MIRA
INFORM REPORT
|
Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COROMANDEL INTERNATIONAL LIMITED (w.e.f. 25.09.2009) |
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Formerly Known
As : |
COROMANDEL FERTILISERS LIMITED |
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Registered
Office : |
“Coromandel House”, 1-2-10, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
16.10.1961 |
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Com. Reg. No.: |
01-000892 |
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Capital
Investment / Paid-up Capital : |
Rs.282.600 Millions |
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CIN No.: [Company Identification
No.] |
L24120AP1961PLC000892 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
HYDC00011E |
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PAN No.: [Permanent Account No.] |
AAACC785ZK |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and
Trader of Farm Inputs. |
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No. of Employees
: |
1050 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 94850000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having fine track. Financial
position of the company appears to be sound. Fundamentals are strong and healthy.
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long term
rating) |
|
Rating Explanation |
Having high
degree of safety regarding timely servicing of financial obligation, it carry
very low credit risk. |
|
Date |
March 26, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short term
rating) |
|
Rating Explanation |
Having very
strong degree of safety regarding timely payment of financial obligation, it
carry lowest credit risk. |
|
Date |
March 26, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
“Coromandel House”, 1-2-10, |
|
Tel. No.: |
91-40-27842034/ 27847212 |
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Fax No.: |
91-40-27844117 |
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E-Mail : |
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Website : |
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Factory 1 : |
Fertiliser Plants:
Sriharipuram, PO Box No.1116, Malkapuram Post, |
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Tel. No.: |
91-891-2578400 to
2578419
|
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Fax No.: |
91-891-2577665
|
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E-Mail : |
seetaramn@cfl.murugappa.com
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|
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Factory 2 : |
Fertiliser Plants:
Fertilisers / Pesticides Factory Ranipet - 632 401,
Vellore District, |
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Tel. No.: |
91-4172-272326 |
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Fax No.: |
91-4172-272264 |
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Factory 3 : |
Fertiliser Plants:
Compound Fertilisers Factory Ennore, Chennai - 600 507, |
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E-Mail : |
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Factory 4 : |
Pesticide Plant:
Plot No.22/1, TTC Industrial Area, |
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Tel. No.: |
91-22-27781261 to 27781263
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E-Mail : |
warriarmk@cfl.murugappa.com
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Factory : |
Also located at:
v
v
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Crop Protection Plants : |
Located at: v Ranipet in Tamilnadu v
Navi Mumbai in v
Ankleshwar in v
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|
Marketing branches
servicing the farming community across |
Located at: v
v
v Trichy in Tamilnadu v
v
Ahmedabad in v
v
v
v
Kolkata in v
v
Bhatinda in |
DIRECTORS
As on 31.03.2012
|
Name: |
Mr. A. Vellayan |
|
Designation: |
Chairman |
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|
|
|
Name : |
Mr. V. Ravichandran |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Kapil Mehan |
|
Designation : |
Managing Director (From 19.10.2010) |
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Date of Birth/ Age : |
53 Years |
|
Qualification : |
Graduate in Veterinary Science, PGDM (Agri) (IIMA) |
|
Experience : |
31 Years |
|
Date of
Appointment : |
20.09.2010 |
|
|
|
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Name: |
Mr. K. Balasubramanian |
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Designation: |
Director |
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Name: |
Dr. B.V.R. Mohan Reddy |
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Designation: |
Director |
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Name: |
Mr. R.A. Savoor |
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Designation: |
Director |
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Name : |
Mr. M.K. Tandon |
|
Designation : |
Director |
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|
Name : |
Mr. M.M. Venkatachalam |
|
Designation : |
Director |
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Name : |
Mrs. Ranjana Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name |
Mr. G. Ravi Prasad |
|
Designation |
President – Marketing Fertilisers and SND |
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|
Name: |
Mr. G. Veera Bhadram |
|
Designation: |
President - Pesticides SBU (upto December 18, 2011) |
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|
|
|
Name |
Mr. P. Gopalakrishna |
|
Designation |
Senior Vice President – Retail |
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|
|
|
Name |
Mr. Harish Malhotra |
|
Designation |
Senior Vice President –
Commercial |
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|
Name: |
Mr. Arun Leslie George |
|
Designation: |
Senior Vice President and Head of HR |
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|
|
|
Name |
Mr. S. Govindarajan |
|
Designation |
Senior Vice President and Head of Manufacturing |
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|
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|
Name |
S. Sankarasubramanian |
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Designation |
Chief Financial Officer |
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|
|
Name |
Mr. M.R. Rajaram |
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Designation |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,398,868 |
1.20 |
|
|
177,161,160 |
62.67 |
|
|
25,140 |
0.01 |
|
|
25,140 |
0.01 |
|
|
180,585,168 |
63.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
180,585,168 |
63.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14,966,950 |
5.29 |
|
|
116,481 |
0.04 |
|
|
6,158,236 |
2.18 |
|
|
21,579,403 |
7.63 |
|
|
1,840 |
- |
|
|
1,840 |
- |
|
|
42,822,910 |
15.15 |
|
|
|
|
|
|
9,322,264 |
3.30 |
|
|
|
|
|
|
25,460,006 |
9.01 |
|
|
11,469,416 |
4.06 |
|
|
13,025,818 |
4.61 |
|
|
69,060 |
0.02 |
|
|
9,925,070 |
3.51 |
|
|
45,156 |
0.02 |
|
|
2,960,542 |
1.05 |
|
|
25,990 |
0.01 |
|
|
59,277,504 |
20.97 |
|
Total Public shareholding (B) |
102,100,414 |
36.12 |
|
Total (A)+(B) |
282,685,582 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
282,685,582 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Trader of Farm Inputs. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
(i)
Fertilisers |
|
|
|
|
Ammonium Phosphatic Fertilisers |
MT |
2315000 |
2104014 |
|
Di-Ammonium Phosphate (DAP) |
MT |
815000 |
434475 |
|
Single Super Phosphate |
MT |
132000 |
104472 |
|
|
|
|
|
|
(ii) Plant Protection Products |
|
|
|
|
Technicals |
MT |
11840 |
7204 |
|
Formulations
- Liquids (in KL) |
MT |
10400 |
7171 |
|
Formulations
– Granules/Powder |
MT |
6920 |
5338 |
NOTE:
Installed
capacities are as certified by the management and not verified by the auditors,
being a technical matter. Fertiliser and Plant Protection Products are not
covered by the list of industries in respect of which industrial licensing is
compulsory.
