MIRA INFORM REPORT

 

 

Report Date :

24.08.2013

 

IDENTIFICATION DETAILS

 

Name :

RALLIS INDIA LIMITED

 

 

Registered Office :

156/ 157, 15th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.08.1948

 

 

Com. Reg. No.:

11-014083

 

 

Capital Investment / Paid-up Capital :

Rs. 194.471 Millions

 

 

CIN No.:

[Company Identification No.]

L36992MH1948PLC014083

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR16455F/ BRDR01021G

 

 

PAN No.:

[Permanent Account No.]

AABCR2657N

 

 

Legal Form :

A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer, Exporter and Importer of Agro Chemicals, Pesticides, Insecticides, Herbicides, Acaricides, Rodenticides, Fungicides and Fertilizers.

 

 

No. of Employees :

843 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (70)

 

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 24000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of the ‘TATA GROUP’.

 

It is a well established company having a fine track record.

 

Financial position of the company appears to be sound. Fundamentals are strong and healthy.

 

Trade relation are fair. Business is active. Payment terms are regular and as per commitments.

 

The company can be considered good for business dealings at usual trade terms and condition. 

 

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

CRISIL

Rating

Long Term Rating: AA

Rating Explanation

High credit quality and low credit risk.

Date

16.05.2013

 

Rating Agency Name

CRISIL

Rating

Short Term Rating: A1+

Rating Explanation

High credit quality and lowest credit risk.

Date

16.05.2013

 

 

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/ Head Office 1 :

156/ 157, 15th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India 

Tel. No.:

91-22-66652700/ 67761641 

Fax No.:

91-22-66652827/ 66652847/ 66310963

E-Mail :

vijay.rallis@rallis.sprintrpg.ems.vsnl.net.in

vijay.rai@rallis.sprintrpg.ems.vsnl.net.in

legal.ho@rallis.co.in

address.legal.ho@rallis.co.in

investor_relations@rallis.co.in

Website :

http://www.rallis.co.in

Area :

5000 sq ft

Location :

Owned

 

 

Head Office 2 :

2nd Floor, Sharda Terraces, Plot No. 65, Sector 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India

Tel. No.:

91-022-67761700

Fax No.:

91-022-67761634

 

 

Agrochemicals Plants :
  • GIDC Estate, Plot No. 3301, Ankleshwar - 393 002, District Bharuch, Gujarat, India
  • GIDC Estate, Plot No. 2808, Ankleshwar - 393 002, District Bharuch, Gujarat, India
  • GIDC Estate, Plot No. 3000, Ankleshwar – 393 002, District Bharuch, Gujarat, India
  • C 5/6, MIDC Industrial Area, Phase III, Shivani, Akola - 444 104, Maharashtra, India
  • Plot No. D-26, Lote Parsuram, MIDC, Near Hotel Vakratunda, Taluka Khed, District Ratnagiri - 415 722, Maharashtra, India
  • Plot No. Z/ 110, Dahej SEZ Part - II, P.O. Lakhigam, Taluka Vagra, District Bharuch 392 130, Gujarat, India 

 

 

Regional Offices :

Located at:

 

v      Ahmedabad

v      Guntur

v      Lucknow

v      Pune

 

 

Zonal Offices :

Located at:

 

v      Bangalore

v      Chandigarh

v      Kolkata

v      Secunderabad

 

 

Turbhe Office :

Plot No. 15 A, MIDC Thane – Belapur Road, Turbhe, Navi Mumbai, 400 703, Maharashtra, India

Tel. No.:

91-22-67761700

Fax No.:

91-22-67761634

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. R. Gopalakrishnan

Designation :

Chairman

Address :

Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

25.12.1945

Date of Appointment :

28.06.1999

Expertise in specific functional areas :

Mr. R. Gopalakrishnan was appointed as Executive Director – Exports in Hindustan Lever Limited, after 20 years’ experience with the Company. In 1991, he became Chairman, Unilever Arabia, based in Jeddah. He was later appointed as Managing Director of Brooke Bond Lipton and after its merger with Hindustan Lever, he was appointed Vice Chairman of Hindustan Lever Limited. He joined Tata Sons in September 1998 and is an Executive Director of Tata Sons Limited. He is also a Director on Board of several Tata Companies.

Qualifications :

 - B. Sc. In Physics from Calcutta University.

– Engineering from IIT, Kharagpur.

– Advanced Management Programme, Harvard Business School.

Directorship in other company :
  • Tata AutoComp Systems Limited, (Chairman)
  • Tata Chemicals Limited, (Vice Chairman)
  • Tata Sons Limited
  • Tata Motors Limited
  • Tata Power Company Limited
  • Tata Technologies Limited
  • ICI India Limited
  • Castrol India Limited
  • Advinus Therapeutics Private Limited, (Chairman)
  • ABP Private Limited
  • IMACID S. A., Morocco

 

 

Name :

Mr. Veeramani Shankar

Designation :

Managing Director and Chief Executive Office

Address :

156/157, 15th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

18.09.1956

Date of Appointment :

13.03.2007

 

Mr. V. Shankar joined the Company on 1st December, 2005 as Chief Operating

Officer and was appointed as Executive Director with effect from 13th March, 2007. Prior to joining the Company, he had worked with Tata Chemicals Limited as Chief Operating Officer, Phosphates Business. Prior to that, he was with Hindustan Lever Limited From 1986 to 2004. While in Hindustan Lever, he served in various capacities in the Commercial function and was also Head of the Seeds as well as Fertiliser businesses.

Qualification :

Chartered Accountant, Cost Accountant, Company Secretary and Law Graduate.

