MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZUARI AGRO CHEMICALS LIMITED (w.e.f. 28.09.2012) |
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Formerly Known
As : |
ZUARI HOLDINGS LIMITED |
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Registered
Office : |
Jai Kissan Bhawan, Zuarinagar, Goa – 403726 |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.09.2009 |
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Com. Reg. No.: |
24-006177 |
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Capital
Investment / Paid-up Capital : |
Rs.420.580 Millions |
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CIN No.: [Company Identification
No.] |
U65910GA2009PLC006177 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRZ11011A |
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PAN No.: [Permanent Account No.] |
AAACZ3924H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Subject is engaged in the manufacture, sale and trading of fertilisers and seeds. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of K. K. Birla Group. It is a well established and reputed
company having fine track record. The company has improved its performance during 2012. External
borrowing appear to be huge which may act as a threat to the liquidity.
However, financial and liquidity position seems to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. In view of strong promoter experience, the company can be considered
good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A (Long Term Fund Based) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Swapnil |
|
Contact No.: |
91-832-2592180 |
|
Date : |
15.07.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India |
|
Tel. No.: |
91-832-2592180/ 2592181 |
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Fax No.: |
91-832-2555462/ 2555279 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 07.08.2012
|
Name : |
Saroj Kumar Poddar |
|
Designation : |
Additional Director |
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Date of Birth/Age : |
15.09.1945 |
|
Qualification : |
B.Com (Hons) |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00008654 |
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|
Name : |
Mr. Narayanan Suresh Krishnan |
|
Designation : |
Managing Director |
|
Address : |
Flat No.105, Four Seasons, No.16, Burnton Road, Bangalore, Bangalore – 560025, Karnataka, India |
|
Date of Birth/Age : |
03.06.1964 |
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Qualification : |
B.E. (Hons), M. Sc |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00021965 |
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|
Name : |
Mr. Arun Duggal |
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Designation : |
Additional Director |
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Address : |
A-4, West End, |
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Date of Birth/Age : |
01.10.1946 |
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Date of Appointment : |
07.08.2012 |
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DIN No.: |
00024262 |
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|
Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Additional Director |
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Date of Birth/Age : |
17.02.1945 |
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Qualification : |
B.E. (Chemical Engineer) |
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Date of Appointment : |
07.08.2012 |
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DIN No.: |
00056830 |
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Name : |
Mr. Harbachan Singh Bawa |
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Designation : |
Additional Director |
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Address : |
D – 4/18, Krishna Nagar, |
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Date of Birth/Age : |
20.03.1931 |
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Qualification : |
M.S. (Chemical Engineering) |
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Date of Appointment : |
07.08.2012 |
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DIN No.: |
00244222 |
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Name : |
Mr. Marco Philippus Ardeshir Wadia |
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Designation : |
Director |
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Date of Birth/Age : |
30.01.1956 |
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Qualification : |
B.A. (Hons), L.L.B |
|
Date of Appointment : |
07.08.2012 |
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DIN No.: |
00244357 |
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|
|
|
Name : |
Mr. Gopal Krishna Pillai |
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Designation : |
Additional Director |
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Date of Appointment : |
30.07.2012 |
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DIN No.: |
02340756 |
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|
|
|
Name : |
Mr. Akshay Poddar |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00008686 |
KEY EXECUTIVES
|
Name : |
Mr. Ramkrishna Y. Patil |
|
Designation : |
Secretary |
|
Address : |
B-4 Zuari Residential Colony, Zuarinagar, Vasco Da Gama – 403 726, |
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Date of Birth/Age : |
20.07.1958 |
|
Date of Appointment : |
27.03.2012 |
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PAN No.: |
AJWPP4794M |
|
Name : |
R. Y. Patil |
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Designation : |
Chief General Manager and Company Secretary |
