1. Summary Information
|
|
|
Country |
India |
|
Company Name |
KOTHARI INDUSTRIAL CORPORATION LIMITED |
Principal Name 1 |
Mr. Pradip D. Kothari |
|
Status |
Ca (21) |
Principal Name 2 |
Mr. K. Santhanam |
|
|
|
Registration # |
18-005865 |
|
Street Address |
114/117, “Kothai
Building”, 20 Nungambakkam High Road, Mahathma Gandhi Road, Chennai-600035,
Tamilnadu, India |
||
|
Established Date |
01.07.1970 |
SIC Code |
-- |
|
Telephone# |
91-44-28334565 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-28334581 |
Business Style 2 |
Mixing |
|
Homepage |
Product Name 1 |
Fertilizers |
|
|
# of employees |
Not available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 62,419,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group – 30.48 % Public – 69.52 % |
Banking |
IDBI Bank |
|
Public Limited Corp. |
Yes |
Business Period |
43 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ca
(21) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Kothari (Madras) International Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
251,940,000 |
Current Liabilities |
525,090,000 |
|
Inventories |
221,331,000 |
Long-term Liabilities |
272,403,000
|
|
Fixed Assets |
499,968,000 |
Other Liabilities |
13,429,000 |
|
Deferred Assets |
77,803,000 |
Total Liabilities |
810,922,000 |
|
Invest& other Assets |
529,000 |
Retained Earnings |
144,595,000 |
|
|
|
Net Worth |
240,649,000 |
|
Total Assets |
1,051,571,000 |
Total Liab. & Equity |
1,051,571,000 |
|
Total Assets (Previous Year) |
513,325,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1,116,232,000 |
Net Profit |
4,768,000 |
|
Sales(Previous yr) |
959,062,000 |
Net Profit(Prev.yr) |
(31,604,000) |
MIRA
INFORM REPORT
|
Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOTHARI INDUSTRIAL
CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
114/117, “Kothai Building”, 20 Nungambakkam High Road, Mahathma Gandhi
Road, Chennai-600035, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.07.1970 |
|
|
|
|
Com. Reg. No.: |
18-005865 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 62.419 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110TN1970PLC005865 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03341C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Mixing of Fertilizers. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (21) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. It has
wiped off its accumulated losses during 2012. It has shown some improvement in its operation during this year by
recording some profits from its operation. Subject is defaulted by the RBI as on 31st March 2012. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
|
Borrowers’ Name : |
KOTHARI INDUSTRIAL CORPORATION LIMITED |
|
|
Address : |
Kothari Buildings, Mahatma Gandhi Salai,
Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
1. |
Name of Credit Grantors / Bank & Branch: |
IDBI Bank, Chennai |
|
|
Name of Individual : |
1. Ashok C. Pratap 2. Pradeep D. Kothari 3. Surekha P. Kothari |
|
|
Amount (Rs. In Millions) : |
Rs. 14.900 Millions |
|
|
|
|
|
2. |
Name of Credit Grantors / Bank & Branch: |
HDFC Bank, Chennai |
|
|
Name of Individual : |
1. Ashok C. Pratap 2. D B Saxena 3. H S Majumdar 4. M R M Punja 5. N Srinivasan 6. P G Daftary 7. Pradip D Kothari 8. Surekha P Kothari 9. Suresh Kumar |
|
|
Amount (Rs. In Millions) : |
Rs. 34.460 Millions |
|
|
|
|
|
3. |
Name of Credit Grantors / Bank & Branch: |
Kotak Bank, Mumbai |
|
|
Name of Individual : |
1. A.R. Krishnan 2. B. Perumalswamy 3. K. Santhanam 4. Pradip D. Kothari 5. Justice (Retd.) S. Kalyanam 6. T.S. Raghavan 7. T. Sankaran |
|
|
Amount (Rs. In Millions) : |
Rs. 81.880 Millions |
|
|
|
|
|
4. |
Name of Credit Grantors / Bank & Branch: |
ICICI Bank, Chennai |
|
|
Name of Individual : |