GENERAL INFORMATION
|
No. of Employees : |
1050 (Approximately) |
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Bankers : |
v
State Bank of v
Hongkong and Shanghai Banking Corporation Limited
v
HDFC Bank Limited v
IDBI Bank Limited v
ICICI Bank Limited v
State Bank of Travancore v
Standard Chartered Grindlays Bank v
Citibank N.A. v
Andhra Bank v
Yes Bank Limited |
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Facilities : |
Notes: The term loans
from banks comprise of External Commercial Borrowings (ECB) and are secured by
an exclusive charge on certain fixed assets of Secured
short-term borrowings comprises working capital and demand loans. Such
borrowings from banks are secured by a pari-passu charge of stock of raw
materials, work-in-process, finished goods, stores and spare parts and book
debts including subsidy receivables of the Company. Working capital demand
loan from State Bank of Unsecured loans
repayable on demand comprises buyers credit denominated in foreign currency
and Rupee loans from banks. |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, |
|
|
|
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Cost Auditors : |
Mr. V. Kalyanaraman Mr. Dantu Mitra |
|
|
|
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Holding Company : |
v
E.I.D. Parry ( |
|
|
|
|
Subsidiaries : |
v Sabero Organics
Gujarat Limited (Sabero) (w.e.f 17th December, 2011) v Sabero Organics v Sabero Australia
Pty Limited, v v Sabero Argentina
S.A. (Sabero v Parry Chemicals
Limited (PCL) v CFL Mauritius
Limited (CML) v Coromandel
Brasil Limitada (CBL) |
|
|
|
|
Fellow Subsidiary Company : |
v
Parry Investments Limited v
Parry Infrastructure Company Private Limited
(PICPL) v
Sadashiva Sugars Limited (SSL) v
Parry Sugar Industries Limited (PSIL) |
|
|
|
|
Joint Venture : |
v
Coromandel Getax Phosphates Pte Limited (CGPL) v
Coromandel SQM ( v
Tunisian Indian Fertilisers SA (TIFERT) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Re.1/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
282569542 |
Equity Shares |
Re.1/- each |
Rs.282.600 Millions |
|
|
|
|
|
Notes:
(i) Reconciliation
of number of equity shares and amount outstanding at the beginning and at the
end of the year:
|
|
Year ended 31
March 2012 |
|
|
Number |
(Rs. in
millions) |
|
|
Per last Balance
Sheet |
281834198 |
281.800 |
|
Add: Equity shares
allotted pursuant to exercise of stock options |
735344 |
0.800 |
|
Balance at the
end of the year |
282569542 |
282.600 |
(ii) Rights, preferences and restrictions attached
to equity shares
The Company has one
class of equity shares having a face value of Re.1 each. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting, except in the case of interim dividend.
(iii) As at 31st
March, 2012, E.I.D.-Parry (
(iv) As at 31st
March, 2012, shares reserved for issue under the 'ESOP 2007' scheme is 10010330
equity shares of Rs.1/- each
(v) Details of bonus shares issued, shares issued
for consideration other than cash during the period of five years immediately
preceeding the reporting date:
(a) 831981 equity
shares of Rs.2/- each fully paid up were allotted to the shareholders of Ficom
Organics Limited in the ratio of 3 shares of the company for every 11 shares of
Ficom Organics Limited pursuant to the Scheme of Amalgamation between Ficom
Organics Limited, Rasilah Investments Limited and the Company during the year
ended 31st March, 2007.
(b) 12037182
equity shares of Rs.2/- each fully paid up were allotted to the shareholders of
Godavari Fertilisers and Chemicals Limited in the ratio of 3 shares of the
Company for every 2 shares of Godavari Fertilisers and Chemicals Limited
pursuant to the Scheme of Amalgamation between Godavari Fertilisers and
Chemicals Limited and the Company during the year ended 31st March,
2008.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
282.600 |
281.800 |
280.546 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23429.300 |
18759.300 |
14069.335 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23711.900 |
19041.100 |
14349.881 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7336.400 |
3821.500 |
4655.985 |
|
|
2] Unsecured Loans |
16839.000 |
9820.500 |
14521.954 |
|
|
TOTAL BORROWING |
24175.400 |
13642.000 |
19177.939 |
|
|
DEFERRED TAX LIABILITIES |
674.500 |
814.500 |
854.671 |
|
|
|
|
|
|
|
|
TOTAL |
48561.800 |
33497.600 |
34382.491 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8071.000 |
7937.000 |
8040.391 |
|
|
Capital work-in-progress |
1331.300 |
206.400 |
132.755 |
|
|
|
|
|
|
|
|
INVESTMENT |
6279.400 |
2123.500 |
2110.461 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18556.100
|
15131.200
|
9264.227
|
|
|
Sundry Debtors |
8870.200
|
2024.100
|
1427.130
|
|
|
Cash & Bank Balances |
9178.500
|
9020.500
|
8098.586
|
|
|
Other Current Assets |
126.000
|
4380.700
|
8599.573
|
|
|
Loans & Advances |
20647.800
|
11414.600
|
6232.872
|
|
Total
Current Assets |
57378.600
|
41971.100
|
33622.388
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20427.200
|
15108.200
|
7112.428
|
|
|
Other Current Liabilities |
2585.000
|
2309.500
|
1467.184
|
|
|
Provisions |
1486.300
|
1322.700
|
943.892
|
|
Total
Current Liabilities |
24498.500
|
18740.400
|
9523.504
|
|
|
Net Current Assets |
32880.100
|
23230.700
|
24098.884
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48561.800 |
33497.600 |
34382.491 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (Net) |
49688.700 |
32679.300 |
28305.260 |
|
|
|
Government Subsidies |
47463.900 |
42628.900 |
35642.043 |
|
|
|
Other operating revenue |
1080.100 |
1084.400 |
0.000 |
|
|
|
Other Income |
1166.700 |
797.600 |
1321.154 |
|
|
|
TOTAL (A) |
99399.400 |
77190.200 |
65268.457 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
58606.500 |
49910.700 |
|
|
|
|
Purchases of stock-in-trade |
19349.100 |
8856.900 |
|
|
|
|
Changes in
inventories of finished goods, work-in-process and stock-in-trade |
(2588.700) |
(2199.700) |
|
|
|
|
Employee benefits expense |
1882.200 |
1578.800 |
|
|
|
|
Other expenses |
10370.600 |
7678.600 |
|
|
|
|
Exceptional item |
355.300 |
0.000 |
|
|
|
|
TOTAL (B) |
87975.000 |
65825.300 |
56838.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11424.400 |
11364.900 |
8430.418 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1165.100 |
