MIRA INFORM REPORT
|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZUARI GLOBAL LIMITED (w.e.f.26.06.2012) |
|
|
|
|
Formerly Known
As : |
ZUARI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Jai Kisaan Bhawan, Zuarinagar – 403726, Goa |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.05.1967 |
|
|
|
|
Com. Reg. No.: |
24-000157 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.294.411 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65921GA1967PLC000157 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Chemical Fertilizers and Pesticides. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Adventz Group. It is a well established company
having good track record. These appear sharp dip in the sales turnover as well as profit in 2013
due to demerger. However, profit margin of the company is appears to be good in 2013. Trade
relations are fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Funds = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
14.03.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loan = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
14.03.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Jai Kisaan Bhawan, Zuarinagar – 403726, Goa, India |
|
Tel. No.: |
91-832-2592431 |
|
Fax No.: |
91-832-2555279 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Saroj Kumar Poddar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. H. S. Bawa |
|
Designation : |
Executive Vice Chairman |
|
Date of Birth/Age : |
81 years |
|
Qualification : |
M.S. (CHEM ENGG.) (USA) |
|
Experience : |
56 Years |
|
Date of Appointment : |
16-04-1979 |
|
|
|
|
Name : |
Mr. Suresh Krishnan |
|
Designation : |
Managing Director (upto 31st March, 2012) |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.E (Hons.), M.Sc. |
|
Experience : |
26 Years |
|
Date of Appointment : |
15.11.2006 |
|
|
|
|
Name : |
Mrs. Jyotsna Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shyam Bhartia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Duggal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. B. Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. N. Godbole |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. P. Tyagi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Marco Wadia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Swapnil Yelgaonkar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Naveen Kapoor |
|
Designation : |
President Agri-Business |
|
|
|
|
Name : |
Mr. Binayak Datta |
|
Designation : |
Chief Executive Officer and Vice President |
|
|
|
|
Name : |
L. M. Chandrasekaran |
|
Designation : |
Vice President – Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
No. of Shares |
% of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1171061 |
3.98 |
|
|
10001058 |
33.97 |
|
|
11172119 |
37.95 |
|
|
|
|
|
|
7491750 |
25.45 |
|
|
7491750 |
25.45 |
|
Total shareholding of Promoter and Promoter Group (A) |
18663869 |
63.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2380349 |
8.09 |
|
|
4640 |
0.02 |
|
|
2433344 |
8.27 |
|
|
1265766 |
4.30 |
|
|
217 |
0.00 |
|
|
217 |
0.00 |
|
|
6084316 |
20.67 |
|
|
|
|
|
|
1066984 |
3.62 |
|
|
|
|
|
|
3262282 |
11.08 |
|
|
238546 |
0.81 |
|
|
124607 |
0.42 |
|
|
41990 |
0.14 |
|
|
72302 |
0.25 |
|
|
450 |
0.00 |
|
|
9865 |
0.03 |
|
|
4692419 |
15.94 |
|
Total Public shareholding (B) |
10776735 |
36.61 |
|
Total (A)+(B) |
29440604 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
29440604 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemical Fertilizers and Pesticides. |
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Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
(as certified by
the Managing Director and relied on by the auditors, this being a technical
matter) |
|
|
|
Ammonia (as reassessed by FICC) |
Per day |
700 |
|
Urea (as reassessed by FICC) |
Per day |
1,210 |
|
Compound fertilisers of the grades: |
|
|
|
N. P. K. PLANT A Various Grades of Phosphatic Fertilisers |
Per day |
1,100 |
|
N. P. K. PLANT B Various Grades of Phosphatic Fertilisers |
Per day |
1,100 |
|
Argon (SM3) |
SM3 Per day |
6,600 |
|
Particulars |
Unit |
Actual
Production |
|
Ammonia (for captive consumption |
|
229548 |
|
Urea |
|
397854 * |
|
Compound fertilisers of the grades : |
|
|
|
18:46:0 |
|
151687 |
|
10:26:26 |
|
350772 |
|
12:32:16 |
|
158367 |
|
20:20:0 |
|
-- |
|
SSP |
|
26191 |
|
Pesticides (on job basis from outside parties) |
Ltrs. |
2277316 |
|
|
Kgs. |
3601356 |
* Production of urea is recorded on the basis of standard ratio based on ammonia consumed for manufacture of urea.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
· State Bank of India · HDFC Bank Limited ·
Corporation Bank |
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|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Legal Advisers : |
Crawford Bayley and Company Mumbai, Maharashtra, India Khaitan and Company, Kolkata, West Bengal, India |
|
|
|
|
Joint Ventures : |
·