1. Ashok C. Pratap 2. Pradeep D. Kothari 3. Surekha P. Kothari |
|
|
Amount (Rs. In Millions) : |
Rs. 639.840 Millions |
|
|
|
|
|
5. |
Name of Credit Grantors / Bank & Branch: |
Central Bank of India, Nungambakkam |
|
|
Name of Individual : |
1. Kalyanam S. Justice 2. Kothari P D 3. Natarajan G 4. Perumalsami 5. Raghavan T S |
|
|
Amount (Rs. In Millions) : |
Rs. 17.400 Millions |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No. 91-44-28334563)
LOCATIONS
|
Registered Office : |
114/117, “Kothai Building”, 20 Nungambakkam High Road, Mahathma Gandhi
Road, Chennai-600035, Tamilnadu, India |
|
Tel. No.: |
91-44-28334565 |
|
Fax No.: |
91-44-28334581 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Factory : |
Super Phosphate Factory, Ennore, Chennai-600057, Tamilnadu, India |
|
Tel. No.: |
91-44-25751157 |
|
|
|
|
Area Offices : |
Tamilnadu Area
Office New No, 37, Old No. 7A, Lawsons Road, Opposite to Vestry School
Cantonment, Trichy - 620 001, Tamilnadu, India Tel. No.: 91- 431-2410103 Email : tamilnadu@kotharis.in Andhra Pradesh
Area Office 2D.No.7-150/1, Second Floor, Nagendra Nagar, Street No. 1/ Habsiguda, Tel. No.: 91-40-42209028 Email : hyderabad@kotharis.in Karnataka Area
Office 214, 4th Main Road, Chamarajpet, Bangalore - 560 018, Karnataka, India
Tel. No.: 91-80-26600340 Email : karnataka@kotharis.in Kerala Area
Office XIV/105, Municipal Industrial Area, Kodimatha, Kottayam - 686 039,
Kerala, India Tel. No.:91- 481-2567703 Email : kottayam@kotharis.in |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Pradip D. Kothari |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. K. Santhanam |
|
Designation : |
Director |
|
Qualification : |
M.Com. |
|
Date of Appointment : |
06.07.2005 |
|
|
|
|
Name : |
Mr. Chetan Vijay Pagariya |
|
Designation : |
Director |
|
Qualification : |
B.Com.,
PGDC&A, ACA. |
|
Date of Appointment : |
20.08.2008 |
|
|
|
|
Name : |
Dr. Easo John |
|
Designation : |
Director |
|
Qualification : |
MA, Economics, MBA and Ph.D |
|
|
|
|
Name : |
Mrs. Surekha P. Kothari |
|
Designation : |
Director |
|
Date of Appointment : |
19.09.2011 |
|
Qualification : |
Master's Graduate |
KEY EXECUTIVES
|
Name : |
Mr. G. Mohan Das |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2370603 |
18.99 |
|
|
513412 |
4.11 |
|
|
457413 |
3.66 |
|
|
457413 |
3.66 |
|
|
3341428 |
26.77 |
|
|
|
|
|
|
103890 |
0.83 |
|
|
360000 |
2.88 |
|
|
463890 |
3.72 |
|
Total shareholding of Promoter and Promoter Group (A) |
3805318 |
30.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
162556 |
1.30 |
|
|
2625505 |
21.03 |
|
|
2788061 |
22.33 |
|
|
|
|
|
|
922443 |
7.39 |
|
|
|
|
|
|
4968063 |
39.80 |
|
|
5890506 |
47.18 |
|
Total Public shareholding (B) |
8678567 |
69.52 |
|
Total (A)+(B) |
12483885 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12483885 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Mixing of Fertilizers. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Superphosphate |
Tonnes |
66000 |
42019.000 |
|
Mixtures |
Tones |
-- |
44542.385 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· IDBI Bank, Chennai · HDFC Bank, Chennai · Kotak Bank, Mumbai · ICICI Bank, Chennai · Central Bank of India, Nungambakkam |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Note : Loans and advances
from banks are secured on immovable properties and current assets of the
Company and guaranteed in certain cases by the promoter. Negotiations have
reached a final stage with respect to loans due and payable by the Company to
a Bank. Secured loans from a Company and an individual respectively are
secured by equitable charge on certain properties of the Company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. B. Naidu and Company Chartered Accountant |
|
Address : |
MC Park way,
122/36, Marshalls Road, (Rukmani Lakshmipathy Salai), Opposite: Rajarathinam