Directorship in other company :

Rallis Australasia Pty. Limited

 

 

Name :

Mr. B. D. Banerjee

Designation :

Director

Address :

J/ 503, Satellite Gardens Phase II, Film City Road, 261, General A.K. Vaidya Marg, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

14.10.1941

Date of Appointment :

15.06.2004

Expertise in specific functional areas :

In a career spanning over 37 years in the Insurance Industry, Mr. B. D. Banerjee

Played an important role in the establishment, growth and consolidation of the non-life Insurance sector in India. He has served as the Chairman-cum- Managing Director of Oriental Insurance Company Limited and the National Insurance Company Limited. And as the Managing Director of General Insurance Corporation of India. He was also the Administrator of the Pune Stock Exchange and has also been the Insurance Ombudsman for Maharashtra and Goa.

Qualification :

Post Graduate with Honours in Philosophy from Presidency College, Calcutta University and Associate of the Insurance Institute of India.

 

 

Name :

Mr. Homi R. Khusrokhan

Designation :

Director

Address :

302, Daisylea, Off Mt. Pleasant Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India 

Date of Birth/Age :

15.12.1943

Qualification :

B.Com. (Hons.), Chartered Accountant and M.Sc (Econ.) from London School of Economics and Political Science.

Date of Appointment :

24.03.2003

 

 

Name :

Mr. E. A. Kshirsagar

Designation :

Director

Address :

19, Tarangini, Twin Towers Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India

 

 

Name :

Mr. Prakash R. Rastogi

Designation :

Director

Address :

2, Blooming Heights, 4, Pali Hills, Bandra, Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

31.07.1944

Qualification :

M.Sc. Tech from Bombay University and PG Diploma in Business Management.

Date of Appointment :

13.03.2007

 

 

Name :

Mr. Bharat Vasani

Designation :

Director

Address :

Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

24.08.1958

Qualification :

B. Com., L.L.B. and Member of the Institute of Company Secretaries of India.

Date of Appointment :

13.03.2007

 

 

Name :

Dr. K. P. Prabhakaran Nair

Designation :

Additional Director

Date of Birth/Age :

04.10.1938

Date of Appointment :

01.09.2008

Expertise in specific functional areas :

Dr. K. P. Prabhakaran Nair has over three decades of research, teaching and developmental experience in Europe, Africa and Asia. He has held a number of positions of prestige, the most important being Professor, National Science Foundation, The Royal Society, Belgium; Professor and Head, The University Center, Cameroon; Senior Professor, University of Fort Hare, South Africa and Distinguished Visiting Scientist, Indian Council of Agricultural Research. Dr. Nair has been acknowledged for developing the revolutionary soil management technique, which is now globally known as “The Nutrient Buffer Power Concept”. He is the world’s only agricultural scientist to have been invited to write chapters four times to “Advances In Agronomy”, the magnum opus of agricultural science.

Qualification :

B.Sc. in Agriculture and M.Sc. in Agronomy from the Tamil Nadu Agricultural University, Coimbatore. Ph.D. from Indian Agricultural Research Institute, New Delhi. Post-Doctoral Research from State University of Gent, Belgium.

 

 

Name :

Mr. V. Shankar

Designation :

Managing Director and Chief Executive Office

 

 

Name :

Mr. Y. S. P Thorat

Designation :

Director

 

 

Name :

Dr. Yoginder K. Alagh

Designation :

Director 

Address :

Institute of Rural Management of India, Post Box No.60, Anand – 388 001, Gujarat, India

Date of Birth/Age :

14.02.1939

Qualification :

Ph.D. in Economics from the University of Pennsylvania, USA

Date of Appointment :

22.04.2010

 

 

Name :

Mr. R. Mukundan

Designation :

Director

Address :

Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

19.09.1966

Qualification :

BE (Electrical Engineering) From IIT, Roorkee and MBA From FMS, Delhi University. Also attended the Advanced Management Programme at Harvard Business School in 2008.

Date of Appointment :

03.12.2009

 

 

KEY EXECUTIVES

 

Name :

Mr. K. R. Venkatadri

Designation :

Chief Operating Officer – Agriculture Business

 

 

Name :

Mr. P. S. Meherhomji

Designation :

Company Secretary

 

 

Name :

Mr. Ashish Mehta

Designation :

Financial Controller

 

 

Name :

Mr. Mr. M. M. Tripathy

Designation :

Vice President – Human Resources and Business Excellence

 

 

Name :

Mr. Ravindra  R. Joshi

Designation :

Vice President – Manufacturing

 

 

Name :

Mr. Subhash R. Kadam

Designation :

Vice President - Research and Development

 

 

Name :

Mr. K. B. Belliappa

Designation :

Vice President - Planning and Logistics

 

 

Name :

Mr. C. M. Singh

Designation :

Vice President - Domestic Sales

 

 

Name :

Mr. D. G. Shetty

Designation :

Head – International Business

 

 

Name :

Mr. P. V. Reddy

Designation :

Vice President - Marketing and CRM Services

 

 

Name :

Mr. Umesh K. Mehendale

Designation :

Vice President - Agriculture Services

 

 

Name :

Mr. Coomie N. Kapadia Head

Designation :

Internal Audit

 

 

Name :

Mr. Malik Shah

Designation :

Vice President - Planning and Procurement

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.06.2013

 

(A) Shareholding of Promoter and Promoter Group

Number of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

97416610

50.09

http://www.bseindia.com/include/images/clear.gifSub Total

97416610

50.09

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

97416610

50.09

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

8231400

4.23

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

172942

0.09

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

801150

0.41

http://www.bseindia.com/include/images/clear.gifInsurance Companies

4763764

2.45

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

19750818

10.16

http://www.bseindia.com/include/images/clear.gifSub Total

33720074

17.34

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

14641439

7.53

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

20223595

10.40

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

28433050

14.62

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

34122

0.02

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

3900

0.00

http://www.bseindia.com/include/images/clear.gifTrusts

30222

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

63332206

32.57

Total Public shareholding (B)

97052280

49.91

Total (A)+(B)

194468890

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

194468890

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Agro Chemicals, Pesticides, Insecticides, Herbicides, Acaricides, Rodenticides, Fungicides and Fertilizers.

