MIRA
INFORM REPORT
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Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT RASAYAN LIMITED |
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Registered
Office : |
1501, |
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Country : |
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Financials (as on)
: |
31.03.2011 |
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Date of
Incorporation : |
15.05.1989 |
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Com. Reg. No.: |
55-036264 |
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Capital
Investment/ Paid-up Capital: |
Rs.42.487 Millions |
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CIN No.: [Company Identification
No.] |
L24119DL1989PLC036264 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELB06167A |
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PAN No.: [Permanent Account No.] |
AAACB4127A |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Technical Grade Pesticides |
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No. of
Employees: |
236 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1749000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position of the company appears to be good Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
1501, |
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Tel. No.: |
91-11-25731818/25195834/5450727/827/5195835/5836/5435093 |
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Fax No.: |
91-11-25727781/5448264/5195834 |
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E-Mail : |
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Website : |
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Unit 1: |
2 KM Stone, Madina- Mokhra Road, Mokhra Village, Tehsil Meham, Rohatk
District , Haryana, India |
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Unit 2: |
Mamdapur / |
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Unit Under
Construction: |
42/4 GIDC, Industrial Estate, Dahej, Distirct Bhaurch -392130, |
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. S.N Gupta |
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Designation : |
Chairman and Managing Director |
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Qualification : |
M.A. (Economics) |
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Name : |
Mr. M.P Gupta |
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Designation : |
Whole Time Director |
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Qualification : |
Graduate |
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Name : |
Mr. R.P Gupta |
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Designation : |
Whole Time Director |
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Qualification : |
Graduate |
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Name : |
Mr. Ajay Gupta |
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Designation : |
Director (Executive) |
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Qualification : |
B. Tech (Chemical Engineering), Diploma in Management |
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Name : |
Mr. Dr.V.K Sharma |
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Designation : |
Director (Executive) |
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Name : |
Mr. Sandesh Kumar Jain |
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Designation : |
Director (Independent and Non-Executive) |
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Qualification : |
B.Com, FCA |
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Name : |
Mr. Naresh Agarwal |
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Designation : |
Director (Independent and Non-Executive) |
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Qualification : |
Graduate |
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Name : |
Mr. Pankaj Gupta |
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Designation : |
Director (Independent and Non-Executive) |
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Qualification : |
BBA, LLB |
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Name : |
Mr. Ram Kanwar |
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Designation : |
Director (Independent and Non-Executive) |
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Qualification : |
M.A. (Economics) |
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Name : |
Mr. Amilt Kupmar Gupta |
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Designation : |
Director (Independent and Non-Executive) |
KEY EXECUTIVES
|
Name : |
DEEPIKA BHARDWAJ |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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2755128 |
64.85 |
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372221 |
8.76 |
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3127349 |
73.61 |
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Total
shareholding of Promoter and Promoter Group (A) |
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(B)
Public Shareholding |
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566204 |
13.33 |
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539939 |
12.71 |
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13893 |
0.33 |
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1355 |
0.03 |
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1121391 |
26.39 |
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Total
Public shareholding (B) |
1121391 |
26.39 |
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Total
(A)+(B) |
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(C) Shares
held by Custodians and against which Depository Receipts have been issued |
4248740 |
100.00 |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
4248740 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Technical Grade Pesticides |
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Products : |
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PRODUCTION STATUS As On
(31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production* |
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Technical Grade Pesticides |
MT |
2440.00 |
971.00 |
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Pesticides Formulations |
MT |
50.00 |
10.00 |
|
Intermediates |
MT |
950.000 |
715.00 |
Notes
·
Installed capacities are
both of units BRL and SIRIS interchangeable between different products
·
*Net of capative consumption
and as certified by the management and relied on by the auditors being a
technical matter.