Zuari Indian Oiltanking Limited ·
Zuari Maroc Phosphates Limited (up to 27.06.2011
and thereafter as Associate) ·
Gulbarga Cement Limited (w.e.f 09.09.2011) ·
Paradeep Phosphates Limited - Subsidiary of Zuari
Maroc Phosphates Limited to 30.06.2011 and thereafter as Associate) ·
Zuari Rotem Speciality Fertiliser Limited (up to
30.06.2011 and thereafter as Associate) ·
MCA Phosphates Pte Limited (w.e.f 22.12.2011) |
|
|
|
|
Subsidiaries : |
·
Indian Furniture Products Limited ·
Zuari Seeds Limited (up to 30.06.2011 and
thereafter as Associate) ·
Simon India Limited ·
Zuari Management Services Limited ·
Adventz Infraworld India Limited ·
Gulbarga Cement Limited (up to 08.09.2011 and
thereafter as Joint Venture) ·
Zuari Holdings Limited –(up to 30.06.2011 and
thereafter as Associate) ·
Zuari Fertlisers and Chemicals Limited (up to
30/06/2011 and thereafter as Associate) ·
Globex Limited ·
Styles Spa Furniture Limited (w.e.f 27.09.2011) ·
Zuari Investments Limited ·
Zuari Insurance Brokers Limited – Subsidiary of
Zuari Investments Limited ·
Zuari Commodity Trading Limited – Subsidiary of
Zuari Investments Limited ·
Zuari Financial Services Limited – Subsidiary of
Zuari Investments Limited |
|
|
|
|
Associates : |
·
Style Spa Furniture Limited (An associate of a
Zuari Investments Limited up to 27.09.2011 and thereafter as Subsidiary) ·
Zuari Holdings Limited (w.e.f 01.07.2011) ·
Zuari Seeds Limited – Subsidiary of Zuari
Holdings Limited (w.e.f. 01.07.2011) ·
Zuari Fertlisers and Chemicals Limited –
Subsidiary of Zuari Holdings Limited (w.e.f. 01.07.2011) ·
Zuari Rotem Speciality Fertiliser Limited - Joint
Venture of Zuari Holdings Limited (w.e.f. 01.07.2011) ·
Zuari Maroc Phosphates Limited Joint Venture of
Zuari Holdings Limited (w.e.f. 01.07.2011) ·
Paradeep Phosphates Limited Subsidiary of Joint
Venture of Zuari Holdings Limited (w.e.f. 01.07.2011) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35750000 |
Equity Shares |
Rs.10/- each |
Rs. 357.500 Millions |
|
10000000 |
Redeemable Cumulative Preference shares |
Rs.100/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 1357.500
Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29451168 |
Equity Shares |
Rs.10/- each |
Rs. 294.512
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29440604 |
Equity Shares |
Rs.10/- each |
Rs. 294.406
Millions |
|
1100 |
Add: Forfeited Shares (amount paid-up) fully paid up |
|
Rs. 0.005
Million |
|
|
Total |
|
Rs. 294.411 Millions |
Reconciliation of
Shares Outstanding at the beginning and end of the reporting year
|
Name of Shareholder |
Numbers |
Rs. In Millions |
|
At the beginning of the year |
29440604 |
294.406 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
29440604 |
294.406 |
Terms/Rights Attached
to equity Shares
The Company has only one class of equity shares having a par value of Rs.10/- each. Each share holder of equity shares is entitled to one vote per share. The Company declares and pay dividends in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
During the year 31st March 2012, the amount of per share dividend recognized for distribution to equity share holders was Rs.2/ –, subject to approval of shareholders (31st March 2011: Rs.4.50/-)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of Shareholders
holding more than 5% of shares in the Company
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
OSI Limited / Globalware Trading and Holdings Limited # |
7,012,000 |
23.82 |
|
SIL Investment Limited |
3,208,000 |
10.90 |
|
Texmaco Limited |
2,557,941 |
8.69 |
# OSI Limited had merged with Globalware Trading and Holdings Limited with effect from September 2011 as per of the Company including its register of share holders/members and other declarations received from shareholders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
294.411 |
294.411 |
|
(b) Reserves & Surplus |
|
5481.784 |
11909.509 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5776.195 |
12203.920 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
2.507 |
44.994 |
|
(c)
Other long term liabilities |
|
0.000 |
380.254 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
2.507 |
425.248 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
9705.871 |
|
(b)
Trade payables |
|
93.888 |
6689.225 |
|
(c)
Other current liabilities |
|
362.750 |
394.016 |
|
(d)
Short-term provisions |
|
347.768 |
497.483 |
|
Total
Current Liabilities (4) |
|
804.406 |
17286.595 |
|
|
|
|
|
|
TOTAL |
|
6583.108 |
29915.763 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
121.176 |
1670.751 |
|
(ii)
Intangible Assets |
|
0.000 |
27.613 |
|
(iii)
Capital work-in-progress |
|
0.000 |
496.725 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
4141.537 |
4708.654 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
750.086 |
601.722 |
|
(e)
Other Non-current assets |
|
1.004 |
16.759 |
|
Total
Non-Current Assets |
|
5013.803 |
7522.224 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
500.108 |
|
(b)
