MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED PHOSPHORUS LIMITED |
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Registered
Office : |
3-11, G.I.D.C, Vapi District
Valsad – 396195, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.01.1985 |
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Com. Reg. No.: |
04-025132 |
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Capital
Investment / Paid-up Capital : |
Rs.923.600 Millions |
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CIN No.: [Company Identification
No.] |
L24219GJ1985PLC025132 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Agrochemicals. |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 140200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and a reputed company having good track
records. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA + [Long Term Bank Facilities] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
27.04.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A1 + [Short Term Bank Facilities] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
27.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
3-11, G.I.D.C, Vapi District Valsad-396195, Gujarat, India |
|
Tel. No.: |
91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719 |
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Fax No.: |
91-260-2401823 |
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E-Mail : |
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Website : |
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Head Office : |
Ready Money Terrace, 167 Dr. A.B. Road, Worli, Mumbai-400018,
Maharashtra, India |
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Tel. No.: |
91-22-61233500 |
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Fax No.: |
91-22-24938826 |
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Corporate Office : |
Uniphos House, Madhu Park Centre, Opposite Madhu Park, Chitrakar Dhurandar
Marg, Khar (West), Mumbai-400052,
Maharashtra, India |
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Tel. No.: |
91-22-26468000 |
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Fax No.: |
91-22-26041010 |
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E-Mail : |
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Administrative Office : |
B - 905, Vasant Vihar Tower, Dafnala, Shahibaug,, Ahmedabad-380004,
Gujarat, India |
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Tel. No.: |
91-79 – 22862686/ 96 |
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Fax No.: |
91-79 - 22862676 |
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Email : |
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Factory 1 : |
117, G.I.D.C., Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-251223/ 250336/ 251249/ 250279/ 250379 |
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Fax No.: |
91-2646-250297 |
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Factory 2 : |
3405/ 6, G.I.D.C, Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-250578/ 250493/ 250563 |
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Fax No.: |
91-2646-251434 |
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Factory 3 : |
3101/2, G.I.D.C., Ankleshwar-393002, Gujarat, India |
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Tel. No.: |
91-2646-251189/ 225174/ 224473/ 252684 |
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Fax No.: |
91-2646-250615 |
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Factory : |
Also Located At: ·
Vapi ·
Jhagadia ·
Halol ·
Jammu |
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Depot : |
17-18 Sunrise Estate, 17-18 Sunrise Estate, 17-18 Sunrise Estate, Sarkhej,
District. Ahmedabad-382210, Gujarat, India |
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Tel. No.: |
91-79- 2093391/93/26890479/80 |
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Fax No.: |
91-79- 26890480 |
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Email : |
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Branch Office 1: |
F-7,Vinayak Sankul, Opposite Bhamburkar Hospital, Opposite Bhamburkar
Hospital, Tapdiya Nagar, Akola-444005, Maharashtra, India |
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Tel. No.: |
91-724- 2437957/2431733/2441565 |
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Fax No.: |
91-724- 2437957 |
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Email : |
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Branch Office 2: |
121/7, Pune -Saswad Road, Opposite Nutan Warehousing Godown, A/P
Phursungi, Pune-412308, Maharashtra, India |
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Tel. No.: |
91-20-6989858/698967295/6344820/6355823 |
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Fax No.: |
91-20- 6344820 |
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Email : |
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Overseas Offices : |