·
Actual Production reduced
due to factory did not run during the period 07.07.2010 to 27.10.2010
GENERAL INFORMATION
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No. of Employees : |
236 (Approximately) |
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Bankers : |
·
State Bank of ·
HDFC
BANK |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.K. Geol and Associates (Chartered Accountant) |
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Address : |
P-16, N.D.S.E- II, New Delhi-110 049, |
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Cost Auditors : |
M. K Singhal and Company Cost Accountants |
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Address : |
“Panchavati” |
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Related Party : |
·
Bharat Insecticides Limited ·
BR Agrotech Limited ·
Centum Finance Limited ·
BRL Finlease Limited |
CAPITAL STRUCTURE
As 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4248740 |
Equity Share |
Rs.10/- each |
Rs.42.847
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.487 |
42.487 |
42.487 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
394.860 |
387.379 |
338.215 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
437.347 |
429.866 |
380.702 |
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LOAN FUNDS |
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1] Secured Loans |
84.001 |
37.771 |
127.071 |
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2] Unsecured Loans |
0.610 |
0.050 |
0.050 |
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TOTAL BORROWING |
84.611 |
37.821 |
127.121 |
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DEFERRED TAX LIABILITIES |
18.610 |
5.949 |
6.784 |
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TOTAL |
540.568 |
473.636 |
514.607 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
232.288 |
55.857 |
54.195 |
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Capital work-in-progress |
10.574 |
9.376 |
5.152 |
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INVESTMENT |
11.115 |
114.153 |
43.759 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
118.223 |
126.403 |
107.188 |
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Sundry Debtors |
159.306
|
169.231 |
222.621 |
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Cash & Bank Balances |
4.404
|
20.723 |
8.701 |
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Other Current Assets |
6.534
|
5.110 |
6.246 |
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Loans & Advances |
106.017
|
102.269 |
193.311 |
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Total
Current Assets |
394.484
|
423.736 |
538.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
50.651
|
97.431 |
52.325 |
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Other Current Liabilities |
46.055
|
22.191 |
61.996 |
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Provisions |
11.862
|
9.864 |
12.245 |
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Total
Current Liabilities |
108.568
|
129.486 |
126.566 |
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Net Current Assets |
285.916
|
294.250 |
411.501 |
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MISCELLANEOUS EXPENSES |
0.675 |
0.000 |
0.000 |
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TOTAL |
540.568 |
473.636 |
514.607 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
939.250 |
1014.645 |
1061.122 |
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Other Income |
41.522 |
14.059 |
9.201 |
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TOTAL (A) |
980.772 |
1028.704 |
1070.323 |
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Less |
EXPENSES |
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|
|
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|
Cost of Goods Consumed/ Sold |
633.843 |
704.387 |
745.860 |
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Manufacturing Expenses |
95.118 |
103.870 |
119.270 |
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Administrative & Selling Expenses |
83.187 |
73.989 |
61.238 |
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Personnel Expense |
69.624 |
49.295 |
42.088 |
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TOTAL (B) |
881.772 |
931.541 |
968.456 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.000 |
97.163 |
101.867 |
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Less |
FINANCIAL
EXPENSES (D) |
0.568 |
1.525 |
4.958 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.432 |
95.638 |
96.909 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.140 |
8.759 |
9.205 |
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PROFIT BEFORE
TAX (E-F) (G) |
80.292 |
86.879 |
87.704 |
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Less |
TAX (H) |
21.401 |
28.798 |
35.976 |
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PROFIT AFTER TAX
(G-H) (I) |
58.891 |
58.081 |
51.728 |
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Provision for