Stadium, Egmore, Chennai - 600 008, Tamilnadu, India |
|
|
|
|
Associates : |
·
Kothari (Madras) International Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15899052 |
Equity Shares |
Rs.5/- each |
Rs. 79.495
Millions |
|
|
|
|
|
Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15619052 |
Equity Shares |
Rs.5/- each |
Rs. 78.095
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12483885 |
Equity Shares |
Rs.5/- each |
Rs. 62.419
Millions |
|
|
|
|
|
Reconciliation
of Number of shares
|
Particulars |
31.03.2012 |
|
|
No. of Shares |
Rs. In millions |
|
|
Equity
Shares |
|
|
|
Balance
as at the beginning of the year |
12,483,885 |
624.19 |
|
Balance as at the end of
the year |
12,483,885 |
624.19 |
Details of Shares held by share holders holding more than 5% of the
aggregate shares in the company
|
|
Percentage |
31.03.2012 |
|
Equity
Shares |
|
|
|
Life
Insurance Corporation |
11.79% |
14,71,679 |
|
Mr.
P.D. Kothari |
10.94% |
13,66,288 |
|
Total |
|
28,37,967 |
Additional Disclosures
Out of the Paid-up
Capital
(i) 22,25,850 Equity
Shares of Rs.10/- each were allotted as fully paid on amalgamation in February
1972 for consideration other than cash.
(ii) 8,29,760
Equity Shares of Rs.10/- each fully paid were allotted for consideration other
than cash to certain financial institutions on conversion of part of secured
loans, in the year 1981.
(iii) 20,00,000
Equity Shares of Rs.10/- each fully paid were allotted for consideration other
than cash on 01.10.1983 as per the terms of issue to the holders of 13.5%
Convertible Secured Debentures issued to the Public.
(iv) 45,68,200
Equity Shares of Rs.10/- each were allotted on 25.08.1993 as fully paid on part
conversion of 16% Secured Partly convertible Redeemable Debentures allotted on
25.02.1993.
(v) The consent
terms filed on 05.03.2000 with the Supreme Court and decreed by the said Court
in the matter of share allotment and sale of 5.33 grounds of land effects of
the decree has not been considered in the books of accounts of the company,
since the consent decree terms are yet to be implemented. A suit has since been
filed in Madras High Court for implementation of the scheme. The Board is
authorized by the shareholders to issue of Equity Shares on preferential basis
to promoters / promoters’ group / associates and others immediately after the
approval for Reduction of Capital has been obtained from the Hon’ble High Court
of Judicature at Madras and on completion of necessary formalities regarding
listing of shares with Bombay Stock Exchange. The shareholders are entitled to
dividend when declared. Their rights are governed by the Articles of
Association and the Companies Act, 1956.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
62.419 |
62.362 |
132.620 |
|
|
2] Share Application Money |
33.635 |
7.838 |
0.000 |
|
|
3] Reserves & Surplus |
144.595 |
(98.209) |
239.966 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(347.416) |
|
|
NETWORTH |
240.649 |
(28.009) |
25.170 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
206.374 |
203.421 |
307.431 |
|
|
2] Unsecured Loans |
66.029 |
71.130 |
34.563 |
|
|
TOTAL BORROWING |
272.403 |
274.551 |
341.994 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
513.052 |
246.542 |
367.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
499.968 |
216.825 |
233.305 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.529 |
0.009 |
0.009 |
|
|
DEFERRED TAX ASSETS |
77.803 |
77.803 |
77.803 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
221.331
|
56.802 |
97.627 |
|
|
Sundry Debtors |
60.593
|
51.253 |
66.112 |
|
|
Cash & Bank Balances |
38.327
|
26.200 |
32.773 |
|
|
Other Current Assets |
0.494
|
2.837 |
0.000 |
|
|
Loans & Advances |
152.526
|
81.596 |
77.401 |
|
Total