Inventories |
|
371.500 |
7177.568 |
|
(c)
Trade receivables |
|
281.648 |
7629.142 |
|
(d)
Cash and cash equivalents |
|
138.283 |
2866.321 |
|
(e)
Short-term loans and advances |
|
732.693 |
2095.537 |
|
(f)
Other current assets |
|
45.181 |
2124.863 |
|
Total
Current Assets |
|
1569.305 |
22393.539 |
|
|
|
|
|
|
TOTAL |
|
6583.108 |
29915.763 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
294.411 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
10394.219 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10688.630 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6027.891 |
|
|
2] Unsecured Loans |
|
|
4797.427 |
|
|
TOTAL BORROWING |
|
|
10825.318 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.290 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21515.238 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1634.085 |
|
|
Capital work-in-progress |
|
|
264.803 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
10465.274 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3786.987
|
|
|
Sundry Debtors |
|
|
6182.842
|
|
|
Cash & Bank Balances |
|
|
569.236
|
|
|
Other Current Assets |
|
|
4070.156
|
|
|
Loans & Advances |
|
|
1302.503
|
|
Total
Current Assets |
|
|
15911.724
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3943.269
|
|
|
Current Liabilities |
|
|
2297.323
|
|
|
Provisions |
|
|
520.056
|
|
Total
Current Liabilities |
|
|
6760.648
|
|
|
Net Current Assets |
|
|
9151.076
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21515.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
12441.463 |
55238.788 |
42775.455 |
|
|
|
Other Income |
579.327 |
789.167 |
1027.121 |
|
|
|
TOTAL (A) |
13020.790 |
56027.955 |
43802.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
6914.267 |
22317.258 |
|
|
|
|
Purchase of traded goods |
5745.137 |
25156.538 |
|
|
|
|
Increase/ (Decrease) in finished goods |
(2664.242) |
(2153.991) |
|
|
|
|
Employee benefits expense |
263.535 |
794.675 |
|
|
|
|
Other expenses |
1972.818 |
6888.147 |
|
|
|
|
TOTAL (B) |
12231.515 |
53002.627 |
41239.008 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
789.275 |
3025.328 |
2563.568 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
107.688 |
417.465 |
172.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
681.587 |
2607.863 |
2391.451 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.072 |
213.387 |
195.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
620.515 |
2394.476 |
2196.375 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.916 |
725.723 |
626.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
475.599 |
1668.753 |
1569.610 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6236.697 |
6221.407 |
5306.795 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
250.000 |
1500.000 |
500.000 |
|
|
|
Proposed Dividend on equity shares |
58.881 |
132.483 |
132.483 |
|
|
|
Corporate Dividend Tax Thereon |
9.552 |
20.980 |
22.515 |
|
|
BALANCE CARRIED
TO THE B/S |
6393.863 |
6236.697 |
6221.407 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consideration on cancellation of material purchase contract |
NA |
67.829 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3377.653 |
13007.901 |
11427.376 |
|
|
|
Spare Parts |
3.277 |
7.784 |
23.889 |
|
|
|
Capital Goods |
0.000 |
33.602 |
39.467 |
|
|
|
Traded Goods |
4571.924 |
21303.293 |
11957.508 |
|
|
TOTAL IMPORTS |
7952.854 |
34352.580 |
23448.240 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.15 |
56.68 |
53.31 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2012 Unaudited |
31.12.2012 Unaudited |
31.03.2013 Unaudited |
30.06.2013 Unaudited |
|
Types |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
428.500 |
230.100 |
230.500 |
183.700 |
|
Total Expenditure |
442.700 |
272.900 |
242.400 |
199.400 |
|
PBIDT (Excl OI) |
(14.200) |
(42.800) |
(11.900) |
(15.700) |
|
Other Income |
237.200 |
77.100 |
33.200 |
55.600 |
|
Operating Profit |
223.000 |
34.300 |
21.300 |
39.900 |
|
Interest |
6.400 |
0.200 |
0.000 |
1.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.00 |
300.000 |
|
PBDT |
216.600 |
34.100 |
21.300 |
338.800 |
|
Depreciation |
0.300 |
0.300 |
0.300 |
0.300 |
|
Profit Before Tax |
216.300 |
33.800 |
21.000 |
338.500 |
|
Tax |
31.300 |
10.800 |
6.400 |
17.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
18.500 |
23.000 |
14.600 |
320.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
18.500 |
23.000 |
14.600 |
320.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.65
|
2.98
|
3.58
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.99
|
4.33
|
5.13
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.41
|
9.69
|
12.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.20
|
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.80
|
1.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.30
|
2.35
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
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 |
UNSECURED LOANS
Rs.