Located At : ·
Zambia ·
China ·
Australia ·
Japan ·
Russia ·
Korea ·
Vietnam ·
New Zealand |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. R. D. Shroff |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mrs. S. R. Shroff |
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Designation : |
Vice Chairman |
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Name : |
Mr. V. R. Shroff |
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Designation : |
Executive Director |
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Name : |
Mr. A. C. Ashar |
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Designation : |
Whole Time Director |
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Name : |
Mr. K. Banerjee |
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Designation : |
Whole Time Director |
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Name : |
Mr. Pradeep Goyal |
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Designation : |
Director |
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Name : |
Dr. P. V. Krishna |
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Designation : |
Director |
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Name : |
Dr. (Mrs.) R. Ramachandran |
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Designation : |
Director |
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Name : |
Mr. Pradip Madhavji |
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Designation : |
Director |
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Name : |
Mr. Vinod Sethi |
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Designation : |
Director |
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Name : |
Mr. Chirayu R. Amin |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. B. Tridevi |
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Designation : |
Company Secretary |
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|
Name : |
Mr. J. R. Shroff |
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Designation : |
Global CEO of the Group |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
3791679 |
0.83 |
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|
123970160 |
27.26 |
|
|
127761839 |
28.10 |
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|
|
|
|
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|
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|
Total shareholding of Promoter and Promoter Group (A) |
127761839 |
28.10 |
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|
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(B) Public Shareholding |
|
|
|
|
|
|
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|
47812549 |
10.52 |
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|
377387 |
0.08 |
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|
25475127 |
5.60 |
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|
162298349 |
35.69 |
|
|
235963412 |
51.90 |
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|
|
|
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|
39929989 |
8.78 |
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|
34367112 |
7.56 |
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|
5701286 |
1.25 |
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|
10968747 |
2.41 |
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|
6740 |
0.00 |
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|
7545888 |
1.66 |
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|
3416119 |
0.75 |
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|
90967134 |
20.01 |
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Total Public shareholding (B) |
326930546 |
71.90 |
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|
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Total (A)+(B) |
454692385 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
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|
370720 |
0.00 |
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|
370720 |
0.00 |
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|
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Total (A)+(B)+(C) |
455063105 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agrochemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
Speciality Chemicals |
Tones |
12 |
48 |
27 |
|
Chloro-Alkaline Products |
Tones |
106524 |
105402 |
95943 |
|
|
NM3 |
-- |
-- |
11364345 |
|
Industrial Chemicals |
Tones |
53904 |
41484 |
30210 |
|
Power |
MW |
48 |
48 |
2204 (Lacs KWH) |
|
Pesticides |
Tones |
101164 |
140012 |
69429 |
|
Mercury Salts |
Tones |
100 |
100 |
-- |
|
Pesticides Intermediates |
Tones |
42631 |
34872 |
17101 |
Notes:
- Licensed and Installed Capacities are as certified by a Director on
which the Auditors have relied, being a technical matter.
- Licensed capacity represents registered capacity with Directorate