 

 

Products:

ITC Code

Product or Services

380820-09

Hexaconazole

380810-29

Acephate

380820-90

Metconazole

 

PRODUCTION STATUS (31.03.2013)

 

Particulars

Unit

Installed Capacity

Actual Production

PESTICIDES:

 

 

 

Agri inputs

Tonnes

22020

11357

Tonnes

15225

11266

Liquids

KL

13000

7695

KL

13500

9456

Plant Growth Nutrients

Tonnes

N.A.

3086

Tonnes

N.A.

1542

 

Footnotes:

 

(i) Licensed Capacity – Delicensed vide Gazette Notification No. S.O.477 (E) dated 25.07.1991.

(ii) Figures in italics are in respect of the previous year.

(iii) Production figures are net of captive consumption and exclude by-products.

(iv) Production includes quantities manufactured at sub-contracting plants. Installed capacity represents capacity Installed at the Company’s facilities.

(v) N.A. = Not Applicable.

 

 

GENERAL INFORMATION

 

No. of Employees :

843 (Approximately)

 

 

Bankers :

·         State Bank of India

·         Citibank N.A.

·         Corporation Bank

·         BNP Paribas

·         IDBI Bank Limited

·         Axis Bank Limited

·         ICICI Bank Limited

·         HDFC Bank Limited

·         Oriental Bank of Commerce

·         Kotak Mahindra Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

Long term borrowing

 

 

Debentures (see note a, b and c below)

0.000

750.000

 

 

 

Short term borrowing

 

 

Loans repayable on demand from banks*

0.000

312.204

 

 

 

Total

0.000

1062.204

 

Note: 750 (Previous Year: 750) 9.05% Secured Redeemable Non-Convertible Debentures (2010-11 Series 1) having a face value of Rs.1.000 millions each redeemable at par on 29th October, 2013.

 

These Non Convertible Debentures are secured by a first pari-passu mortgage over factory building and certain plant and machinery of Ankleshwar and Lote units.

 

The Company can repurchase some or all of the debentures at any time prior to date of redemption. The Company has the right to re-issue debentures bought back subject to provisions of the Companies Act, 1956.

 

* These loans have been secured by a first charge by way of hypothecation of stocks and receivables. The hypothecation also extends to guarantees issued by the Company’s Bankers in the ordinary course of business.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

 

 

Solicitors and Advocates:

Crawford Bayley and Company

 

 

Holding Company :

Tata Chemicals Limited

 

 

Subsidiary Companies :

·         Rallis Chemistry Exports Limited

·         Metahelix Life Sciences Limited w.e.f 30th October, 2010

·         Dhaanya Seeds Limited w.e.f 30th October, 2010

·         Rallis Australasia Pty Limited (Liquidated on 25th January, 2012)

·         Zero Waste Agro Organics Private Limited (w.e.f 18th October,2012)

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000000

Equity Shares

Rs.10/- each

Rs.500.000 Millions

150000000

Cumulative Redeemable Preference Shares

Rs.10/- each

Rs.1500.000 Millions

 

Total

 

Rs.2000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

19446889

Equity Shares 

Rs.10/- each

Rs. 194.469 Millions

 

Add: Amount paid-up on forfeited shares

 

Rs.0.002 million

 

Total

 

Rs. 194.471 Millions

 

 

a. Reconciliation of shares outstanding at the beginning and at the end of the reporting period:

 

Particulars

As on 31.03.2013

Number of Shares

Rs in Millions

At the beginning of the year

194,468,890

194.469

Issue of Bonus Shares

-

-

Outstanding at the end of the period

194,468,890

194.469

 

Pursuant to the Shareholders’ approval at the Company’s Annual General Meeting held on 30th June, 2011, the

Company’s Equity Shares of face value of Rs. 10 each were sub-divided into ten Equity Shares of face value of Rs. 1 each with effect from 18th July, 2011.

 

b. The Equity Shares of the Company have voting rights and are subject to the preferential rights as prescribed under law or those of the preference shareholders, if any. The Equity Shares are also subject to restrictions as prescribed under the Companies Act, 1956.

 

c. Shares held by Holding /Ultimate Holding Company and /or its subsidiaries /associates:

 

Out of total equity shares issued by the Company, shares held by its holding company, ultimate holding company and its subsidiaries/associates are as below:

 

Name of Promoter

 

Particulars

As on 31.03.2013

Number of Shares

Rs in Millions

Tata Chemicals Limited                     

(Holding / Ultimate Holding Company)

 

97341610

 

97.342

 

     

*Of the above equity shares 980,000 equity shares were issued by the Company on a preferential basis on

9th November, 2009. Consequently, TCL became the holding company with effect from 9th November, 2009.

