MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CROP CARE LIMITED (w.e.f 30th January, 2003) |
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Formerly Known
As : |
WEST COAST OXYGEN LIMITED |
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Registered
Office : |
184-87, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.03.1964 |
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Com. Reg. No.: |
11-012878 |
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Capital Investment
/ Paid-up Capital : |
Rs.55.028
Millions |
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CIN No.: [Company Identification
No.] |
L74999MH1964PLC012878 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04609D |
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PAN No.: [Permanent Account No.] |
AAACW3810D |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of agro chemicals and manufactures
technical grade pesticides and formulations. |
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No. of Employees
: |
1128 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8830000 |
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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 an established company having a fine track record. There appears
some dip in the sales and profitability of the company during the current
year due to an order passed by the Hon’ble Supreme Court on 13th
May, 2011 the company immediately suspended production and sale of
‘Endosulfan’ However, trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered normal 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating: A |
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Rating Explanation |
Adequate degree of safety it carry low credit risk |
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Date |
January, 2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: A1 |
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Rating Explanation |
Strongest degree of safety it carry lowest credit risk. |
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Date |
January, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered/ Head Office : |
184-87, |
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Tel. No.: |
91-22-42522200/
66464200 |
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Fax No.: |
91-22-28713037/
26783657 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
13 and 14, Aradhana
Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon
(East), Mumbai – 400 063, |
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Tel. No.: |
91-22-42522200 |
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Fax No.: |
91-22-28713037/
28712523/ 42522380 |
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E-Mail : |
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Factory 1 : |
Plot No.60, B
Nanji Industrial Estate, Kharadpada, Silvassa – 396 230, Union Territory of
Dadra and Nagar Haveli, India |
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Factory 2 : |
6/2, |
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Tel. No.: |
91-278-2212401-2 |
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Fax No.: |
91-278-2212410 |
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E-Mail : |
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Factory 3 : |
Kaira Gajod Highway,
Gajod, Kutch, Gujarat, India |
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Windmills : |
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Zonal Offices
: |
Located at:
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Branch Office
: |
Located at:
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International Office
: |
Excel Industries ( Uitbriedingstraat 84/3, 2600 Antwerpen – |
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Tel. No.: |
+32-3-5425722 |
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Fax No.: |
+32-3-2323735 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. A.C. Shroff |
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Designation : |
Chairman |
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Date of Birth/ Age : |
22.01.1945 |
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Qualification : |
B. Sc. |
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Experience : |
Chemicals and Agro Chemicals Industry |
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Name : |
Mr. Dipesh K. Shroff |
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Designation : |
Managing Director |
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Date of Birth/ Age : |
52 Years |
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Qualification : |
Diploma in Civil
Engineering |
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Experience : |
31 Years |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. Prakash K. Shroff |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
65 Years |
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Qualification : |
Diploma in
Electrical Engineering |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. J.R. Naik |
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Designation : |
Director |
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Date of Birth/ Age : |
23.09.1958 |
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Qualification : |
F.C.A. |
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Expertise in
specific functional areas : |
Accounting, Audit, Finance, Taxation, Corporate Law |
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Name : |
Dr. Mukul G. Asher |
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Designation : |
Director |
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Date of Birth/ Age : |
17.12.1943 |
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Qualification : |
B.A. (Hons.), M.A., Ph.D. |
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Expertise in
specific functional areas : |
Economics, Public Finance and Social Security |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. Sandeep Junnarkar |
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Designation : |
Director |
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Date of Birth/Age : |
02.07.1951 |
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Qualification : |
B. Sc. (Hons), LL. B. |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. B.V. Bhargava |