862.900 |
753.713 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10259.300 |
10502.000 |
7676.705 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
561.600 |
617.400 |
592.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9697.700 |
9884.600 |
7084.389 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2765.000 |
2940.000 |
2402.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6932.700 |
6944.600 |
4681.989 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
2031.827 |
1488.592 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
2500.000 |
|
|
|
Interim Dividend |
NA |
NA |
841.464 |
|
|
|
Proposed Dividend |
NA |
NA |
561.093 |
|
|
|
Tax on Dividend |
NA |
NA |
236.197 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
2031.827 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of exports of goods |
579.200 |
663.800 |
591.967 |
|
|
|
Service Income |
25.200 |
26.900 |
21.627 |
|
|
|
Dividend from subsidiary company |
448.300 |
0.000 |
0.000 |
|
|
|
Dividend from others |
9.500 |
0.000 |
0.000 |
|
|
|
Others |
86.200 |
38.300 |
39.605 |
|
|
TOTAL EARNINGS |
1148.400 |
729.000 |
653.199 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
52057.500 |
45207.200 |
31755.105 |
|
|
|
Stores & Spare Parts |
20.400 |
26.000 |
1.294 |
|
|
|
Capital Goods (includes technical know-how capitalised during the
year) |
61.000 |
1.000 |
7.751 |
|
|
|
Stock-in-trade/ Traded Goods |
16394.200 |
6034.800 |
5428.252 |
|
|
TOTAL IMPORTS |
68533.100 |
51269.000 |
37192.402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
24.57 |
24.69 |
16.72 |
|
|
|
- Diluted |
24.43 |
24.46 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 (1st
Quarter) |
|
Net Sales |
|
|
17528.200 |
|
Total Expenditure |
|
|
15417.800 |
|
PBIDT (Excl OI) |
|
|
2110.400 |
|
Other Income |
|
|
180.300 |
|
Operating Profit |
|
|
2290.700 |
|
Interest |
|
|
427.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1863.000 |
|
Depreciation |
|
|
141.500 |
|
Profit Before Tax |
|
|
1721.500 |
|
Tax |
|
|
440.600 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
1280.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
1280.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.97
|
9.00
|
7.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.52
|
30.25
|
25.03
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.82
|
19.81
|
17.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.52
|
0.49
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
1.70
|
2.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
2.24
|
3.53
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31) PAN of Proprietor/Partner/Director, if
available |
No |
|
32) Passport No of
Proprietor/Partner/Director, if available |
No |
|
33) Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34) External
Agency Rating, if available |
Yes |
OPERATIONS
The Company has
shown improved performance in all its business segments and achieved a higher
revenue of Rs.99400.000 millions for the year ended 31st March, 2012
(2010-11 - Rs.77190.000 millions). Profit for the year before depreciation,
interest and taxation was Rs.11780.000 millions compared to Rs.11360.000
millions in the previous year. Profit after tax was Rs.6930.000 millions as
against Rs.6940.000 millions in 2010-11.
Improved
operational efficiencies and appropriate sourcing strategies have significantly
contributed to overall improved performance inspite of lower production of
fertilisers due to shortage of phosphoric acid and high volatility in the
Rupee. The fertiliser business achieved a total sales volume (including
imported fertilisers) of 30.08 lakh tons as against 28.63 lakh tons achieved in
the previous year. Besides, the Company also handled 2.65 lakh tons of urea
against 1.98 lakh tons achieved in the previous year. Timely purchase of input
raw materials and pro-active forex management coupled with faster liquidation
of stocks has helped the Company in improving operational profits.
Crop Protection
business performed reasonably well during the year despite a continuing ban
imposed on Endosulfan by Hon’ble the Supreme Court of India at the beginning of
the year and unfavourable monsoon conditions in certain States during Rabi
season. The acquisition of Sabero Organics Gujarat Limited, a technical grade
manufacturer has expanded product profile of crop protection business and has
given greater access to global markets. Timely introduction of new technicals
at Ankleshwar facility has mitigated the impact on volumes due to ban of
Endosulfan. Leveraging the Retail presence in Andhra Pradesh and Karnataka, the
Company has significantly improved the sale of specialties and captive
technical formulations.
In Speciality
Nutrient Business, the Company has achieved sales growth in Organic Compost,
Gromor Sulphur and Water Soluble Fertilisers (WSF) despite difficult seasonal
and market conditions. The Company continues to be a market leader in Bentonite
Sulphur and registered a growth of 14% over last year in this segment. In the
organic fertilisers, the Company has registered a growth of 33% in volumes as
compared to previous year.
In Retail
business, the Company has opened 200 new retail centres in Andhra Pradesh and
Karnataka. With this expansion, the Company has 641 centres in Andhra Pradesh
and Karnataka. Retail turnover has grown by 11% during the year. In retail
business, the Company has decided to focus more on agri-input business and exit
from the life style products. The Company continues to explore Farm
Mechanisation Business as part of its retail service offerings to the farmers.
SUBSIDIARY COMPANIES:
Acquisition of Sabero Organics Gujarat Limited
(Sabero)
During the year,
the Company entered into a Share Purchase Agreement with the erstwhile
promoters of Sabero and acquired 14298112 equity shares of Sabero at Rs.160 per
share and also paid a non-compete fee of Rs. 38.47 per share for the resident
shareholders aggregating to Rs.355.300 millions.
The Company, also
further acquired 10500000 equity shares of Sabero through an Open Offer from
the shareholders of Sabero at a price of Rs.160/- per share, pursuant to the
approval from Securities Exchange Board of India (SEBI) for the Open Offer
under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.
