MIRA
INFORM REPORT
|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MONSANTO INDIA LIMITED (w.e.f 12.04.2000) |
|
|
|
|
Formerly Known As : |
MONSANTO CHEMICALS OF INDIA LIMITED |
|
|
|
|
Registered Office : |
Ahura Centre, 5th Floor, 96, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
08.12.1949 |
|
|
|
|
Com. Reg. No.: |
11-007912 |
|
|
|
|
Paid-up Capital
: |
Rs. 172.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1949PLC007912 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19093E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2875L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Subject is engaged in the business of production and sale of
agricultural inputs, namely, chemicals and hybrid seeds. |
|
|
|
|
No. of Employees : |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 15370000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Monsanto Holdings Private Limited”. It is a well established and reputed company having a good track
record. the financial performance of the company seems to be strong. The liquidity
position is good. There appears no external borrowing. The company gets strong financial
support from its group companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered 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.
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 DECLINED BY
|
Name : |
Mr. Vikas |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-67029851 |
|
Date : |
25.06.2013 |
LOCATIONS
|
Registered Office : |
Ahura Centre, 5th Floor, 96, |
|
Tel. No.: |
91-22-28246450 /26902100/67029851 |
|
Fax No.: |
91-22-26902111 /26902121/67023361/28244707 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
1, 4 and 5, Madhuban Industrial Estate, Madhuban Dam Road,
Rakholi, Silvassa – 396 240, Union Territory of Dadra and Nagar Haveli, India |
|
|
|
|
Factory 2 : |
|
|
|
|
|
Factory 3 : |
|
|
|
|
|
Factory 4: |
Survey No.677-679, Village: Lalgudi Malakpet, Shamirpet,
District: Ranga Reddy– 500 078, |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Sekhar Natarajan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Amitabh Jaipuria |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. R.C. Khanna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H.C. Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravinder K Reddy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vikas |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
(2) Foreign |
|
|
|
|
Bodies Corporate |
12454044 |
72.14 |
|
|
|
12454044 |
72.14 |
|
|
Total shareholding of Promoter and Promoter Group (A) |
12454044 |
72.14 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
|
353011 |
2.04 |
|
|
Financial Institutions / Banks |
9422 |
0.05 |
|
|
Foreign Institutional Investors |
2031 |
0.01 |
|
|
Sub Total |
364464 |
2.11 |
|
|
|
|
|
|
|
Bodies Corporate |
1204376 |
6.98 |
|
|
Individuals |
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
2378904 |
13.78 |
|
|
|
174517 |
1.01 |
|
|
Any Others (Specify) |
686443 |
3.98 |
|
|
Clearing Members |
6118 |
0.04 |
|
|
Market Maker |
4457 |
0.03 |
|
|
|
242562 |
1.41 |
|
|
Trusts |
1730 |
0.01 |
|
|
Directors & their Relatives & Friends |
431576 |
2.5 |
|
|
Sub Total |
4444240 |
25.74 |
|
|
Total Public shareholding (B) |
4808704 |
27.86 |
|
|
Total (A)+(B) |
17262748 |
100 |
|
|
|
0 |
0 |
|
|
(1) Promoter and Promoter Group |
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
17262748 |
0 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
||||||||||||||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
|||||||||||||||
|
|
Monsanto Holdings Private Limited |
92,52,124 |
53.6 |
|||||||||||||
|
2 |
Monsanto Company |
32,01,920 |
18.55 |
|||||||||||||
|
|
Total |
1,24,54,044 |
72.14 |
|||||||||||||
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
1 |
Bajaj Allianz Life Insurance Company Limited |
645696 |
3.74 |
|
2 |
Romesh Chandra Khanna |
389976 |
2.26 |
|
3 |
UTI - Childrens Career Balanced Plan |
309806 |
1.79 |
|
4 |
M3 Investment Private Limited |
251875 |
1.46 |
|
5 |
Vinod Mohan Nair |
185000 |
1.07 |
|
|
Total |
1782353 |
10.32 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of production and sale of
agricultural inputs, namely, chemicals and hybrid seeds. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Holding Company : |
·
Monsanto Holdings Private Limited |
|
|
|
|
Ultimate Holding Company : |
·
Monsanto Company, USA |
|
|
|
|
Fellow Subsidiaries : |
·
P.T. Branita Sandhini ·
Monsanto Philippines INC ·
Monsanto Thailand Limited ·
Bretco Holding (Mauritius) Limited ·
Monsanto Singapore Pte Limited ·
Monsanto Pakistan Agri-tec (Private) Limited ·
PT Monagro Kimia ·
Monsanto AG Products LLC ·
Monsanto Ag Technology LLC ·
Monsanto Inter-America Company ·
Monsanto S.A.S ·
Monsanto Far East Limited ·
Seminis Beijing Company Limited ·
Mahyco Monsanto Biotech (India) Limited ·
Monsanto International SARL ·
Monsanto Hungaria KFT |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17262748 |
Equity Shares |
Rs.10/- each |
Rs. 172.600
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17262348 |
Equity Shares |
Rs.10/- each |
Rs. 172.600
Millions |
|
|
|
|
|
NOTES
1.
