204.073 |
6850.997 |
|
||||
|
|
|
Other Income from Operations |
288.720 |
227.500 |
287.758 |
|
||||
|
|
|
Other Income |
17.000 |
14.017 |
3.268 |
|
||||
|
|
|
TOTAL (A) |
7328.490 |
6445.590 |
7142.023 |
|
||||
|
|
|
|
|
|
|
|||||
|
Less |
EXPENSES |
|
|
|
|
|||||
|
|
|
Manufacturing and Other Expenses |
6420.956 |
5857.288 |
6678.835 |
|
||||
|
|
|
(Increase)/Decrease in Stocks |
76.856 |
(169.677) |
(225.870) |
|
||||
|
|
|
Amortisation of Intangible Assets |
17.105 |
8.713 |
12.173 |
|
||||
|
|
|
TOTAL (B) |
6514.917 |
5696.324 |
6465.138 |
|
||||
|
|
|
|
|
|
|
|||||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
813.573 |
749.266 |
676.885 |
|
|||||
|
|
|
|
|
|
|
|||||
|
Less |
FINANCIAL
EXPENSES (D) |
81.538 |
89.967 |
149.890 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
732.035 |
659.299 |
526.995 |
|
|||||
|
|
|
|
|
|
|
|||||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.508 |
88.291 |
80.957 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
622.527 |
571.008 |
446.038 |
|
|||||
|
|
|
|
|
|
|
|||||
|
Less |
TAX (I) |
183.191 |
197.627 |
167.408 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
PROFIT AFTER TAX
(G-I) (J) |
439.336 |
373.381 |
278.630 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
Less: Prior Period Adjustments (Net) |
|
|
|
||||||
|
|
(a) Taxation |
(0.017) |
(5.293) |
(0.258) |
||||||
|
|
(b) Others |
2.492 |
4.330 |
0.884 |
||||||
|
|
|
|
|
|
|
|||||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
101.795 |
107.660 |
94.036 |
|
|||||
|
|
|
|
|
|
|
|||||
|
Less |
APPROPRIATIONS |
|
|
|
|
|||||
|
|
|
Proposed Dividend |
41.271 |
68.785 |
55.028 |
|
||||
|
|
|
Tax on Distributed Profits |
6.695 |
11.424 |
9.352 |
|
||||
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
200.000 |
|
||||
|
|
BALANCE CARRIED
TO THE B/S |
190.690 |
101.795 |
107.660 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|||||
|
|
|
Export of Goods on F.O.B. basis |
2233.584 |
2094.356 |
2876.242 |
|
||||
|
|
|
Other Income (including interest) |
0.000 |
4.695 |
0.002 |
|
||||
|
|
TOTAL EARNINGS |
2233.584 |
2099.051 |
2876.244 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
IMPORTS |
|
|
|
|
|||||
|
|
|
Raw Materials |
1723.377 |
1478.619 |
2315.936 |
|
||||
|
|
|
Packing Materials |
2.372 |
1.259 |
0.000 |
|
||||
|
|
|
Components and Spare Parts |
3.246 |
8.144 |
1.709 |
|
||||
|
|
|
Capital Goods |
0.000 |
3.101 |
3.607 |
|
||||
|
|
|
Traded Finished Goods |
9.666 |
37.856 |
1.826 |
|
||||
|
|
TOTAL IMPORTS |
1738.661 |
1528.979 |
2323.078 |
|
|||||
|
|
|
|
|
|
|
|||||
|
|
Earnings Per
Share (Rs.) |
39.69 |
34.01 |
25.26 |
|
|||||
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2011 |
|
Net Sales |
1640.480 |
|
Total Expenditure |
1436.980 |
|
PBIDT (Excl OI) |
203.500 |
|
Other Income |
4.390 |
|
Operating Profit |
207.890 |
|
Interest |
33.830 |
|
Exceptional Items |
(61.000) |
|
PBDT |
113.060 |
|
Depreciation |
29.090 |
|
Profit Before Tax |
83.970 |
|
Tax |
19.660 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
64.310 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
(1.650) |
|
Other Adjustments |
0.000 |
|
Net Profit |
62.660 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.99
|
5.79
|
3.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.86
|
9.20
|
6.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.60
|
12.00
|
10.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.34
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.85
|
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
2.40
|
2.56 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year,
the net sales increased from Rs. 6204.100 millions in the previous year to Rs. 7022.800
millions. Domestic sales increased from Rs. 4039.600 millions in the previous
year to Rs. 4700.400 millions in the year whereas the export turnover increased
from Rs. 2164.500 millions to Rs. 2322.400 millions.