General of Technical Development (D.G.T.D.), capacity intimated to
D.G.T.D. under Industrial Licensing Policy and/or capacity intimated to
Secretary for Industrial Approvals.
- Production includes quantities produced for captive consumption.
- During the year, the Company has produced 1,96,85,239 Liters
(Previous Year: 1,31,18,838 Liters), 3,25,15,560 Kilograms (Previous Year:
2,52,88,625 Kilograms) and 37,15,270 numbers (Previous Year: 27,68,165
numbers) of formulations out of Technical Grade Products
manufactured/purchased by the Company
- Production includes 3,091 Tones (Previous Year: 3,302 Tones)
produced on Job-Work basis for outside parties.
GENERAL INFORMATION
|
No. of Employees : |
2500 (Approximately) |
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Bankers : |
·
Dena Bank ·
Bank of Baroda ·
State Bank of India ·
Union Bank of India ·
Canara Bank ·
HDFC Bank Limited ·
IDBI Bank Limited ·
The Kurar Vysya Bank Limited ·
Axis Bank Limited ·
Andhra Bank ·
State Bank of Hyderabad ·
Export-Import Bank of India ·
ICICI Bank Limited ·
ING Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
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Associates : |
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Subsidiaries : |
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Joint Ventures : |
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Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1275000000 |
Equity Shares |
Rs.2/- each |
Rs.2550.000 Millions |
|
14000000 |
Preferences Shares |
Rs.100/- each |
Rs.1400.000 Millions |
|
5000000 |
Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.4000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
461804274 |
Equity Shares |
Rs.2/- each |
Rs.923.600
Millions |
NOTE:
a)
Reconciliation of the shares outstanding at the beginning and at the end of the
reporting period
|
Particular |
As on 31.03.2012 |
|
|
|
No. Lacs |
Rs. in Millions |
|
At the beginning of the year |
4618 |
923.600 |
|
Issued during the year – Conversion of FCCBs |
-- |
-- |
|
Outstanding at the end of the year |
4618 |
923.600 |
b) Terms/ rights attached to equity shares:
The Company has one
class of equity shares having par value of Rs. 2 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive the remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
c) Aggregate number of bonus shares issued, shares
issued for consideration other than cash and shares bought back during the
period of five years immediately preceding the reporting date:
|
Particular |
As on 31.03.2012 |
|
Equity shares
allotted as fully paid bonus shares by capitalization of securities premium |
2198 |
d)
Details of shareholders holding more than 5% shares in the Company
|
Name
of the shareholder |
As on 31.03.2012 |
|
|
|
No. Lacs |
% Holding in the Class |
|
Nerka Chemicals Private Limited |
986 |
21.36 |
|
Uniphos Enterprises Limited |
253 |
5.49 |
As per records of the
Company, including its register of shareholders/ members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
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 |
923.600 |
923.600 |
879.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34136.600 |
21657.200 |
18336.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35060.200 |
22580.800 |
19215.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.600 |
2364.700 |
2216.900 |
|
|
2] Unsecured Loans |
14513.200 |
12001.900 |
19278.000 |
|
|
TOTAL BORROWING |
14515.800 |
14366.600 |
21494.900 |
|
|
DEFERRED TAX LIABILITIES |
827.800 |
630.700 |
722.300 |
|
|
DEFERRED PAYMENT LIABILITIES |
0.000 |
0.000 |
43.900 |
|
|
|
|
|
|
|
|
TOTAL |
50403.800 |
37578.100 |
41476.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13754.200 |
9378.400 |
8370.500 |
|
|
Capital work-in-progress |
1136.400 |
430.800 |
293.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
7821.200 |
10118.000 |
6878.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
INTANGIBLE ASSETS |
0.000 |
0.000 |
1357.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5500.300
|
4090.400 |
2870.100
|
|
|
Sundry Debtors |
13899.900
|
10249.500 |
7468.300
|
|
|
Cash & Bank Balances |
975.300
|
4378.200 |
3837.000
|
|
|
Other Current Assets |
893.400
|
917.500 |
605.400
|
|
|
Loans & Advances |
18660.500
|
18953.000 |
17736.500
|
|
Total
Current Assets |
39929.400
|
38588.600 |
32517.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6186.600
|
5825.800 |
5010.200
|
|
|
Other Current Liabilities |
4499.200
|
13891.200 |
1746.100
|
|
|
Provisions |
1551.600
|
1220.700 |
1184.400
|
|
Total
Current Liabilities |
12237.400
|
20937.700 |
7940.700 |
|
|
Net Current Assets |
27692.000
|
17650.900 |
24576.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50403.800 |
37578.100 |
41476.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33080.000 |
29110.900 |
24533.900 |
|
|
|
Other Income |
1514.900 |
1535.900 |
1739.500 |
|
|
|
TOTAL (A) |
34594.900 |