 

d) Details of shareholders holding more than 5% shares in the Company:

 

Name of Shareholder

As on 31.03.2013

Number of Shares

% Holding

Tata Chemicals Limited

97341610

50.06%

Rakesh Jhunjhunwala

19507820

10.03%

 

 

e. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceeding the reporting date:

 

 

2012-13

2011-12

2010-11

2009-10

2008-09

Equity Shares :

 

 

 

 

 

Bonus Shares issued *

--

-

6,482,296

-

-

Preference Shares :

 

 

 

 

 

7.50% Cumulative Redeemable

Preference Shares of Rs. 10 each Redeemed

--

-

88,000,000

--

-

 

* 6482296 shares of Rs. 10 each were issued as Bonus Shares by way of capitalisation of Rs. 64.823 Millions out of Capital Redemption Reserve.

 

f. As per of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st

March, 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

        I.            EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

194.471

194.471

194.471

(b) Reserves & Surplus

6020.389

5342.033

4839.080

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

6214.860

5536.504

5033.551

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

84.219

821.316

810.342

(b) Deferred tax liabilities (Net)

286.413

130.846

32.298

(c) Other long term liabilities

58.821

38.300

0.000

(d) long-term provisions

295.413

285.387

179.076

Total Non-current Liabilities (3)

724.866

1275.849

1021.716

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

312.204

97.152

(b) Trade payables

2131.367

2193.816

2577.054

(c) Other current liabilities

1224.740

657.970

486.553

(d) Short-term provisions

367.994

318.160

393.135

Total Current Liabilities (4)

3724.101

3482.150

3553.894

 

 

 

 

TOTAL

10663.827

10294.503

9609.161

 

 

 

 

      II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3643.386

3515.901

2146.863

(ii) Intangible Assets

76.890

4.675

9.875

(iii) Capital work-in-progress

157.262

349.211

1402.573

(iv) Intangible assets under development

109.100

154.554

116.784

(b) Non-current Investments

1924.399

1779.796

1490.262

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

867.505

888.851

1018.658

(e) Other Non-current assets

0.000

2.090

7.439

Total Non-Current Assets

6778.542

6695.078

6192.454

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

10.384

29.614

29.040

(b) Inventories

1903.499

2241.615

2070.311

(c) Trade receivables

1437.606

820.928

915.550

(d) Cash and cash equivalents

244.364

105.488

112.674

(e) Short-term loans and advances

262.948

372.589

283.731

(f) Other current assets

26.484

29.191

5.401

Total Current Assets

3885.285

3599.425

3416.707

 

 

 

 

TOTAL

10663.827

10294.503

9609.161

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

13237.822

11812.500

10672.599

 

 

Other Income

114.545

74.985

135.531

 

 

TOTAL                                    

13352.367

11887.485

10808.130

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

6856.676

6206.321

5780.496

 

 

Purchases of Traded Goods

1243.332

921.273

896.950

 

 

Changes in inventories of finished goods work-in-progress and Stock-in-Trade

241.886

(38.270)

(395.038)

 

 

Employee benefits expense

778.429

803.335

695.831

 

 

Other expenses

2085.249

1947.218

1791.989

 

 

TOTAL                                    

11205.572

9839.877

8770.228

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

2146.795

2047.608

2037.902

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

125.149

103.715

30.551

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                              

2021.646

1943.893

2007.351

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

288.105

271.108

171.607

 

 

 

 

 

 

PROFIT BEFORE EXCEPTIONAL ITEMS

1733.541

1672.785

1835.744

 

 

 

 

 

Less

EXCEPTIONAL ITEMS

0.000

171.911

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX

1733.541

1500.874

1835.744

 

 

 

 

 

Less

TAX                                                                 

539.733

486.978

573.617

 

 

 

 

 

 

PROFIT AFTER TAX

1193.808

1013.896

1262.127

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2420.275

2130.079

1571.852

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Debenture Redemption Reserve

125.000

125.000

125.000

 

 

Preference Dividend

0.000

0.000

0.000

 

 

Distribution Tax on Preference Dividend

0.000

0.000

0.000

 

 

Interim Dividend

194.500

194.500

175.000

 

 

Distribution Tax on Interim Dividend

31.500

31.500

29.100

 

 

Proposed Equity Dividend

252.800

233.400

213.900

 

 

Income  Tax on Equity Dividend

43.000

37.900

34.700

 

 

Transfer to/(from):

Capital General Reserve

119.300

101.400

126.200

 

BALANCE CARRIED TO THE B/S

2847.983

2420.275

2130.079

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods on F.O.B. Basis

4152.433

3813.973

2551.061

 

 

Royalty Income

14.974

20.269

0.000

 

 

Surplus on Liquidation of Subsidiary

0.000

10.769

0.000

 

 

Freight, Insurance and Other Matters

30.870

28.600

35.698

 

TOTAL EARNINGS

4198.277

3873.611

2586.759

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

4053.876

3548.113

2773.030

 

 

Stores & Spares

6.367

3.519

8.504

 

 

Capital Goods

7.795

11.576

18.815

 

TOTAL IMPORTS

4068.038

3563.208

2800.349

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.14

5.21

6.49

 

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

30.06.2013

1st Quarter

Audited / Unaudited

Unaudited

Net Sales

2701.900

Total Expenditure

2526.000

PBIDT (Excl OI)

175.900

Other Income

9.600

Operating Profit

185.500

Interest

20.300

Exceptional Items

0.000

PBDT

165.200

Depreciation

78.700

Profit Before Tax

86.500

Tax

26.600

Provisions and contingencies

0.000

Profit After Tax

59.900

Extraordinary Items

0.000

Prior Period Expenses

0.000

Other Adjustments

0.000

Net Profit

59.900

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

8.95

8.52

11.68

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

13.10

12.71

17.21

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

20.46

18.73

27.81

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.27

0.37

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.01

0.21

0.19

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.04

1.03

0.96

 