Current Assets |
473.271
|
218.688 |
273.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
301.038
|
110.079 |
148.702 |
|
|
Other Current Liabilities |
224.052
|
149.171 |
71.029 |
|
|
Provisions |
13.429
|
7.533 |
2.668 |
|
Total
Current Liabilities |
538.519
|
266.783 |
222.399 |
|
|
Net Current Assets |
(65.248)
|
(48.095) |
51.514 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.533 |
|
|
|
|
|
|
|
|
TOTAL |
513.052 |
246.542 |
367.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
1116.232 |
959.062 |
521.400 |
|
|
|
Profit
on Sale of Fixed Assets |
0.000 |
33.766 |
12.484 |
|
|
|
Profit
on Sale of Land (Stock in Trade) |
0.000 |
66.355 |
0.000 |
|
|
|
Other Income |
16.753 |
18.406 |
28.626 |
|
|
|
TOTAL (A) |
1132.985 |
1077.589 |
562.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
434.277 |
284.883 |
|
|
|
|
Purchase
of Stock-in-Trade |
386.203 |
405.160 |
|
|
|
|
Employee benefits |
72.159 |
58.914 |
565.079 |
|
|
|
Other expenses |
260.568 |
216.807 |
|
|
|
|
Exceptional Items |
5.133 |
102.556 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(63.318) |
19.203 |
|
|
|
|
TOTAL (B) |
1095.022 |
1087.523 |
565.079 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
37.963 |
(9.934) |
(2.569) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.276 |
18.077 |
6.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.687 |
(28.011) |
(9.356) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.919 |
3.593 |
1.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
4.768 |
(31.604) |
(10.948) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
21.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
4.768 |
(31.604) |
(32.122) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(230.148) |
(347.416) |
(315.294) |
|
|
|
|
|
|
|
|
|
Less |
Reduction of
Share Capital and Premium thereon |
0.000 |
(148.872) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(225.380) |
(230.148) |
(347.416) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.38 |
(2.38) |
(2.42) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
290.900 |
278.600 |
|
Total Expenditure |
|
287.500 |
271.500 |
|
PBIDT (Excl OI) |
|
3.400 |
7.100 |
|
Other Income |
|
4.400 |
6.300 |
|
Operating Profit |
|
7.900 |
13.400 |
|
Interest |
|
4.800 |
7.200 |
|
Exceptional Items |
|
0.000 |
0.700 |
|
PBDT |
|
3.000 |
6.900 |
|
Depreciation |
|
1.000 |
1.000 |
|
Profit Before Tax |
|
2.100 |
5.900 |
|
Tax |
|
0.000 |
0.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
2.100 |
5.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
2.100 |
5.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.42
|
(2.93)
|
(5.71) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.43
|
(3.30)
|
(2.10) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.49
|
(7.26)
|
(2.16) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
1.13
|
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.13
|
(9.80)
|
13.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.82
|
1.23 |
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 |
Yes |
|
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 |
No |
|
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 |
No |
LITIGATION DETAILS
CHENNAI COURT
CASE
STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
APPLICATION |
|
Case No.: |
3069 |
|
Year : |
2011 |
|
Petitioner : |
M/S. BEKAE PROPERTIES (P) LTD |
|
Respondent : |
KOTHARI INDUSTRIAL CORPORATION |
|
Pet's Advocate : |
M/S. R. THIAGARAJAN |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Nov 29 2011 |
BACKGROUND
The Company is
engaged in manufacturing and mixing of fertilisers and has a network of distributors
in the southern states and has developed a brand value recognised in the market
place. The company has planned to develop a Container Terminal at Ennore.