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|
Name : |
Mr. Naveen Kapoor |
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Designation : |
President Agri-Business |
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|
Name : |
Mr. Binayak Datta |
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Designation : |
CFO and Vice President |
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|
Name : |
V. K. Sinha |
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Designation : |
Vice President-Strategic Planning |
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|
Name : |
Mr. Swapnil |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.05.2011
|
Names of Shareholders |
|
No. of Shares |
|
Zuari Industries Limited, India jointly with Naveen Kapoor |
|
10 |
|
Zuari Industries Limited, India jointly with Binayak Datta |
|
10 |
|
Zuari Industries Limited, |
|
10 |
|
Zuari Industries Limited, India jointly with R.Y. Patil |
|
10 |
|
Zuari Industries Limited, India jointly with B.V. Patil |
|
10 |
|
Zuari Industries Limited, India jointly with H.C. Shah |
|
10 |
|
Zuari Industries Limited, India jointly with N.M. Kantak |
|
10 |
|
Zuari Industries Limited, |
|
1999930 |
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|
|
|
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Total |
|
2000000 |
As on 20.05.2011
|
Names of Allottees |
|
No. of Shares |
|
Zuari Industries Limited, |
|
6411601 |
|
Zuari Management Services Limited, |
|
4205801 |
|
|
|
|
|
Total |
|
10617402 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.08.2012
|
Category |
|
Percentage |
|
|
|
|
|
Government [Central and State] |
|
0.03 |
|
Public financial companies |
|
5.79 |
|
Nationalised or other banks |
|
0.01 |
|
Mutual funds |
|
9.02 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
23.29 |
|
Bodies corporate |
|
54.77 |
|
Directors or relatives of directors |
|
0.44 |
|
Other top fifty shareholders |
|
1.28 |
|
Others |
|
5.37 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in the manufacture, sale and
trading of fertilisers and seeds. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India, Neville House, J N Heredia Marg, Ballard Estate, Mumbai – 400021, Maharashtra, India · HDFC Bank Limited · Corporation Bank · Canara Bank · ICICI Bank Limited · IDBI Bank Limited · HSBC Bank Limited |
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Facilities : |
(Rs.
In Millions)
Notes: The buyers credit are secured by the first charge by way of hypothecation on the current assets, both present and future, wherever situated pertaining to the Company and the Company’s present and future book debts outstanding, moneys receivable, claims, bills, contracts, engagements, rights and assets. |
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Banking
Relations : |
-- |
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Legal Advisers 1: |
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|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai, Maharashtra, India |
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Legal Advisers 2: |
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|
Name : |
Khaitan and Company |
|
Address : |
Kolkata, West Bengal, India |
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Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
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Holding Company : |
· Zuari Industries Limited (up to 30th June 2011) |
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Fellow
Subsidiaries : |
· Indian Furniture Products Limited (up to 30th June 2011 and thereafter as associate) · Zuari Seeds Limited (up to 31st May, 2011) · Simon India Limited (up to 30th June 2011 and thereafter as associate) · Zuari Fertilisers and Chemicals Limited (up to 31st May, 2011) · Zuari Management Services Limited (up to 30th June 2011 and thereafter as associate) · Adventz Infraworld India Limited (up to 30th June 2011 and thereafter as associate) · Gulbarga Cement Limited (up to 30th June 2011 and thereafter as associate) · Globex Limited (up to 30th June 2011 and thereafter as associate) · Zuari Investments Limited (up to 30th June 2011 and thereafter as associate) · Zuari Insurance Brokers Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011and thereafter as associate) · Zuari Commodity Trading Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011 and thereafter as associate) · Zuari Financial Services Limited – Subsidiary of Zuari Investments Limited (up to 30th June 2011 and thereafter as associate) |
|
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Enterprise having
significant influence : |
· Zuari Industries Limited |
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Subsidiaries of the
Company : |
·
Zuari Seeds Limited (with effect from 31.05.2011) ·
Zuari Fertilisers and Chemicals Limited (with
effect from 31.05.2011) |
|
|
|
|
Joint Ventures of
the Company : |
·
Zuari Maroc Phosphates Limited (with effect from
27.06.2011) ·
Paradeep Phosphates Limited – Subsidiary of Zuari
Maroc Phosphates Limited ·
Zuari Rotem Speciality Fertilisers Limited (with
effect from 31.05.2011) |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42058006 |
Equity Shares |
Rs.10/- each |
Rs.420.580 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12617402 |
Equity Shares |
Rs.10/- each |
Rs.126.174
Millions |
|
|
Equity Share suspense account |
|
Rs.294.406
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.420.580 Millions |
Equity Share suspense represents 29440604 Equity Shares of Rs.10/ – each to be issued to the shareholders of Zuari Industries Limited consequent to the Scheme of Arrangement and Demerger becoming Operational from effective date, pending allotment.