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

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

 

 

UNSECURED LOAN

(Rs. In Millions)

Particulars

As on

31.03.2013

As on

31.03.2012

Long term borrowing

 

 

Sales Tax Deferral Scheme (see note d below)

76.687

62.768

Council of Scientific and Industrial Research loan (see note d below)

7.532

8.548

 

 

 

Total

84.219

71.316

 

Details of terms of repayment:

 

Particulars

Repayment Schedule

As on 31.03.2013

As on 31.03.2012

Sales Tax Deferral Scheme – Akola

Varied Annual Installments from 2013-14 to 2015-16

21.897

33.184

Sales Tax Deferral Scheme - Lote*

Varied Annual Installments from 2018-19 to 2026-27

61.624

49.746

Council of Scientific and Industrial Research loan

Varied Annual Installments from 2013-14 to 2017-18

9.415

10.770

 

* Loan disclosed above is considered as per SICOM scheme, although the matter is in dispute with the Sales Tax Tribunal.

 

 

 

PRESS RELEASE

 

Mumbai, 18th July, 2013: Rallis India Limited, a TATA Enterprise and a leading player in the Indian crop protection industry announced its financial results for the quarter ended 30th June, 2013.

 

Consolidated Key Highlights - Q1

 

Rallis recorded a 20% growth in revenues with net sales scaling a new milestone at Rs 4090.000 millions, for the quarter ended 30th June, 2013. Profit from operations before exceptional items rose Rs 460.000 millions (Rs 340.000 millions), an increase of 36%. EBITDA grew by 33% to Rs 550.000 millions (Rs 420.000 millions). Net Profit was up 14% to clock Rs 270.000 millions.

 

Metahelix the Seeds entity registered a handsome sales growth of 81% to nearly Rs 1500.000 millions. Net Profit also rose to Rs 280.000 millions more than doubling the previous year Ql net of Rs 120.000 millions. Shareholding of Rallis in Metahelix at 30th June, 2013 was 77.02% as against 75.64% as at 30th June, 2012.

 

The above results for the current quarter includes that of the subsidiary company Zero Waste Agro Organics Limited, which was acquired (22.80% stake with management control) in March 2013.

 

Commenting on the performance and developments, Mr. V Shankar, Managing Director and CEO, Rallis India said, "The domestic operations of the Company has registered smart gains buoyed by the excellent progress in sowings with the favourable monsoon. I am happy that our Seeds business is making rapid progress making its mark in the markets providing farmer satisfaction. The Crop Protection business is also well poised for delivery in the Kharif season. Our non-pesticides portfolio is shaping up well with each of the segments such as PGN, Seeds, Agri Services, Contract Manufacturing, making good progress".

 

Mr Shankar further added "our focus on better working capital efficiency and cash management continues and this has delivered good results in Ql. Our interest costs are down 35%".

 

The Company continued its investments in strengthening its market reach and farmer connect through its flagship programme Rallis Kisan Kutumba.

 

Geogreen, the new Organic soil conditioner introduced during the year, has been accepted well by the farmers, who are able to see crop productivity improvement by its usage.

 

The progress of the monsoon in July and August will be an important determinant on how the overall Kharif season shapes up.

 

About Rallis India

Rallis is known for its manufacturing capabilities in crop protection chemicals and various types of chemistries with ability to develop new processes and formulations supported by the capacity to register new products. It has contract manufacturing alliances with several multinational agrochemical companies.

Rallis is one of India's leading agrochemicals companies, with a century old tradition of servicing rural markets and a comprehensive portfolio of crop care solutions for Indian farmers. The Company is known for its deep understanding of Indian agriculture, sustained relationships with farmers, quality agrochemicals, branding and marketing expertise and its strong product portfolio.

 

 

COMPANY PERFORMANCE

 

The Company achieved a new landmark in revenues, crossing the Rs.15000.000 Millions milestone. The Company’s profit before tax on a consolidated basis is Rs.1722.900 Millions during the year, as compared to Rs.1493.900 Millions in the previous year, an increase of 15% over the last year. The Company earned a net profit of Rs.1190.100 Millions, as against a net profit of Rs.991.800 Millions in the previous year on a consolidated basis.

 

OPERATIONS

 

CROP PROTECTION

 

The year 2012-13 was a challenging year for Indian agriculture, as monsoon played truant during the main cropping season. Tough times such as Neelam cyclone and worst drought in few key States were also added challenges faced during the year. The Central Statistical Organization (CSO) has estimated the growth of agriculture (which includes food grains, oilseeds, sugarcane and fibre crops) and allied activities (which includes livestock, fisheries and forestry) at 1.8% in 2012-13, as compared to 3.6% during 2011-12. However, food grain production during 2012-13 crop year is estimated to fall to 255.36 million tonnes, from a record 259.32 million tonnes in the previous year, due to irregular rainfall in 2012, which took a toll on kharif cultivation and productivity. There was a decline in production of food grains, oilseeds, sugarcane and fibers. The share of agriculture and allied sectors in India’s GDP also declined to 13.7% in 2012-13 on account of higher growth in the non-farm sectors.

 

Good progress has been made though, over the last few years in segments of agriculture. Per capita availability of fruits in the country has increased from 138 gms per person per day in 2005 to 175 gms per person per day in the current year. Similarly, per capita availability of vegetables also increased from 279 gms per person per day to 316 gms per person per day during the same period. While in 2011-12, Agri-exports touched $37 billion against imports of only $17 billion, in 2012-13, exports are likely to cross $40 billion against imports of roughly $20 billion. Grain stocks in Government godowns have been the highest at 82 million tonnes in June 2012, and is likely to cross 90 million tonnes in June-July 2013, breaking all in India.