Rights, preferences and restrictions attached to
equity shares:
(i)
Right to receive dividend as may be approved by the
Board of Directors/Annual General Meeting.
(ii)
The equity shares are not repayable except in the
case of a buy back, reduction of capital or winding up in terms of the
provisions of the Companies Act, 1956.
(iii)
Every member of the company holding equity shares
has a right to attend the General Meeting of the company and has a right to
speak and on a show of hands, has one vote if he is present in person and on a
poll shall have the right to vote in proportion to his share of the paid-up
capital of the company.
(iv)
Monsanto Company USA, the ultimate holding company
has certain rights enshrined in the Articles of Association pertaining to
appointment of Directors.
2.
Reconciliation of the number of shares and amount
outstanding at the beginning and at the end of the year:
|
Particulars |
As at 31st March, 2012 |
|
|
Subscribed and Fully paid up |
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
8,631,174 |
86.300 |
|
Add: Shares issued during the year as fully paid up bonus shares |
8,631,174 |
86.300 |
|
Shares outstanding at the end of the year |
17,262,348 |
172.600 |
3.
Details of shares held by the holding company and
the ultimate holding company, in aggregate:
|
Particulars |
As at 31st March, 2012 |
|
|
Number |
|
Monsanto Company USA, the ultimate holding company |
3,201,920 |
|
Monsanto Holdings Private Limited, the holding company |
9,252,124 |
4.
Details of shares, held by each shareholder holding
more than 5% shares:
|
Particulars |
As at 31st March, 2012 |
|
|
|
Number |
% of holding |
|
Monsanto Company USA |
3,201,920 |
18.55 |
|
Monsanto Holdings Private Limited |
9,252,124 |
53.60 |
5.
Aggregate number and class of shares allotted as
fully paid up bonus shares for a period of 5 years immediately preceding the Balance
Sheet date is 8,631,174 in the current year 2011-12 (Previous Year Nil).
6.
Shares reserved for issue under commitments :
Since, 400 shares
were subject matter of disputes/court proceedings, the Company has not been
able to issue/allot Rights and Bonus shares’ entitlements on the said 400
shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
172.600 |
86.300 |
|
(b) Reserves & Surplus |
|
3671.300 |
3656.900 |
|
(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) |
|
3843.900 |
3743.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
54.900 |
50.400 |
|
(d) long-term provisions |
|
59.900 |
54.700 |
|
Total Non-current Liabilities (3) |
|
114.800 |
105.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
749.800 |
534.900 |
|
(c) Other current
liabilities |
|
287.500 |
245.400 |
|
(d) Short-term provisions |
|
274.100 |
209.200 |
|
Total Current Liabilities (4) |
|
1311.400 |
989.500 |
|
|
|
|
|
|
TOTAL |
|
5270.100 |
4837.800 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
803.800 |
864.900 |
|
(ii) Intangible Assets |
|
4.800 |
11.500 |
|
(iii) Capital
work-in-progress |
|
111.300 |
50.800 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
27.200 |
29.600 |
|
(d) Long-term Loan and Advances |
|
81.500 |
80.300 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1028.600 |
1037.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1957.800 |
1513.600 |
|
(b) Inventories |
|
1296.800 |
1303.200 |
|
(c) Trade receivables |
|
502.700 |
408.500 |
|
(d) Cash and cash
equivalents |
|
189.900 |
171.700 |
|
(e) Short-term loans
and advances |
|
176.100 |
294.500 |
|
(f) Other current
assets |
|
118.200 |
109.200 |
|
Total Current Assets |
|
4241.500 |
3800.700 |
|
|
|
|
|
|
TOTAL |
|
5270.100 |
4837.800 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
86.312 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3429.517 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3515.829 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3515.829 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1146.527 |
|
|
Capital work-in-progress |
|
|
9.518 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
807.226 |
|
|
DEFERREX TAX ASSETS |
|
|
24.897 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1824.863
|
|
|
Sundry Debtors |
|
|
451.116
|
|
|
Cash & Bank Balances |
|
|
316.594
|
|
|
Other Current Assets |
|
|
2.370
|
|
|
Loans & Advances |
|
|
187.640
