MIRA INFORM REPORT
|
Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEEPAK
FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune - 411006, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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|
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Date of
Incorporation : |
31.05.1979 |
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Com. Reg. No.: |
11-021360 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 882.049 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L24121MH1979PLC021360 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD10002G |
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|
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PAN No.: [Permanent Account No.] |
AAACD1388D |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
and Exporter of Ammonia, Fertilizers Chemical, Industrial Chemicals, Nitric
Acid, Isopropyl Alcohol, Methanol Nitro Phosphate, Ammonium Nitrate Phosphate
etc. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 48940000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is an old and well established and a reputed company having a fine track
record. Financials of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations reported as
trustworthy. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
November 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
November 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Gundi |
|
Designation : |
General Manager Finance and Accounts |
|
Contact No.: |
91-20-66458000 |
|
Date : |
04.04.2013 |
LOCATIONS
|
Registered /
Corporate Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune -411006, |
|
Tel. No.: |
91-20-26684155/
26684342/ 26684597/ 26684235/ 26458000/ 66458000 |
|
Fax No.: |
91-20-26687499/
26683727 |
|
E-Mail : |
investorgrievance@deepakfertilsers.com
|
|
Website : |
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|
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|
Factory : |
Plot
No. K-1, K-7 and K-8, MIDC Industrial Area, Taloja, A. V., District Raigad –
410208, Maharashtra, India |
|
Tel. No.: |
91-22-67684000 |
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Fax No.: |
91-22-27412413 |
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E Mail: |
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|
|
|
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Marketing /
Project Office : |
Plot No.
32, Sector 16, Opposite Modern College, Vashi, Navi Mumbai - 400703,
Maharashtra, India |
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Branch Office
: |
Located at: ·
Delhi Office |
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E-Mail: |
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Area Offices : |
Located at: Ø
Akola Ø
Nagpur Ø
Nashik Ø
Aurangabad Ø
Hubli Ø
Kolkata Ø
Hyderabad |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. C. K. Mehta |
|
Designation : |
Chairman |
|
Qualification : |
Undergraduate |
|
Date of Appointment : |
31.05.1979 |
|
|
|
|
Name : |
Mr. S. C. Mehta |
|
Designation : |
Vice Chairman and Managing
Director |
|
Qualification : |
B. Com., M.B.A. (U.S.A.) |
|
Date of Appointment : |
04.09.1985 |
|
|
|
|
Name : |
Mr. R. A. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. D. Basu |
|
Designation : |
Director |
|
Qualification : |
Master’s Degree in Economics |
|
Date of Appointment : |
27.07.2000 |
|
|
|
|
Name : |
Mr. N. C. Singhal |
|
Designation : |
Director |
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|
Name : |
Mr. U. P. Jhaveri |
|
Designation : |
Director |
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|
Name : |
Mr. S. R. Wadhwa |
|
Designation : |
Director |
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|
Name : |
Dr. S. Rama Iyer |
|
Designation : |
Director |
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|
Name : |
Mrs. Parul S. Mehta |
|
Designation : |
Director |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
20.10.2005 |
|
|
|
|
Name : |
Mr. Anil Sachdev |
|
Designation : |
Director |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
B.Sc., MBA |
|
Date of Appointment : |
23.10.2008 |
|
|
|
|
Name : |
Mr. Pranay Vakil |
|
Designation : |
Director |
|
Date of Birth/Age : |
65 Years |
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Qualification : |
B.Com., C.A., LLB, FRICS |
|
Date of Appointment : |
25.05.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gundi |
|
Designation : |
General Manager Finance and Accounts |
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|
|
|
Name : |
Mr. R Sriraman |
|
Designation : |
Senior Vice President (Legal) and Company Secretary |
|
|
|
|
Management Team : |
Ø Somnath Patil, President and CFO Ø Rajendra Sinh, President - HRD and Corporate Services Ø Dr. Rajeev
Chemburkar, President - Chemicals Ø Guy R. Goves, President - Agribusiness Ø Karthik Menon, President - Strategy and Business
Development Ø Pandurang
Landge, President - Projects |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19556085 |
22.17 |
|
|
18655372 |
21.15 |
|
|
38211457 |
43.32 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
38211457 |
43.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5576838 |
6.32 |
|
|
94500 |
0.11 |
|
|
1451253 |
1.65 |
|
|
11646218 |
13.20 |
|
|
18768809 |
21.28 |
|
|
|
|
|
|
6514043 |
7.39 |
|
|
|
|
|
|
18738471 |
21.24 |
|
|
3459234 |
3.92 |
|
|
2512929 |
2.85 |
|
|
12897 |
0.01 |
|
|
2315282 |
2.62 |
|
|
184750 |
0.21 |
|
|
31224677 |
35.40 |
|
Total Public shareholding (B) |
49993486 |
56.68 |
|
Total (A)+(B) |
88204943 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
88204943 |
0.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Chimanlal Khimchand Mehta |
1164273 |
1.32 |
|
2 |
Sailesh Chimanlal Mehta |
17391812 |
19.72 |
|
3 |
Parul Sailesh Mehta |
1000000 |
1.13 |
|
4 |
Nova Synthetic Limited |
17267071 |
19.58 |
|
5 |
Sofotel Infra Private Limited |
126217 |
0.14 |
|
6 |
Storwell Credits and Capital Private Limited |
1262084 |
1.43 |
|
|
Total |
38211457 |
43.32 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Fidelity Puritan Trust - Fidelity Low Priced Stock Fund |
7569000 |
8.58 |
|
|
2 |
Franklin Templeton Mutual Fund A/c Franklin Indian Flexi Cap Fund |
1980751 |
2.25 |
|
|
3 |
Birla Sun Life Trustee Company Private Limited |
1000000 |
1.13 |
|
|
4 |
Robust Marketing Services Private Limited |
2610925 |
2.96 |
|
|
5 |
Fidelity Northstar Fund |
1250500 |
1.42 |
|
|
6 |
General Insurance Corporation of India |
886955 |
1.01 |
|
|
7 |
ICICI Prudential Life Insurance Company Limited |
1076583 |
1.22 |
|
|
|
Total |
16374714 |
18.56 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Fidelity Puritan Trust - Fidelity Low Priced Stock Fund |
7569000 |
8.58 |
|
|
|
Total |
7569000 |
8.58 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Ammonia, Fertilizers Chemical, Industrial Chemicals, Nitric
Acid, Isopropyl Alcohol, Methanol Nitro Phosphate, Ammonium Nitrate Phosphate
etc. |
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Products : |