The country
received good rainfall in the year under review and the overall climatic
conditions were conducive for the agrochemicals industry. Some of the countries
which are the Company’s export destinations faced erratic weather conditions
which hampered growth of exports. The Company’s profit before tax in the year
increased to Rs. 622.500 millions from Rs. 571.000 millions in the previous
year.
OUTLOOK
Growing population
and the growing demand for food, increasing concern for food security,
limitation on farmland availability and growth of horticulture and floriculture
sectors are some of the major factors driving growth of agrochemicals industry.
Shortage and increasing cost of farm labour is providing growth opportunity for
weedicides growth. Governments continue to give focused attention to
agriculture. Private investment in farming and rural sectors is also growing.
Farmers are receiving attractive prices for their produce and are able to spend
on quality farm inputs. The Indian agriculture sector and the rural economy
continue to show steady growth. With one more near-normal monsoon forecast for
the current year, the outlook for the agrochemicals industry appears reasonably
good. The Company continues to focus on growth of its branded products. Exports
continue to remain the focus area of growth for your Company with continued
efforts to explore and penetrate new export markets.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Developments:
The Company is
engaged in the business of agrochemicals comprising insecticides, weedicides,
fungicides, acaricides, fumigants and rodenticides. The Company’s product
basket also includes soil and plant nutrition products, bio-pesticides and
plant growth promoters.
Among the
agrochemicals, insecticides have dominated consumption pattern in India.
However, their share is steadily declining year after year owing to
introduction of genetically modified cotton and increasing consumption of
weedicides and fungicides which are witnessing fast growth. Cotton, rice,
wheat, soyabean, pulses, plantation crops, fruits and vegetables are the major
consumers of agrochemicals. Of late, with growth of floriculture, this sector
also is emerging as a significant consumer of agrochemicals in India. Food
shortages, increasing food prices and growing concern for food security have
underlined the importance of food crop farming. Agrochemicals play an important
role in farming and food security.
The fortunes of
the agrochemicals industry are interwoven with the fortunes of agriculture.
With the relatively slow pace of agricultural growth in India, the
agrochemicals industry too is growing at a low rate.
The industry
comprises of diverse players ranging from small and medium ones dealing in
generic molecules to large multinationals with high-priced new generation
molecules and patented products.
The Indian
industry has built up large capacities and has many manufacturers, especially
in formulation business and has a fairly high level of competition. The seasonal
nature of the business and the climatic uncertainties require the industry to
carry a large inventory for long periods. Domestic market has been attracting
attention of multinationals who visualise good growth opportunity. The domestic
industry has been witness to a steady increase in market share by new
generation and patented molecules.
Supply of high
quality products at competitive prices, development of new
products/formulations and large investment in product registration are emerging
as key success factors.
The domestic
industry is continuously striving to increase exports by providing quality
products at competitive prices. Over the years, India has emerged as a
significant supplier of agrochemicals in the international market. Globally the
agrochemicals business is stable and growing only marginally leading to intense
competition, especially in generic molecules segment, which manifests in
dropping prices and declining industry margins.
Segment-wise performance and outlook:
The Company’s domestic
sales increased from Rs. 4039.600 millions in the previous year to Rs. 4700.400
millions in the year. Exports increased from Rs. 2164.500 millions in the
previous year to Rs. 2322.400 millions in the year
With increasing
emphasis on agriculture in public policies, increasing purchasing power in the
hands of farmers and near normal monsoon forecast, the current year outlook for
the industry appears reasonably good.