|
|
Total
Current Assets |
|
|
2782.583 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
335.736 |
|
|
Other Current Liabilities |
|
|
746.536
|
|
|
Provisions |
|
|
172.650
|
|
Total
Current Liabilities |
|
|
1254.922 |
|
|
Net Current Assets |
|
|
1527.661
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3515.829 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3737.700 |
3634.100 |
4101.354 |
|
|
|
Other Income |
151.500 |
83.500 |
125.447 |
|
|
|
TOTAL (A) |
3889.200 |
3717.600 |
4226.801 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed and other inputs |
1553.800 |
988.900 |
|
|
|
|
Purchase of Stock-in-Trade - Agricultural chemicals |
3.400 |
0.000 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade” |
72.400 |
500.100 |
|
|
|
|
Employee benefits expense |
456.100 |
432.600 |
|
|
|
|
Other expenses |
1101.900 |
1060.500 |
|
|
|
|
Exceptional Items |
(2.600) |
121.700 |
|
|
|
|
TOTAL (B) |
3185.000 |
3103.800 |
3531.491 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
704.200 |
613.800 |
695.310 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.800 |
2.800 |
2.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
691.400 |
611.000 |
692.432 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.000 |
108.100 |
114.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
601.400 |
502.900 |
577.669 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.500 |
74.600 |
39.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
501.900 |
428.300 |
538.217 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1136.500 |
951.900 |
644.001 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividends |
172.600 |
86.300 |
86.312 |
|
|
|
Tax on Interim Dividends |
28.000 |
14.300 |
14.669 |
|
|
|
Proposed Dividend |
172.600 |
86.300 |
64.734 |
|
|
|
Tax on Proposed Dividend |
28.000 |
14.000 |
10.751 |
|
|
|
Transfer to General Reserve |
50.200 |
42.800 |
53.822 |
|
|
BALANCE CARRIED
TO THE B/S |
1187.000 |
1136.500 |
951.930 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
154.700 |
105.800 |
178.276 |
|
|
TOTAL EARNINGS |
154.700 |
105.800 |
178.276 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
595.300 |
524.200 |
534.035 |
|
|
|
Capital Goods |
0.000 |
0.000 |
23.184 |
|
|
TOTAL IMPORTS |
595.300 |
524.200 |
557.219 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
29.07 |
24.81 |
62.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2043.700 |
569.600 |
1120.900 |
690.000 |
|
Total Expenditure |
1518.300 |
690.000 |
845.600 |
673.800 |
|
PBIDT (Excl OI) |
525.400 |
(120.400) |
275.300 |
16.200 |
|
Other Income |
37.700 |
39.000 |
46.300 |
46.100 |
|
Operating Profit |
563.100 |
(81.400) |
321.600 |
62.300 |
|
Interest |
0.800 |
0.900 |
0.900 |
4.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
562.300 |
(82.300) |
320.700 |
57.900 |
|
Depreciation |
23.600 |
28.100 |
28.900 |
28.300 |
|
Profit Before Tax |
538.700 |
(110.400) |
291.800 |
29.600 |
|
Tax |
52.400 |
10.700 |
(1.000) |
14.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
486.300 |
(121.100) |
292.800 |
15.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
486.300 |
(121.100) |
292.800 |
15.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.90
|
11.52 |
12.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.09
|
13.84 |
14.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.72
|
10.57 |
14.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.13 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.23
|
3.84 |
2.22 |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Outstanding dues
to micro enterprises and small enterprises |
0.000 |
0.000 |
0.000 |
|
Outstanding other than micro and small enterprises |
749.800 |
534.900 |
335.736 |
|
|
|
|
|
|
TOTAL |
749.800 |
534.900 |
335.736 |
COMPANY BACKGROUND
Subject was
incorporated on 8th December 1949. The company is presently engaged in the
business of production and sale of agricultural inputs, namely, chemicals and
hybrid seeds. The company’s corporate office is located in Mumbai. It has a
chemical production unit at Silvassa, hybrid seeds processing and drying units
at Hyderabad and breeding stations at Banglore and Hyderabad. During the
previous year hybrid seeds processing and drying operations at Bellary and
Eluru were shifted to Hyderabad.