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Exports : |
|
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Products : |
Ø
Ammonia Ø
Fertilizers Chemical Ø
Industrial Chemicals Ø
Nitric Acid Ø
Isopropyl Alcohol Ø
Methanol Nitro Phosphate Ø Ammonium Nitrate Phosphate
etc. |
||||||||||||
|
Countries : |
Ø Pakistan Ø Middle East Ø African Country Ø Australia Ø South East Asia |
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
Ø China Ø Korea Ø Russia Ø Middle East Ø USA |
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Ammonia |
(MT) |
125400 |
125400 |
150926 |
|
CNA |
(MT) |
79200 |
79200 |
93546 |
|
DNA |
(MT) |
445500 |
445500 |
308950 |
|
Methanol |
(MT) |
100000 |
100000 |
81888 |
|
IPA |
(MT) |
70000 |
70000 |
67462 |
|
Propane |
(MT) |
-- |
-- |
9166 |
|
Crude IPE |
(MT) |
-- |
-- |
2557 |
|
TAN |
(MT) |
429000 |
429000 |
146827 |
|
CO2 |
(MT) |
33000 |
33000 |
30403 |
|
NP |
(MT) |
229500 |
229500 |
125231 |
|
|
(MT) |
25000 |
25000 |
11254 |
|
Power |
KWH |
87600000 |
87600000 |
15427120 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
600 (Approximately) |
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|
Bankers : |
Ø Bank of Baroda Ø IDBI Bank
Limited Ø The Hongkong and
Shanghai Banking Corporation Limited Ø DBS Bank Limited Ø ICICI Bank
Limited Ø Canara Bank Ø Corporation Bank |
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Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Solicitors : |
Ø
Crawford Bayley and Company Ø J. Sagar
Associates |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
Mumbai,
|
|
|
|
|
Subsidiaries : |
Ø Smartchem
Technologies Limited Ø Deepak Nitrochem
Pty. Limited Ø Deepak Mining
Services Private Limited Ø Yerrowda
Investments Limited |
|
|
|
|
Associates : |
Ø Blue Shell
Investments Private Limited Ø Deepak Nitrite
Limited Ø Nova Synthetic
Limited Ø The Lakaki Works
Private Limited Ø Superpose
Credits And Capital Private Limited Ø Storewell
Credits And Capital Private Limited Ø High Tide Investments
Private Limited Ø Deepak Asset
Reconstruction Private Limited Ø Mahadhan
Investment and Finance Private Limited Ø Ishanya
Foundation Ø Ishanya Brand
Services Limited Ø Ishanya Realty
Corporation Limited Ø Deepak
Foundation Ø Desai Fruits and
Vegetables Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250.000 Millions |
|
1000000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 1350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88204943 |
Equity Shares |
Rs. 10/- each |
Rs. 882.049
Millions |
|
|
|
|
|
a. Reconciliation of Number of Shares outstanding at the beginning and
end of the reporting period
|
|
31.03.2012 |
|
|
Equity Shares |
No. of Shares |
Rs. in millions |
|
At the beginning and end of the period |
88204943 |
882.049 |
|
Outstanding at the end of the period |
88204943 |
882.049 |
b. Terms/Rights
attached with Equity Shares
The Company has
only one class of Equity Shares having a par value of ` 10/- per share. Each
holder of Equity Shares is entitled to one vote per share.
The Company
declares and pays dividend in Indian Rupees except in the case of overseas
shareholders where dividend is paid in respective foreign currencies
considering foreign exchange rate applied at the date of remittance. The
dividend proposed by the Board of Directors is subject to the approval of
shareholders in the ensuing Annual General Meeting.
During the year
ended 31st March, 2012 the amount of dividend per share recognised as
distribution to equity shareholders is ` 5.50 (31st March 2011, ` 5.00). In the
event of liquidation of the Company the holders of Equity Share will be
entitled to receive remaining assets of the Company, after distribution of all
preferential distribution in proportion to the number of Equity Shares held by
the shareholders.
c. Details of Shareholders holding more than 5% share in the Company
|
|
31.03.2012 |
|
|
Equity Shares of ` 10/- each fully paid |
No. of Shares |
% of Holding |
|
S. C. Mehta |
17191812 |
19.49% |
|
Nova Synthetic Limited |
17267071 |
19.58% |
|
Fidelity Puritan
Trust - Fidelity Low Priced Stock Fund |
7569000 |
8.58% |
|
Total |
42027,883 |
47.65% |
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 |
882.049 |
882.049 |
882.049 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11352.951 |
9779.115 |
8421.949 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12235.000 |
10661.164 |
9303.998 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7792.567 |
7661.294 |
6811.969 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
500.000 |
|
|
TOTAL BORROWING |
7792.567 |
7661.294 |
7311.969 |
|
|
DEFERRED TAX LIABILITIES |
1012.460 |
806.144 |
621.018 |
|
|
|
|
|
|
|
|
TOTAL |
21040.027 |
19128.602 |
17236.985 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13073.075 |
10168.915 |
7587.263 |
|
|
Capital work-in-progress |
1200.586 |
2699.392 |
4141.588 |
|
|
|
|
|
|
|
|
INVESTMENT |
1188.364 |
1135.718 |
1557.734 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2067.139
|
1567.675 |
1116.321
|
|
|
Sundry Debtors |
5553.775
|
2431.392 |
1981.247
|
|
|
Cash & Bank Balances |
1456.920
|
2789.564 |
2062.429
|
|
|
Other Current Assets |
35.717
|
34.795 |
17.332
|
|
|
Loans & Advances |
1527.047
|
1569.494 |
1090.012
|
|
Total
Current Assets |
10640.598
|
8392.920 |
6267.341
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1776.233
|
670.906 |
643.451 |
|
|
Other Current Liabilities |
2527.584
|
1865.284 |
1033.583
|
|
|
Provisions |
758.779
|
732.153 |
639.907
|
|
Total
Current Liabilities |
5062.596
|
3268.343 |
2316.941
|
|
|
Net Current Assets |
5578.002
|
5124.577 |
3950.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21040.027 |
19128.602 |
17236.985 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation (Net) |
23428.132 |
15648.177 |
12879.783 |
|
|
|
Other Income |
393.769 |
358.227 |
449.030 |
|
|
|
TOTAL |
23821.901 |
16006.404 |
13328.813 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
11347.137 |
7072.213 |
|
|
|
|
Purchase of Stock In Trade |
4392.298 |
2378.020 |
|
|
|
|
Change in Inventory of Finished goods, WIP & Stock in Trade |
(293.461) |
40.563 |
|
|
|
|
Employee Benefits Expenses |
1393.170 |
1067.965 |
|
|
|
|
Other Expenses |
2580.900 |
1649.585 |
|
|
|
|
TOTAL |
19420.044 |
12208.346 |
10094.863 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4401.857 |
3798.058 |
3233.950 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
682.240 |
439.013 |
463.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3719.617 |
3359.045 |
2770.661 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
819.062 |
714.671 |
643.321 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
33.809 |
(250.436) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2900.555 |
2610.565 |
2377.776 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
770.817 |
744.324 |
657.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2129.738 |
1866.241 |
1720.480 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
7122.548 |
6091.764 |
5117.784 |
|
|
|
|
|
|
|
|
|
|
Transferred to
Debenture Redemption Reserve |
0.000 |
38.000 |