30646.800 |
26273.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
15578.900 |
12709.600 |
|
|
|
|
Purchase of traded goods |
3423.100 |
2845.800 |
|
|
|
|
Employee benefits expense |
1846.500 |
1531.200 |
21783.900 |
|
|
|
Other expenses |
8766.700 |
7885.200 |
|
|
|
|
(Increase)/ decrease in inventories of finished goods, by-products,
work-in-progress and traded goods |
(1168.500) |
(510.500) |
|
|
|
|
TOTAL (B) |
28446.700 |
24461.300 |
21783.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6148.200 |
6185.500 |
4489.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1643.700 |
2936.400 |
926.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4504.500 |
3249.100 |
3563.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1434.900 |
1146.800 |
1079.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3069.600 |
2102.300 |
2484.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
799.200 |
527.300 |
671.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2270.400 |
1575.000 |
1812.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
234.000 |
6.300 |
|
|
|
|
|
|
|
|
|
Add |
APPROPRIATIONS |
|
|
|
|
|
|
Debentures Redemption Reserve Written Bank |
NA |
3044.800 |
440.200 |
|
|
|
Amount transferred from General Reserve |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend on Equity Shares |
NA |
926.100 |
879.100 |
|
|
|
Tax on Distributed Profit: On Equity
Dividend |
NA |
150.200 |
146.000 |
|
|
|
Debentures Redemption Reserve |
NA |
660.500 |
800.300 |
|
|
|
Transfer to General Reserve |
NA |
2750.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
367.000 |
234.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
16747.900 |
14457.500 |
13337.500 |
|
|
|
Interest |
466.500 |
304.300 |
502.000 |
|
|
|
Dividend |
197.000 |
0.000 |
0.000 |
|
|
|
Others |
7.100 |
1.900 |
75.700 |
|
|
TOTAL EARNINGS |
17418.500 |
14763.700 |
13915.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7124.100 |
6496.300 |
4414.700 |
|
|
|
Components and Spares Parts |
8.800 |
10.300 |
0.000 |
|
|
|
Capital Goods |
128.900 |
56.300 |
51.100 |
|
|
TOTAL IMPORTS |
7261.800 |
6562.900 |
4465.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.92 |
3.52 |
4.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
9719.800 |
9599.700 |
|
Total Expenditure |
|
8172.300 |
8639.800 |
|
PBIDT (Excl OI) |
|
1547.500 |
959.900 |
|
Other Income |
|
1061.900 |
1275.500 |
|
Operating Profit |
|
2609.400 |
2235.400 |
|
Interest |
|
425.300 |
753.400 |
|
PBDT |
|
2184.100 |
1482.000 |
|
Depreciation |
|
382.100 |
386.100 |
|
Profit Before Tax |
|
1802.000 |
1095.900 |
|
Tax |
|
500.900 |
307.400 |
|
Profit After Tax |
|
1301.100 |
788.500 |
|
Net Profit |
|
1301.100 |
788.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.56
|
5.14 |
6.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.28
|
7.22 |
10.12
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.72
|
4.38 |
6.08
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
1.56 |
1.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.26
|
1.84 |
4.10
|
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 |
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 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
HIGH COURT OF GUJARAT
|
CIVIL
APPLICATION NO. 11232 OF 2011 IN SPECIAL CIVIL
APPLICATION / 8027 / 2011 (PENDING) |
||
|
Status: PENDING
CCIN No: 001006201111232 Last Listing Date: 01.12.2011 Coram: - ADDITIONAL
REGISTRAR (JUDICIAL) |
||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|
1 |
GUJARAT
ELECTRICITY REGULATION COMMISSION |
-- |
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|
1 |
UNITED
PHOSPHORUS LIMITED |
-- |
|
Presented On : 16.11.2011 Registered
On : 16.11.2011 Bench Category : SINGLE BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 0 times Stage Name : OFFICE OBJECTION
(FILING STAGE)
|
||
|
CIVIL APPLICATION
NO. 11730 OF 2011 IN SPECIAL CIVIL
APPLICATION / 8027 / 2011 (PENDING) |
|||||||||||
|
Status: PENDING
( Converted from : CAST/10656/2011 ) CCIN No: 001003201111730 Next Listing Date: 11.02.2013 Coram: - HONOURABLE
MR.JUSTICE Z.K.SAIYED |
|||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||||||
|
1 |
INDIAN WIND
ENERGY ASSOCIATION |
MR HEMANT K
MAKWANA for: Petitioner(s) |
|||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||||||
|
1 |
UNITED
PHOSPHORUS LIMITED |
MR ABHISHEK M
MEHTA for :Respondent(s) |
|||||||||
|
2 |
DEEPAK GARG |
|
|||||||||
|
3 |
GUJARAT
ELECTICITY REGULATORY COMMISSION |
|
|||||||||
|
Presented On : 18.10.2011 Registered
On : 18.10.2011 Bench Category : SINGLE BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 31 times Stage Name : NOTICE &
ADJOURNED MATTERS
Classification SJ - CIVIL APPLICATION - CODE OF CIVIL
PROCEDURE, 1908 - JOINING PARTY Act
CIVIL PROCEDURE CODE, 1908 Office Details |
|||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||||||
|
1 |
18/10/2011 |
MEMO OF
APPEAL/PETITION/SUIT |