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Designation : |
Director |
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Date of Birth/Age : |
16.04.1936 |
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Qualification : |
M. Com., LL. B. |
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Expertise in
specific functional areas : |
Development Banking, Project Finance and Credit Rating |
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Date of Appointment : |
29.10.2003 |
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Other Public
Companies in which Directorship held : |
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Name : |
Mr. Kevin Martin |
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Designation : |
Director (upto 25.05.2011) |
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Name : |
Mr. Sharad L. Patel |
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Designation : |
Director |
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Name : |
Mr. Vinayak B. Buch |
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Designation : |
Director |
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Date of Birth : |
21.02.1940 |
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Qualification : |
Master’s Degree in Economics and Econometrics |
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Expertise in
specific functional areas : |
IAS Officer
(Retired) with experience in Public Administration and Management |
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Date of Appointment : |
25.01.2006 |
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Other Public
Companies in which Directorship held : |
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Name : |
Mr. Deepak Bhimani |
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Designation : |
Director |
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Date of Birth : |
31.08.1939 |
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Qualification : |
Post Graduate in Textile Chemistry |
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Expertise in
specific functional areas : |
Vast experience
and expertise in the area of specialty and performance chemicals |
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16.07.2008 |
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Other Public
Companies in which Directorship held : |
Jayant Agro Organics Limited |
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Name : |
Mr. Ninad D. Gupte |
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Designation : |
Director |
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Date of Birth : |
31.08.1953 |
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Qualification : |
B.Sc., PGDBM (XLRI – Jamshedpur) |
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Expertise in
specific functional areas : |
Commercial functions, Corporate Management
and Indirect Taxes |
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Date of Appointment : |
03.12.2008 |
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Name : |
Mr. David Pullan |
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Designation : |
Director
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Date of Birth : |
11.10.1951 |
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Qualification : |
B.E. (Mech) |
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Expertise in
specific functional areas : |
Vast experience
and expertise in Chemical manufacturing. |
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Date of Appointment : |
20.10.2011 |
KEY EXECUTIVES
|
Name : |
Parind Badshah |
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Designation : |
Company
Secretary (w.e.f. 21.03.2012) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
427048 |
3.88 |
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1943182 |
17.66 |
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2370230 |
21.54 |
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|
81830 |
0.74 |
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|
81830 |
0.74 |
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Total shareholding of Promoter and Promoter Group (A) |
2452060 |
22.28 |
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(B) Public Shareholding |
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|
348078 |
3.16 |
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|
3591 |
0.03 |
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1017757 |
9.25 |
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|
1422 |
0.01 |
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|
1370848 |
12.46 |
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|
1739024 |
15.80 |
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|
3399710 |
30.89 |
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|
368570 |
3.35 |
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|
1675418 |
15.22 |
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|
58418 |
0.53 |
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1617000 |
14.69 |
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7182722 |
65.26 |
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Total Public shareholding (B) |
8553570 |
77.72 |
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Total (A)+(B) |
11005630 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
11005630 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of agro chemicals and manufactures
technical grade pesticides and formulations. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
*Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pesticides |
Tonnes |
25900 |
20750 |
18666 |
|
Pesticides Intermediates |
Tonnes |
*11000 |
6900 |
4822 |
Notes:
(a)
Installed Capacity is as certified by the Executive
Director on which the Auditors have relied, being a technical matter.
(b)
Production includes quantities produced for
internal consumption and excludes reprocessed material.
(c)
* Includes capacity as acknowledged by Directorate
General of Technical Development/ Secretariat for Industrial Approvals,
Capacity being intimated to Secretariat for Industrial Approvals, for
Acknowledgement.
(d)
Production excludes formulations produced out of
captive/bought out Technical grade material.
(e)
Production is inclusive of subcontracted
production.