In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
SHORT TERM BORROWINGS |
|
|
|
7.75% loan from HDFC Bank Limited (Repayable within 165 days from date of drawdown) |
0.000 |
1000.000 |
|
8.75% loan from Axis Bank Limited (Repayable within 180 days from date of drawdown) |
0.000 |
3000.000 |
|
Total |
0.000 |
4000.000 |
|
Note: The cash credit and buyers credit are secured by the first charge by way of hypothecation on the current assets, both present and future, wherever situated pertaining to the Company and the Company’s present and future book debts outstanding, moneys receivable, claims, bills, contracts, engagements, rights and assets. |
||
CORPORATE INFORMATION
The Company is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is the manufacturer of chemical fertilizers. The Company is also into trading business of complex and water soluble fertilisers and seeds. The Company caters to the demand of the Farmers all over the country, through its "Jaikisaan" brand of Fertilisers.
SCHEME OF ARRANGEMENT
AND DEMERGER:
With a view to optimize the potential of the various businesses of your Company viz. fertilizers, pesticides, seeds, furniture, engineering, real estate etc. and effectively cater to their management and growth, a Scheme of Arrangement and Demerger was envisaged as a measure of Corporate restructuring, to demerge the Fertiliser undertaking of Zuari Industries Limited (ZIL), into erstwhile subsidiary Zuari Holdings Limited (ZHL). The Scheme provides for allotment of shares of ZHL to the existing shareholders of ZIL in the ratio of 1:1, thereby enabling them to efficiently fulfill their investment objectives through separate holdings. Consequent to the order of the Hon'ble High Court of Bombay at Goa, on 2nd March 2012, the fertilizer undertaking of ZIL has been demerged, effective from 1st July 2011. The financial performance of the Company as given in the Balance Sheet therefore necessarily reflects this change by taking into account the first quarter of full fertiliser operation and only 30% in the subsequent nine months of fiscal 2011-12, which is the extent of ZIL's present stake in ZHL.
ZHL has announced dividend of Rs. 3/- per equity share of Rs. 10/- each for the financial year 2011-12 on a share capital of Rs. 420.600 Millions.
SUBSIDIARIES:
GLOBEX LIMITED:
Globex, an offshore subsidiary Company was established at Jebel Ali Free Zone on 9th August, 2009. Currently, Globex is engaged in General Trading in fertilizers and commodities.
INDIAN FURNITURE
PRODUCTS LIMITED:
The Company's wholly owned subsidiary, Indian Furniture Products Limited (IFPL), is engaged in manufacturing of Ready-To-Assemble (RTA) furniture of international quality at its state-of-the-art plant at Kakkalur near Chennai. The Plant is highly automated and is CNC (Computer Numeric Control) operated. The factory has a floor area of 225,000 sq. ft. and has capacity to produce 200,000 units of furniture annually. The company has been awarded with ISO 9001:2000 by TUV Suddeutschland accredited by TUV, Germany.
IFPL has achieved a turnover of Rs.1520.000 Millions during the current financial year, an increase of 15% as compared to the previous year. The mass distribution channel under 'Zuari' brand has grown by 34% which will continue to be a major growth driver in the coming years. The Style Spa Furniture Limited (SSFL), a major buyer of IFPL sales, had stagnant sales during the year due to general slowdown in the economy which resulted in lower sales for IFPL.
During the year, the Company started its activities under a franchise arrangement with Chateau d'Ax of France for premium and luxury range of furniture’s. The company has opened 3 upper end showrooms in 3 metros dealing with this range and the reception and footfalls have been very encouraging.
IFPL's factory expansion has been completed by Straight lining machines at an outlay of Rs.80.000 Millions. This is expected to enhance output by 20% and efficiency in operations by 10% during the financial year 2012-13. IFPL has further added leased warehousing space of 100,000 sq ft during the year to take care of its enhanced operations.
Some good breakthroughs have been achieved in Institutional business and the company expects substantial leap of business under this segment next year.
SIMON INDIA LIMITED:
Simon India Limited (SIL), a wholly owned subsidiary of the company, is engaged in Engineering, Procurement and Construction (EPC) activities and has achieved a turnover of Rs.1070.000 Millions during the current financial year. SIL is currently executing several major projects in India and Overseas. The project activities of "Ammonia Emission Abatement and New Vent Gas Flare System" for the Saudi Basic Industrial Limited (SABIC) in their four fertilizer plants at Jubail, Saudi Arabia are almost complete.
Currently, SIL is executing 600 TPD Granulated SSP Fertilizer Project on EPC basis for Chambal Fertilizers and Chemicals Limited at Gadepan. SIL has also secured another order form Zuari Fertilizers and Chemicals Limited for identical capacity of SSP fertilizer plant proposed at Mahad in Maharashtra. Another order from KIIQ, Qatar for Engineering, Procurement service and Construction Management for Caustic Soda Plant of the capacity 200 TPD was secured by SIL.