Post completion of this acquisition, the Company now holds 24798112 equity
shares representing 73.23% in the equity share capital of Sabero. The Company
along with its wholly owned subsidiary (Parry Chemicals Limited,) holds 74.57%
of the equity share capital of Sabero and effective December 17, 2011 Sabero
has become a subsidiary of the Company. The Consolidated results include
results of Sabero effective this date.
Sabero
manufactures technical grade pesticides with manufacturing facilities in Sarigam,
Gujarat and plans are underway for setting up an ancillary project at Dahej, in
the state of
Sabero's revenue
from operations for the year ended March 31, 2012 was Rs.3584.300 millions with
a Net loss of Rs.612.400 millions. The production of Sabero during the year was
impacted under judicial restraint. However, the Company was able to get
permission for utilization of capacity up to 75% starting December 2011. In
view of the under utilization of the capacities, higher power and fuel cost and
certain accounting adjustments necessitated on reconciliation of major
balances, the Company had incurred the loss. The Company is investing into
comprehensive revamping of Environmental Management System to comply with
environmental standards. These investments are aimed at further compliance with
environmental regulations and will also enable the Company to ramp up
production and sales volumes from 2012-13 onwards.
The acquisition of
Sabero is part of the company’s long term vision to consolidate its position as
a significant player in the crop protection business with a combination of
products in technical/formulation grade pesticides catering to both domestic
and global markets.
CFL Mauritius Limited:
The Company (a
100% subsidiary) earned a total revenue of US $ 1.22 million (equivalent to
Rs.57.600 millions) and net profit of US $ 0.74 million (equivalent to
Rs.36.100 millions) during the year ended December 31, 2011. During the year,
the Company has received dividend from Foskor (Pty) Limited amounting to US $
1.14 million.
Parry Chemicals Limited (PCL):
The Company (a100%
subsidiary) earned a total revenue of Rs.5.700 millions for the year ended
March 31, 2012 and Profit after Tax was Rs.0.300 million. The Company had
during the year subscribed a sum of Rs.95.000 millions for acquiring additional
9500000 lakh equity shares of Rs.10/- each of PCL.
PCL, during the
year had acquired equity 458249 equity shares of Sabero Organics Gujarat
Limited representing 1.35% from the stock market.
Coromandel Brasil Limitada:
The Limited
Liability Partnership in
JOINT VENTURE COMPANIES
Tunisian Indian Fertilisers Company Limited
(TIFERT)
TIFERT, a joint
venture Company, was formed in
Coromandel Getax Phosphates Pte Limited
The JV Company
based in
Coromandel SQM (
The Joint Venture
Company, formed to set up a WSF Plant at
Technical Assistance Agreement with Foskor (Pty)
Limited (
The Technical
Assistance Agreement with Foskor (Pty) Limited,
Expansion Projects
The Company is in
the process of expanding capacities and is currently executing a third Complex
granulation train at
AWARDS/RECOGNITION
The Company
continues to receive numerous awards/accolades from Industry associations.
During the year the Company received the following awards/accolades:
v Company was
awarded Significant Achievement in the CII-EXIM Bank Business Excellence Award
- 2011.
v Company was
awarded Business Excellence Award by 'Industrial Economist' a business
magazine.
v Kakinada Plant
received FAI Award for best overall performance of an operating fertiliser unit
for complex fertilisers
v Visakhapatnam
Plant received the CII's National Water Management Award for Water Efficient
Unit
v FICCI Award
received for Best Brand "Godavari Gold"
MANAGEMENT
DISCUSSION AND ANALYSIS
Economic scenario
In 2011-12,
While the growth
has slowed down as compared with previous years,
Agriculture even
though shrunk in its proportion to GDP to 12.9%, it is a vital sector which
provides livelihood for more than 50% of the population. The area under food
grains production has declined over the last three decades. In yield parameters
Indian farmers are
mostly small and marginal farmers with small and fragmented landholdings. The
average farm size in the country has declined over the years which pose a
challenge in terms of adoption of farm mechanization. Pooling of many
landholdings may yield better economies of scale for which laws for leasing
land should be put in place. It is necessary to have comprehensive and
coordinated efforts for improving farm production and productivity of food
grains, developing rural infrastructure, renewing thrust on irrigation sector,
strengthening marketing infrastructure and supporting investment in R&D.
These efforts will rejuvenate agricultural sector and bring about inclusive
growth of the economy.
The growth and
progress of Indian agriculture depends largely on the progress, and
precipitation through the south west monsoon. During the year 2011-12, the
country received 101% of the long period average, but the numbers of rainy days
were fewer, causing long gaps in precipitation or floods. The initial estimates
on the progress of monsoon for 2012-13 are varying, between a sub-normal to
normal monsoon.
ORGANISATION
Coromandel is a
flagship Company of the Murugappa Group and is a subsidiary of EID Parry (
The Company has
following subsidiaries and joint ventures for its various business initiatives.
v Sabero Organics Gujarat
Limited,
v Sabero Organics
v Sabero Australia
Pty Limited,
v
v Sabero Argentina
S.A.,
v Parry Chemicals
Limited,
v CFL Mauritius
Limited,
v Coromandel
v Coromandel Getax
Phosphates Pte Limited,
v Coromandel SQM (
v
Tunisia Indian Fertilisers Company Limited,
In addition, the
Company also holds 14% equity stake in Foskor Pty Limited,
Farm inputs:
Fertilisers SBU:
Coromandel with a
production capacity of 32.6 Lakh tones of Phosphatic fertilisers is the leading
private sector player in phosphatic fertilisers in
Industry scenario:
Global fertiliser
demand in 2011 grew by 2.8% enabled by high food prices and strong demand for
agri commodities. World nutrient consumption in 2011 reached 177 million tonnes
(in terms of nutrients), rose by 3% as compared to 2010. However, global
fertilizer demand and price levels remained sluggish since December 2011 and
right into the first quarter of 2012. Globally the fertilizer industry has
operated at 83% of the installed capacity compared with 82% in 2010. Fertiliser
demand in 2012-13 is expected to grow but at moderate level due to uncertain
economic condition in
Consumption of
fertilisers in terms of nutrients crossed 287
Production of
phosphatic fertilisers remained almost at the same levels in 2011-12 as
compared to 2010-11.
International
price of DAP and other fertilisers went up during I half and DAP prices reached
peak level of US $ 677 CFR India before softening during the last quarter to US
$ 550 CFR India level. Urea/Ammonia prices were very volatile during the year
and softened during the year end. Prices of MOP hardened during the year from
US $ 420 to US $ 490/MT.