GENERAL INFORMATION
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No. of Employees : |
1128 (Approximately) |
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Bankers : |
v Bank of v Syndicate Bank v State Bank of v Citibank N.A. v ICICI Bank Limited |
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Facilities : |
Notes: LONG TERM BORROWINGS (a) Indian Rupee
term loan from bank carries interest @ 10.41% p.a. The loan is repayable
initially in 8 quarterly instalments of Rs.16.500 millions and subsequently
in 8 quarterly instalments of Rs.8.500 millions each from 30.06.2011. The
loan is secured by first exclusive charge on Windmill at Vandhiya (Kutch) and
Plant and Machinery and Equipments situated at Gajod and Silvassa units of
the Company. (b) Foreign
currency term loan carries interest @ LIBOR + 150 bps (8.15% p.a. on a fully
hedged basis). The loan is repayable in 8 half yearly installments of
Rs.28.656 millions each from 07.03.2013. The Loan is to be secured by
mortgage of a plot of land and Plant and Machinery and Equipments situated at
Bhavnagar. (c) Term loan
under vehicle finance scheme was taken during the financial year 2008-09 and
carries interest rate ranging from 11.72% to 11.74% p.a. The loan is
repayable in 59 monthly installments of Rs.0.287 million each along with
interest, from the date of loan and secured by hypothecation of the vehicles
acquired by utilising the said loan. SHORT TERM
BORROWINGS The secured
borrowings from banks are secured by way of hypothecation of all tangible
movable assets, both present and future, including stock of raw materials, finished
goods, work-in-process, stores, trade receivables. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered
Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiary Companies : |
·
Excel Crop Care (Australia) Pty Limited ·
Excel Crop Care (Europe) N.V. ·
ECCL Investments and Finance Limited ·
Excel Genetics Limited ·
Excel Crop Care (Africa) Limited ·
Excel Brasil Agronegocious Ltda* * On 30th
March, 2011, the Company established Excel Brasil Agronegocious Ltda, a
wholly owned subsidiary company, in Brazil. The Company has not made any
investment in the shares of the said subsidiary company till 31st
March, 2012. |
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Joint Venture : |
Multichem
Industries (a partnership firm) |
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Associate Companies : |
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Enterprises over
which key management personnel and their relatives have significant influence
: |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.5/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11005630 |
Equity Shares |
Rs.5/- each |
Rs.55.028
Millions |
|
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|
(a) There is no change
in the Share Capital during the current and preceding year.
(b) The Company
has only one class of equity shares having par value of Rs.5/- per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividend in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended 31st March, 2012, the amount of per share dividend recognised
as distribution to equity shareholders was Rs.2/-.
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) Details of
shareholders holding more than 5% shares in the Company |
No. of Shares (% of
Shareholding) |
|
(i) Nufarm Limited |
1617000 (14.69%) |
|
(ii) Life Insurance Corporation of India |
724420 (6.58%) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.028 |
55.028 |
55.028 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2152.479 |
2021.936 |
1633.041 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2207.507 |
2076.964 |
1688.069 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1032.076 |
801.405 |
500.275 |
|
|
2] Unsecured Loans |
180.000 |
355.651 |
953.182 |
|
|
TOTAL BORROWING |
1212.076 |
1157.056 |
1453.457 |
|
|
DEFERRED TAX LIABILITIES |
108.101 |
92.871 |
137.680 |
|
|
DEFERRED GOVERNMENT GRANTS |
3.209 |
3.941 |
4.673 |
|
|
|
|
|
|
|
|
TOTAL |
3530.893 |
3330.832 |
3283.879 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1316.501 |
1142.866 |
1079.801 |
|
|
Capital work-in-progress |
25.436 |
26.645 |
23.745 |
|
|
|
|
|
|
|
|
INVESTMENT |
52.523 |
72.126 |
26.595 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1653.415
|
1395.462
|
1429.827
|
|
|
Sundry Debtors |
1637.494
|
1508.823
|
1647.449
|
|
|
Cash & Bank Balances |
277.251
|
84.910
|
109.385
|
|
|
Other Current Assets |
109.469
|
126.473