FINANCIAL HIGHLIGHTS
During the
financial year the Company posted a Profit After Tax (PAT) of Rs. 501.900
Millions for F.Y. 2011-12 compared to PAT of Rs. 428.300 Millions for F.Y.
2010-11. Pre-tax profits are also higher at Rs. 601.400 Millions (previous year
Rs. 502.900 Millions). As are aware, during the last financial year, there was
a one-time asset impairment charge due to the diminution in the value of assets
of the Company’s facility at Eluru, Andhra Pradesh, which resulted in a charge
of Rs.121.700 Millions to their expenses. Excluding this restructuring impact,
the PBT for the year would have been lower by 4% and the PAT would have been
lower by 9%. Earning per share for the year stands at Rs. 29.07(previous year
Rs. 24.81).
Net Turnover for
the year at Rs. 3679.800 Millions, compared to Rs. 3582.600 Millions for the
previous F.Y., grew by 3% primarily driven by a 13% growth in the chemistry
business. Sale for corn seeds for F.Y. 2011-12 has remained flat at Rs.
2673.600 Millions. The pressures of increasing costs and competition have had
an impact on this year’s lower operating results.
OPERATIONAL HIGHLIGHTS
The Company’s seeds’
sales was maintained at almost the same level (Rs. 2693.400 Millions in F.Y.
2010-11 vis-à-vis Rs. 2673.600 Millions in F.Y. 2011-12).
The Company’s
Glyphosate sales increased by 13% from Rs. 889.200 Millions in F.Y. 2010-11 to
Rs. 1006.200 Millions in F.Y. 2011-12 despite the pricing challenge which
continues to exist in the glyphosate business. The Company’s product continues
to garner a quality premium. This business has seen healthy growth in volumes
of 18% on account of prolonged rains, increasing cost of labor for manual
weeding and proactive customer related campaigns.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
Agriculture is
critical for India. Almost 700 million people depend on it. Strong agricultural
growth over a decade or two, will go a long way in eradicating chronic poverty
from rural India. Over the five years to 2011-12, the Indian agriculture sector
has grown at 3.4% per year on average, (higher average is driven by 7% growth in F.Y. 2010-11) much
below the 11th plan target of 4%. Going forward, it will be essential for India
to build a productive, competitive, and diversified agricultural sector and
facilitate rural, non-farm entrepreneurship and employment. Encouraging
policies that promote competition in the overall agricultural value chain will
ensure that farmers receive a better deal and are enabled to improve their
lives. Successful farmers and farming are the most important links in India’s
quest to eradicate poverty, achieve lasting food security and sustainable land
use as well as to contain food prices.
The strategic plan
to improve returns from agriculture in India could be thought of in two
separate but linked directions – “On-Farm” initiatives and “Off-Farm”
initiatives. On- Farm refers to all initiatives related to improving the
farmers yield from his patch of land – enabling him to have higher quantity and
better quality of produce. Off-Farm, on the other hand, refers to all
initiatives that help the farmer “preserve” that yield, reduce wastage and get
a higher “price” for his produce. In India both these directions are important
and are ripe for policy interventions.