28.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
179.200 |
179.200 |
154.200 |
|
|
|
Transfer to General Reserve |
213.500 |
187.000 |
175.000 |
|
|
|
Proposed Dividend |
485.122 |
440.865 |
397.100 |
|
|
|
Corporate Dividend Tax |
68.962 |
66.392 |
48.700 |
|
|
BALANCE CARRIED
TO THE B/S |
8305.502 |
7122.548 |
6091.764 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (on FOB basis) |
779.995 |
461.824 |
422.381 |
|
|
|
Other Earnings |
23.046 |
37.817 |
28.391 |
|
|
TOTAL EARNINGS |
803.041 |
499.641 |
450.772 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2773.251 |
1154.616 |
572.463 |
|
|
|
Components and Spare Parts |
96.608 |
102.209 |
124.515 |
|
|
|
Capital Goods |
221.649 |
91.578 |
97.430 |
|
|
|
Traded Goods |
2684.687 |
1152.158 |
1439.419 |
|
|
TOTAL IMPORTS |
5776.195 |
2500.561 |
2233.827 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.15 |
21.16 |
19.51 |
|
Expected Sales (2012-2013): Rs. 21000.000 Millions (Due to Market
Fluctuation)
The above information has been parted by Mr. Sanjay Gundi (General
Manager Finance and Accounts)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
6341.300 |
6933.500 |
6233.500 |
|
Total Expenditure |
5319.500 |
6130.600 |
5537.500 |
|
PBIDT (Excl
OI) |
1021.800 |
802.900 |
696.000 |
|
Other Income |
102.600 |
152.700 |
148.600 |
|
Operating
Profit |
1124.400 |
955.600 |
844.600 |
|
Interest |
266.200 |
158.100 |
176.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
858.200 |
797.500 |
668.400 |
|
Depreciation |
226.600 |
250.100 |
250.500 |
|
Profit
Before Tax |
631.600 |
547.400 |
417.900 |
|
Tax |
176.600 |
141.000 |
101.400 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
455.000 |
406.400 |
316.500 |
|
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 |
455.000 |
406.400 |
316.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
8.94
|
11.66 |
12.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.38
|
16.68 |
18.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.23
|
14.06 |
17.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.24 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64
|
0.72 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.57 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
1776.233
|
670.906 |
643.451 |
|
|
|
|
|
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming financial
year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
THE BUSINESS
ENVIRONMENT
During the year 2011-12 (FY12) the global economy remained dichotomous. A clear performance differential arose between emerging market nations who could maintain a relatively faster pace of growth, and developed countries whose fiscal and monetary challenges considerably hindered growth rates. The situation during 2012-13 (FY13) is not expected to be much different.
Clear signs of global recovery are still to emerge. Though some of the developed nations, notably the USA, have shown early signs of recovery, the structural problems in the Euro Zone will continue to pose challenges. The Emerging Market Economies (EMEs) will also not find it easy to maintain their previous high growth rates for two reasons. One, most EMEs introduced massive fiscal stimuli to counter the global contraction of 2008-09. Most EMEs have also imposed monetary restraint. This has caused slowdowns in both new corporate investment and consumer spending. Two, trade flows to the developed economies, notably large parts of the Euro Zone, have reduced, putting pressure on exports from the EMEs and their trade balances.
If, however, the US recovery continues, the global slowdown may be somewhat counteracted with a moderate growth in global trade.
Net private capital flows to major EMEs have also weakened in recent months and most projections do not foresee significant increases in 2012. However, capital flows are expected to pick up momentum in 2013, with growing evidence of emerging economies investing in one another.
The Indian scenario too has been challenging. The Reserve Bank of India has pointed out that growth slowed down in FY12 following a sharp fall in corporate investment, lower levels of private consumption and a fall in net external demand. The fall in global net capital flows has also impacted India. Though inflation has moderated to around 7 percent, higher global oil prices, supply side constraints, exchange rate challenges and higher tax rates could continue to pose problems.
On the positive side, the year FY13 is expected to see improved demand conditions. A normal monsoon is expected and should be positive for the Indian economy. Efficient fiscal management by the government could positively impact the monetary cycle and lower interest rates, with a consequent upturn in corporate investment.
THE SCENARIO FOR
DFPCL
The Company has over the years proven itself to be considerably resilient in the face of swings in the economy. This is essentially due to its product portfolio and the advantages of scale, proximity to local markets, and distribution strengths across key products like Technical Ammonium Nitrate, Iso Propyl Alcohol and Nitric Acid. In Fertilisers, its brand and distribution network in all its markets is also strong.
RAW MATERIALS
The Company’s key raw materials are Natural Gas, Ammonia and Phos Acid.
The Natural Gas scenario in India is today uncertain with a lack of clarity on how much gas can actually be extracted from the KG Basin and other gas finds across the country, besides policy and pricing uncertainties.
The advent of large production from huge shale gas reserves in the USA is a definite game changer; it has brought natural gas prices in USA to below $2.5/ mmbtu, and has also opened up large alternate source of gas around the world. This has the potential of positively impacting the global fertiliser sector, including India, by way of reasonably priced ammonia and urea in the near future. The huge gas finds in East Africa countries also offer opportunities to benefit India since it is in a freight-economic zone. The Company is studying these developments closely for an aligned growth path.
The Company, nevertheless, is in an advantageous position. Its key products like Nitro-Phosphate Fertiliser, Technical Ammonium Nitrate and Nitric Acid can be manufactured using bought out Ammonia as well. The Company has secured firm quantity contracts for Ammonia with a leading global player, besides the several sources available domestically. The Company’s location and storage facilities enable it to source and store Ammonia either domestically or globally.
In the global Ammonia market, supply constraints may not ease until the second quarter of FY13 when new capacity additions are expected to come on-stream. From January 2013 onwards prices are expected to come down and stay on a reasonably even keel with supply constraints easing.
Phos Acid prices should soften in FY 13, as the global Phos Acid manufacturers come to terms with Indian demand and policy conditions. The Company is confident, it will manage its procurement of this crucial raw material efficiently.