|
58.913
|
|
|
Loans & Advances |
473.177
|
423.819
|
441.620
|
|
Total
Current Assets |
4150.806
|
3539.487
|
3687.194 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1581.032
|
1073.244
|
1123.934 |
|
|
Other Current Liabilities |
299.911
|
182.641
|
216.660
|
|
|
Provisions |
133.430
|
194.407
|
192.862
|
|
Total
Current Liabilities |
2014.373
|
1450.292
|
1533.456 |
|
|
Net Current Assets |
2136.433
|
2089.195
|
2153.738
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3530.893 |
3330.832 |
3283.879 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
6771.636 |
7256.494 |
|
|
|
|
Other Income |
67.362 |
71.996 |
|
|
|
|
TOTAL (A) |
6838.998 |
7328.490 |
6445.590 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
2850.813 |
3204.461 |
5687.611 |
|
|
|
Purchases of Traded goods |
1226.229 |
572.944 |
|
|
|
|
(Increase)/Decrease
in Inventories of Finished goods, Work-in-progress and Traded goods |
(48.362) |
76.856 |
|
|
|
|
Employee
benefits expense |
452.520 |
508.870 |
|
|
|
|
Other expenses |
1801.500 |
2021.585 |
|
|
|
|
Exceptional item |
61.000 |
102.000 |
|
|
|
|
TOTAL (B) |
6343.700 |
6486.716 |
5687.611 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
495.298 |
814.774 |
757.979 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
139.582 |
97.225 |
89.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
355.716 |
744.549 |
668.012 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.361 |
126.613 |
97.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
218.355 |
617.936 |
571.008 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
62.230 |
181.075 |
196.664 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
156.125 |
436.861 |
374.344 |
|
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
190.690 |
101.795 |
107.660 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
22.011 |
41.271 |
68.785 |
|
|
|
Tax on Distributed Profits |
3.571 |
6.695 |
11.424 |
|
|
|
Transfer to General Reserve |
130.000 |
300.000 |
300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
191.233 |
190.690 |
101.795 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. basis |
2461.775 |
2233.584 |
2094.356 |
|
|
|
Other Income (including interest) |
0.000 |
0.000 |
4.695 |
|
|
TOTAL EARNINGS |
2461.775 |
2233.584 |
2099.051 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1522.879 |
1723.377 |
1478.619 |
|
|
|
Packing Materials |
0.000 |
2.372 |
1.259 |
|
|
|
Components and Spare Parts |
0.073 |
3.246 |
8.144 |
|
|
|
Capital Goods |
3.603 |
0.000 |
3.101 |
|
|
|
Traded Goods |
163.669 |
9.666 |
37.856 |
|
|
TOTAL IMPORTS |
1690.224 |
1738.661 |
1528.979 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.19 |
39.69 |
34.01 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd Quarter) |
31.12.2012 (3rd
Quarter) |
|
Net Sales |
2135.800 |
2103.700 |
1567.200 |
|
Total Expenditure |
1918.800 |
1940.600 |
1524.200 |
|
PBIDT (Excl OI) |
217.000 |
163.100 |
42.900 |
|
Other Income |
8.900 |
10.800 |
19.300 |
|
Operating Profit |
225.900 |
173.900 |
62.200 |
|
Interest |
40.100 |
32.300 |
25.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
185.800 |
141.600 |
37.100 |
|
Depreciation |
33.600 |
35.600 |
35.200 |
|
Profit Before Tax |
152.200 |
106.000 |
2.000 |
|
Tax |
42.700 |
30.000 |
(2.300) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
109.600 |
76.000 |
4.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
109.600 |
76.000 |
4.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.28
|
5.96
|
5.81
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.22
|
8.52
|
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.99
|
13.20
|
11.98
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.30
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.55
|
0.56
|
0.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.44
|
2.40
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
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 Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loans from Banks (Unsecured) |
180.000 |
355.651 |
|
Total
|
180.000 |
355.651 |
CORPORATE
INFORMATION:
The Company is a public
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India. The
Company is engaged in the business of agro chemicals and manufactures technical
grade pesticides and formulations. The Company also manufactures and markets
other agri inputs like soil enrichers, bio-pesticides, plant growth regulators
and soil and plant nutrition products. The Company has presence in both
domestic and international markets.