Over the years,
the Company has made sustained efforts at brand building which are yielding
good results and today branded products dominate the Company’s sales turnover
accounting for about two-thirds of the turnover. Branded products, however,
require higher investment in trade channel. The Company has a strong network of
dedicated distributors and dealers many of whom have decades-long association
with the Company. The Company has been quick in responding to the changing
demand pattern related to retail packs and has created suitable packaging
facilities.
The Company has
been working closely with farmers in India and several other countries and
provides them comprehensive package of products, services, knowledge and
solutions.
The initiatives
taken by the Company in promoting Integrated Pest Management (IPM) and
Integrated Crop Management (ICM) and its investment in brand promotion,
developing closer ties with farmers and corporate image building are helping it
in maintaining leading position in the industry. The Company’s recent
initiative in soil health management is strengthening its ties with the
farmers.
Financial Performance and Analysis:
The net sales
increased from Rs. 6204.100 millions in the previous year to Rs. 7022.800
millions in the year. The profit before tax increased from Rs. 571.000 millions
in the previous year to Rs. 622.500 millions in the year.
FIXED ASSETS
Tangible Assets
v Land – Freehold
v Land – Leasehold
v Leasehold
Improvement’s
v Buildings
v Plant and
Machinery
v Electrical
Installations
v Laboratory
Equipments
v
Furniture, Fixtures and Office Equipments
v Vehicles
v Technical Books
Intangible Assets
v
Data Registration Expenses
v
Computer Software/ Licence Fees
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
|
Sr. |
Particulars |
Quarter ended |
|
No. |
30th June, 2011 |
|
|
|
(Unaudited) |
|
|
1 |
Sales |
1739.392 |
|
2 |
Excise Duty |
136.572 |
|
3 |
Net Sales |
1602.820 |
|
4 |
Other Operating Income |
37.656 |
|
5 |
Total Income |
1640.476 |
|
6 |
Total Expenditure |
|
|
|
(a) (Increase)/Decrease in Stock |
(177.724) |
|
|
(b) Consumption of Raw Materials |
839.330 |
|
|
(c) Purchase of Traded Goods |
156.882 |
|
|
(d) Personnel Cost |
114.227 |
|
|
(e) Depreciation |
29.092 |
|
|
(f) Other Expenditure |
504.261 |
|
|
Total Expenditure |
1466.068 |
|
7 |
Profit from Operations before Other
Income, Interest and Exceptional items |
174.408 |
|
8 |
Other Income |
4.386 |
|
9 |
Profit before Interest and Exceptional
items |
178.794 |
|
10 |
Interest |
33.825 |
|
11 |
Profit Before Taxation, Exceptional items
and Prior Period Adjustments |
144.969 |
|
12 |
Exceptional item |
61.000 |
|
13 |
Profit Before Taxation and Prior Period
Adjustments |
83.969 |
|
14 |
Provision for Taxation |
19.656 |
|
15 |
Profit Before Prior Period Adjustments |
64.313 |
|
16 |
a) Prior Period Adjustments |
(1.652) |
|
|
b) Excess Provision for Taxation for
earlier years |
- |
|
17 |
Net Profit |
62.661 |
|
18 |
Paid-up Equity Share Capital (Face
value Rs. 5/- per Equity Share) |
55.028 |
|
19 |
Reserves excluding Revaluation Reserves
(as per the Balance Sheet) |
|
|
20 |
Basic and Diluted Earning per Share (Rs.) |
5.69 |
|
21 |
Public Shareholding: |
|
|
|
- No. of Shares |
8884431 |
|
|
- Percentage of Shareholding |
80.73% |
|
22 |
Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
40600 |
|
|
- Percentage of shares (as a % of the
total shareholding of |
1.91% |
|
promoter and promoter group) |
||
|
|
- Percentage of shares (as a % of the
total share capital of the Company) |
0.37% |
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
2080599 |
|
|
- Percentage of shares (as a % of the
total shareholding of |
98.09% |
|
|
promoter and promoter group) |
|
|
|
- Percentage of shares (as a % of the
total share capital of the Company) |
18.90% |
Notes :
1.