a. Reconciliation of Shares Outstanding at the beginning and end of the
reporting year
|
PARTICULARS |
31st March 2012 |
|
|
|
in Numbers |
Rs. In Millions |
|
Equity Shares |
|
|
|
At the beginning of the year |
2000000 |
20.000 |
|
Issued during the year |
10617402 |
106.174 |
|
Outstanding at the end of the year |
12617402 |
126.174 |
|
Equity Share Suspense Account |
29440604 |
294.406 |
b. Terms/Rights
Attached to equity Shares
The Company has only one class of equity shares having a par value of Rs.10/ - Share. Each share holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
During the year 31st March 2012, the amount of per share dividend recognised for distribution to equity share holders was Rs.3/ -, subject to approval of shareholders (31st March 2011: Nil)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Shares held by holding
company and associates
Out of equity shares issued by the Company, shares held by its holding company and associates is as below:
(Rs. In Millions)
|
PARTICULARS |
31st March 2012 |
|
Zuari Industries Limited, the associate (Previous year holding Company)* 8411601 (31st March 2011:: 2000000 equity shares of Rs.10/ - fully paid) |
84.116 |
* As of 31st March 2012, Company is an associate of Zuari Industries Limited
d. Details of Shareholders holding more than 5% of equity shares in the
Company
(Without considering equity shares to be
issued as per the Scheme of Arrangement and Demerger
|
Name of Shareholder |
31st March 2012 |
|
|
|
No. of Shares held |
% Holding in Class |
|
Zuari Industries Limited |
8411601 |
66.67 |
|
Zuari Management Services Limited |
4205801 |
33.33 |
|
Total |
12617402 |
|
As per of the Company including its register
of share holders/members and other declarations received from share holders regarding
beneficial interest, the above share holding represents both legal and
beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
420.580 |
20.000 |
|
(b) Reserves & Surplus |
|
7425.316 |
(0.297) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
7845.896 |
19.703 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
149.442 |
0.000 |
|
(c) Other long term liabilities |
|
478.115 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
627.557 |
0.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
29650.177 |
0.000 |
|
(b) Trade payables |
|
7461.048 |
0.030 |
|
(c) Other current liabilities |
|
564.766 |
0.000 |
|
(d) Short-term provisions |
|
522.169 |
0.000 |
|
Total Current Liabilities
(4) |
|
38198.160 |
0.030 |
|
|
|
|
|
|
TOTAL |
|
46671.613 |
19.733 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1896.635 |
0.000 |
|
(ii) Intangible Assets |
|
7.377 |
0.000 |
|
(iii) Capital work-in-progress |
|
195.402 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1974.997 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
981.785 |
0.000 |
|
(e) Other Non-current assets |
|
13.140 |
0.000 |
|
Total Non-Current
Assets |
|
5069.336 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
7216.489 |
0.000 |
|
(c) Trade receivables |
|
29519.804 |
0.000 |
|
(d) Cash and cash equivalents |
|
3325.901 |
19.733 |
|
(e) Short-term loans and advances |
|
1114.155 |
0.000 |
|
(f) Other current assets |
|
425.928 |
0.000 |
|
Total Current
Assets |
|
41602.277 |
19.733 |
|
|
|
|
|
|
TOTAL |
|
46671.613 |
19.733 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.269) |
|
|
NETWORTH |
|
|
0.231 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.231 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.509 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
0.259 |
|
|
Other Current Liabilities |
|
|
0.019 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.278 |
|
|
Net Current Assets |
|
|
0.231 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.231 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
61808.773 |
0.000 |
0.000 |
|
|
|
Other Income |
561.161 |
0.019 |
0.000 |
|
|
|
TOTAL (A) |
62369.934 |
0.019 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
19214.529 |
0.000 |
0.000 |
|
|
|
Purchase of traded goods |
32184.072 |
0.000 |
0.000 |
|
|
|
Decrease in inventories of finished goods, work-in-progress and traded goods |
1452.057 |
0.000 |
0.000 |
|
|
|
Employee benefits expense |
548.017 |
0.000 |
0.000 |
|
|
|
Administrative selling other expenses |
6737.177 |
0.047 |
0.269 |
|
|
|
TOTAL (B) |
60135.852 |
0.047 |
0.269 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2234.082 |
(0.028) |
(0.269) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
551.357 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1682.725 |
(0.028) |
(0.269) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
180.166 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1502.559 |
(0.028) |
(0.269) |
|
|
|
|
|
|
|
|
|
Less |
TAX
(H) |
470.788 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1031.771 |