OPERATIONS
During the year,
the net sales decreased from Rs.7022.800 millions in the previous year to
Rs.6616.100 millions. Domestic sales turnover dropped from Rs.4700.400 millions
in the previous year to Rs.4058.000 millions whereas the export turnover
increased from Rs.2322.400 millions to Rs.2558.100 millions. The Company’s
profit before tax in the year decreased to Rs.218.400 millions from Rs.617.900
millions in the previous year.
As reported in the
previous Directors’ Report, in compliance with ad-interim Order passed by the
Hon’ble Supreme Court on 13th May, 2011, the Company immediately
suspended production and sale of Endosulfan. Subsequently, pursuant to Orders
passed by the Hon’ble Supreme Court, the Company exported its stock of
Endosulfan Technical and over one-third of Endosulfan Formulations stock during
the year. The remaining stocks of Endosulfan Formulation are being exported as
and when export orders are secured.
At the last
hearing in the court matter related to Endosulfan, the Hon’ble Supreme Court
has asked the Central Government for its suggestion as to how the stocks of
Endosulfan Formulation and its raw materials should be disposed of/phased out.
The Company
carries provision aggregating to Rs.163.000 millions (including Rs.61.000
millions made during the year 2011-12 and shown as Exceptional Item) in respect
of stocks relating to Endosulfan. In the opinion of the Company, the amount of
such provision is sufficient and reasonable.
Endosulfan has
been the single largest product of the Company. Its absence in the Company’s
product portfolio for the major part of the year (barring exports as referred
to above) severely impacted the Company’s sales and profits. Though the
shortfall in the sales was made up to an extent by increased sale of other
manufactured and traded products, there has been significant erosion in the
margins for the year.
The partial
drought in Maharashtra impacted the demand for weedicides, affecting the
Company’s performance in that particular segment in the second quarter of
2011-12.
NEW PRODUCTS/IMPROVEMENTS/EXPANSIONS
‘Ultimate’ a
systemic insecticide in granular formulation has been recently introduced for
the first time in India. The Company holds patent for this formulation. For
enhanced flowering and regular fruiting, a plant growth regulator named ‘Excel
Celstar’ has been introduced targeting the horticulture segment.
A new wettable
granule formulation of Tebuconazole, a fungicide has been developed. The
Company is looking forward to launching of several new environmentally friendly
formulations based on processes that do not involve use of petroleum based
solvents.
To meet the
increase in demand the capacity of Profenophos Tech was increased from 1200 TPA
to 2200 TPA and Aluminium Phosphide was raised from 1500 TPA to 2000 TPA.
The Company
continues its drive towards improving carbon footprint of its manufacturing
operations and has commissioned one more 1.8 MW windmill in Kutch, Gujarat.
This makes the Company’s major production site at Bhavnagar virtually self sufficient,
meeting its power requirement from its own windmills. The Company continues its
efforts at energy conservation and energy cost reduction.
OUTLOOK
The Agriculture
Sector in India continues to receive focused attention from the Central as also
the State Governments. Concern for food security, growing population, decreased
agricultural land for farming and spurt in growth of horticulture and
floriculture sectors are driving the agro chemicals industry. Increasing
interest of private companies and investment firms in the farming and rural
sectors is encouraging news for the industry. The industry is growing at a
steady pace and with the forecast of a normal monsoon in the coming season the
outlook for the industry and the Company appears reasonably good. In the
backdrop of ad-interim ban on Endosulfan, the Company has made endeavours to
step up growth of other products and launch new products.