A writ petition has been filed by Democratic Youth Federation
of India before the Hon'ble Supreme Court seeking a ban on Endosulfan, a major
product of the Company, alleging health concerns. By an ad-interim order passed
on 13th May, 2011, the Hon'ble Court appointed a Joint Committee to conduct a
scientific study and submit its interim report and pending submission of such
report the Hon'ble Court banned production, use and sale of Endosulfan.
Pursuant to the said Order, the Company has suspended production and sale of
Endosulfan. The temporary ban imposed during the peak sale season is adversely
impacting the Company's performance.
The Exceptional Item of Rs.61.000 millions
during the quarter under review represents further provision made out of abundant
caution in respect of inventory items relating to Endosulfan, the aggregate
amount of such provision as at June 30, 2011 being Rs.163.000 millions.
1.
The business of the Company is seasonal in nature
and its performance depends on monsoon and other climatic conditions. The first
quarter performance is not representative of performance of the entire
financial year.
2.
The Company has only one primary business segment
viz. Agri Inputs.
3.
There was no investor complaint pending at the
beginning of the quarter. The Company received one investor complaint during
the quarter under review which remained pending at the end of the quarter.
4.
The figures for the previous period/year have been
regrouped wherever necessary.
5.
The above results as reviewed by the Audit
Committee have been approved at the meeting of the Board of Directors held on
27th July, 2011 and have been subjected to Limited Review by the Statutory
Auditors.
WEBSITE DETAILS
PROFILE
Subject is an India-based company. It is engaged in the business of
agrochemicals comprising insecticides, weedicides, fungicides, fumigants and
rodenticides. The products of the Company include soil enricher, bio-pesticides
and plant growth promoters. The subsidiaries of the company include Excel
Industries (Australia) Pty Limited, Excel Industries (Europe) N. V., ECCL
Investments and Finance Limited and Excel Genetics Limited. For the fiscal year
ended 31 March 2010, Subject revenues decreased 11% to RS6.5B. Net income
increased 9% to RS371.5M. Revenues reflect a decrease in income from foreign
markets and lower income from other income. Net income was partially offset by
a decrease in interest expenses, lower amortisation of intangible assets and
increased operating profit margins. The group's principal activity is to
manufacture agro chemicals.
MANAGEMENT
ASHWIN C. SHROFF -
NON-EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Ashwin C. Shroff is Non-Executive Chairman of the Board of Excel
Crop Care Limited. He is a Industrialist with experience in Chemicals and
Agrochemicals Industry/Business. He holds Bachelor of Science. Has been the
Director for Excel Industries Limited, Transpek Industry Limited,
Transpek-Silox Industry Limited, Kamaljyot Investments Limited, Phthalo Colours
and Chemicals (India) Limited, Waxsam Limited, Hong Kong, ECCL Investments and
Finance Limited, Anuh Pharma Limited, Centre for Bharatiya Management
Develpoment (Section 25 Company), Indian Centre for Climate and Societal
Impacts Research (Section 25 Company), Development and Eco-Friendly Enterprises
(Section 25 Company), Federation of Kutch Industries Association (Section 25
Company).
Education
Chemistry, University of Mumbai
MUKUL G. ASHER -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. Mukul G. Asher, Ph.D., is an Independent Non-Executive Director of Excel
Crop Care Limited. He have experience in Economics, Public Finance and Social
Security. He hold B.A. (Hons.), MA, Ph.D. Other Directorship: UTI International
(Singapore) Private Limited. Aditya Birla Sun Life Asset Management Company
Pte. Limited, Singapore. Candor RE Management Company, Mauritius.