The Company has also achieved considerable raw material security for Propylene required for IPA production with a long-term contract with BPCL apart from alternative sources available domestically. The strong demand for the product, coupled with the advantageous position the Company enjoys in the Indian IPA market, should stand it in good stead through FY 13.
AGRI-BUSINESS
The future for this business remains promising. While, the fertilisers business is gradually deregulating, the medium-to-long term prognosis for fertilizers in India remains buoyant because of the growing demand for agricultural products including staples and horticultural produce. Fertiliser usage, especially that of vital complex fertiliser products, customized and specialty fertilisers will increase. Discerning urban consumers will strengthen the demand growth for fresh fruits and vegetables. The growth of supply chains for retail will also create opportunities in fresh produce marketing.
Indian industry is beginning to cope with the new competitive scenario that is emerging post-the new NBS policy effective over the last two years. MRPs have been liberalised for non-urea fertilisers. However, higher use of (and pricing of) complex fertilisers, will remain subject to the farmer being able to manage his profit margins satisfactorily at an operating level and this, in turn, is a function of procurement prices. This is the challenge the Indian fertiliser industry faced during the second half of FY12; one which impacted both pricing strategies and inventory levels. A good monsoon could, however, provide impetus for volume and price buoyancy in the latter half of FY13.
The new NBS regime has also meant increased competition across key agricultural markets in India. Brand strategies, designed to enhance the farmer customer’s loyalty will be vital in coming years. The Company is well-placed on this front given the strong recall and loyalty its Mahadhan and Bhoodhan brands command.
The Company remains committed to growth in the agri-business. Its emerging business model clearly identifies growth platforms at each level of the agri-value chain where value can be maximised from farm nutrient inputs, to services and fresh produce management. This integrated value chain, in time, will emerge as a critical differentiator in the Indian market. The Company has now taken the first steps towards fructifying this vision across three levels.
At the first level, it will commence a drive to augment its fertiliser capacities organically. It will also seek inorganic opportunities if they arise. As part of this strategy, the Company will invest around Rs. 3600.000 Millions in a project that will augment the capacity of its NPK grades complex fertilisers from the current 2,29,000 MTPA to 6,00,000 MTPA The execution of this project will enable the Company to gain the flexibility to produce NP / NPK grades with additional fortification of micro-nutrients as per the seasonal crop requirements. With this capacity augmentation project being undertaken by the Company, the region of Western India will now move towards self sufficiency in NPK fertilisers. This project will also help considerably enhance soil and crop productivity in the region and improve overall soil health. The Company will also set up a Greenfield Bentonite Sulphur project to be set up at a cost of Rs. 550.000 Millions near Panipat, Haryana. This project will help compensate the sulphur deficiency in Indian soils improving soil quality and farm yield.
Specialty fertilisers will continue to remain a focus area for growth. Outsourcing of select bulk fertilizers will remain a key strategy to maximise advantages accruing from brands and distribution networks. At the second level, it will enhance the critical lastmile connectivity to farmers; a task it commenced in the year 2006. This comprises creating effective mechanisms to deliver vital nutrient inputs coupled with services and advisories, both nutrient and technological, required to increase farm yields and profitability - a critical differentiator as the market turns more competitive. The Company is well-poised on this score with its 12 Saarrthie centres across its key markets which have catered to over 11,500 farmers.
At the third level, the Company is also gradually augmenting its fresh produce management business. It has over the past few years been quite successful in exporting select fruits and vegetables across the global markets, as indeed supplying select Indian chains. The Company has now acquired a 49% stake in Desai Fruits and Vegetables, one of India’s leading exporters of bananas, which will give it both the knowledge base and market access to augment its fresh produce business. The Company believes that this is a business with a promising future.
TECHNICAL AMMONIUM
NITRATE
Technical Ammonium Nitrate (TAN) remains the blasting agent of choice for the global and Indian mining industry. The US Geological Survey notes India’s “globally significant mineral resources; its deposits of coal, bauxite, and iron ore account for 10%, 4%, and 3% of the world’s total resources, respectively”. With the magnitude of mining resources available and clear need for mining to grow, the market for TAN in India is expected to continue to grow at about 8% annually over the next decade.
Globally, widening demand-supply gaps for TAN especially in East and South-East Asia, Australia, the Middle-East and South Africa offer new opportunites for TAN exports in the coming years.
With its new TAN plant now operating efficiently, maximising capacity utilisation is now the primary goal; the Company is advantageously placed to achieve this by 2013-14. There is a significant demand supply gap in the market which is currently met by imports of low quality Fertiliser Grade Ammonium Nitrate (FGAN). The Company’s superior product grades include Low Density Ammonium Nitrate which remains the product of choice.
The Company is also now actively upgrading the user industries to new methodologies, which are increasingly finding favour in the market. Improved logistics management systems and processes have also been put into place. To provide a just-in-time product, the Company has augmented its distribution chain with warehouses close to the customer, which give a proximity advantage.
The Company is currently doing market and capex studies for its planned 3,00,000 MT Technical Ammonium Nitrate project in South Australia. These studies are expected to be completed and a decision taken on how to proceed with the project around end-FY13 or early FY14.
The drafting of new regulation for TAN by the Government of India is round the corner. The Regulations are based on the underlying principles of Identification, Traceability and Accountability. The Regulation is expected to provide sufficient time to put in place the system and ensure obtaining necessary approvals and licenses. In anticipation of the Regulations, the Company has already put into place the processes necessary for its implementation and compliance.
INDUSTRIAL CHEMICALS
Although, the overall economy is slowing down, the Company’s industrial chemicals products viz, IPA and CO2 represent some of the faster growing sectors of chemical industry.
The biggest user of IPA in India is the pharmaceuticals industry. With growth expected to continue in the Indian pharmaceuticals industry, demand estimates for IPA are also robust. With the market growing at about 6% per annum, the Company has started importing IPA to improve its presence and build market share, as it considers ways to augment capacity.
The sales of Nitric Acid, a basic commodity chemical, with widespread use across several sectors, are expected to be stable though challenges will need to be faced with sluggish growth in the export segments of nitro-aromatics and dyestuffs, in particular, owing to the Euro Zone crisis. The Company enjoys a strong scale advantage as Asia’s largest single location manufacturer of Dilute Nitric Acid (DNA).
The Company’s customer relationships and its domestic geographical advantages are proving to be key strengths. The Company has set up an additional Concentrated Nitric Acid (CNA) plant to ensure strong domestic supply. In the Strong Nitric Acid (SNA) segment, the Company is working on infrastructure, packaging and logistics improvement to enable it maximize the export of this product.