(0.028) |
(0.269) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(0.297) |
(0.269) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend : 30% |
126.174 |
0.000 |
0.000 |
|
|
|
Tax on dividend (Including Surcharge) |
20.468 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
384.832 |
(0.297) |
(0.269) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9443.138 |
|
|
|
|
|
Stores & Spares |
55.517 |
|
|
|
|
|
Capital Goods |
1.723 |
|
|
|
|
|
Traded Goods |
28067.134 |
|
|
|
|
TOTAL IMPORTS |
37567.512 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
30.97 |
(0.01) |
(5.37) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.65
|
(147.37) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.38
|
(0.14) |
(52.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.00 |
(1.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
657.77 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
NA |
NA |
NA
|
|
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 |
Yes |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two 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 |
-- |
|
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)
|
|
As on 31.03.2012 |
As on 31.03.2011 |
|
SHORT TERM
BORROWINGS |
|
|
|
Term loan |
|
|
|
11.50% loan from Indian Overseas Bank (Repayable in three equal monthly
instalments commencing at the end of 7th, 8th and 9th Month from the date of
first availment, viz., 14th January 2012) |
3250.000 |
0.000 |
|
|
|
|
|
Total |
3250.000 |
0.000 |
MANAGEMENT DISCUSSION AND ANALYSIS
THE GLOBAL ECONOMIC BACKDROP:
The year has been one of uncertainties and disturbances in the International business space.
Euro Area crisis enters “Perilous Phase” – per IMF. Withdrawal of the post meltdown stimuli at the US, various fiscal accommodations at the UK, growths in the advanced economies down by 0.75%, rebuilding efforts on in Japan, political and social issues continuing in the Middle East and North African Countries (MENA) general downscalings at the Brazil, Russia, India, China and South Africa (BRICS) and Latin America (LATAM) altogether contributed to the global scenario of uncertainties.
In major advanced economies, economic growth is modest, especially considering the depth of the recession. In the United States and the euro area, the economy is following a path as weak as that following the recessions of the early 1990s, despite a much deeper fall.
The global recovery is broadly moving at two speeds, with large output gaps in advanced economies and closing or closed gaps in emerging and developing economies.
In advanced economies, investment is recovering with the rebound of industrial production because capital stocks are down and little excess capacity remains. The rebound in production is benefiting from low interest rates, easing financing conditions, and generally healthy corporate balance sheets and profitability.
At the same time, consumption is being spurred by reduced job layoffs, the gradual recovery of employment, and previously postponed purchases of durable goods.
The emerging economies were however still in low ebb.
During the quarter of 2012, there has been modest improvement in the global macroeconomic situation. The recent macroeconomic data for the US economy show some positive signs. In particular, labour market conditions have improved. However, the US Fed expects that economic conditions warrant exceptionally low levels for the federal funds rate at least through late 2014.
The immediate financial market pressures in the euro area have been alleviated to some extent by the European Central Bank (ECB) injecting liquidity of more than one trillion euro through the two long-term refinancing operations. Growth in the euro area, however, turned negative in quarter.
As stated the emerging and developing economies (EDEs) are showing signs of growth slowdown. As a result, the global growth for 2012 and 2013 is expected to be lower than earlier anticipated.
Inflation pressures in both advanced economies and EDEs moderated towards the end of 2011 on account of subdued domestic demand and correction in non-fuel commodity prices. Global crude prices, however, have spiked suddenly reflecting both geo-political concerns and abundant global liquidity, accentuating the risks to growth and inflation.
THE WORLD AGRICULTURE AND FOOD SCENARIO :
During the last year FAO forecast world cereal production at record 2,327 mmt (up by 3.6% than 2010).
Rice and Coarse Grains were up by 3% to 4%
China contributed significantly to the growth.
However due to increased consumption the stock levels at the year end were more or less equal to those of the last year.
THE FERTILISER
SCENARIO IN INDIA:
Although there was growth of around 4% in Urea in overall terms the consumption of all fertilizers together registered a fall of around 2% over last year.