One of the most
important ways in which On-Farm productivity and quality can be improved, is to
enable the farmer to access the latest agricultural technology – to help them
produce more and better food, sustainably and at lower per-acre costs. This
includes access to better seeds, crop protection measures, fertilizers, and
agronomic methods. It also includes seed varieties and agronomic traits developed
using modern breeding methods and plant biotechnology. These inputs, along with
training and integrated crop management, can boost agriculture productivity in
a sustainable manner and could enable India to become a major agricultural
power in the world.
INDUSTRY STRUCTURE
Growing More Food and Plant Biotechnology
By 2050 the
world’s farmers will need to produce 70 percent more food on less land than
ever before. Plant biotechnology is being used to create higher-yielding
varieties that can help farmers meet this goal. During the period 1996 to 2010,
biotech traits have added 97.5 million tonnes of soybeans, 159.4 million tonnes
of corn, and 6.1 million tonnes of canola to global production levels. This
adds up to an additional 263 million tonnes of food crops produced on the same
amount of land.
In 2011, 16.7
million farmers worldwide grew 160 million hectares of biotech crops, 90
percent of which were small holder farmers in 19 developing countries,
according to the International Service for the Acquisition of Agri-Biotech
Applications’ (ISAAA) new Global Status of Biotech Crops report.
These record highs
for biotech adoption demonstrate that, given the opportunity, farmers recognize
the advantages plant science technologies can offer.
With the majority
of biotech crops being grown by small holder farmers in developing countries,
plant biotechnology is playing a significant role in helping small-scale
farmers improve their incomes and quality of life while employing sustainable
agricultural practices.
“For the world’s
farmers, biotech crops offer the opportunity to produce more food and improve
incomes while being good stewards of their land,” according to Denise Dewar,
Executive Director for Plant Biotechnology at CropLife International. “For over
a decade, farmers with access to plant biotechnology have enjoyed reduced input
costs, increased crop productivity and higher incomes, which has led to
improvements in the home, and for families and communities.”
With more than 90 percent
of farmers re-purchasing biotech seed year after year – coupled with the
increase in global biotech crop acreage – it’s obvious that farmers recognize
multiple benefits from plant biotechnology. Global biotech crop acreage is at a
record high and governments worldwide have continued to support the benefits
their farmers, the environment, and larger populations receive from plant
biotechnology.
Agrochemicals have
become an integral part of the development process of agriculture and the use
is expected to increase manifold in India. Indian agriculture is still very
dependent on traditional practices and its insecticides, pesticides and
herbicides usage is still very low. Also globally, herbicides represent the
largest group within agrochemicals, while in India this is still not the case.
Chemical weed control is slowly becoming one of the more important and reliable
measures in weed management systems in India.
In India and
globally, glyphosate is the most significant herbicide product and is preferred
by farmers because it is relatively safe and very effective. This market in
India is extremely competitive with 150+ manufacturers and many more brands
being available. Most of these players import their requirement of the
intermediate product from countries such as China. Unfortunately many of these
products are also of questionable and inconsistent quality. This market is also
characterized by extreme price competition. Monsanto has a strong market
position based on its quality and brand reputation.
Population (2011 census) and required subsidized food grains
|
Rural |
Urban |
Total Population |
Food grains
(Tonnes per month) |
Food Grains
(Million Tonnes Per Annum) |
||
|
|
833087662 |
|
377105760 |
1210193422 |
|
|
|
46% |
383220325 |
28% |
105589613 |
488809937 |
|
|
|
Food @7kg* |
2682542272 |
|
739127290 |
3421669561 |
3421670 |
41.1 |
|
Population 75% |
624815747 |
50% |
188552880 |
813368627 |
|
|
|
Food @3kg+ |
724786266 |
|
248889802 |
973676068 |
973676 |
11.7 |
*per person per month @ Rs. 3, 2 and 1 per kg;
+per person @ half of MSP
Food Security Act:
After
a long history of widespread malnutrition and starvation for many, the people
of India will soon have, for the first time, the constitutional right to food. As
has been proposed, 46 percent rural and 28 percent urban poor will have the
right to 7 Kg per person per month of food grain at the rate of Rs. 3, Rs. 2
and Re.1 per kg rice, wheat and coarse cereals, respectively. The rest of the
targeted rural and urban poor will get 3 kg of food grains every month at half
of its Minimum Support Price (MSP). This policy intervention means that Indian
famers will need to produce even greater quantities of food at lower costs per
unit – access to the right seeds and technology can help. The Company is proud
to be a part of this effort to enable their farmers progress and thus becoming
India’s pride.