ADVENTZ INFRAWORLD
INDIA LIMITED:
Adventz Infraworld India Limited, (AIIL), (formerly known as Zuari Developers Limited), a wholly owned subsidiary of the Company is engaged in the business of real estate. AIIL is currently, in the process of development of approx. 73 acres of land at Hulikeri, Srirangapatnam Taluk, Mandya District, Mysore, Karnataka, for Company's "Zuari Garden City" Project. AIIL, represents the group's foray into both commercial and residential properties. The company aims to create world-class yet affordable home and office spaces.
Zuari Garden City, the irst-of-its-kind integrated township in Mysore, boasts of exclusive Villas, 2 Club Houses with 100 key spa resort operated by internationally reputed Operator, mall, multiplexes, school, sports complex, numerous parks, health center, large office space, convenience center and temple which creates a self-sustaining habitat. The project effortlessly blends the comforts of city living with the calm of sprawling greenery with spacious, environment friendly, vaastu compliant integrated residential-cum-commercial complex with modern amenities and facilities.
All required permissions and approvals are obtained and well renowned architects and contractors are on board having commenced the infrastructure work for the first phase of the project and the whole project is expected to be completed in five years.
ZUARI MANAGEMENT
SERVICES LIMITED:
Zuari Management Services Limited, a wholly owned subsidiary of the company, is engaged in the business of rendering management services.
ZUARI INVESTMENTS
LIMITED:
Zuari Investments Limited, (Zuari Investment), a subsidiary of the Company, is a member of both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for Capital as well as Future and Opton (F and O) segment. It is a depository participant with National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), National Commodity Derivative Exchange Limited (NCDEX), Multi Commodity Exchange Limited (MCX) and National Spot Exchange Limited (NSEL). Besides being empanelled with Association of Mutual Fund of India (AMFI) for distribution of Mutual Fund products, the company is also a Dealer on OTC Exchange of India (OTCEI) and a Category-II Registrar and Share Transfer Agent registered with Securities and Exchange Board of India (SEBI). Zuari Investment has 20 branches in different parts of India.
The year passed by was quite turbulent for Indian economy as well as for global economy. The slowdown of world economies and unresolved sovereign debt problem of European countries have contributed to bearish sentiments in the financial markets world over. The situation in Indian economy have further worsened due to higher crude prices, uncontrollable inflation, ever rising interest rate, negative industrial output data resulted into slowing down of Indian economy. The policy paralysis and unfolding of scams has further aggravated the already grim scenario. Due to all this the investors are shying away from the capital markets. The volumes are drying up at the exchanges. Most of the investors are investing in safe assets only.
Zuari Investment has complete bouquet of financial services and providing one stop shop for Stock Broking, Depository Services, Investment Advisory Services, Insurance Broking Services and Commodity Broking Services through its subsidiaries viz.
1. Zuari Insurance Brokers Limited:
Zuari Insurance Brokers Limited is a Licensed Direct Insurance Broker for Life and Non-life segment registered with Insurance Regulatory and Development Authority (IRDA).
2. Zuari Commodity Trading Limited :
Zuari Commodity Trading Limited has become a member of National Commodity Derivative Exchange Limited (NCDEX) and Multi Commodity Exchange Limited (MCX). The Trading actvity has started in all the branches.
3. Zuari Financial Services Limited:
Zuari Financial Services Limited was incorporated with an object to provide financial services. However, the company is yet to commence its operaton.
JOINT VENTURES:
GULBARGA CEMENT
LIMITED:
Gulbarga Cement Limited (GCL) holds limestone Mining Lease of 989.89 hectares at Firozabad in Gulbarga District of Karnataka. GCL ceases to be subsidiary of the Company effective from 9th September, 2011, following allotment of shares to Zuari Cement Limited. The Company holds 26% stake in GCL.
GCL has acquired 986 acres of land for setting up Cement Plant of 3.23 million tonnes per annum and coal based Power Plant of 50MW and is in the process of acquiring remaining land for the project.
MCA PHOSPHATES PTE
LIMITED:
MCA Phosphates Pte Limited, (MCA), a company incorporated in Singapore, is a joint venture between the Company and Mitsubishi Corporation, Japan with Mitsubishi Corporation holding 70% equity stake in the joint venture and the company holding the balance 30%. MCA has been set up as a special purpose vehicle and has acquired 30% equity stake in Fosfatos del Paciico, Peru (FDP) which owns a rock phosphate mining license in Peru and is implementing a project for producing beneficiated rock phosphate with an annual capacity of 2.5 mtpa. The Company, through Mitsubishi has agreed to purchase significant quantity of concentrated rock phosphate for a minimum of 20 years.