Government policies:
The subsidy rates applicable (Rs. per kg) for
financial year 2012-13 are as under:
Nutrient Based
Subsidy (NBS) Policy announced by GOI for phosphatic fertilisers continued for the
second year and this has helped the government to reduce the subsidy bill
during 2011-12. During the year industry had to raise MRPs to recover increase
in input costs from the market besides absorbing the impact of currency
depreciation. With softening of international prices of fertilisers in the last
quarter, Government has reduced the subsidy rates for 2012-13 to bring down the
subsidy outgo. Since introduction of NBS the Government has saved a substantial
amount of subsidy outgo in the past two years.
The proposed
subsidy rates for 2012-13 translate in to effective subsidy of Rs.14350/MT of
DAP as against existing subsidy rate of Rs.19763/MT and Rs.14400/MT for MOP as
against existing rate of Rs.16054/MT.
NBS policy is one
of the most important reforms introduced in the fertiliser sector in the last
thirty years. This reform is not only helping Indian Government to save subsidy
but is also helpful in ensuring judicious use of fertiliser by farmers. It is
well established that
Fertiliser
consumption is increasing at a steady pace, while the domestic capacity of
fertiliser manufacturers is not increasing due to a lack of fresh investments
resulting in increased imports of fertilizers. Lower investor interest is due
to limitations in availability of natural gas, phosphoric acid and other key
inputs.
A working
committee has been set up by the Planning Commission to study on performance of
eleventh five year plan and the key issues to be addressed in twelfth five year
plan. The study includes the assessment of required raw materials to meet the
demand of all type of fertilisers in the country, assessment of various inputs
and infrastructural facilities required during the next 5 years to fill the gap
between demand and supply, review the present status of various taxes and
duties and suggest measures for their realisation.
Some of the policy
initiatives announced in the year beginning 2012 including tax incentives with
respect to investments in fertiliser sector is likely to kick-start new
investments. It is further expected that the urea subsidy regime could be moved
to nutrient-based subsidy (NBS). This will bring in a uniform subsidy regime
for all fertilizers to ensure that there is a balanced use of all major
nutrients. Current policy of differential subsidy for "N" fertilisers
may lead to imbalanced use of fertilisers.
During the year,
the Government through Reserve Bank of India has bought back remaining
fertiliser bonds issued in lieu of subsidy and also compensated 50% of the loss
on such sale of bonds. The industry is still representing for full
reimbursement of the loss on the buy back of bonds. Government has reaffirmed
that with new NBS policy for phosphatic fertilisers and reasonable allocation
of subsidy, fertiliser industry will not be paid its dues by bonds in future.
However key concern on policy front continues to be lack of adequate budgetary
provisions for payment of subsidies.
Fertiliser SBU Performance:
The Company
achieved a highest ever sales volume of 32.73
However,
production during the year was affected mainly on account of short receipt of
phosphoric acid especially from
All fertiliser
plants have improved on their operational efficiencies over last year and the
performance has been satisfactory, inspite of shortfall in production due to
delayed and short supply of key raw materials and volatility in international
prices. During the year, the Company has resorted to revision in fertiliser
MRPs mainly to offset the input cost increase and rupee depreciation. Timely
purchase of raw materials and pro-active forex management coupled with faster
liquidation of materials has helped the Company in improving the overall
performance.
As part of its tie
up with Shell International Petroleum Company Limited (Shell) for manufacture
of Sulphur enhanced fertilisers, the Visakhapatnam plant successfully commenced
trial production of DAP 4S using Shell's Thiogro technology. The company has
also introduced new complex grade of fertilizer 14:28:14, to cater to the needs
of farmers in its various markets.
The Company has
been investing continuously in meeting its obligations towards protecting the
environment. Towards this step, during the year a new Effluent Treatment Plant
(ETP) has been commissioned at
The project for
installation of an additional granulation plant at
The movement of
Fertilisers sold during the year was governed by movement orders issued by
Government of India which helped the Company to expand its market footprint
thus positioning it well for the proposed sale of 40 Lakh MT with new
"C" train coming on stream. Company now operates in 9 States with over
1 Lakh MT of fertiliser sales in a year.
Coromandel
continues to have a significant presence in Andhra Pradesh, Tamilnadu,
Karnataka, Orissa, Chattisgarh, Maharashtra, Madhya Pradesh, Uttar Pradesh and
Crop Protection
-SBU:
Industry Scenario
Globally
agrochemicals industry witnessed growth with the business touching $ 45 billion
for the year ($ 38 billion during 2010) boosted by good demand and stable
prices for generics across the globe. Industry achieved a growth of 16% in
nominal terms and 8% in real terms over previous year supported by higher
commodity prices.
Global business
was largely driven by adequate rainfall and disease incidence in Latin American
countries, early winter in Europe and good growth in
Indian industry
witnessed record sowing of cotton during the year though there was late onset
of monsoon. Due to insufficient rains in South, consumption suffered in
critical states like AP,
Prices of all
critical crops like cotton, paddy and chillies ruled lower than previous year
while groundnut and
soyabean were
stable. Due to increased acreage of paddy in East and good weather for wheat in
North, food grains production in the country is expected to touch the highest
level this year, demonstrating the growing resilience of Indian agriculture
against weather vagaries.
Crop Protection SBU Performance
In pursuit of its
vision to build a significant presence globally, the Company acquired M/s
Sabero Organics Gujarat Limited. This strategic acquisition has catapulted the
Company into top 5 companies in the branded formulation business in
The SBU achieved a
turnover of Rs.4410.000 millions, despite sudden ban on Endosulfan by Supreme
Court at the beginning of the year and unfavorable weather in its critical
states in second half. The Company could cover the void left by Endosulfan
(close to 10% of previous year turnover) through successful change in its
product mix and scale-up of high margin specialties and other captive
technicals. Formulations business performed well to achieve record sales of brands
of Specialties and captive technicals through its wide channel network and
Retail chain, through intensive branding. Launch of Buprofezin technical in its
captive range and leveraging on captive technicals from Sabero Organics helped
the SBU mitigate the loss of Endosulfan effectively.