OPERATIONAL REVIEW
Dekalb® Hybrid Maize Seeds
Farm labour
shortage, changing weather patterns, and growing demand for animal protein will
drive future growth of maize in India for the Company. As less than a third of
India’s corn currently comes from hybrid seeds, the Company sees strong growth
potential in this market. Maize is cultivated on ~7 - 8 million hectares in India,
with significant scope to increase penetration of higher-yielding hybrid seeds,
from current levels of less than 50%.
The Company’s maize seeds are sold under the Dekalb® brand name and are
well established within the farming community.
The Company, during
the year, launched two new hybrids (9106 and 8101) which helped grow volumes in
the Northern region and in the high volume markets of Central and South India.
DK9081, the highest yielding corn seeds sold by the Company, has done
exceedingly well and additional quantities were placed based on farmers’
response and overall momentum for the hybrid.
One of the
phenomena observed during the year was that certain agricultural commodities
such as Cotton and pulses enjoyed high prices and thus were more attractive to
farmers, resulting in significant acres shifting to Cotton and pulses in
Karnataka, AP and Maharashtra amongst other States.
During the year,
various initiatives such as Radio shows, channel schemes and other attractive
farmers’ schemes, helped to create a demand for the Company’s key hybrids. Dr.
Dekalb Farm Care (their Service Platform and Direct-To-Farmer Connect
initiative) was extended to more than 20,000 farmers across Bihar to help them
choose the right hybrid, manage their crops better and address their queries –
thus creating long term brand goodwill and more importantly – lasting value to
the farmers.
This platform has
also helped them in seeking pre-season purchase intent and in-season progress
information on hybrid preferences in real time.
The competition
has also been very aggressive through their own field activities and has
exerted huge pressure through a massive stock push and lucrative channel
schemes. They are also introducing new hybrids in the Bihar market. They are
monitoring competitive activities closely and will take appropriate action as
needed.
KHARIF SEASON OVERVIEW
• The rainfall
pattern of deficient rain and then concentrated rain in patches has resulted in
increased disease pressure in many parts of Karnataka and Maharashtra.
• The savings from
consolidation of manufacturing operations continue to accrue which has helped
keep operating expenses down and inspite of inflationary trends, steep fuel
prices increases and devaluation of Indian currency; the operating expenses
have been maintained at a similar level as compared to previous year.
• Overall
judicious placement, efficient tracking of secondary sales and managing the
expected returns, has resulted in better operational and business efficiencies.
• Company’s hybrid
corn seed products have done very well in many important markets and have grown
by more than 17% in key markets like Uttar Pradesh, Andhra Pradesh and Punjab.
In Gujarat, the volumes have doubled in one year.
• The Company sold
over 4 million litres of Roundup® during the Kharif Season.
• The launch of
two new hybrids (9106 and 8101) helped grow volumes in the North Region and in
the high volume markets of Central and South India. The growth in seed volume
for Karnataka was around 13% over the previous Kharif season.
RABI SEASON OVERVIEW
• Key Rabi markets
of Bihar, Bangladesh, Andhra Pradesh, Assam, West Bengal and even parts of UP
have performed very well.
• For the
development of Rabi market in UP, the Company entered into a Public-Private Partnership
with the State Government of Uttar Pradesh.
ROUNDUP® (HERBICIDE)
Roundup® is the
brand name of a systemic, broad-spectrum herbicide produced by the Company and
contains the active ingredient glyphosate.
The Company has
maintained the price of Roundup® inspite of the pricing headwinds in Roundup®.
During the year, there were dry spells in many geographies, including
Maharashtra and Karnataka, due to which the weed pressure was low and hence
lower demand for Glyphosate.
The Rabi season
was drier than normal in some key geographies which resulted in lower weed
pressure on the farmlands and hence lower spraying of herbicides. Thus,
Roundup® sales has broadly remained at around 1.4 million litres in Rabi.