ZUARI INDIAN
OILTANKING LIMITED:
Zuari Indian Oil tanking Limited (ZIOL), has state-of-the art terminalling facility for petroleum products namely Naphtha, Motor Spirit, High Speed Diesel and Superior Kerosene.
ZIOL provides terminalling services to the Company, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited. For the period 01-01-12 to 31-03-12, the Oil Terminal has achieved a throughput of 193784 KL @Nat. and received 85941 KL of Naphtha.
MANAGEMENT DISCUSSION
AND ANALYSIS
THE GLOBAL ECONOMIC
BACKDROP:
The year has been one of uncertainties and disturbances in the International business space.
Euro Area crisis enters "Perilous Phase" - per IMF. Withdrawal of the post meltdown stimuli at the US, various fiscal accommodations at the UK, growths in the advanced economies down by 0.75%, rebuilding efforts on in Japan, political and social issues continuing in the Middle East and North African Countries (MENA) general downscaling at the Brazil, Russia, India, China and South Africa (BRICS) and Latin America (LATAM) altogether contributed to the global scenario of uncertainties.
In major advanced economies, economic growth is modest, especially considering the depth of the recession. In the United States and the euro area, the economy is following a path as weak as that following the recessions of the early 1990s, despite a much deeper fall.
The global recovery is broadly moving at two speeds, with large output gaps in advanced economies and closing or closed gaps in emerging and developing economies.
In advanced economies, investment is recovering with the rebound of industrial production because capital stocks are down and little excess capacity remains. The rebound in production is benefiting from low interest rates, easing financing conditions, and generally healthy corporate balance sheets and profitability.
At the same time, consumption is being spurred by reduced job layoffs, the gradual recovery of employment, and previously postponed purchases of durable goods.
The emerging economies were however still in low ebb.
During the quarter of 2012, there has been modest improvement in the global macroeconomic situation. The recent macroeconomic data for the US economy show some positive signs. In particular, labour market conditions have improved. However, the US Fed expects that economic conditions warrant exceptionally low levels for the federal funds rate at least through late 2014.
The immediate financial market pressures in the euro area have been alleviated to some extent by the European Central Bank (ECB) injecting liquidity of more than one trillion euro through the two long-term refinancing operations. Growth in the euro area, however, turned negative in quarter.
As stated the Emerging and Developing Economies (EDEs) are showing signs of growth slowdown. As a result, the global growth for 2012 and 2013 is expected to be lower than earlier anticipated.
Inflation pressures in both advanced economies and EDEs moderated towards the end of 2011 on account of subdued domestic demand and correction in non-fuel commodity prices. Global crude prices, however, have spiked suddenly reflecting both geo-political concerns and abundant global liquidity, accentuating the risks to growth and inflation.
THE GLOBAL PESTICIDES
AND CROP PROTECTION SCENARIO:
The pesticide industry is generally affected by regulatory factors. Greater awareness of environmental factors has led to changes in the pesticide industry, with some products or ingredients being substituted, reduced or banned. The US Environmental Protection Agency has declared some products to be of reduced risk, including glyphosate. Though most nations regulate the pesticide industry, countries known for particularly strict pesticide regulations include the US, Japan and Western Europe.
The world's herbicide industry is forecast to record close to 5% yearly growth between 2012 and 2016 to exceed 1,350 kilo tons. The market is forecast to record close to 6% yearly growth in revenue generating close to $25,000 million by 2016. This growth will not be across the board, with India and a few other nations recording lower growth. This is largely due to the fact that the country's most-commonly used pesticides are insecticides, which represent 40% of the overall market. The world insecticides market is expected to reach almost 535 kilo tons by 2016, recording in excess of 4% yearly growth for the five preceding years.
The global biopeseticides market is expected to reach almost $3.5 billion by 2017, according to research from Global Industry Analysts. Demand for biopestcides is fuelled by environmental awareness and changing regulations limiting the use of traditional products such as methyl bromide, azinphosmethyl and endosulfan. Consumers are becoming increasingly aware of the potential consequences of conventional toxic pesticides on health. This rising awareness is driving demand for alternatives such as organically or naturally grown foods
THE INDIA PICTURE:
The macros last year were by and large significantly down.
All round slowdown continued, Government Borrowings up by Rs.530000.000 Millions - Fiscal Deficit were severely breached from the Budgeted levels ending up at 5.9%. Tax Revenues were down by 12%. Practically no Disinvestments were done, several Banks were downgraded.
THE INDIAN PESTICIDES
INDUSTRY:
Production in the Indian pesticide industry has remained stable at 82,000 - 85,000 MT during the last year. In value terms, the size of the Indian pesticide industry was estimated at Rs.180 bn during FY11, including exports of Rs.100 bn. The Indian pesticides industry is dominated by insecticides, whereas globally herbicides and fungicides are the key segments.