Access to product
registrations available for Sabero range of technicals and reorganization of
teams globally has laid a strong platform for the SBU to build its global
presence in existing and new markets. Increased availability of wider range of
captive technicals has made the SBU a strong player in domestic technicals
sales space also.
SBU with its
strategic sourcing tie-ups in
Speciality
Nutrients – SBU
Industry/ Company's Performance
Speciality
Nutrients division comprising of three segments - Secondary and Micro
nutrients, Water Soluble Fertilisers (WSF) and Organic Manure registered a
growth of 31% over previous year, despite difficult seasonal and market
conditions.
The Company
continues to be a market leader in Bentonite Sulphur and registered a growth of
14% over last year in this segment. The Company successfully entered into
institutional business in this segment. Drought during Kharif in major states
like AP, Karnataka and
As regards WSF
segment, the increase in price of bulk fertilizers like DAP, NPK complexes and
MOP has resulted in a mixed response from the market. In the traditional WSF
segment like grapes, the farmers increased the proportion of WSF in their total
fertiliser programme where as in new segments like field crops the consumption
dropped significantly. However the market for WSF has shown positive signs of
accelerated growth during the last two years. The new WSF plant which was set
up as a joint venture with SQM,
In order to
improve soil health, the Company had started marketing compost. The current
market size is 10 lakh MTs with a year on year industry growth of 20-30%. The
Company has achieved a sales volume of 1.6 Lakh MTs registering a growth of 33%
over previous year. The Company has its presence in both Municipal Solid Waste
Compost and Pressmud segments. The Company has launched many variants to these
products including variants like KASH, Phos Gold and N-Rich which were introduced
during the year.
Retail SBU
The retail
business in Agri inputs has consolidated well and the new strategic business
areas like organic products and seeds received good response from the market.
The Retail turnover has grown by 11% during the year. However restructuring of
the business portfolios in Retail was done to strategically focus more on Agri
input businesses and exit the life style products business.
During the year,
the Company has added 200 agri retail centres in AP and Karnataka and with this
expansion presently there are 641 stores in operation. The business has shown
improved performance over the previous year and the Company is in the process
of further expanding its retail network in Karnataka and plans to enter into
To study the Mana
Gromor Centres linkage with farming community, an independent study was
commissioned through AC Neilson for estimating Brand Equity index. This has
shown 'Mana Gromor' brand an equity Index of 5 on 10 point scale, while a score
of 3 and above is considered as very strong brand.
The branding
efforts made by retail team has been recognized by CMO Asia and world Brand
Congress and given three best brand promotion awards to Mana Gromor Retail
during the Asia Retail Congress in Mumbai. These three awards are in
recognition of a) Most effective use of interactive rural marketing, b) Best
brand loyalty marketing campaign and c) Holistic marketing for rural brand
deployment.
Outlook
Demand for
fertiliser, crop protection and crop nutrition are expected to grow up as
demand for food keeps increasing. With the increasing pace of urbanization and
population growth and shrinking of arable land,
Government has
announced the reduction in Nutrient based subsidy rates applicable for 2012-13 for
all phosphatic and potassic fertilisers. Any change in the international prices
and currency depreciation may warrant revision in farm gate prices and this may
pose challenge to phosphatic and potassic fertilisers with Urea continuing
under retention price scheme. It is expected that revision in Minimum support
prices for crops to be announced by the Government in the ensuing season will
absorb the fertiliser price increase to a greater extent.
Ensuring timely
availability of key raw materials is necessary for maximising the production
and this continues to be a key focus area for the Company. The Company is
always looking out for new sources of raw materials and global tie up to manage
the situation.
The 'C' train
expansion project and other infrastructural facilities like ammonia storage
tank, phosphoric acid storage tank, bagging facilities and railway siding at
Kakinada plant is under way and is expected to be commissioned by second half
of 2012-13. This will enable the Company to take the production capacities
closer to 40 Lakh tonnes.
In the crop
protection business, the Company will continue to focus on specialities and
will scale up sale of formulations based on captive technicals including
additional range being manufactured by Sabero Organics. Increased reach through
retail outlets augurs well for scaling up branded formulation business and
Company will be focussing on developing strong brands for key molecules to stay
ahead of competition. The Company will also leverage on the global network of
Sabero Organics to scale up export of technicals and will continue to focus on
registrations in the key market segments.
The Speciality
Nutrient business is all geared up to expand the business in all segments. The
new WSF plant at
Rural Retail
business is poised to further expand its reach to Karnataka and
Finance
The Company's
overall financial performance for the year 2011-12 has been good. The total
revenue grew by 29% in 2011-12 as compared to the previous year. The Company's
PBT before prior period subsidy income and exceptional items has moved up from
Rs.7620.000 millions to Rs.9590.000 millions, registering a growth of 26%. The
PBT after considering prior period subsidy income and exceptional items is
Rs.9700.000 millions as compared to previous year Rs.9880.000 millions.
The Company
generated Rs.11080.000 millions (2011: Rs.10240.000 millions) of cash surplus
from its operations, before changes in working capital and after adjusting for
the changes in working capital the net cash generated from operations is
Rs.1100.000 millions (2011: Rs.8390.000 millions). The Company's net worth
increased during the year and was at Rs.23710.000 millions as on 31st
March, 2012 compared to Rs.19040.000 millions as on 31 March 2011.
During the year,
the Company incurred Rs.1860.000 millions towards capital expenditure including
Rs.1090.000 millions on "C" train and expansion facilities at
During the year,
the Company along with its wholly owned subsidiary has acquired 74.57% equity
stake in Sabero
Organics Gujarat
Limited involving cash outgo of Rs.4031.000 millions. Further, the Company has
paid a non-compete fees of Rs.355.300 millions to the erstwhile Indian
promoters of Sabero Organics Gujarat Limited which has been charged off to the
Statement of Profit and Loss as an exceptional item.
Pursuant to the
notification of the Government of India to buy back the Fertiliser Companies'
Government of India Special Bonds in two equal tranches during 2010-11 and
2011-12 through Reserve Bank of India and to share at least 50% of loss on such
buy back of fertiliser bonds, the Company has sold the special bonds with an
aggregate face value of Rs.9976.000 millions (Rs.4988.000 millions each in the
years 2011-12 and 2010-11) and incurred a loss of Rs.527.500 millions in
2011-12 (2010-11: Rs.371.800 millions), net of compensation received from GOI.