Production of Complex Grades were adversely affected as a result of availability of inputs during the earlier part of the year.
FUTURE OUTLOOK:
Recently, Zuari Industries Limited, a holding Company of the Company, in joint venture with Mitsubishi Corporation, acquired a 30% stake in Peruvian mine – Fospac for Rs.2300.000 Millions for assured supply of phosphate rock – the main feedstock for di-ammonium phosphate (DAP). Fospac’s annual rock phosphate production is expected to reach 2.5 million tonnes by 2015, half of which will come to Zuari. The Company’s subsidiary, Zuari Fertilisers and Chemicals Limited is in the process of acquiring land and obtaining environment clearances for its proposed 1.3 million tonne gas-based urea plant at Belgaum in Karnataka, involving an outlay of around Rs.50000.000 Millions. The company would be getting the gas from Petronet LNG’s Dahej terminal. The unit is likely to be commissioned in 2015-16.
With implementation of NBS, company’s complex fertiliser segment is expected to benefit due to margin expansion and lower subsidy receivables. The Company targets to increase its current 2 mn MT sale to over 3.5 mn MT over the next three years.
With host of capital investments over next 3-4 years, led by 1 mn MT NPK plant to be commissioned by FY 2015, debottlenecking of Goa plant from 0.7 mn MT to 1 mn MT by 2013. The Company foresees bright returns on its investments in coming years
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
Year Ended 31st March 2012 |
|
A. Demand Notices received from Sales tax authorities |
|
|
i) Demand notice from Karnataka Sales Tax Authorities (VAT) for levying penalty on Professional tax for the years 2005—06 to 2008—09. The Company has filed appeal before Joint Commissioner of Commercial Taxes (Appeals), Bangalore, against the same. (The Company has deposited Rs.2.128 Millions against the same which is appearing in the schedule of loans and advances) |
4.256 |
|
ii) Demand notice from Commercial Tax Department, towards non submission of "F Form" for the year 2007—08. The Company has filed for stay in High Court of Andhra Pradesh. |
1.596 |
* Based on discussions with the solicitors/ favourable decisions in similar cases/ legal opinions taken by the Company, the management believes that the Company has a good chance of success in above mentioned cases and hence, no provision there against is considered necessary.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U65910GA2009PLC006177 |
|
Name of the
company |
ZUARI AGRO CHEMICALS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India E-mail: ryp@zuari.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others
(Current assets, receivables and other movables) |
|
Particular of
charge holder |
State Bank of India, Neville House, J N Heredia Marg, Ballard Estate, Mumbai – 400021, Maharashtra, India E-mail: lncharyulu.c@sbi.co.in
|
|
Nature of
instrument creating charge |
1. Amended and
Restated Working Capital Consortium Agreement dated 8th August, 2012 2. Amended and
Restated Joint Deed of Hypothecation dated 8th August, 2012. |
|
Date of
instrument Creating the charge |
08.08.2012 |
|
Amount secured by
the charge |
Rs.39000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As decided from
time to time Terms of
Repayment On demand Margin As specified in
the Agreement Extent and
Operation of the charge 100% Others All terms are
stated in the Agreement |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Whole of the
moveable properties consisting of current assets, book debts, outstanding
monies and receivables wherever situated belonging to the company. |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Buildings
· Railway Siding
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
Intangible Assets
· Software
UNAUDITED FINANCIAL
RESULT FOR PERIOD ENDED 31ST DECEMBER 2012
(Rs. In Millions)
|
PART-I |
Stand-alone Results |
|||
|
Sr No |
Particulars |
3 Months Ended
31.12.2012 |
3 Months Ended
30.09.2012 |
9 Months Ended
31.12.2012 |
|
|
|
Un Audited |
Un Audited |