OPERATIONS:
The Turnover of Single
Super Phosphate, NPK mixtures, Straight fertilizers and trading in pesticides
was Rs.1116.232 millions as compared to Rs.959.062 millions in the previous
year. The Company produced 49040 MT of Single Super Phosphate during the year.
FUTURE PROSPECTS:
The Company has
signed a contract with a large manufacturer of Agro Chemicals for marketing a
range of herbicides, insecticides and fungicides under specific brand names and
by leveraging the “Kotharis” and “Horse Brand” and augmenting the revenue stream.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Subject is engaged
in the core business of manufacturing and trading of Fertilizers and trading of
Micro Nutrients including Straight Fertilizers. The key issues relating to this
line of activity are discussed below:-
Indian Economy
which is primarily dependent on agriculture besides industrial sector, a
substantial growth in the economy’s performance. The growth of the agricultural
sector is based on many factors including onset of the monsoon over the Indian
Sub-continent. A good monsoon raises the hopes of the farmers and in turn the
prospects of their business. They in turn continue to deliver fertilizers for
increased output of the agricultural sector.
Their Company’s
products being branded ones enjoy a market especially in the southern states of
India. The Company recorded a turnover of Rs.1132.985 millions against the
previous year turnover of Rs.1077.703 millions, thereby registering a growth of
5.13% during the year. A team of Internal Auditors continue to visit all the
branches of the Company on regular basis to ensure adherence to the established
systems and procedures. The audit reports are reviewed by the Senior Management
Committee at the head office and reviewed by the Audit Committee.
OUTLOOK
All India capacity
utilization of SSP has improved from 54% during the year 2010-11 to 60% during
the year 2011-12. The company achieved a capacity utilization of 61% in keeping
with the trend in the industry. The share of SSP in total production of SSP and
its consumption had been coming down in the last 5 decades, but has now started
going up due to changes in Government Policy. However, compared to other
countries like China, Brazil and Egypt, India consumes only 5.8% of its phosphate
through SSP, leaving a great scope for improvement
in the years to
come.
The company
proposes to have a further product enhancement by setting up a granulation unit
in its factory premises at Ennore and this will go on stream once the financial
closure takes place.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Loans
repayable on demand - from Banks |
0.733 |
0.733 |
|
Loans
repayable on demand - from other parties |
65.296 |
70.397 |
|
Total |
66.029 |
71.130
|
UNAUDITED
STATEMENT OF RESULTS FOR THE QUARTER ENDED 30.09.2012
(Rs.
In millions)
|
PART I |
Particulars |
Quarter
Ended |
Half
year ended |
|
|
Sr. no. |
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Audited) |
|
1 |
Income from Operations Net sales/Income from
operations (Net of excise duty) Total income from
operations |
278.641 278.641 |
290.923 290.923 |
569.564 569.564 |
|
2 |
Expenses (a) Cost of materials consumed (b) Purchase of Stock-in-Trade (c) Changes in inventories including
finished goods, stock-in-trade etc. (d) Employee benefits (e) Depreciation and amortisation expense (f) Other expenses |
124.207 99.729 (5.665) 16.106 1.019 37.149 |
142.573 49.755 12.576 17.355 0.976 65.217 |
266.780 149.484 6.911 33.461 1.995 102.366 |
|
|
Total expenses |
272.545 |
288.452 |
560.997 |
|
3 |
Profit / Loss from
operations before other income, finance costs and exceptional items |
6.096 |
2.471 |
8.567 |
|
4 |
Other income |
6.258 |
4.430 |
10.688 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items |
12.354 |
6.901 |
19.255 |
|
6 |
Finance costs |
7.164 |
4.826 |
11.990 |
|
7 |
Profit / (Loss) from ordinary
activities after finance costs but before exceptional items |
5.190 |
2.075 |
7.265 |
|
8 |
Exceptional items |
0.665 |
0.000 |
0.665 |
|
9 |
Profit / (Loss) from
ordinary activities before tax |
5.855 |
2.075 |