FINANCIAL REVIEW
During the year,
turnover is Rs. 3679.800 Millions which is 3% higher than the previous year.
The sale for chemistry is Rs. 1006.200 Millions vs. Rs. 889.200 Millions for
previous year which is an increase of 13%. The volume reported in chemistry
business is 5648 KL which is 18% increase over previous year. The rise in farm
labour cost and continuous decrease in availability of farm labour has helped
the volume growth in their chemistry business. Sale for corn seeds for F.Y.
2011-12 (Rs. 2673.600 Millions) has stayed at almost the same level as the last
financial year (Rs. 2693.400 Millions). In spite of a lean Kharif season, a
bumper Rabi season boosted the corn performance.
The operating
expenses (including Depreciation and Employee Expenses) for F.Y. 2011-12 is Rs.
1648.100 Millions which is almost at same level inspite of severe inflationary
pressures seen during the year. Interest expenses have gone up from Rs. 2.800
Millions to Rs. 12.800 Millions owing to a provision made for interest on prior
year income taxes.
The other incomes
for F.Y. 2011-12 are Rs. 151.500 Millions vis-à-vis Rs. 83.500 Millions during
the last year. This was mainly due to liquidation of excess inventory which got
converted into higher cash balance.
Profit before tax
for F.Y. 2011-12 is Rs.601.400 Millions, up from the profit before tax for the
last financial year i.e. Rs.502.900 Millions. During the last financial year,
there was a one-time asset impairment charge of Rs. 121.700 Millions due to the
diminution in the value of assets of the Company’s facility at Eluru, Andhra
Pradesh.
Profit after tax for the year was Rs. 501.900 Millions vis-à-vis Rs.
428.300 Millions in F.Y. 2010-11.
These results have
been delivered despite the intense competitive pressures on Roundup® Glyphosate
herbicides as well as on maize seeds, and also severe inflationary pressures.
OUTLOOK
There can be no
advancement of the Indian economy into the league of the fastest growing
nations unless Indian agriculture becomes a part of the growth. The key to satisfactory
growth in Indian agriculture now lies more in improving productivity than in
increasing acreage or irrigation cover of arable land. While efforts are
required for continuing agricultural research to develop high-yielding,
pest-resistant and all weather varieties, there are some critical issues
leading to poor productivity.
Technological
interventions and deployment can be a catalyst and is one of the powerful
solutions to help farmers feed the world’s growing population – e.g. reduced
pesticide usage, improved lives – in short, made farming sustainable.
Sustainable agriculture requires focus on increasing agricultural productivity
and improving the social well-being of resource-poor farmers; technological
interventions, and finally, protecting and even improving the environment
through better utilization of input resources.
They expect that
the corn seed market would continue to grow in the current year as well. This
growth will primarily come through conversion to hybrids by farmers across the
country. The Company is working towards improving its share in the market
through various initiatives enumerated earlier.
Farm labour
availability and cost continue to pose challenges to the growers in India.
This, along with improving awareness about chemical weeding usage in newer
crops and geographies as well as non agricultural usage, augurs well for the
herbicide industry and the Company. As shared earlier, the Glyphosate market is
also expected to grow in double digits in the medium term.
The Company,
through its continuous breeding research efforts, new product offerings,
effective sales and marketing strategies, a strong brand, far reaching
distribution infrastructure and investments in people development, is hopeful
of maintaining its performance going forward.
Roundup® remains
the brand of choice when it comes to controlling weeds to the roots for a
longer span of time not just in tea plantations and non cropped areas but also
for general weed control in railways, industries, around roads and highways
etc. The Indian Railways has used Roundup® at Hazrat Nizamuddin station
(Delhi). Roundup® was sprayed on the railway tracks resulting in successful
elimination of weeds. The weed-free rail tracks testify Roundup®’s long-lasting
effects. The Coimbatore Municipal Corporation, in association with Tamil Nadu
Agricultural University, has launched a program called ‘Clean Coimbatore’. The
core idea was to eradicate or control urban proliferation of weeds to keep the
city clean and free from parthenium allergy (a skin allergy caused because of
the ‘parthenium weed’).