Un Audited |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (net of excise duty) |
14872.100 |
15416.900 |
4205.6.2 |
|
|
(b) Other Operating Income |
12.100 |
114.900 |
12.7.1 |
|
|
Total income from
operations (net) |
14884.200 |
15531.800 |
4218.3.3 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
5479.900 |
7412.500 |
16645.000 |
|
|
(b) Purchase of stock-in-trade |
4366.900 |
8820.300 |
19315.400 |
|
|
(c) Changes in inventories of finished goods, work- in- |
2374.300 |
(3776.200) |
(1927.800) |
|
|
progress and stock-in-trade |
|
|
|
|
|
(d) Employee benefit expense |
236.400 |
212.200 |
627.200 |
|
|
(e) Depreciation and amortisation expense |
47.700 |
47.800 |
146.100 |
|
|
(0 Other expenses |
1910.800 |
2165.900 |
5737.000 |
|
|
Total expenses |
14410.000 |
14882.500 |
48542.900 |
|
3 |
Profit from
operations before other income, finance costs and exceptional items (1-2) |
468.200 |
649.300 |
1640.400 |
|
4 |
Other income |
100.900 |
68.600 |
276.400 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+ - 4) |
569.100 |
717.800 |
1916.800 |
|
6 |
Finance costs |
507.400 |
461.600 |
1515.200 |
|
7 |
Profit from
ordinary activities after finance costs and before exceptional items (5+ - 6) |
61.700 |
256.200 |
401.600 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit from
ordinary activities before tax (7+ 8) |
61.700 |
256.200 |
401.600 |
|
10 |
Tax expense |
20.400 |
62.900 |
90.700 |
|
11 |
Net Profit from ordinary
activities after tax (9+ - 10) |
41.300 |
193.400 |
310.900 |
|
12 |
Extraordinary items (net of tax expense ) |
|
- |
- |
|
13 |
Net Profit for the
period (11+- 12) |
41.300 |
193.400 |
310.900 |
|
14 |
Paid-up equity share capital |
|
|
|
|
|
(face value Rs. 10/-) |
420.500 |
420.500 |
420.5 |
|
15 |
Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year. |
|
|
|
|
16 |
Earnings per share (before extraordinary items) (of Rs.10/- each ) (not annualised): |
|
|
|
|
|
(a) Basic |
0.98 |
4.59 |
7.39 |
|
|
(b) Diluted |
0.98 |
4.59 |
7.39 |
RESULTS FOR PERIOD ENDED 31ST DECEMBER 2012
PART II
|
Particulars |
3 Months Ended 11.12.2012 |
3 Months Ended 30.09.2012 |
9 Months Ended 31.12.2012 |
|
|
Un Audited |
Un Audited |
Un Audited |
||
|
A |
Particulars of Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
12309231 |
- |
12309231 |
|
|
Percentage of shareholding |
29.27 |
- |
29.27 |
|
2 |
Promotors and Promoter Group Shareholding |
29748775 |
- |
29748775 |
|
|
a) Pledged / Encumbered |
|
|
|
|
|
Number of shares |
735000 |
- |
735000 |
|
|
Percentage of shares (as a % of the total shareholding of |
|
|
|
|
|
promoter and promoter group) |
2.47 |
- |
2.47 |
|
|
Percentage of shares (as a% of the total share capital of |
|
|
|
|
|
the company) |
1.75 |
- |
1.75 |
|
|
b) Non - encumbered |
|
|
|
|
|
Number of shares |
29013775 |
- |
29013775 |
|
|
Percentage of shares (as a % of the total shareholding of |
|
|
|
|
|
promoter and promoter group) |
97.53 |
- |
97.53 |
|
|
Percentage of shares (as a % of the total share capital of |
|
|
|
|
|
the company) |
68.99 |
|
68.99 |
|
|
Particulars |
Quarter Ended
December 31, 2012 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
4 |
|
|
Received during the quarter |
13 |
|
|
Disposed of during the quarter |
17 |
|
|
Remaining unresolved at the end of the quarter |
- |
Notes to Accounts
1. The results for the nine months period ended 31 December, 2012 are not comparable with those of the same period of last year because pursuant to the order of the Hon'ble High Court of Bombay at Goa and subsequent effective date of 21st March 2012, the Fertiliser Business of Zuari Global Limited (formerly Zuari Industries Limited) its Holding Company then, was demerged into this Company with effect from the appointed date i.e 1st July 2011.
2. Subsidy for Urea has been accounted based on Stage III parameters of the New Pricing Scheme and other adjustments as estimated in accordance with the known Policy parameters in this regard. The stage III of New Pricing Scheme which was operational for the period 1s' October, 2006 to 31st March, 2010 has been extended on provisional basis till further orders.