MR HEMANT K
MAKWANA ADVOCATE |
20 |
MR HEMANT K
MAKWANA:1 |
||||||
|
2 |
20/10/2011 |
VAKALATNAMA |
MR HEMANT K
MAKWANA ADVOCATE |
5 |
MR HEMANT K
MAKWANA:1 |
||||||
|
Court
Proceedings |
|||||||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|||||
|
1 |
11/12/2012 |
15 |
7 |
ADMISSION - CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
|
2 |
09/01/2013 |
15 |
12 |
ADMISSION - CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
|
3 |
22/01/2013 |
15 |
10 |
URGENT ADMISSION
- CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
|
CIVIL
APPLICATION NO. 12019 OF 2011 IN SPECIAL CIVIL
APPLICATION / 8027 / 2011 (PENDING) |
|||||||||||
|
Status: PENDING
( Converted from : CAST/11232/2011 ) CCIN No: 001003201112019 Next Listing Date: 11.02.2013 Coram: - HONOURABLE
MR.JUSTICE Z.K.SAIYED |
|||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||||||
|
1 |
GUJARAT
ELECTRICITY REGULATORY COMMISSION |
MR BD KARIA for:
Petitioner(s) |
|||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||||||
|
1 |
UNITED
PHOSPHORUS LIMITED |
MR ABHISHEK M
MEHTA for :Respondent(s) |
|||||||||
|
Presented On : 16.11.2011 Registered
On : 16.11.2011 Bench Category : SINGLE BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 32 times Stage Name : NOTICE &
ADJOURNED MATTERS
Classification SJ - CIVIL APPLICATION - CODE OF CIVIL
PROCEDURE, 1908 - JOINING PARTY Act
CIVIL PROCEDURE CODE, 1908 Office Details |
|||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||||||
|
1 |
16/11/2011 |
APPLICATION |
MR BD KARIA
ADVOCATE |
20 |
MR BD KARIA:1 |
||||||
|
Court
Proceedings |
|||||||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|||||
|
1 |
11/12/2012 |
15 |
7 |
URGENT ADMISSION
- CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
|
2 |
09/01/2013 |
15 |
12 |
URGENT ADMISSION
- CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
|
3 |
22/01/2013 |
15 |
10 |
URGENT ADMISSION
- CA |
Next Date |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|||||
FINANCE REVIEW
HIGHLIGHTS FOR
2011-12
ANALYSIS OF PROFIT AND LOSS ACCOUNT
- Revenues from operations increased 13.63% from
Rs. 29110.900 Millions in 2010-11 to Rs. 33080.000 Millions in 2011-12,
owing to increased offtake, better realisations and new products. Other
income decreased 1.37%, from Rs. 1535.900 Millions in 2010-11 to Rs.
1514.900 Millions in 2011-12, the reason for the same being a fall in
interest income and low profit on sale of investments compared with the
previous year.
- There was an increase of 16.29% in operating
expenses, increasing from Rs. 24461.300 Millions to Rs. 28446.700
Millions, largely driven by increased scale necessitating the deployment
of additional resources to manage daily operations. Total expenditure as a
proportion of total income stood at 82.23% in 2011-12 against 79.82% in
2010-11
- The raw material expenses increased from Rs. 12709.600
Millions in 2010-11 to Rs. 15578.900 Millions in 2011-12. As a percentage
of total cost, the same increased from 51.96% to 54.77%. The rise was
owing to an increase in the scale of operations and cost of raw materials.
- The employee related costs also increased from
Rs. 1531.200 Millions in 2010-11 to Rs. 1846.500 Millions in 2011-12. As a
percentage of total cost, the same increased from 6.26% to 6.49%. Annual
compensation to employees (comprising nearly 79% of the employee related
cost) rose 21% on account of new employees recruited during the year and
increments.
- Other expenses comprising rent, administration
expenses, selling expenses, among others decreased from 24.15% of the
total cost in the previous year to 22.84% in the current year, establishing
the effort made by the Company in cutting costs to increase and
profitability.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL ECONOMY
REVIEW
In 2011, the
global economy grew 3.8% (5.2% in 2010), emerging economies grew 6.2% (7.3% in
2010) and advanced economies grew 1.6% (3.2% in 2010). This indicates that
emerging economies continued to catalyse global growth.
INDIAN ECONOMY
REVIEW
The growth of the
Indian economy is estimated at 6.9% in 2011-12 compared with 8.4% in the
preceding two years, the lower growth attributed to a weakening global economy,
lower industrial growth and reforms slowdown. World Bank has projected India’s
GDP growth at 7-7.5% in 2012-13. India’s agricultural sector grew 2.5% compared
with 7% in 2010-11.
GLOBAL
AGROCHEMICAL MARKET
The value of the
global conventional chemical crop protection market is estimated to have
increased 14.9% in 2011 to US$ 44.025 bn; use of agrochemical products in
non-farm sectors rose by 7.0% to US$ 6.29 bn. The total agrochemical market
increased 13.8% to US$ 50.31 bn in 2011.
The most
significant crop protection market growth occurred in developing markets,
especially Latin America. Asia fared well followed by Europe (double-digit
growth in many East European countries including Russia and Ukraine).