The Company’s CO2 product is food-grade and is extensively used in beverages. With its product quality and ease of availability, the Company is confident that it will be able to grow this product with satisfactory margins in the years to come. The Indian Methanol market size is about 1.8 million MTPA and is dominated by imports. Given the global dynamics of this market, price volatility is a regular feature. The Company seizes every opportunity available to satisfy gaps in the market depending upon favourable pricing.
VALUE ADDED REAL
ESTATE
The scenario in the Indian shopping-centre (malls) industry is paradoxical. On one hand, lifestyle changes among consumers clearly demand new shopping environments where food, entertainment, apparels, accessories, etc., need to be combined to create unified settings. Yet on the other hand, shopping centres seem to be in oversupply, especially in the metros and Tier-1 cities. With the number of organised, branded retailers still not keeping pace with the growth of shopping centres, the situation is quite challenging.
The Company remains confident that good value will be derived from its Ishanya venture through business improvement strategies and other value-drivers. Further, with the expected FDI in multi-brand retail, business prospects could enhance.
DETAILED FINANCIAL
AND OPERATIONAL ANALYSIS
FINANCIAL ANALYSIS
During the year 2011-12 the Company showed strong growth in production across all its major products. Total Revenue for FY12 stood at Rs. 23428.100 Millions against Rs. 15648.100 Millions in FY11, an increase of 50%. Sales for the agri-business grew 82% to Rs. 9695.000 Millions in FY12 from Rs. 5311.800 Millions in FY11 while sales for the chemicals business grew 33% to Rs. 14304.900 Millions in FY12 from Rs. 10759.400 Millions in FY11. Profit Before Tax increased to Rs. 2900.600 Millions in FY12 from Rs. 2610.500 Millions in FY11, while Net Profit stood at Rs. 2129.700 Millions in FY12 against Rs. 1866.200 Millions in FY11.
On the one hand, profitability was impacted due to a steep increase in raw material costs during the last quarter, coupled with a time lag in finished product price adjustment. Profitability for FY 12 was also impacted adversely to the extent of Rs. 170.000 Millions by rupee depreciation. Earnings Per Share (EPS) went up to ` 24.15 compared to ` 21.16 in the previous year. On the other hand, the Company continues to remain financially sound. The average debt cost stood at 9% for FY12 against 9.24% for FY11. During FY12, long term debt stood at ` 509.84 Millions. The debt-equity ratio stood at a healthy 0.60 as compared to 0.62 in the previous year. The current ratio (excluding short term borrowings during the year) was 2.15 in FY12 against 2.53 in FY11.
OPERATIONAL ANALYSIS
The Company utilised 0.64 MMSM3 per day of Natural Gas (NG) during the year on an average, compared to 0.65 MMSM3 per day of NG during FY11.
Ammonia requirements were met through both in-house manufacture and outsourcing. Production of Ammonia increased during FY12 to 1,14,684 MT against 1,07,100 MT in FY11. The Company outsourced 83,800 MT of Ammonia from the market.
FERTILISERS/AGRI-SECTOR
The total bulk fertilisers sales volume for FY12 was 3,85,355 MT against 2,84,935 MT in FY11. Total revenue from the agri-business grew 82% to Rs. 9695.000 Millions in FY12 from Rs. 5311.800 Millions in FY11. Higher capacity utilisation, coupled with stronger operations, and cost management and good margins on specialty fertilisers, has led to better profitability in this segment.
Production volumes of Nitro-Phosphate Fertiliser (NP) rose to 1,77,908 MT in FY12 from 1,25,231 MT in FY11 with better availability of Phos Acid. Sales of specialty fertilisers saw an increase of 23% in value terms. The Company’s new 24:24:0 grade of NP introduced during the second half of FY11 is quite unique in India and is performing well given its crop productivity enhancement qualities. Production volumes of Bentonite Sulphur rose to 13,036 MT in FY 12 against 11,254 MT in FY11 though sales remained constrained. The product, given the inadequacy of sulphur in Indian soil, will see good growth in the years to come.
The Company’s move to expand its business into newer geographies like Punjab and Haryana, in addition to the markets of Maharashtra, Gujarat, Karnataka, MP and UP, has been successful.
INDUSTRIAL CHEMICALS
The total revenue for the chemical segment increased to Rs. 14304.900 Millions in FY 12 against Rs. 10759.400 Millions in FY11, a growth of 33%.
Ø
Technical
Ammonium Nitrate (TAN)
The Company’s TAN business continues to be a key growth driver. Overall sales volumes for TAN stood at 2,02,717 MT in FY 12 against 1,46,115 MT in FY11. The Company, along with its subsidiary, Smartchem Technologies Limited, enjoys around 31% market share in the domestic market. During the year, the scenario for this product was quite challenging with the mining industry facing regulatory problems and demand growth for mining products coming under pressure as the Indian economy turned sluggish. However, mining is a fundamental driver of macro-economic growth and growth prospects for the TAN business continue to remain strong both in India and globally.
Ø
Methanol
Methanol markets saw considerable price volatility and the Company’s Methanol production during FY12 stood at 63,733 MT against 81,888 MT in FY 11. Given the rising price of gas in India, the Company will manufacture this product only when global pricesenable the derivation of a satisfactory EBIDTA margin.
Ø
Iso
Propyl Alcohol (IPA)
During the year, the Company recorded the highest production and sale of IPA. The total production of IPA was 71,075 MT in FY 12 compared to 67,462 MT in FY11. During the year, the sales volume was 71,016 MT compared to 67,652 MT in FY11.
Ø
Acids
Production of DNA which is largely captively consumed was recorded at 3,79,431 MT in FY12 against 3,08,950 MT in FY11. The total sales volume of Nitric Acid of different grades stood at 1,31,083 MT against 1,30,248 MT in FY 11. The Company’s market share of Nitric Acid put together is about 40% in the Indian market.
Ø
Liquid
CO2
Demand for this product, a by-product from the Ammonia plant, continues to be strong. Total sales volume stood at 31,493 MT in FY 12 against 30,310 MT in FY11.
VALUE ADDED REAL
ESTATE
Total revenues from this segment stood at Rs. 68.000
Millions in FY12 against Rs. 118.000 Millions in FY11. Work on the remodelling
of the mall for its new High Street positioning is nearly complete. This
segment of the Company’s business is now in a turnaround phase. Efforts to
maximise customer acquisition are in full swing. Product quality and service, brands,
distribution network and relationships. New avenues for growth are being
continually explored both in the fertilisers and chemicals space. The Company
has a track record of having continuously paid dividend for the last 15 years.
The Company remains committed to the highest standards of ethics and
transparent financial management.