Dividend |
5.925 |
8.918 |
5.692 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.378 |
3.215 |
2.179 |
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Less |
APPROPRIATIONS |
|
|
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|
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|
Transfer to General Reserve |
7.000 |
50.000 |
45.000 |
|
|
BALANCE CARRIED
TO THE B/S |
48.343 |
2.378 |
3.215 |
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EARNINGS IN
FOREIGN CURRENCY |
280.160 |
313.408 |
NA |
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IMPORTS |
|
|
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|
Raw Material |
144.517 |
229.372 |
NA |
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|
Earnings Per
Share (Rs.) |
13.86 |
13.67 |
12.17 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
271.600 |
343.200 |
398.200 |
|
Total Expenditure |
240.400 |
309.900 |
357.100 |
|
PBIDT (Excl OI) |
31.200 |
33.300 |
41.100 |
|
Other Income |
0.300 |
1.300 |
0.400 |
|
Operating Profit |
31.500 |
34.600 |
41.500 |
|
Interest |
1.400 |
1.300 |
2.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
30.100 |
33.300 |
39.500 |
|
Depreciation |
2.300 |
4.300 |
2.600 |
|
Profit Before Tax |
27.800 |
29.000 |
36.900 |
|
Tax |
9.500 |
5.900 |
14.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
18.300 |
23.100 |
22.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
18.300 |
23.100 |
22.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.00
|
5.65 |
4.83 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.55
|
8.56 |
8.27 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.81
|
18.12 |
14.81 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.20 |
0.23 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.38 |
0.67
|
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.44 |
4.25
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
FINANCIAL HIGHLIGHTS
The gross receipts for the financial year 2010-11 of the Company were Rs.980.700 Millions as compared to Rs.1028.700 Millions in the previous year, registering a marginal decline of 4.66%. Exports during the year were Rs.280.100 Millions as compared to Rs.313.400 Millions in the previous year, leading a decline of 10.62%. Downfall in gross receipts was due to obstacles created by some local miscreants which effected the production for approx. four months.
Further, Company's Profit after tax has increased to Rs.5.89 Millions as compared to Rs.5.81 Millions in the previous year, and Company has maintained a growth trend and registered a growth of 1.39%, on account of Amalgamation of the Company with M/s Siris Crop Sciences Limited.
EXPANSION OF
MANUFACTURING FACILITIES
New Manufacturing Plant at Dahej (Gujarat) - The Company's new manufacturing Plant at Dahej (Gujarat) is under construction at fast pace. The plant was set up under a wholly owned subsidiary of the Company, M/s. Siris Crop Sciences Limited, which was amalgamated with the Company as per the Scheme of Amalgamation sanctioned by Hon'ble High Court of Delhi on July 19, 2011.
The project is being set up on an industrial plot developed
by Gujarat Industrial Development Corporation (GIDC), admeasuring approx. 26
acres in the Chemical Approved Industrial Zone situated at Dahej,
The new project which being in chemical approved industrial zone would result in easy accessibility of resources and fast statutory approvals of manufacturing pesticides. With inherent strong advantages of this project, expanded capacity, regular involvement of management and concerted efforts of the employees of the Company, it is highly expected that new project will enhance economic value addition and shareholder value.
SCHEME OF ARRANGEMENT
Scheme of Arrangement between M/s. Bharat Rasayan Limited and M/s. Siris Crop Sciences Limited
In terms of the Scheme of Arrangement between M/s. Bharat
Rasayan Limited (BRL) and M/s. Siris Crop Sciences Limited (SIRIS) for
Amalgamation of M/s. Siris Crop Sciences Limited with M/s. Bharat Rasayan
Limited ("Scheme") as sanctioned by the Hon'ble High Court of Delhi
on July 19, 2011, the business undertakings of SIRIS consisting of two units
situated at Mambapur/Gummadidala Village, Jinnaram Mandal, Distt. Medak-502
313, Andhra Pradesh, and at 2/4, GIDC,
Industrial Estate, Dahej, Distt. Bharuch- 392 130,
As per the above mentioned Scheme, Siris Cop Sciences Limited was amalgamated into the Company
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure and Development
The Company is engaged in the business of agrochemicals. In Indian agrochemicals industry, there is equal presence of Multinational as well as Indian Companies. The MNCs have focused on high-end speciality products whereas Indian players have focused on generic and off-patent products. With the growth of Indian economy and the emphasis placed by the Government on improving productivity in the Agriculture Sector, the agrochemicals industry has a pivotal role to play.