FIXED ASSETS
· Intellectual Property
· Software
· Freehold land
· Buildings
· Leasehold improvements
· Plant and machinery
· Furniture, fixtures and office equipment
· Vehicles
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31ST,
2013
(Rs. in millions)
|
Sr. No. |
Particular |
3 Months Ended |
Preceding 3 Months Ended |
Year to Date for the Year Ended |
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
690.400 |
1117.500 |
4365.400 |
|
|
Other Operating Income |
(0.400) |
3.400 |
58.800 |
|
|
Net Sales/Income
from Operations |
690.000 |
1120.900 |
4424.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
635.200 |
420.000 |
1922.000 |
|
|
Purchase of Stock In Trade |
-- |
3.600 |
5.300 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(372.100) |
(27.600) |
130.700 |
|
|
Employee Benefits Expenses |
143.400 |
122.400 |
479.200 |
|
|
Depreciation and Amortization Expenses |
28.300 |
28.900 |
108.900 |
|
|
Other Expenses |
267.300 |
327.200 |
1190.500 |
|
|
f) Total |
702.100 |
874.500 |
3836.600 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
(12.100) |
246.400 |
587.600 |
|
|
|
|
|
|
|
4. |
Other Income |
46.100 |
46.300 |
169.100 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
34.000 |
292.700 |
756.700 |
|
|
|
|
|
|
|
6. |
Interest |
4.400 |
0.900 |
7.000 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
29.600 |
291.800 |
749.700 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
29.600 |
291.800 |
749.700 |
|
|
|
|
|
|
|
10. |
Tax Expense |
14.200 |
(1.000) |
76.300 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
15.400 |
292.800 |
673.400 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
15.400 |
292.800 |
673.400 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
172.600 |
172.600 |
172.600 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
3901.600 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) |
0.89 |
16.97 |
39.01 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
4808704 |
4808704 |
4808704 |
|
|
- Percentage of Shareholding |
27.86 |
27.86 |
27.86 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
12454044 |
12454044 |
12454044 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
72.14 |
72.14 |
72.14 |
|
Particulars
|
3
Months ended on 31.03.2013 (Audited) |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
14 |
|
Disposed of during the quarter |
14 |
|
Remaining unresolved at the end of the quarter |
-- |
NOTES
1.
The Company's performance is affected having regard to the
mix of products sold in respective quarters due to seasonal nature of the
business.
2.
The Company has one primary business segment namely
"Agriculture Inputs".
3.
Disclosure of Balance Sheet items as per format specified in
Clause 41 of the listing agreement.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
172.600 |
|
Reserve &
surplus |
3901.600 |
|
Sub-total - Shareholders' funds |
4074.200 |
|
Non - current
liabilities |
|
|
Other Long term
liability |
102.700 |
|
Long term
provisions |
74.200 |
|
Sub-total - Non-current liabilities |
176.900 |
|
Current
liabilities |
|
|
Trade payables |
1036.600 |
|
Other current
liabilities |
300.200 |
|
Short term
provisions |
352.500 |
|
Sub-total - Current liabilities |
1689.300 |
|
Total - Equity & Liabilities |
5940.400 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
891.600 |
|
Deferred tax
assets (net) |
36.000 |
|
Long term loans
& advances |
83.500 |
|
Sub-total - Non-current Assets |
1011.100 |
|
Current assets |
|
|
Current
Investments |
2509.400 |
|
Inventories |
1393.800 |
|
Trade
receivables |
412.300 |
|
Cash & bank
balances |
203.300 |
|
Short term loans
& advances |
292.200 |
|
Other current
assets |
118.300 |
|
Sub-total - Current Assets |
4929.300 |
|
Total – Assets |
5940.400 |
4. The financial results for the quarter and year ended March 31, 2013 have
been approved by the Board of Directors at its meeting held on May 29, 2013.
5. The figures of the last quarter are the balancing figures between the
audited figures in respect of the full financial year and the published year to
date figures up to the third quarter of the current financial year.
6. The Board of Directors has recommended a final dividend of Rs.12/- per
share at its meeting held on May 29, 2013.
7. Previous period’s / year’s figures have been re-grouped wherever
necessary with the current period’s figures.
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 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 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. 59.70 |
|
|
1 |
Rs. 92.25 |
|
Euro |
1 |
Rs. 78.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.