STATE
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2012
(Rs.
in millions)
|
Sr. No. |
Particulars |
Standalone Results |
||
|
Quarter ended |
Nine Months Ended |
|||
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
|
1. |
Income from Operations |
|
|
|
|
a) Net Sales/income from operation (Net of excise duty) |
6191.100 |
6886.000 |
19388.700 |
|
|
(b) Other Income from Operations (incl. realty income) |
42.400 |
20.900 |
83.300 |
|
|
Total Income from
Operations (net) |
6233.500 |
6906.900 |
19472.000 |
|
|
2. |
Expenses |
|
|
|
|
a) Cost of materials consumed |
2704.100 |
3139.600 |
9063.100 |
|
|
b) Purchases of stock-in-trade |
862.100 |
2460.800 |
4980.800 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
881.200 |
(598.000) |
(388.700) |
|
|
d) Employee benefits expense |
384.800 |
403.700 |
1184.200 |
|
|
e) Depreciation and amortisation expense |
250.500 |
250.100 |
727.200 |
|
|
f) Other expenses |
705.300 |
724.500 |
2148.200 |
|
|
|
Total expenses |
5788.000 |
6380.700 |
17714.800 |
|
3. |
Profit/(Loss) from Operations before Other Income, finance costs & exceptional Items (1-2) |
445.500 |
526.200 |
1757.200 |
|
4. |
Other Income |
148.600 |
179.300 |
440.200 |
|
5. |
Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
594.100 |
705.500 |
2197.400 |
|
6. |
Finance costs |
176.200 |
158.100 |
600.500 |
|
7. |
Profit/ Loss from ordinary activities after finance costs but before exceptional Items (5-6) |
417.900 |
547.400 |
1596.900 |
|
8. |
Exceptional items ( Note 1) |
-- |
-- |
-- |
|
9. |
Profit/ (Loss) from ordinary activities before tax (7-8) |
417.900 |
547.400 |
1596.900 |
|
10. |
Tax expense (Refer note 2) |
101.400 |
141.000 |
419.000 |
|
11. |
Net Profit/(Loss)from ordinary activities after tax(9-10) |
316.500 |
406.400 |
1177.900 |
|
12. |
Extraordinary items (net of tax expense Rs. nil ) |
-- |
-- |
-- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
316.500 |
406.400 |
1177.900 |
|
14 |
Share of profit / (loss) of associates |
-- |
-- |
-- |
|
15. |
Minority interest |
-- |
-- |
-- |
|
16. |
Net Profit / (Loss)
after taxes, minority interest and share of profit / (loss) of associates
(13+14+15) |
316.500 |
406.400 |
1177.900 |
|
17. |
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
882.000 |
882.000 |
882.000 |
|
18. |
Paid-up Debt Capital |
2833.300 |
2833.300 |
2833.300 |
|
19. |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
20. |
Debenture Redemption Reserve |
574.000 |
539.400 |
574.000 |
|
21.i |
Earnings Per Share (EPS) (before Extraordinary items) of Rs. each (not annualized) |
|
|
|
|
|
a) Basic |
3.59 |
4.61 |
13.35 |
|
|
b) Diluted |
3.59 |
4.61 |
13.35 |
|
21.ii |
Earnings Per Share (EPS) (after Extraordinary items) of Rs. each (not annualized) |
|
|
|
|
|
a) Basic |
3.59 |
4.61 |
13.35 |
|
|
b) Diluted |
3.59 |
4.61 |
13.35 |
|
|
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
49993486 |
49993486 |
49993486 |
|
|
- Percentage of Shareholding |
56.68 |
56.68 |
56.68 |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the total shareholding of Promoter and Promoter group) |
-- |
-- |
-- |
|
|
'-Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
38211457 |
38211457 |
38211457 |
|
|
- Percentage of Shares (as a % of the total shareholding of Promoter and Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
43.32 |
43.32 |
43.32 |
|
|
Particulars |
31.12.2012 |
|
B. |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1.
Following dispute over disciplinary action taken by
the management, productivity issues and wage settlement, the workers at Plant
situated at Plot K-1, MIDC Industrial Area, Taloja, have gone on strike from 3rd
January, 2013. However, in the absence of the workers, the management staff is
operating the plant. All other facilities of the Company including new TAN
Plant continue to function normally. Negotiations with the workers are in
progress.
2.
Previous period’s figures have been reclassified
wherever necessary to conform to current’s classification’s.
3.
The above unaudited financial results for the
quarter and nine months ended 31.12.2012, have been subjected to a limited
review by the statutory auditors of the Company.
The above unaudited results were reviewed by the Audit Committee. The
Board of Directors at its meeting held on 23.01.2013 approved the same.
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particulars |
Standalone Results |
||
|
Quarter ended |
Nine Months Ended |
|||
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
Segment Revenue |
|
|
|
|
|
a) Chemicals |
|
|
|
|
|
Manufactured |
3625.200 |
3213.300 |
11374.600 |
|
|
Traded |
514.100 |
494.400 |
1162.400 |
|
|
Total |
4139.300 |
3707.700 |
12537.000 |
|
|
b) Fertilisers |
|
|
|
|
|
Manufactured |
1032.600 |
1453.400 |
3422.400 |
|
|
Traded |
1218.700 |
1937.700 |
4015.000 |
|
|
Total |
2251.300 |
3391.100 |
7437.400 |
|
|
c) Realty |
6.100 |
5.400 |
18.100 |
|
|
d) Others |
3.300 |
28.000 |
70.000 |
|
|
Total |
6400.100 |
7132.200 |
20062.600 |
|
|
Less :Inter Segment Revenue |
166.600 |
225.300 |
590.600 |
|
|
Net Sales/Income
from Operation |
6233.500 |
6906.900 |
19472.000 |
|
|
|
|
|
|
|
2. |
Segment profit /
(loss) before tax interest from ordinary Activities |
|
|
|
|
|
a) Chemicals |
575.200 |
474.200 |
2000.700 |
|
|
b) Fertilisers |
188.100 |
447.100 |
771.000 |
|
|
c) Realty |
(48.000) |
(46.800) |
(142.500) |
|
|
d) Others |
(5.600) |
19.100 |
42.900 |
|
|
Total |
709.700 |
893.600 |
2672.100 |
|
|
Less: i) Interest |
176.200 |
158.100 |
600.500 |
|
|
ii) Other
unallocable expenditure net of unallocable income |
115.600 |
188.100 |
474.700 |
|
3. |
Total Profit Before
Tax from Ordinary Activities Capital Employed |
417.900 |
547.400 |
1596.900 |
|
|
|
|
|
|
|
|
a) Chemicals |
12833.600 |
12997.900 |
12833.600 |
|
|
b) Fertilisers |
4251.200 |
4543.500 |
4251.200 |
|
|
c) Realty |
2642.500 |
2625.500 |
2642.500 |
|
|
d) Others |
349.100 |
382.800 |
349.100 |
|
|
e) Unallocated |
3740.000 |
3104.300 |
3740.000 |
|
|
Total |
23816.400 |
23654.000 |
23816.400 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Sr. No. |
Particulars |
31.12.2012 Unaudited |
30.09.2012 Unaudited |
|
|
|
|
|
|
A. |
EQUITY AND
LIABILITIES |
|
|
|
1. |
Shareholder's funds |
|
|
|
|
(a) Share Capital |
882.000 |
882.000 |
|
|
(b) Reserves and Surplus |
12531.500 |