7.930 |
|
10 |
Tax expense / Deferred tax
adjustment |
0.800 |
0.000 |
0.800 |
|
11 |
Profit / Loss for the
quarter / year |
5.055 |
2.075 |
7.130 |
|
12 |
Paid-up equity share
capital (Face Value of the Share
shall be indicated) |
62.419 |
62.419 |
62.419 |
|
13 |
Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
14 |
Earnings per share of
Rs.5/- each (not annualised for the quarter) Basic & Diluted |
0.40 |
0.17 |
0.57 |
|
A 1 |
PARTICULARS OF
SHAREHOLDING Public shareholding - Number of shares - Percentage of shareholding |
8678567 69.52 |
8678567 69.52 |
8678567 69.52 |
|
2 |
Promoters and Promoter
Group Shareholding a) Pledged / Encumbered - Number of shares - Percentage of shares (as a % of the total share capital of
the company) |
nil nil |
|
nil nil |
|
|
b) Non-encumbered - Number of shares - Percentage of shares (as a % of the total shareholding
of the Promoter and Promoter group) - Percentage of shares (as a % of the total share capital
of the company) |
3805318 30.48 |
3805318 30.48 |
3805318 30.48 |
|
|
Particulars |
3 months ended 30.09.2012 |
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
13 |
|
|
Disposed of during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
NOTES:
The company operates in one
reportable business segment of manufacture and sale of Fertilizers and
Fertilizer Mixtures.
The company has received the
approval from the Bombay Stock Exchange for Reduction in the face value of
equity shares from Rs.10/- to Rs.5/-.
The figures of the last
year have been reclassified to confirm to Schedule VI (as amended) of the
companies
act, 1956.
The above financial results
have been reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on 03.11.2012.
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In millions)
|
|
Particulars |
As
at 30.09.2012 |
|
|
|
(Unaudited) |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
62.419 |
|
|
(b) Reserves and Surplus |
127.991 |
|
|
Sub Total: Shareholder's
funds |
190.410 |
|
2 |
Non-Cirrent Liabilities |
|
|
|
a)Long-term borrowings |
207.101 |
|
|
b)Other Long term
liabilities |
136.749 |
|
|
c)Long-term provisions |
13.303 |
|
|
Sub Total: Non-Current
Liabilities |
357.153 |
|
3 |
Current Liabilities |
|
|
|
a)Short-term borrowings |
94.237 |
|
|
b)Trade Payables |
203.665 |
|
|
c)Other Current liabilities |
51.960 |
|
|
Sub Total: Current
Liabilities |
349.862 |
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
897.425 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a)Tangible assets |
477.738 |
|
|
b)Non-Current Investments |
0.520 |
|
|
c)Deferred tax assets
(net) |
77.803 |
|
|
d)Long-term loans and
advances |
90.298 |
|
|
e)Other non-current
assets |
0.637 |
|
|
Sub-Total: Non-current
assets |
646.996 |
|
2 |
Current assets |
|
|
|
a)Inventories |
123.935 |
|
|
b)Trade receivables |
83.769 |
|
|
c)Cash and Cash
Equivalents |
21.548 |
|
|
d)Short-term loans and
advances |
21.177 |
|
|
Sub: total: Current
assets |
250.429 |
|
|
|
|
|
|
TOTAL- ASSETS |
897.425 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Claims against
the company not acknowledged as debt -Disputed sales
tax demands under appeal including stay of recovery granted for Rs.85.465
millions (Rs.2.050 millions paid under protest included under advances)
(Based on another Supreme Court order and legal Opinion such demands may not
be sustainable) |
87.689 |
|
-Others(Exclusive of Interest) |
14.500 |
|
Guarantees |
0.700 |
|
Other money for which
the company is contingently liable - Differential
Customs Duty on Import machinery Availed under export obligation scheme |
8.407 |
|
- Interest if
any, on Mortgage Loan of is 45000000.00 under negotiation along with other connected
issues and the rate of interest and quantum thereof, if any, and is presently
under negotiation and pending resolution and quantification of the liability,
if any, has not recognized in the accounts |
|
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
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.53.14 |
|
|
1 |
Rs.83.27 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
21 |
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.