The industry has built up large capacities and has many players resulting in high level of competition. Due to seasonal nature of the business and uncertainties involved in the coverage of monsoon, a large inventory is required to be maintained.
Financial Performance
with respect to operational performance:
The gross receipts for the financial year 2010-11 of the Company were Rs.980.700 Millions as compared to Rs.1028.700 Millions in the previous year, registering a marginal decline of 4.66%. Exports during the year were Rs.280.100 Millions as compared to Rs.313.400 Millions in the previous year, leading a decline of 10.62%. Downfall in gross receipts was due to obstacles created by some local miscreants which effected the production for approx. four months.
Outlook:
The demand in agrochemical sector is continuously increasing with supporting factors like thrust given by the Central Government to the agriculture sector, overall good monsoon.
Moreover, considering upcoming new expanded project of the Company and Amalgamation synergies the outlook for the current year 2011-12 appears to be a good year.
Opportunities:
·
Growth in
Pesticides market in
·
Several
agriculture oriented policy initiatives under implementation by the Government
and the availability of credit to the agriculture sector as priority sector are
expected to improve the prospects of Agrochemicals industry as a whole.
· Enhanced awareness among the farming community regarding usage of pesticides for better yields.
Export potential of generic pesticides.
Contingent
Liabilities not provided for in respect of :
Rs. in Millions
|
|
31.03.2011 |
31.03.2010 |
|
i)Guarantees given to Addl. Excise and Taxation Commissioner, Panchkula |
0.570 |
0.570 |
|
ii)Surety given to Dy. Excise and Taxation Commissioner (S.T. Rohtak) |
0.816 |
0.816 |
|
|
|
|
Iii) 1 In respect of certain disallowances confirmed by Hon'ble Delhi High Court in the case of the Company for Asstt. Year 1997-98 to 2001-02, the demand has not yet ascertained and hence not taken into account.
2 In respect of the erstwhile Amalgamating Company Siris Crop Sciences Limited, following are the disputed / contingent liabilities:
|
Asstt Year |
Amount of Tax Invloved |
Remarks |
|
2006-07 |
Rs.9.705 Millions |
The assessee after getting relief from CIT (A) has received the refund but as the department has gone in appeal before ITAT, the tax involved is taken as a contingent liability. |
|
2008-08 |
Rs.2.013 Millions |
As the loss was assessed at Rs.49.248 Millons against loss of Rs.55.173 Millions as per return, demand for the year is nill. The disallowances are under appeal before CIT (A). Penalty proceedings have been initiated by AO which may result in contingent liability. The decrease in assessed loss may result in decrease eligible for set off brought forward losses and result in ultimate liability. |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2011
|
Particulars |
Quarter Ended 31.12.2011 (Unaudited) |
Quarter Ended 30.09.2011 (Unaudited) |
Nine Month Ended
31.12.2011 (Unaudited) |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
395.600 |
341.600 |
1076.400 |
|
b) Other Operating Income |
2.600 |
1.600 |
7.200 |
|
Total Operating Income |
398.200 |
343.200 |
1083.600 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(3.400) |
(27.300) |
(37.200) |
|
(b) Consumption of Raw Materials |
262.800 |
249.000 |
769.800 |
|
(c) Purchase of traded goods |
0.000 |
3.300 |
3.300 |
|
(e) Employees Cost |
19.200 |
17.800 |
52.900 |
|
(f) Depreciation |
2.600 |
4.300 |
11.100 |
|
(g) Other Expenditure |
78.500 |
67.100 |
193.600 |
|
Total Expenditure |
359.700 |
314.200 |
993.500 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
38.500 |
29.000 |
90.100 |
|
Other Income |
0.400 |
1.300 |
2.200 |
|
Profit/(Loss) before Interest and Exceptional items |
38.900 |
30.300 |
92.300 |
|
Interest |
2.000 |
1.300 |
4.700 |
|
Profit / (Loss) after interest before Exceptional items |
36.900 |
29.000 |
87.600 |
|
Exceptional Items |
0.000 |
0.000 |
26.200 |
|
Profit / (Loss) From
Ordinary activities before Tax |
36.900 |
29.000 |
113.800 |
|
Tax Expenses |
14.700 |
5.900 |
30.100 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