 

The branded Domestic Formulation Business registered a growth of 8% during the year over the previous year, despite seasonal aberrations in crops like paddy and pulses. The industry is estimated to have recorded a low growth during the year. Aggressive planning and implementation of sales and promotion on paddy, cotton, pulses, sugarcane and fruits and vegetables, taking into account on-ground realities was a key to success. EAGLE (Expansion and Aggressive Growth through Leadership and Excellence) roll out across India has helped the Company in opportunity identification, drawing actionable insights and achievement of aggressive growth targets at crop, pest and molecule level for each territory. This resulted in significant increase in volumes for their key products such as Tata Mida, Manik, Asataf, Ergon, Blitox, Tata Panida, Atrataf, Tata Metri, Fujione and Taarak.

 

Their customer relationship building activities, branded under the umbrella of Rallis Kisan Kutumba (RKK) moved

into the next orbit, with a connect to one Million RKK farmers being digitized into the system, successful introduction of key initiatives such as Samruddh Krishi, expansion of MoPu (grow More Pulses), State partnership, Prerna and others. These initiatives, along with customer centric promotional activities and product portfolio current with the market needs, has helped farmers to a great extent in protecting their crops effectively, improving quality and yield of produce and ultimately in improving their standard of living.

 

The International Business Division registered an increase of 9% in sales, as compared to 2011-12. The increase in sales was due to rising demand for crop commodities and price improvement in wheat and cotton. International

Business comprised 32% of the total revenues of the Company. This is in line with their APOLLO aspirations as part of their Long Term strategy. While the rupee depreciation translated into higher revenue growth, there was also a significant volume growth in key manufactured products exported to Latin America and USA under contract manufacturing business.

 

The Domestic Institutional Business continued with its sales of crop protection and seed treatment chemicals and household pesticide products to major customers during the year. In seed treatment chemicals, the Company consolidated its position and there are plans for significant growth in this segment.

 

SEEDS AND PLANT GROWTH NUTRIENTS

 

After acquiring a majority stake in Metahelix Life Sciences, a research-led Seeds Company in December 2010, this year the Company focused its efforts on establishing seed brands in various segments. During the year, the Company has intensified the branding activities to establish the brands which were launched last year.

 

The Company is giving focused attention to improving the quality of life of the Agriculture community in India. As a move towards sustainable agriculture, the Company is increasing its focus on greener and cleaner products.

Launch of Tata Uphaar, a 100% organic growth Promoter and Gluco Beta, a unique blend of Carbon, Proteins, Primary Nutrients (N and K), Secondary Nutrients (Ca and Mg) and Micro Nutrients (Zn, Fe and B) in Organic form is a move in that direction. Ralligold, a Plant Growth Nutrient, which partially reduces fertilizers consumption by enabling crops to better utilize the applied phosphorus, will not only help the farmer increase his income, but will also help in arresting soil deterioration due to imbalanced use of chemical fertilizers.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY SCENARIO AND RALLIS’ GROWTH STRATEGY

 

INDUSTRY STRUCTURE

 

Agriculture production capability has to cope up with the ever-growing world population. Based on evidences, in 1900 there were 1.6 Billion people on the planet; in 1992 this had risen to 5.25 billion and by the year 2050 it may reach over 9 billion1. This increase in world population is mostly in developing countries, where the need for food is the gravest and starvation threatens human life.

 

Civilization has been combating weeds, insects, diseases and other pests throughout history. Agrochemicals which can be classified into three major categories, namely Insecticides, Fungicides and Herbicides, are an unavoidable part of modern life, used to protect everything from flower gardens to agricultural crops from specific pests. As per FAO reports, without agrochemicals, food production would decline, many fruits and vegetables would be in short supply and prices would rise. Some 20 to 40 percent of the world’s potential crop production is already lost annually because of the effects of weeds, pests and diseases2. As per research estimates, in India annual crop losses on account of poor and inadequate use of crop protection chemicals exceed `100,000 Crores3.

 

Continuous innovation has led to development of crop protection products with lower usage rates and better degradability, leading to lower environmental loading, improved human safety profile for farmers, workers and consumers, high biological efficacy, selective control of target pests and increased safety to specific beneficiaries, naturally occurring insects and organisms.

 

PLANT GROWTH NUTRIENTS (PGN)

 

All the twenty-one nutrients required by the plant, including Macronutrients, Micronutrients and Secondary Nutrients must be balanced so that the plant maintains good health to defend unfavorable environmental conditions. Indiscreet agriculture practices in many parts of the country have led to increasing removal of secondary and micronutrients from the soil and multiple nutrient deficiencies, which are becoming a major constraint to increasing production.

 

A significant drop in the yield and quality of crops in the country has brought into focus the need for promoting balanced use of fertilization and educating the Indian farmer about the deficiencies of secondary and micronutrients in the soil.

 

The Company has introduced a range of Specialty Nutrient products and to address sustainable agriculture, is focused on greener and cleaner products. These products not only will act as a vehicle for building relationship in fast growing fruits and vegetables, but also facilitate catering to small and marginal farmers. The current Indian market of Plant Growth Nutrients and specialty fertilizers is estimated to be Rs. 18000.000 millions6.

 

SEEDS

 

Seed is the basic and most critical input for sustainable agriculture. The response of all other inputs depends on the quality of seeds to a large extent. The global market for seeds for the year 2012-13 has been USD 37.5 Billion growing at a CAGR of 8% for last 10 years. Indian seed industry has grown at the rate of 15% over the last five years and is estimated to be USD 1.6 Billion for the year 2012-137.