KEY DRIVERS OF AGRICULTURAL DEMAND
- Increasing population
- Declining arable land per person
- Income growth in developing countries
- Changing diets
- Increasing demands for higher quality foods
Biofuel potential
REGIONAL MARKETS
REVIEW, 2011 USA:
In USA, the
planted area of cotton and maize increased but area under soybean and cereals
declined. The maize season began well, but was thereafter affected by rain at
soybean planting time. Ethanol profitability was sustained by low natural gas
prices, although maize prices were high in comparison with the oil prices.
While the harvest was reportedly high in volume, production quality was
affected by adverse weather. The fungicide sector was buoyant due to high maize
prices, although Company sales were affected by inventory issues from 2010. In
Canada, the planted area of most crops increased, but flooding washed out
significant production. The Mexican market was depressed by dry weather.
Latin America: Season 2010-11 ended positively due to
normal weather, high crop prices and a stable glyphosate market. The 2011-12
market started in a similar vein, with an increased planting of maize,
soybeans, sugarcane and cereals in Brazil and maize and soybeans in Argentina.
By end 2011, dry weather prevailed in South Brazil and Northern Argentina,
while high interest rates and the strength of the Brazilian Real against the US
dollar impacted farm profitability. Growth was driven by economic improvement
in most developing Latin American markets.
Europe: Cereal acreage increased due to higher
prices following the drought-affected Russian harvest of 2010. The fungicide
sector got off to a good start with an early end to the 2010-11 winter. In the
late spring/early summer, a period of dry weather affected product demand and
crop production in France, Germany, the Netherlands, south UK and Spain. The
market development was positive and agrochemical pricing stable. Improved
weather and economic conditions benefited Central and Eastern European markets,
although the grain area in Russia was depressed by the 2010 drought continuing
into the autumn planting season. Variable weather affected the 2011 harvest in
the Ukraine. However, overall development of the agrochemical market in the
region was very positive.
Asia: The Asian crop protection market was
positive in 2011 despite adverse weather condition that staggered growth. The
Chinese market was affected by dry weather in the north and a continuing
pressure on prices, particularly on glyphosate during the first half of the year.
Australia enjoyed better rainfall, although January flooding affected the
cotton sector in Queensland. Thailand was affected by severe flooding, which
impacted rice production. The tsunami destroyed an area of Japan’s crop
production. Rice demand and low stocks sustained a high price, while the palm
oil sector enjoyed high prices throughout the year. More stable glyphosate
prices assisted market growth in developing East Asian markets. India suffered
a variable monsoon season and declining crop prices due to an increased tariff
on exports. As a result, market growth did not live up to expectations.
Africa and the Middle East: In Africa and the
Middle East, growth was driven by exports, particularly fruits, vegetables and
flower crops. This was marked in Kenya, Tanzania and North Africa. Political
turmoil disrupted trade into many North African markets in 2011, while drought
affected East Africa.
INDIAN
AGROCHEMICAL MARKET
The size of the
Indian agrochemical industry is projected to grow from Rs. 150000.000 Millions
to Rs. 500000.000 Millions by 2020, through innovative farming solutions that
address the needs of marginal farmers. To achieve this growth, capacity
addition of over 100,000 tpa will be required entailing capital investments of
over Rs. 30000.000 Millions with corresponding investments in R and D and
farmer-awareness activities. It is estimated that India loses around 18% of the
crop yield valued at Rs.90,0000.000 Millions due to pest attacks each year.
India's agrochemicals consumption is one of the lowest in the world – per
hectare consumption of just 0.58 kg compared with the US (4.5 Kg/ha) and Japan
(11 Kg/ha). The key reasons for this under-consumption comprise low farmer
purchasing power, low crop protection awareness and poor crop protection
chemical accessibility.
INDIAN AGRARIAN
ECONOMY
The agricultural
sector is vital for the nation and is the principal source of livelihood for
more than 58% of the population. The growth of the agriculture and allied sectors
is expected to be around 2.5% during 2011-12, according to the Economic Survey
2011-12. India targets to achieve 9.5% average economic growth in the 12th
Five-Year Plan (2012-17), on the back of an estimated agricultural growth rate
of 4.2%.
Agriculture
including allied activities, accounted for 14.5% of gross domestic product
(GDP) at 2004-05 prices, in 2010- 11 as compared with 14.7% in 2009-10. The
average annual growth in agriculture and allied sectors realized during the
first four years of the Eleventh Plan Period -- 2007-08 to 2010-11, is 3.5%
against the targeted growth rate of 4%. Agriculture and allied sectors
recorded. As per the second Advance Estimates, food grain production during
2011-12 is estimated at an all time record level of 250.42 million tons which
is a significant achievement mainly due to increased production of rice and
wheat.