12215.100 |
|
|
Sub total-
Shareholder's funds |
13413.500 |
13097.100 |
|
2. |
Minority interest |
|
|
|
3. |
Non-current
liabilities |
|
|
|
|
(a) Long term borrowings |
3831.500 |
4574.900 |
|
|
(b) Deferred tax liabilities (net) |
1095.800 |
1073.200 |
|
|
(c) Long-term provisions |
7.500 |
8.200 |
|
|
Sub-total - Non-current liabilities |
175.500 |
175.500 |
|
|
|
5110.300 |
5831.800 |
|
4. |
Current liabilities |
|
|
|
|
(a) Short-term borrowings |
4015.900 |
3697.100 |
|
|
(b) Trade payables |
1103.300 |
1740.900 |
|
|
(c) Other current liabilities |
3098.000 |
2627.800 |
|
|
(d) Short-term provisions |
93.700 |
70.500 |
|
|
Sub-total - Current
liabilities |
8310.900 |
8136.300 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
26834.700 |
27065.200 |
|
|
|
|
|
|
B. |
ASSETS |
|
|
|
1. |
Non-current assets |
|
|
|
|
(a) Fixed assets |
14326.600 |
14376.300 |
|
|
(b) Non-current investments |
960.200 |
944.200 |
|
|
(c) Long-term loans and advances |
319.000 |
228.700 |
|
2. |
Sub-total -
Non-current assets |
15605.800 |
15549.200 |
|
|
Current assets |
|
|
|
|
(a) Current investments |
910.600 |
351.600 |
|
|
(b) Inventories |
2704.800 |
3461.500 |
|
|
(c) Trade receivables |
6051.100 |
6229.600 |
|
|
(d) Cash and cash equivalents |
392.800 |
255.900 |
|
|
(e) Short-term loans and advances |
1066.200 |
1140.200 |
|
|
(f) Other current assets |
103.400 |
77.200 |
|
|
Sub-total - Current
assets |
11228.900 |
11516.000 |
|
|
TOTAL - ASSETS |
26834.700 |
27065.200 |
CONTINGENT LIABILITIES
(Rs. in millions)
|
Liabilities classified
and considered contingent due to contested claims and legal disputes |
31.03.2012 |
31.03.2011 |
|
Claim by Supplier |
261.052 |
596.381 |
|
Income Tax demands |
213.150 |
115.277 |
|
Excise demands |
229.506 |
157.416 |
|
Sales Tax/VAT demands |
174.758 |
165.720 |
|
Total |
878.466 |
1034.794 |
FIXED ASSETS
Ø
Land freehold
Ø
Land leasehold
Ø
Buildings
Ø
Plant and machinery
Ø
Electrical installation and fittings
Ø
Furniture and fixtures
Ø
Office equipments
Ø
Vehicles
WEBSITE
DETAILS:
PRESS RELEASE
DEEPAK MINING
SERVICES INKS STRATEGIC PARTNERSHIP WITH ASX LISTED COMPANY RUNGEPINCOCKMINARCO
LIMITED
Ø India-based joint venture to cater to the growing needs of the Indian mining sector and also the surrounding geographies of the Indian sub-continent
Mumbai/ Pune, February 18, 2013: Deepak Mining Services Private Limited (DMSPL) is pleased to announce their strategic partnership with the Australia-based RungePincockMinarco Limited (RPM), through its subsidiary International Mineral Asset Transactions Pty. Limited. DMSPL is a subsidiary of Deepak Fertilisers And Petrochemicals Corporation Limited (DFPCL). The JV will be called Complete Mining Services Private Limited.
This agreement creates a jointly owned Indian based joint venture company to provide advisory technology and professional training services to the mineral resources sectors within India and the surrounding geographies of the Indian sub-continent. DFPCL’s 30-year association with the mining sector through its ability to provide top quality Technical Ammonium Nitrate and blasting services to India’s mining sector, encompassing Coal, limestone, iron ore, etc. of various strata has provided it with unique insights and knowledge of India’s mining needs. This knowledge is now being extended with world-class mining services through its JV with RungePincockMinarco Limited.
India possesses globally significant mineral resources and the mining industry is perceived to grow at approx. 7% per annum over the next 7-10 years. The coal sector growth is therefore pegged at 7-8% per year, emphasising the need to augment coal production to reduce dependence on imports. A large number of coal blocks have been allocated to private and public sector players for their captive or commercial usage, the existence of mining expertise with them to establish global standard mining operations in terms of productivity, safety and environment management player are very limited. Given the continually increasing demand for raw material to boost India’s industrial and infrastructure growth, growing Indian global economic recognition and a changing mindset towards international business practices presents a need for world-class mining services. These can easily be met by the application of best practices advisory and technology products for which RPM is respected globally. The new joint venture company will be well positioned to take advantage of these demands.
The company will expose RungePincockMinarco technology, consulting and professional training services, to the private and public sectors mine owners and operators within India. The JV will also be in position to assist these Indian players for selection of MDO from the Expression of Interest stage through to finalization of contract and implementation. RPM – DMSPL has developed a staged process to MDO selection process, which has proven to assist in ensuring a viable long-term relationship between the mine owner and the successful contractor. The process will involve significant commitment by RPM - Deepak during the definition and selection phase, but it has been shown that this effort is more than rewarded during the contract period, with fewer misunderstandings, reduced claims, lower frequency of disputes and above all the cost savings. The JV will also provide the commercial and technical inputs to due diligence for mining M&A transactions. The initiative comes at a time when India is gearing itself and its massive mining sector to prepare for the enormous demand seen for efficient planning, development and operation of large mining enterprises which have been mandated to supply the raw materials for India’s future needs for power generation and heavy manufacturing. The JV is well positioned to meet customer demands for feasibility studies, due diligence and valuation, mine planning & scheduling, mine optimization, business system and software implementation, professional development training etc. and thus, lay down a solid intellectual capital base to serve the Indian mining sector on a long terms basis. DMSPL believes that integrated mine management, planning and operating systems as tools to address the challenges demanded by the Indian natural resource sector to meet national development targets.