3. Tax expenses include / net-off deferred tax charge / (credit).
4. Shutdown of DAP/ Complex fertilizers plants of the Company was undertaken from December 4, 2012 and it was proposed to re-start the plants after current market conditions improve for complex fertilisers.
5. Under the provision of Accounting Standard (AS17), the Company operates in the single segment of fertiliser operations and therefore separate segment disclosures have not been given.
6. During the quarter, the Company's Shares were listed at the Bombay Stock Exchange (BSE) and the National Stock Exchange India Limited (NSE).
7. The auditors have conducted limited review of the financial results for the quarter ended 31st December, 2012. The unaudited financial results have been recommended by the Audit Committee at its meeting held on 30th January, 2013 and approved by the Board of Directors at its meeting held on 31st January 2013.
8. Previous period's figures have been regrouped wherever necessary
AS PER WEBSITE DETAILS:
PRESS RELEASE:
ZUARI AGRO CHEMICALS
LIMITED AND RAS AL KHAIMAH MARITIME CITY PARTNER TO SET - UP INTEGRATED DAP
MANUFACTURING FACILITY
Monday, November 19 – 2012
Zuari Agro Chemicals Limited and Ras Al Khaimah (RAK) Maritime City today signed a Memorandum of Understanding (MOU) to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE
Zuari Agro Chemicals Limited, flagship of the $3bn Adventz Group of companies, is a leading fertilizer conglomerate in India. With this project, the Company is expanding its manufacturing foothold outside of India. The new facility will be based at Ras Al Khaimah ('RAK') Maritime City which has a strong track record of promoting various economic sectors and attracting foreign direct investment into Ras Al Khaimah. Alpen Capital, one of the leading investment banks in the region was instrumental in bringing the two parties together and has been mandated as the financial advisor on this project.
The project includes setting up an integrated DAP facility along with its attendant utilities to include a power plant, private jetty and desalination plant, with an estimated project cost of $800m. The facility is planned to be built over 400 acres of land in the free zone of RAK Maritime City. The DAP plant will be a single stream granulation plant with a capacity of producing 1 million tonnes of DAP per annum.
His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, His Higness Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and Sheikh Ahmed bin Saqr Al Qassimi, Chairman of Ras Al Khaimah Ports and Customs Department attended the MOU signing ceremony in Ras Al Khaimah on November 18 along with officials of Zuari Agro Chemicals Limited, RAK Maritime City and Alpen Capital.
"We would like to welcome Zuari Agro Chemicals Limited as part of our commitment in attracting foreign direct investments; they are a well-known company with a solid track record in their field. They have made the right choice in choosing the UAE, in the Emirate of Ras Al Khaimah to expand their business", said Naser Bustami, Director of the Board of RAK Maritime City.
Mr. Suresh Krishnan, Managing Director, Zuari Agro Chemicals Limited said "Ras Al Khaimah today is a vibrant, international business destination and we welcome this opportunity to invest in its growth. We have been impressed by the professionalism displayed by the RAK Maritime Board and are delighted to partner it in this important venture. The project, besides further consolidating Zuari's position in the fertilizer sector and playing a key role in the Company's backward integration programme, will indeed go a long way in helping it to actively participate and grow in other global fertilizer markets. We are also confident that this investment will help focus Ras Al Khaimah as an important global manufacturing destination."
"This is a landmark transaction for Alpen Capital and we are proud to bring together Zuari Agro Chemicals and the RAK Maritime City free zone for this project. The GCC is emerging as an attractive investment destination for Indian businesses and we are seeing a lot of interest from our clientele in India. We have extensive expertise in managing cross border transactions between GCC and India and we are glad that this could add value to our clients." says Rohit Walia, Executive Vice Chairman and CEO, Alpen Capital Group.
ZUARI AGRO CHEM SHUTS DOWN DAP PLANT AT GOA
December 27, 2012
Zuari Agro Chemicals Limited has informed BSE that the Company had taken routine shutdown of its DAP/Complex Plant at Goa. The Company plans to resume operations of these plants once the market condition improve. The Company will inform the stock exchange once the production is resumed.
Zuari Agro Chemicals resumes production of Urea / Ammonia
June 05, 2013
With reference to earlier announcement dated
March 25, 2013 and May 23, 2013, Zuari Agro Chemicals Ltd has now informed BSE
that the production of Urea/ Ammonia has resumed.