Consequently, the provision towards mark to market loss made earlier on such
bonds amounting to Rs.688.900 millions (2010-11: Rs.688.900 millions) has been reversed.
During the year,
the members of the Company approved the transfer/assigning of the lease rights
on the land located at Navi Mumbai to the prospective buyers.
During the year,
the Board approved, subject to the approval of shareholders and regulatory
authorities, issue of bonus debentures. The Company has obtained approvals of
the Scheme from National Stock Exchange and Bombay Stock Exchange for issue of
one 9% Unsecured Redeemable Nonconvertible Fully Paid Bonus Debenture of Rs. 15
each for every equity share from the General Reserve, and has filed the Scheme
with the Hon’ble High Court of Andhra Pradesh.
The Company has
been resorting to prudent mix of rupee and foreign currency borrowings to finance
its working capital requirements and tied up long term ECB loans to fund
capital projects. The Company's long term debt: equity ratio continues to
remain very healthy and the cash and bank balance as at the year end includes
Rs.9070.000 millions of temporary surplus retained in short term bank
deposits/current accounts. The Company's long term credit rating by 'CRISIL'
was reaffirmed at 'AA+ (stable)' and short term debt rating at P1+.
AMALGAMATION OF PASURA BIO-TECH PRIVATE LIMITED
WITH THE COMPANY DURING YEAR ENDED 31ST MARCH, 2011
a) Pursuant to the
Scheme of Amalgamation ('the Scheme') of the erstwhile Pasura Bio-Tech Private
Limited ('PBPL') with the Company, as approved by the Hon'ble High Court of
Judicature of Andhra Pradesh on 21 February 2011, the entire business and
undertaking of PBPL including all assets, liabilities, duties and obligations
were transferred to and vested in the Company with effect from 1st
April, 2010. PBPL was engaged in the business of manufacture and sale of
Pesticides formulations.
b) The
Amalgamation was accounted for under the 'Pooling of interests' method as
prescribed by Accounting Standard 14, "Accounting for Amalgamations".
c) In accordance
with the Scheme, 818475 equity shares of Rs.10/- each held by the Company in
the equity share capital of PBPL stand cancelled. The difference of Rs.16.100
millions between assets, liabilities, statutory reserves of PBPL and the
carrying value of investments being cancelled, has been adjusted against the
general reserve of the Company.
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR): (AS ON 31.03.2012)
a) Guarantees:
(i) The Company
has provided guarantee to third parties on behalf of its subsidiary CFL
Mauritius Limited - Rs.671.600 millions in respect of which the contingent
liability is Rs.203.500 millions.
(ii) The Company
has provided a guarantee towards the borrowing of Tunisian Indian Fertilisers
S.A., Tunisia (TIFERT), a joint venture company, up to Rs.2633.000 millions in
respect of which the contingent liability is Rs.2388.700 millions.
b) Claims against
the Group not acknowledged as debt
|
|
31.03.2012 (Rs.
in millions) |
|
In respect of matters under dispute: |
|
|
Excise duty |
26.200 |
|
Sales tax |
7.800 |
|
Income tax |
25.300 |
|
Others |
134.400 |
The amounts shown
in the item (a) represent guarantees given in the normal course of business and
not expected to result in any loss to the Company on the basis of the
beneficiaries fulfilling their obligations as they arise. The amounts in item (b)
represent best estimate and the uncertainties are dependent on the outcome of
the legal processes initiated by the Company or the claimant as the case may
be.
c) Other money for
which the Company is contingently liable
|
|
31.03.2012 (Rs.
in millions) |
|
(i) In respect of assignment of receivables from fertiliser dealers |
250.000 |
|
(ii) In respect
of assignment/ sale of trade and subsidy receivables where option to buy-back
rests with the Company |
2000.000 |
The Management expects
to realise all the amounts reflected above in the normal course of business.
Further, out of the amounts stated in (ii) above, the Company has since
discharged Rs.159.600 millions.
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs. in millions)
|
Particulars |
Stand-alone
results |
|
Unaudited |
|
|
30th June, 2012 |
|
|
1. Income from
operations |
|
|
(a) Net
sales/income from operations (net of excise duty) |
17451.000 |
|
(b) Other operating income |
77.200 |
|
Total income
from operations (net) |
17528.200 |
|
2. Expenses |
|
|
a) Cost of
materials consumed |
11327.400 |
|
b) Purchases of
stock-in-trade |
1285.900 |
|
c) Changes in inventories
of finished goods, work-in-process and stock-in-trade |
(236.400) |
|
d) Employee
benefits expense |
504.500 |
|
e) Depreciation
and amortisation expense |
141.500 |
|
f) Other
expenses |
2536.400 |
|
Total expenses |
15559.300 |
|
3. Profit from
operations before other income, finance costs and exceptional items (1-2) |
1968.900 |
|
4. Other income |
180.300 |
|
5. Profit before
finance costs and exceptional items (3+4) |
2149.200 |
|
6. Finance costs |
427.700 |
|
7. Profit after finance
costs but before exceptional items (5-6) |
1721.500 |
|
8. Exceptional
items |
-- |
|
9. Profit before
tax (7+8) |
1721.500 |
|
10. Tax expense |
440.600 |
|
11. Net Profit
after tax (9-10) |
1280.900 |
|
12. Minority
interest |
-- |
|
13. Net Profit
after taxes and minority interest (11-12) |
1280.900 |
|
14. Paid-up equity
share capital (Face value - Rs.1 per equity share) |
282.700 |
|
15. Reserves
excluding revaluation reserves as per Balance Sheet of previous accounting
year |
-- |
|
16. Earnings per
share (of Rs.1 each) (for the period - not annualised) |
|
|
- Basic (Rs.) |
4.53 |
|
- Diluted (Rs.) |
4.52 |
|
A. Particulars
of Shareholding |
|
|
1. Public
Shareholding |
|
|
- Number of
shares |
102100414 |
|
- Percentage of shareholding
|
36.118% |
|
2. Promoters and
Promoter group Shareholding |
|
|
a)
Pledged/encumbered |
|
|
-Number of
shares |
10000 |
|
-Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
0.006% |
|
-Percentage of shares
(as a % of the total share capital of the Company) |
0.004% |
|
b)
Non-encumbered |
|
|
-Number of
shares |
180575168 |
|
-Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
99.994% |
|
-Percentage of shares (as a % of the total share capital of the
Company) |
63.878% |
|
Particulars |
Quarter ended 30th
June, 2012 |
|
B. Investor
complaints |
|
|
Pending at the
beginning of the quarter Nil |
Nil |
|
Received during
the quarter 3 |
3 |
|
Disposed of
during the quarter 3 |
3 |
|
Remaining unresolved at the end of the quarter Nil |
Nil |
Notes:
1. The above
financial results are drawn in accordance with the accounting policies consistently
followed by the Company.