About DMSPL and DFPCL
DMSPL is the wholly owned subsidiary of DFPCL. Deepak Mining Services Private Limited (DMSPL), has entered into Geology & Mine Consulting. The company provides end to end solutions in geology, mine consulting and contract mining. The company has set itself a vision to develop as a fast growing Integrated Mining Company of international repute by acquiring best practices to international standards, greater efficiency, safety, higher productivity, unparalleled quality and a high level of consciousness to environmental safety. DFPCL is among India’s largest manufacturers of derivatives of natural gas and ammonia, and petrochemicals. DFPCL today is a multi-product Indian conglomerate spanning sectors such as – Bulk & Specialty Fertilisers, Industrial Chemicals, Farming Diagnostics & Solutions, Technical Ammonium Nitrate, Mining Services & Consultation and Value Added Real Estate. It is one of the largest producers of Technical Ammonium Nitrate (TAN) in the world and the only producer of explosive grade low density prilled Ammonium Nitrate in India. DFPCL’s commitment to its customers across the explosives and mining industry extends beyond its products to offering its expertise to optimize drilling and blasting across various segments of the Indian mining industry.
About RUNGE PINCOCK
MINARCO LIMITED
RungePincockMinarco Limited (ASX: RUL) is the world’s largest independent group of mining technical experts, with history stretching back to 1968. It has local expertise in all mining regions and are experienced across all commodities and mining methods. With expertise across a range of mining disciplines, RungePincockMinarco’s approach to the business of mining is strongly grounded in economic principals and delivering mine planning solutions that are tightly coupled with technological support and training. Listed on the Australian Securities Exchange on 27 May 2008, RungePincockMinarco is a global leader in the provision of advisory consulting, technology and professional development solutions to the mining industry. It has global expertise achieved through its work in over 118 countries and its approach to the business of mining is strongly grounded in economic principles. It operates offices in 17 locations across 11 countries on five continents.
DEEPAK FERTILISERS
AND PETROCHEMICALS CORPORATION LIMITED REVENUES UP ACROSS BOTH AGRI AND
CHEMICALS BUSINESSES
Ø Income from Operations for nine months ended Dec 2012 up by 18% on a Y-on-Y basis
Ø Revenues from Agri-business up 14% for nine months ended Dec 2012 on a Y-on-Y basis
Ø Chemicals Revenues up by 21% on a nine month basis
Pune / Mumbai, January 23, 2013: Deepak Fertilisers And Petrochemicals Corporation Limited. Today announced financial results for the Nine Months ended December 31st, 2012. For the quarter ended December 31, 2012 (Q3 FY13), the Company recorded total Income from Operations at Rs. 6233.500 Millions as against Rs. 6014.900 Millions in the corresponding quarter last year (Q3 FY12). Profit before tax stood at Rs. 417.900 Millions as against Rs. 629.000 Millions and Profit after tax was recorded at Rs. 316.500 Millions for Q3 FY 13 vis-à-vis Rs. 496.500 Millions in the corresponding period for Q3 FY12.
Segment revenues in Q3 FY13 for Agri-business stood at Rs. 2251.300 Millions as against Rs. 2763.900 Millions in corresponding period in Q3 FY12. Segment profitability for Agri-business stood at Rs. 188.100 Millions in Q3 FY13 as against Rs. 286.500 Millions for the same quarter in the previous financial year. Given the drought conditions, the overall fertiliser consumption in India registered a decline of 43% in Q3 FY 13. However, thanks to its strong brand pull and marketing efforts, DFPCL’s ANP product registered a decline of only 18%. The Chemicals segment registered a growth of 22% to Rs. 4139.300 Millions in Q3 FY13 vis-à-vis Rs. 3404.900 Millions in the corresponding period in Q3 FY12. Profits for the Chemicals segment were recorded at Rs. 575.200 Millions against Rs. 815.900 Millions for the corresponding quarter in the previous year.
For the nine months ended December 31, 2012, the Company recorded total Income from Operations at Rs. 19472.000 Millions as against Rs. 16517.800 Millions in the corresponding nine months last year (April-Dec FY11), a growth of 18%. Profit before tax stood at Rs. 1596.900 Millions for April-Dec 2012 as against Rs. 2259.800 Millions in the corresponding nine months last year and Profit after tax was recorded at Rs. 1177.900 Millions vis-à-vis Rs. 1674.900 Millions in the corresponding nine months period ended April-Dec 2011.
Segment revenues for the nine months ended December 2013 for Agri-business grew by 14% to Rs. 7437.400 Millions as against Rs. 6545.300 Millions in corresponding period in FY12. Segment profitability for Agri-business stood at Rs. 771.000 Millions for the said nine months period against Rs. 787.200 Millions for the same period in the previous financial year.
The Chemicals segment registered a growth of 21% to Rs. 12537.000 Millions vis-à-vis Rs. 10318.700 Millions. Profits for the Chemicals segment were recorded at Rs. 2000.700 Millions for the nine months under review against Rs. 2609.400 Millions in the previous year.
Ammonia prices increased 26% on a Y-on-Y basis during the quarter under review (Q3 FY13) compared to the previous corresponding quarter in FY 12 which had a consequent impact on margins in the downstream Chemicals business. The Methanol plant also had to be shut down during the quarter under review due to high spot gas prices which rendered the product unviable. Ammonia prices have begun to soften gradually in Q4 and the Company expects to pass on the higher raw material prices in a gradual manner going forward.
Following a dispute over disciplinary action taken by the management, productivity issues and wage settlement, the workers at Company’s Plant situated at Plot No. K-1, MIDC Industrial Area, Taloja, have gone on a strike from 3rd January, 2013. However, in the absence of the workers, the management staff is operating the plant. All other facilities of the Company including the new TAN Plant at Plot K7-K8 continue to function normally. Negotiations with the workers are in progress. Speaking about the Company’s performance, Mr. Sailesh C. Mehta, Chairman & Managing Director – DFPCL, said: “Overall industry fundamentals, across sectors like mining, in the last nine months have been subdued but this will change in the next few quarters as the Indian economy returns to higher growth levels. The basics of our business continue to remain strong. We continue to enjoy strong market shares and the demand fundamentals for our products will always have an upward trend. Mining, infrastructure and agriculture remain key factors in India’s growth story. Though some margin pressure, especially in the chemicals sector, may remain for another quarter or two, we are confident that our marketing strengths and our product quality will enable us gradually improve margins as we pass on raw material price increases.”
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 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 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. 54.65 |
|
|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 70.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
59 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
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.