 

RALLIS’ OVERALL PERFORMANCE

 

STANDALONE RESULTS

 

The gross sales for the year 2012-13 were Rs.14011.400 Millions, a 13% rise over the previous year. Profit before tax was higher by 15% at Rs.1733.500 Millions while net profit for the year stood at Rs.1193.800 Millions, recording a growth of 18% over the previous year.

 

REVIEW OF OPERATIONS

 

CROP PROTECTION

 

DOMESTIC FORMULATIONS BRANDED BUSINESS

 

The Domestic Branded Business of the Company registered a growth of 8% during the current year, driven by a sustained performance of the key brands. During the year the Company intensified activities under its market expansion programme EAGLE (Expansion and Aggressive Growth through Leadership and Excellence). The latest brand recall survey carried out by an independent agency has reported an improvement in the brand recall among farmers, with seven out of top ten brands being that of Rallis.

 

The Company continued to strengthen its long standing relationship with the Indian farmers through the farmer relationship building platform RKK - Rallis Kisan Kutumba. RKK touched a new milestone during the year with the farmer base crossing a million farmers. RKK is a unique initiative, enabling farmers to imbibe and use knowledge and share the same across the farmer community to increase productivity. The key activities with the RKK farmers are regular contacts throughout the crop cycle, organizing crop seminars, product demonstrations, Farmer exchange programmes (Prerna), Focused Group Discussions (FGDs) and Advisory services. The Company has added more value added services such as sms alerts on crop prices, weather and possible disease outbreak through Samrudh Krishi programme. Farmer helpline call centers have been strengthened and have become an important tool in servicing the farmers. Rallis currently offers helplines in fifteen vernacular languages.

 

TATA Rallis brand stands for reliability and trust in the minds of the Indian Farmers. They pride on this relationshipbeing a major strength of Rallis. The core strength in Rallis is to build sustainable brands. Old Brands such as Rogor (currently Tafgor), Asataf and Contaf which were established by Rallis many years ago, continue to find a place in the minds of the farmers and are ruling strong and the new brands such as Applaud, Ergon, Takumi and Ralligold are steadily rising in brand equity and finding their leading place in the industry. The Company adopts several marketing methods to build brands, such as –

 

Systematic product segmentation, such as megabrands approach and various focused campaigns to build awareness wherein the entire sales force is engaged in contacting and educating the farmer and creating awareness.

 

4 S campaigns – a distinctive approach where farmers across the country are contacted at regular intervals by a cross functional team from Rallis to create greater customer centricity across the Company. The four stages in the campaign are to contact the farmer (Sampark), build a relationship (Sambandh), create higher productivity (Samrudhi) and ensure customer delight (Santushti).

 

Innovative bouquet of activities like crop seminars, field demonstrations, Prerna programmes, Advisory Centers, quizzes are part of the activities conducted on a regular basis.

 

INTERNATIONAL BUSINESS

 

The International Business Division showed consistent performance during the year, with a growth of 9% over the previous year. The Company’s strategy is towards maintaining a good share of international business of its total revenue pie and this stood at above 30%.

 

The increase in revenues over the previous year was led by Contract Manufacturing and alliance based sales in Latin America, a key market for crop protection. The last quarter of 2012-13 also saw an additional contract gained for a new Active Ingredient product for the US market. South East Asia and Africa continued to grow on account of new registrations received for key products.

 

NON-PESTICIDE PORTFOLIO

 

SEEDS

 

After acquiring a majority stake in Metahelix Life Sciences, a research-led Seeds Company in December 2010, this year the Company focused its efforts on establishing seed brands in various segments. The high potential segments along with geographies were identified and suitable products were selected based on the competitive environment analysis. During the year, extensive field activities were conducted to establish the new brands.

 

PLANT GROWTH NUTRIENTS

 

As a move towards sustainable agriculture, the Company is increasing its focus on greener and cleaner products. Tata Uphaar, a 100% organic growth promoter and Gluco Beta, a unique blend of carbon, proteins, primary nutrients (N and K), secondary nutrients (Ca and Mg) and micro nutrients (Zn, Fe and B) in organic form is a move in that direction. Ralligold, a Plant Growth Nutrient, which partially reduces fertilizer consumption by enabling crops to better utilize the applied phosphorus, will not only help the famer increase his income, but will also help in arresting soil deterioration due to imbalanced use of chemical fertilizers.

 

OPPORTUNITIES AND OUTLOOK

 

The fundamentals of the Agriculture sector continue to be robust and will drive growth in the years to come. The

remunerative produce prices for most of the key crops are expected to continue and will lead to increased investments by the farmers on agri inputs and improving overall productivity.

 

The enterprise value creation programme, DISHA (Drive Innovative Solutions with Hyper Achievements) which aims at re-engineering various processes and activities across the Company to generate value and the International Business growth programme, APOLLO are also expected to contribute well to the overall growth agenda of the Organization in the coming year as well.

 

The EAGLE (Expansion and Aggressive Growth through Leadership and Excellence) initiative will continue to assist the business to achieve its targets for 2013-14.

 

CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

 

Particulars

As on 31.03.2013

a. Claims against the Company not acknowledged as debts:

 

-         Sales Tax

2000.040

-         Excise Duty

36.084

-         Customs Duty

14.410

-         Income Tax

683.848

-         Service Tax

6.521

-         Property Cases

4.736

-         Labour Cases

10.900

-         Other cases

10.956

Number of cases where amount is not quantifiable 41 Nos.