Pesticides are the last input in the agricultural process but are important for the sustainable development of agriculture. Despite the fact that judicious use of pesticides can prevent crop losses and provide economic benefits to the farmers, pesticide consumption in India is limited to about 25% of the arable land. This abysmally low penetration level is largely due to the lack of awareness among farmers regarding the benefits of use of pesticides, fragmented land holdings, together with farmers' financial inability to buy the requisite pesticides.
UNAUDITED FINANCIAL
RESULTS FOR THE PERIOD ENDED 31ST MARCH, 2013
Rs. In Millions
|
Sr. No. |
Particulars |
3 Months ended 31.03.2013 |
Proceeding 3 Months ended 31.12.2012 |
Year to date figures for the current period ended 31.03.2013 |
|
|
|
Audited |
Unaudited |
Audited |
|
1 |
Income front
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (net of excise duty) |
226.500 |
226.900 |
995.400 |
|
|
(b) Other Operating Income |
4.000 |
3.200 |
20.000 |
|
|
Total income from
operations (net) |
230.500 |
230.100 |
1015.400 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1.000 |
(0.300) |
5.400 |
|
|
(b) Purchase of stock-in-trade |
90.000 |
55.400 |
726.200 |
|
|
(c) Changes in inventories of finished goods, work- in-progress and stock-in-trade |
107.400 |
158.500 |
172.600 |
|
|
(d) Employee benefit expense |
22.100 |
22.400 |
80.900 |
|
|
(e) Depreciation and amortisation expense |
0.300 |
0.300 |
1.200 |
|
|
(f) Consultancy expenses |
11.800 |
7.000 |
39.400 |
|
|
(f) Other expenses |
10.100 |
29.900 |
91.400 |
|
|
Total expenses |
242.700 |
273.200 |
1117.100 |
|
3 |
Profit / (Loss*
from operations before other income, finance costs and exceptional items
(1-2) |
(12.200) |
(43.100) |
(101.700) |
|
4 |
Other income |
33.200 |
77.100 |
442.900 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3-4) |
21.000 |
34.000 |
341.200 |
|
6 |
Finance costs |
-- |
0.200 |
8.300 |
|
7 |
Profit from
ordinary activities after finance costs and before exceptional items (5+ - 6) |
21.000 |
33.800 |
332.900 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from
ordinary activities before tax (7+ 8) |
21.000 |
33.800 |
332.900 |
|
10 |
Tax expense |
6.400 |
10.800 |
63.400 |
|
11 |
Net Profit from
ordinary activities after tax (9+10) |
14.600 |
23.000 |
269.500 |
|
12 |
Extraordinary items (net of tax expense ) |
-- |
-- |
-- |
|
13 |
Net Profit for the
period (11+12) |
14.600 |
23.000 |
269.500 |
|
14 |
Paid-up equity share capital face value Rs. 10/-1 |
294.400 |
294.400 |
294.400 |
|
15 |
Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year. |
-- |
-- |
5682.400 |
|
16 |
Earnings per share (before extraordinary items) of Rs.10/-each ) (not annualised): |
|
|
|
|
|
a) Basic |
0.50 |
0.78 |
9.16 |
|
|
b) Diluted |
0.50 |
0.78 |
9.16 |
|
|
|
|
|
|
|
A |
Particulars of
Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
10997089 |
11816494 |
10997089 |
|
|
Percentage of shareholding |
37.35 |
40.14 |
37.35 |
|
|
|
|
|
|
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
18443515 |
17624110 |
18443515 |
|
|
Number of shares |
4256807 |
3109767 |
4256807 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
23.08 |
17.64 |
23.08 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
14.46 |
10.56 |
14.46 |
|
|
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
Number of shares |
14186708 |
14514343 |
14186708 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
76.92 |
82.36 |
76.92 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
48.19 |
49,30 |
48.19 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
|
Received during the quarter |
21 |
|
|
|
|
Disposed of (hiring the quarter |
21 |
|
|
|
|
Remaining unresolved at the end of the quarter |
1 |
|
|
STATEMENT OF ASSETS
AND LIABILITIES AS ON 31.03.2013
|
Particulars |
31.03.2013 |
|
|
A. EQUITY AND LIABILITIES |
Audited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
294.400 |
|
|
b] Reserves and Surplus |
5682.400 |
|
|
Sub-total – Shareholders’
funds |
5976.800 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
0.000 |
|
|
b] Deferred Tax Liabilities |
5.200 |
|
|
c] Other current liabilities |
0.000 |
|
|
d] Long term provisions |
0.000 |
|
|
Sub-total -
Non-current Liabilities |
5.200 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
0.000 |
|
|
b] Trade Payables |
149.300 |
|
|
c] Other Current Liabilities |
870.500 |
|
|
d] Short Term Provision |
273.800 |
|
|
Sub-total - Current Liabilities |
1293.600 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
7275.600 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
134.900 |
|
|
b] Non-current investment |
3954.400 |
|
|
c] long Term loans and Advances |
523.200 |
|
|
d] Other non-current assets |
31.600 |
|
|
Sub-total – Non- current assets |
4644.100 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
1079.600
|
|
|
Inventories |
142.300
|
|
|
Trade Receivables |
279.300
|
|
|
Cash & Bank Balances |
111.500
|
|
|
Short Term loans and advances |
1011.100
|
|
|
Other Current Assets |
7.700
|
|
Sub-total – Current Assets |
2631.500
|
|
|
|
|
|
|
TOTAL - ASSETS |
7275.600 |
|
Notes to Accounts
1.