ZUARI AGRO TO INVEST RS.44000.000 MILLIONS IN UAE FERTILISER FACILITY
Mumbai, November. 19:
Zuari Agro Chemicals has signed an agreement with Ras Al Khaimah Maritime City to set up an integrated one million tonne a year diammonium phosphate manufacturing facility in the UAE.
The project, being developed with an investment of $800 million (about Rs.44000.000 Millions), includes a power plant, private jetty and desalination plant. It is planned to be built over 400 acres in the free trade zone of RAK Maritime City.
Suresh Krishnan, Managing Director, Zuari Agro, said the project would play a key role in the backward integration programme and help tap the fast growing global fertiliser market.
Part of the $3-billion Adventz Group, Zuari has an annual installed capacity of 946,000 tonnes of fertiliser in Goa. The manufacturing facility comprises four separate plants, namely ammonia, urea, NPK A and NPK B. The plants employ the latest in pipe-reactor technology and are based on the slurry granulation process.
The project in the UAE will further strengthen the company’s manufacturing foothold outside India. Last year, the company formed a joint venture with Mitsubishi Corporation, Japan, to form a new rock phosphate manufacturing company, MCA Phosphates Pte Limited. Since then, MCA Phosphates acquired 30 per cent equity stake in Fosfatos del Pacifico of Peru for $46.12 million.
Zuari Maroc Phosphates, a joint venture with Maroc Phosphore S.A., Morocco, acquired Paradeep Phosphates (PPL). At present, the company holds 80 per cent of the equity stake in PPL.
PPL manufactures and markets complex phosphatic fertilisers and intermediary products such as phosphoric acid and sulphuric acid, which are crucial in the manufacture of phosphatic fertilisers.
It has a plant located in the port town of Paradeep in Odisha, with an installed annual capacity of 720,000 tonnes of DAP and other phosphatic fertilisers. The off-site facilities comprise a 3.4-km closed conveyor from port to plant site, a railway siding, raw material storage yards and a 3.1-km long pipe rack.
ZUARI TO SET UP $800 MILLIONS
FERTILISER PLANT IN THE UAE
Monday November 19,
2012 8:31am
(Reuters) - Fertiliser maker Zuari Industries has signed a memorandum of understanding to set up an $800 million manufacturing facility in the United Arab Emirates.
The plant in Ras al Khaimah will produce one million tonnes of diammonium phosphate fertiliser a year when it comes onstream, Zuari's adviser on the deal, Alpen Capital, said in a statement on Sunday.
The plant will be Zuari's first manufacturing facility outside India.
Zauri and other Indian fertiliser manufacturers import most of their phosphate from Russia and the Middle East. Indian farms consumed about 7 million tonnes of DAP in the 2011 financial year.
UAE DAP PROJECT LEADS
ZUARI AGRO TO DEBT RATING WATCH
30 November 2012
10:15 AM
Credit rating major ICRA has placed Zuari Agro
Chemicals Limited (ZACL) under rating watch following latter’s announcement to
set up a $ 800-million diammonium phosphate (DAP) project in United Arab
Emirates ( UAE).
ICRA has placed the [ICRA]A (pronounced ICRA
A) and [ICRA]A1 (pronounced ICRA A one) ratings outstanding against the
Rs.43150.000 Millions bank lines and commercial paper programme of Zuari Agro
Chemicals Limited (ZACL) under watch with developing implications.
ZACL, the demerged fertilizer business of
erstwhile Zuari Industries Limited (ZIL), had signed a memorandum of
understanding (MOU) on November 18 with Ras Al Khaimah Maritime City to set up
an integrated DAP facility with a granulation capacity of 1 million tonnes per
year in RAK Maritime City.
The rating agency said: “ICRA notes that the
project size is significant in relation to the balance sheet size (Rs.46670.000
Millions as on March 31, 2012) and net worth position (Rs.7850.000 Millions as on
March 31, 2012) and hence will have an influence on the credit profile of the
company depending on its direct exposure to the project.
ICRA will assess the impact of the project on
the credit quality of ZIL once more details about the project feasibility and
the means of finance for the same are made available.”
View – Downward revision of the rating may
have negative impact on the company as it may increase the cost of debt for the
company.
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.60.05 |
|
|
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
51 |
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.