 

b. Guarantees #

--

c. Other money for which the company is contingently liable:

 

-         Bills Discounted (fully covered by buyer’s letters of credit)

154.736

 

1122.231

 

         I.            # Other guarantees issued by Bank for which the Company is contingently liable. These are covered by the charge created in favour of Company’s bankers by way of hypothecation of stock and debtors.

 

       II.            The Company does not expect any liability in respect of items (a), (b) and (c) to devolve in respect of its exposure and therefore no provision has been made in respect thereof.

 

OTHER COMMITMENTS

 

During the financial year 2010-11, the Company had acquired a majority of the equity shares of Metahelix Life Sciences Limited (Metahelix). Besides, the shares already acquired, it has made the following commitments:

 

a)       to acquire shares from certain shareholders (other than founder shareholders) 2,591 equity shares for an amount aggregating Rs. 50.677 millions. (previous year 2,591 equity shares held by them for an amount aggregating Rs. 50.677 millions.)

 

b)       to allow the founder shareholders, a put option exercisable over a period of 3 years (Previous Year: 4 years), 8,433 shares held by them for an amount aggregating Rs. 164.911 millions (Previous Year: 11,244 shares for an amount aggregating Rs. 219.921 millions).

 

At the end of 3 years, the Company has a call option to acquire the balance shares held by the founder shareholders, at the fair market value as at the date of exercise.

 

During the financial year 2012-13, the Company has acquired 12,956 equity shares of Zero Waste Agro Organics Private Limited (ZWAOPL) for an amount aggregating to Rs. 100.007 millions. Besides, the shares already acquired, it has made the following commitments:

 

Investment of Rs.190.003 millions in respect to ZWAOPL effectively taking the shareholding of Rallis to 50.06%.

 

Estimated amount of contracts remaining to be executed on capital account of tangible assets is Rs. 93.483 millions (Previous Year Rs. 184.866 millions) against which advances paid aggregate Rs. 14.454 Millions (Previous Year Rs. 15.021 millions) and Intangible assets is Rs. 1.280 millions (Previous Year Rs. 9.579 millions).

 

For derivatives and lease commitments, refer note no 42 and 28 respectively.

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013

 

 

Particulars

3 months ended

30.06.2013

 

(Refer Notes Below)

Unaudited

 

 

 

1

Income from operations

 

a)

Net sales/income from operations(Net of excise duty)

2675.900

b)

Other operating income

26.000

 

Total income from operations (net)

2701.900

 

 

 

2

Expenses

 

a)

Cost of materials consumed

1657.800

b)

Purchases of stock-in-trade

515.800

c)

Changes in inventories of finished goods, work-in-progress and stock-in- trade

(513.600)

d)

Employee benefits expense

226.300

e)

Depreciation and amortisation expense

78.700

f)

Other expenses

559.900

 

Total expenses

2524.900

3

Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)

177.000

4 a.

Other Income

9.600

4 b.

Exchange Gain / (Loss)

(79.800)

5

Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4a+4b)

106.800

6

Finance costs

20.300

7

Profit / (Loss) from ordinary activities before tax and exceptional items (5 -6)

86.500

8

Exceptional Items

-

9

Profit / (Loss) from ordinary activities before tax (7 - 8)

86.500

10

Tax expense

26.600

11

Net Profit / (Loss) for the period (9 -10)

59.900

12

Paid-up equity share capital

194.500

 

(Face value Rs.1 per share)

 

13

Reserves excluding Revaluation Reserves as per balance

 

 

sheet of previous accounting year

 

14

Earnings per Share (EPS)

 

 

(of Rs. 1 each)(not annualised):

 

 

a) Basic

0.31

 

b) Diluted

0.31

 

PART II

 

A

PARTICULARS OF SHAREHOLDING.

 

1

Public Shareholding

 

 

- Number of Shares

9,70,52,280

 

- Percentage of shareholding

49.91%

2

Promoters and Promoter Group Shareholding

 

a)

Pledged/Encumbered

 

 

- Number of shares

Nil

 

- Percentage of shares (as a % of the total shareholding of promoter and promoter group)

NA

 

- Percentage of shares (as a% of the total share capital of the company)

NA

b)

Non-encumbered

 

 

- Number of shares

9,74,16,610

 

- Percentage of shares (as a% of the total shareholding of promoter and promoter group)

100%

 

- Percentage of shares (as a % of the total share capital of the company)

50.09%

 

 

 

B

INVESTOR COMPLAINTS

 

 

Pending at the beginning of the quarter

--

 

Received during the quarter

--

 

Disposed of during the quarter

--

 

Remaining unresolved at the end of the quarter

--

 

 

Notes:

 

1.       The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 18 July 2013, and the statutory auditors of the Company have conducted a "Limited Review" of the above unaudited financial results.

 

2.       The Company's business is .seasonal in nature and the performance can be impacted by weather conditions and cropping pattern.

 

3.       The Company has one reportable business segment viz. "Agri-Inputs".

 

4.       Metahelix Life Sciences Limited ("Metahelix"), a subsidiary, has filed a Scheme of Amalgamation of Dhaanya Seeds Limited, a wholly owned subsidiary of Metahelix, with Metahelix, with the Hon'ble High Court of Karnataka on 26 June 2013, with an Appointed Date of 1 April 2013.

 

5.       The figures for three months ended 31 March 2013, are the balancing figures between audited figures in respect of the year ended 31 March 2013 and the unaudited published year to date figures up to nine months of the relevant financial year.

 

6.       Figures for the earlier periods have been regrouped / recast wherever necessary.

 

 

FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 64.69

UK Pound

1

Rs. 100.80

Euro

1

Rs. 86.30

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--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

 

70

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.