B. V. BHARGAVA -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. B. V. Bhargava is an Independent Non-Executive Director of Excel
Crop Care Limited. His functional areas is Development Banking, Project Finance
and Credit Rating. He hold M. Com., LLB. Other Directorship: CRISIL Limited.
Grasim Industries Limited. ICICI Lombard General Insurance Company. J. K.
Lakshmi Cement Limited. Supreme Industries Limited. L and T Infrastructure
Finance Company Limited. Grasim Bhiwani Textiles Limited. Lakshmi Precision
Screws Limited.
Education
·
Commerce, Mumbai University
·
Law, Mumbai University
DEEPAK V. BHIMANI
- INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Deepak Bhimani is an Independent Non-Executive Director of Excel
Crop Care Limited. He has experience and in the area of specialty performance
chemicals. He holds Post graduation in the field of Textile Chemistry.
NINAD DWARKANATH
GUPTE - NON-INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Ninad Dwarkanath Gupte is a Non-Independent Non-Executive Director
of Excel Crop Care Limited. He is a science graduate and holds a PGDBM degree
equivalent to MBA from a reputed Institute. He has over 33 years of experience
with chemical, petrochemical and agrochemical industries. His functional areas
is Commercial functions, Corporate Management and Indirect Taxes. He hold
B.Sc., PGDBM (XLRI-Jamshedpur). Other Directorship: Crop Care Federation of
India. Transpek Industry Limited. Agrocel Industries Limited. TML Industries
Limited. Excel Genetics Limited. Transpek Industry (Europe) Limited.
Education
·
MBA , XLRI, Jamshedpur
·
BS , XLRI, Jamshedpur
SANDEEP HEMENDRA
JUNNARKAR - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Sandeep H. Junnarkar is an Independent
Non-Executive Director of Excel Crop Care Limited. His functional areas is
Legal. He hold Legal B.Sc. (Hons), LLB. Other Directorship: Everest Industries
Limited. IL and FS Infrastructure Development Corp. Limited. Jai Corp. Limited.
Jai Realty Ventures Limited. Reliance Industrial Infrastructure Limited.
Reliance Industrial Investments and Holdings Limited. Reliance Ports and
Terminals Limited. Sterlite Energy Limited. Sterlite Industries (India)
Limited. Sunshield Chemicals Limited. The Bombay Incorporated Law Society.
Education
·
LLB , University of Mumbai
·
B Science, University of Mumbai
JAGDISH R. NAIK -
NON-INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Jagdish R. Naik is the Non-Independent Non-Executive Director of
Excel Crop Care Limited.
SHARAD L. PATEL -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. Sharad L. Patel is an Independent Non-Executive Director of Excel
Crop Care Limited. He holds a Mastera degree in Mechanical Engineering from the
University of Michigan, Ann Arbor, U.S.A.
Education
M Mechanical Engineering, University of Michigan
DIPESH K. SHROFF -
MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Mr. Dipesh K. Shroff is the Managing Director, Executive Director of
Excel Crop Care Limited.
PRAKASH K. SHROFF
- NON-INDEPENDENT EXECUTIVE DIRECTOR
Mr. Prakash K. Shroff is the Non-Independent Executive Director of Excel
Crop Care Limited.
PRAVIN D DESAI –
COMPANY SECRETARY
Mr. Pravin D. Desai is the Compliance Officer, Vice President - Finance and
Accounts, Company Secretary of Excel Crop Care Limited.
NEWS
PRESS RELEASE
DISCLOSURES UNDER REG.13(6) OF SEBI (PROHIBITION OF
INSIDER TRADING) REGULATIONS, 1992
26 September 2011
India, Sept. 26 -- Excel Crop Care Limited has submitted the disclosure
under Regulation 13(6) of the SEBI (Prohibition of Insider Trading)
Regulations, 1992 to BSE: Published by HT Syndication with permission from
ACCORD FINTECH BSE.
MINUTES
OF ANNUAL GENERAL MEETING
19 August 2011
India, Aug. 19 -- Excel Crop Care Limited has submitted to the Exchange
a copy of the Minutes of the Annual General Meeting of the Members of the
Company held on July 27, 2011.