2. The above
results were reviewed and recommended by the Audit Committee at their meeting
held on 22 July 2012 and approved by the Board of Directors at their meeting
held on 23 July 2012. The Statutory Auditors have carried out a limited review
of these financial results.
3. During the
quarter, pursuant to the exercise of stock options by certain employees under
the 'ESOP 2007' scheme, the Company has allotted 116,040 equity shares of Rs.1
each at the respective exercise price.
4. Net sales/
income from operations includes Rs. Nil relating to earlier periods consequent
to the final determination of the same by the Government. The Company has
recognised subsidy income as per the prevalent Nutrient Based Subsidy Policy
(NBS).
5. Consequent to
the approvals from the shareholders and the stock exchanges for issue of one 9%
Unsecured Redeemable Non-convertible Fully Paid Bonus Debentures of Rs.15 each
for every equity share by appropriating the General Reserve through a Scheme of
Arrangement (Scheme) the Company, received during the quarter, approvals from
the Hon'ble High Court of Andhra Pradesh and other requisite approvals.
Accordingly, the Company has fixed the book closure date from 17 July to 23rd
July, 2012 for the issue of debentures.
6. The
Consolidated Results for the quarter ended 30th June, 2012 include
consolidated results of its subsidiaries i.e. Sabero Organics Gujarat Limited
(including its subsidiaries), Parry Chemicals Limited, CFL Mauritius Limited
and Coromandel Brasil Limitada and, the joint venture companies i.e. Tunisian
Indian Fertiliser SA (TIFERT), Coromandel Getax Phosphates Pte Limited and
Coromandel SQM (
The consolidated
results for the quarter include Management accounts of CFL Mauritius Limited,
Coromandel Brasil Limitada and Coromandel Getax Phosphates Pte. Limited. In
respect of TIFERT, on account of the prevailing situation in that country (
7. The Company,
its subsidiaries and its joint ventures are primarily engaged in the farm inputs
business, which in the context of Accounting Standard 17, is considered the
only significant business segment.
8. The figures for
the quarter ended 31 March 2012 are the balancing figures between the audited
figures for the full financial year ended 31 March 2012 and the published year
to date figures upto third quarter ended 31 December 2011.
9. Figures of the previous quarters/year have been regrouped and
reclassified wherever necessary to correspond with current year presentation.
FIXED ASSETS:
v Land-Freehold
v Land-Leasehold
v Buildings
v Roads
v Railway Siding
v Plant and Equipment
v Office Equipment
v Furniture and Fixtures
v Vehicles
v Technical know-how
WEBSITE DETAILS
PROFILE
Subject is in the business segments of Fertilisers, Speciality Nutrients,
Crop Protection and Retail.
Coromandel manufactures a wide range of fertilisers and markets around
2.9 million tons making it a leader in its addressable markets and the second
largest phosphatic fertiliser player in
In its endeavour to be a complete plant nutrition solutions company,
Coromandel has also introduced a range of Speciality Nutrient products
including Organic Fertilisers.
The Crop Protection business produces insecticides, fungicides and
herbicides and markets these products in
Coromandel has also ventured into the retail business setting up more
than 425 rural retail centers in the agri and lifestyle segments.
The Company clocked a turnover of Rs.98230.000 millions in 2011-12 (USD
1.93 billion as on March 31, 2012).
Coromandel was ranked among the top 20 best companies to work for by Business
Today and was also voted as one of the ten greenest companies in India by TERI,
reflecting its commitment to the environment and society.
Coromandel is a part of the Rs.223140.000 millions (USD 4.4 billion as
on March 31, 2012) Murugappa Group.
BOARD OF
DIRECTORS:
A Vellayan
Chairman
Mr. A Vellayan holds a Diploma in Industrial Administration from
Mr. Vellayan also held the position of Vice President, Federation of Indian
Export Organisation (FIECO) and member of National Export Committee - Confederation
of Indian Industry (CII). He was the Managing Director of Tube Investments of
India Limited and TI Diamond Chain Limited. Mr. Vellayan is presently the
Chairman of Subject and EID Parry (
V Ravichandran
Vice Chairman
Mr. V Ravichandran is an Engineering Graduate and holds a Post Graduate
Diploma in Management from IIM, Ahmedabad. He is also a Cost Accountant and a
Company Secretary. After having served Ashok Leyland Limited initially for a
short period, he joined the Murugappa Group and worked in the Parry Group of
Companies mainly in the fields of finance and marketing. He also headed the
Crop Protection business. He was the Managing Director of Subject. Currently,
Mr. Ravichandran is Lead Director (Fertilisers and Sugars) on the Murugappa
Corporate Board.
Kapil Mehan
Managing Director
Mr. Kapil Mehan is a graduate in Veterinary Science and Animal Health.
He also holds a Post Graduate Diploma in Management from IIM, Ahmedabad with
specialisation in Agriculture. He brings with him rich experience and
background in varied leadership roles. He started his career with Rallis
M M Venkatachalam
Director
Mr. M M Venkatachalam graduated from the
K Balasubramanian
Director
Mr. K Balasubramanian is a Graduate in Commerce from the
B V R Mohan Reddy
Director
Dr. B V R Mohan Reddy is a Graduate in Mechanical Engineering and holds
a Master's degree in Management Engineering from the
Ranjana Kumar
Director
Mrs. Ranjana Kumar holds a Bachelor of Arts degree, and is a Gold
Medalist. She had an illustrious career in the Indian banking industry spanning
over four decades. She started her career with Bank of India in the year 1966
as a probationary officer and held several senior positions in the Bank. She
was CEO of US operations of Bank of India based in
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.55.47 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
78 |
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.