The results for the year ended March 31, 2013 are
not comparable with those of same period of last year as Fertilizer business of
this Company was demerged with Zuari Holdings Limited (now Zuari Agro Chemicals
Limited) with effect from appointed date i.e 1st July. 2011 pursuant
to order of the High Court of Bombay at Goa. Accordingly the previous year
figures contain results of the fertiliser business for a period of 3 months.
2.
During the quarter, the Company has invested Rs.
500.000 Millions in equity share capital of two wholly owned subsidiary
companies
3.
The figures of the last quarter are the balancing
figures between audited figures in
respect of the full financial year upto 31st
March, 2013 and the unaudited published year to date figures upto 3Ist December, 2012 being the date of
end of the third quarter of the financial
year which were subjected to review by the auditors
4.
The Board of Directors have recommended dividend @ Rs. 2/- per equity share of Rs. 10 each.
5.
Tax expense is net of
deferred tax effects and MAT credit entitlement.
6.
The Consolidated Financial Statements are prepared
in accordance with the principles and procedures for the preparation and presentation of consolidated
accounts as set out in the Notified Accounting Standards (AS 21, AS 23 and AS
27) by Companies Accounting Standards Rules, 2006 (as amended].
7.
The auditors of the Company in their report on
standalone and consolidated financial statement for the year ended March 31,
2013, have invited attention to non provision for diminution in the value of
investment in equity shares of Nagarjuna Oil Refinery Limited, whose present
market value is Rs. 89.500 Millions as
against the cost of Rs.
694.400 Millions. This being a long term investment in the said
company, no provision is required there against. These shares were allotted to the Company consequent to the demerger
of the fertiliser business of Nagarjuna Fertiliser and Chemicals Limited (NFCL)
and change in the name of the
erstwhile Nagarjuna Fertilisers and Chemicals Limited to Nagarjuna Oil Refinery Limited. The demerged
fertiliser business is now in the resulting company which has been renamed as
Nagarjuna Fertilisers and Chemicals
Limited (NFCL). The Company holds 32267741
equity shares in NFCL which are yet to be listed on the stock
exchange pending receipt of permission from Securities Exchange Board of India.
These shares are carried at a value of Rs.211.539
Millions.
Gobind Sugar Mills
Limited
(GSW became an associate of a wholly owned
subsidiary of the Company on August 21, 2012. The auditors of the Company in
their report on consolidated financial
statement for the year ended March 31,
2013, have commented upon non provision for diminution in the value of
investment of Rs. 530.000 Millions
in preference shares of said associate company, whose
net worth is substantially eroded. This being a long term investment in the said company no provision
is required there against.
8. Previous period’s / year's figures
have been regrouped wherever necessary.
9.
The audited financial results have been recommended by the Audit Committee
at its meeting held on May 8, 2013 and approved by the Board of Directors at
its meeting held on May 9, 2013
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
A. Demand Notices
received from Sales Tax authorities |
|
|
|
Demand notice from Karnataka Sales Tax Authorities (VAT) for levying penalty on Professional tax for the years 2005-06 to 2008-09. The Company has filed appeal before Joint Commissioner of Commercial Taxes (Appeals), Bangalore, against the same. (The Company had deposited Rs.2.128 Millions against the same which was appearing in the schedule of Loans and Advances) (Transferred to Zuari Holdings Limited in term of the Scheme of Arrangement and Demerger) |
-- |
4.256 |
|
B. Demand raised by
Excise Authorities on Service Tax matters * |
|
|
|
Demand notice from Service Tax Authorities towards Service Tax under Goods Transport Agency Services for the period 2006-07 to 2010-11. |
-- |
9.410 |
* Based on discussions with the solicitors/ favourable decisions in similar cases/ legal opinions taken by the Company, the management believes that the Company has a good chance of success in above mentioned cases and hence, no provision there against was considered necessary.
FIXED ASSETS
· Land (Freehold)
· Buildings
· Railway Siding
· Plant And Machinery
· Vehicles
· Furniture, Fittings and Office Equipment
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 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. 61.12 |
|
|
1 |
Rs. 94.77 |
|
Euro |
1 |
Rs. 81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.