'METHOD USED IN ANALYSING BLOOD PLASMA FLAWED'
29 July 2011
KASARGOD, July 29 -- The Excel Crop Care Limited (ECCL), Secunderabad,
the biggest endosulfan manufacturers in the country, has charged the Salim Ali
Centre for Ornithology and Natural History (SACON) that it used a flawed method
in analysing the blood plasma samples of endosulfan residues collected by the
doctors of the Kozhikode Medical College Hospital (KMCH) to study the health
hazards of people in the villages of Kasargod district.
The ECCL alleged that the initial expert view of the data analysed by
the SACON and submitted to the KMCH was thoroughly invalid because of several
reasons. The KMCH had sent the blood samples to the SACON for analysis and the
result was highly flawed, said the ECCL chairman S Ganesan.
This was informed to Muralidharan, principal scientist of the SACON with
copies marked to Dr P A Azeez, director, SACON, Dr Mathew K Sebestian, PIO,
SACON, and principal of the KMCH and the Director General of the Indian Council
of Medical Research (ICMR). The SACON had submitted raw data and other relevant
information pertaining to the analysis of endosulfan residues following an
application submitted by the ECCL under the RTI Act on June 7, 2011.
The blood plasma samples were sent to the SACON by the Department of
Community Medicine, KMCH, in November 2010. The ECCL said that "the failure
to conform the Gas Chromatography-Electron Capture Detection (GC-ECD) results
using GC-Mass Spectroscopy (MS) was one of the major flaws of the blood
analysis of the plasma samples. Confirming the GC-ECD data using GC-MS is both
scientific and a statutory requirement in getting the correct result.
The
Joint Parliamentary Committee (JPC) on Pesticides Residues had recommended that
the GC-ECD cannot identify chemicals. The JPC expressly stated in its report
that "methods based only on chromatographic analysis without use of
spectrometric detection are not suitable on their own for use as confirmatory
methods." Therefore, data generated without confirmation by GC-MS is to be
considered invalid, said the ECCL.
Similarly,
the residue data reported was far below the Linear Calibration Range (LCR). The
LCR represents the range of a chemical concentration in a sample that can be
reliably and reproducibly quantified with accuracy and precision. The LCR in
the study is 50ppb-200ppb for alpha endosulfan, beta endosulfan and sulphate of
endosulfan.
But
the residue levels reported were as low as 2.21ppb, 2.97ppb, 3.04 ppb, 3.63ppb,
3.77 ppb. They were far below the lowest (50 ppb) level in the LCR and were,
therefore, invalid, said the ECCL. The ECCL said that proper functioning of the
time clock in the GC-ECD test was essential and indispensable pre-requisite
during residue analysis. The time clock during the GC-ECD test seemed to be
running reverse during the analysis.
For
instance, in the sample bearing code KAS-P-3, the data was acquired at 09.43 am
but the report was created at 03.58 am. For the sample KAS-P-5, the timings
were similarly on the reverse at 04.41 am and 02.24 am respectively. This
defies logic and proves that the GC-ECD was not in order at the time of residue
analysis. Data generated from such a GC-ECD with malfunctioning time clock
should be considered invalid, said the ECCL. S Ganesan said there has been no
response from either the KMCH, the SACON or the ICMR to the letter sent by the
ECCL. Published by HT Syndication with permission from New Indian Express.
EXCEL
CROP CARE FIXES BOOK CLOSURE FOR DIVIDEND AND AGM
01 July 2011
India, July 01 -- Excel Crop Care has informed that the register of
members and share transfer books of the company will remain closed from July
16, 2011 to July 27, 2011 (both days inclusive) for the purpose of payment of
dividend and annual general meeting (AGM) of the company to be held on July 27,
2011. The above information is part of the company's filing submitted to the
BSE.
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. 48.91 |
|
|
1 |
Rs. 76.53 |
|
Euro |
1 |
Rs. 66.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.