22.200 |
23.100 |
83.700 |
|
Extraordinary Items |
- |
- |
- |
|
Net Profit/(Loss) for the period |
22.200 |
23.100 |
83.700 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
425 |
425 |
425 |
|
Reserves (Excluding Revaluation Reserves) |
- |
|
|
|
Earning Per Share
(EPS) |
|
|
|
|
Basic ands Diluted Before Extraordinary Items |
5.22 |
5.44 |
19.69 |
|
Basic ands Diluted after Extraordinary Items |
5.22 |
5.44 |
19.69 |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
1121391 |
1121391 |
1121391 |
|
- Percentage of shareholding |
26.3935 |
26.3935 |
26.3935 |
|
Promoters and
Promoter group share holding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
3127349 |
3127349 |
3127349 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.0000 |
100.0000 |
100.0000 |
|
- Percentage of Share (as a % of the total share capital of the company) |
73.6065 |
73.6065 |
73.6065 |
Notes :
· The above results, reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 12.11.2011
· The statutory auditors of the Company have conducted a "Limited Review" of the above unaudited financial results.
· Corresponding quarter and financial year's figures have been regrouped wherever necessary.
· The company operates only in one business segment viz. Pesticides, hence segmentwise reporting is not required.
·
Information on
Investors' Complaints for the quarter (Nos.) : Opening Balance: Nil, New : Nil Disposal: Nil, Closing Balance: Nil.
·
Exceptional Items
represent Insurance Claim received during the year towards stock / raw material
destroyed in the fire at Hyderabad Plant in the financial year 2007-08.
·
Previous year
figures are the standalone figures of Bharat Rasayan Limited whereas the
current year figures are of merged entity, as the Scheme of Amalgamation became
operative from the Effective Date 25.08.2011 with effect from the Appointed
Date 01.04.2010. Hence, figures are not comparable.
· The Company has published merged financial results for the quarter/six months ended 30.09.2011.
· In view of Circular No. 18/2011 dated 29.04.2011 of Ministry of Corporate Affairs (MCA), all members are requested to provide/update their E-mail address(es) with the Company and with the concerned depository(ies) for sending of Notices and Annual Report(s).
AS PERWEBSITE
DETAILS:
PROFILE:
- Established
in the year 1989 as a backward integration project.
- An ISO 9001:2000 and ISO 14001:2000 Certified Company.
- Manufacturer of
Technical Grade Pesticides / Intermediates confirming to International
Standards.
- Plant
capacity more than 2000 mt P.A
- Formulation
facilities available for bulk packing.
- Government Approved well
established Rand D center led by a team of highly qualified people.
- Pilot plant
facility to undertake process research on new products.
- In house
facility for treatment of solid, liquid and gaseous effluent treatment
system.
- Permanent
Registration No. with Dun and
Bradstreet is 91-846-1229.
- Export House
status granted by Government of India.
- A Public
Limited company with more than 30% stake of Indian Public.
- Listed on the
National Stock Exchange.
They have well equipped laboratories with modern and sophisticated instruments such as H.P.L.C., G.C., F.T.I.R., Spectrophotometer, Polarimeter and Karl Fischer Titrators etc. All equipments used in manufacturing, testing and packaging of the materials are regularly maintained and calibrated both at their in-house and by third party laboratories. High quality performance standards are achieved through qualified and experienced staff, modern equipment, documented procedures and an estabilished quality assurance system
Technical staff who are highly qualified and experienced in chemical research analytical development, safety-health environment, regulatory requirements, engineering and information technology, quality assurance, IPF etc. They provide a comprehensive and complete technical support. Complementing them qualified and well trained chemists, quality assurance and control personnel.
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.62.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
6--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.