INDUSTRY DRIVERS
Growing food
demand: India has 16% of the world's population and less than 2% of the world’s
landmass. The country’s increasing population and an emphasis on food grain
self-sufficiency is expected to drive agrochemical sector growth.
Limited farmland
availability: India has around 190 mn hectares of gross cultivated area; the
scope for bringing new areas under cultivation is limited. Available arable
land per capita has been declining globally, increasing the pressure on yield
per hectare which can be addressed only through increased agrochemical use.
Growth of
horticulture and floriculture industries: Buoyed by 50% growth by the Indian
floriculture industry in three years, India launched a National Horticulture
Mission to double production by 2012. This growth will translate into a growing
demand for agrochemicals (especially fungicides).
Increasing
awareness: Indian government estimates place the total value of annual crop
loss due to non-use of pesticides at around US$ 17 bn. Companies are
increasingly training farmers regarding the right use of agrochemicals in terms
of quantity, application and appropriateness for pest problems. With increasing
awareness, the use of agrochemicals is expected to increase.
Scope for increase
in usage: With only 35-40% of the total farmland under crop protection, there
is a significant unserved market in India.
OUTLOOK
The global
population is expected to grow by over a third (2.3 billion people) between
2009 and 2050. Nearly all of this growth is forecast to take place in
developing countries. Among the latter group, sub-Saharan Africa’s population
could grow the fastest (+114%) and East and Southeast Asia the slowest (+13%).
Urbanisation will accelerate; urban areas could account for 70% of the world’s
population in 2050 (from 49% at present). The result: cereal demand is
projected to reach some 3 billion tons by 2050 from today’s level of 2.1 billion
tons. Feeding a global population of 9.1 billion in 2050 will require raising
overall food production by 70% between 2005-07 and 2050.
Some 90% of the
growth in crop production globally (80% in developing countries) is expected to
come from higher yields and increased cropping intensity, the remainder coming
from land expansion. Arable land will expand by some 70 million ha (or less
than 5%), with the expansion in developing countries by about 120 million ha
(or 12%) being offset by a decline of some 50 million ha (or 8%) in developed
countries. On average, annual crop yield growth rate over the projection period
would be about half (0.8%) its historical growth rate (1.7%; 0.9 and 2.1% for
the developing countries) according to FAO. This will require extensive use of
agrochemicals.
Indian crop losses
in the country due to pest attack range from 10 to 30% each year depending upon
attack severity. Pesticides protect crops from pest attacks.
FIXED ASSETS
·
Land-Freehold
·
Land-Leasehold
·
Leasehold Improvement Asset
·
Buildings
·
Plant and Machinery
·
Laboratory Equipments
·
Furniture, Fixtures and Equipments
·
Vehicles
·
Temporary Structures
PRESS RELEASE:
UNITED PHOSPHORUS
ACQUIRES DUTCH COMPANY AGRICHEM
MUMBAI, INDIA (13th July 2012): United Phosphorus Limited (UPL) today announced that its overseas subsidiary has entered into an agreement with SD Agchem Europe, a subsidiary of Punjab Chemicals and Crop Protection Limited (Punjab Chemicals) to acquire 100% in the Dutch company Agrichem along with all tangible and intangible assets, IPR, product registrations, brands, distribution network and manufacturing facilities.
Agrichem based out of Oosterhaut, Netherlands is engaged in the production, marketing and selling of crop protection products in the European agrochemicals market. Agrichem’s product range includes herbicides, insecticides and fungicides registered in several European countries like Netherlands, Belgium, UK, France, Germany, Ireland, Denmark, Italy, Slovakia, Czech Republic, Belarus and Switzerland. It has a well-staffed crop protection registration department, in-house R&D and quality control facilities and its own formulation facilities in Netherlands.
“Agrichem will give us new and enhanced market access in European countries. Agrichem has an exciting Registrations Portfolio with products that will be complimentary to UPL’s existing portfolio in Europe.” said Jai Shroff, Global CEO, and UPL.
UPL is the largest Indian agrochemical Company and is
engaged in research, manufacturing, marketing, sales & distribution of
agrochemicals and specialty chemicals across the globe. The Company’s revenue
for the year ended 31st March 2012 was about US$ 1,627 million
(www.uplonline.com).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
8 |
|
--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 |
|
67 |
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.