These efforts
should help the Company recover lost ground in course of time. The Company
continues to focus on growing export markets by exploring new geographies and
penetrating existing markets.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure
and Developments:
With increasing
population, demand for food grains is increasing at a faster pace as compared
to its production. In a recently published report for the year 2011, population
of India was recorded at 1.18 billion and it is projected to reach 1.45 billion
by 2030. The growing population will give rise to demand for food and
nutrition. However, there is a steep decrease in per capita land available for
agriculture.
Moreover, every
year, significant amount of crop yield is lost due to non usage of crop
protection products. Agricultural inputs are necessary to improve crop quality,
yield and control of pests. These inputs are available through chemical or
biological processes. The Company is equipped to offer farmers a judicious
balance of biological as well as chemical based farm inputs.
The Company
manufactures and supplies agri solutions broadly categorised as:
1. Insecticides:
Insecticides protect crops by targeting harmful pests or preventing them from
infesting the crops.
2. Fungicides:
They are used to prevent the deterioration of crops due to fungi infestation.
3. Herbicides:
Herbicides or weedicides are used to prevent the growth of weeds selectively
without any harm to the crop.
4. Fumigants and
rodenticides: Used post harvest, to prevent pest infestation during storage of
crops.
5. Soil Health and
Plant Nutrition: Derived from natural substances like plants, animals, bacteria
or certain minerals these products are used as nutrition to enhance soil
quality and in turn enhance productivity Bio-pesticides, considered to be soft
on the environment, help control pest attacks while protecting the farm
ecology. Plant growth enhancers / regulators control or modify the plant growth
process and are most commonly used in cotton, rice and fruits.
Fortunes of the
agricultural inputs industry are interwoven with those of agriculture. There
are several players ranging from small and medium ones dealing in generic
molecules to large multinationals with high-priced new generation molecules and
patented products. The crop protection market has been mainly dominated by the
usage patterns of insecticides compared to other crop protection products.
India witnessed a
substantial growth in the horticulture segment – 240 million tons; almost
equivalent to food grains at 242 million tons – the Government has recognized
year 2012 as ‘Year of Horticulture’.
This development
in India offers an exciting growth opportunity for the Company. In the current
year, the Company will be unveiling a few innovative input marketing strategies
in selected horticultural segments.
The seasonal nature
of the business and the climatic uncertainties require the industry to carry a
large inventory for long periods. Domestic market has been attracting attention
of multinationals who visualise good growth opportunity. The domestic industry
has been witness to a steady increase in market share by new generation and
patented molecules.
Supply of high
quality products at competitive prices, development of new
products/formulations and large investment in product registration are emerging
as key success factors.
India is emerging
as a significant supplier of agrochemicals in the international market.
Globally the agrochemicals business is stable and growing marginally.
Segment-wise
performance and outlook:
The Company’s
domestic sales were Rs.4058.000 millions compared to Rs.4700.400 millions in
the previous year. Exports stood at Rs.2558.100 millions as compared to
Rs.2322.400 millions in the previous year.
As compared to
last year, the sale of insecticides has dropped mainly on account of ban on
manufacture and sale of Endosulfan. However, this has been partially
compensated by growth in sale of various products in the herbicides, fumigants/
rodenticides and soil nutrients segment.
Financial
Performance and Analysis:
The net sales for
the year are Rs.6616.100 millions as compared to Rs.7022.800 millions in the
previous year. The profit before tax is Rs.218.400 millions for the year as
compared to Rs.617.900 millions in the previous year. Exports have grown to
Rs.2558.100 millions in the current year as compared to Rs.2322.400 millions in
the previous year. The performance was adversely affected by loss of the
Endosulfan business and reduced sales of Glyphosate in Maharashtra.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
(i) Contingent
Liabilities: |
|
|
|
(a) Disputed Excise-duty liability |
0.440 |
0.440 |
|
(b) Disputed Service-tax liability |
5.434 |
3.605 |
|
(c) Disputed Income-tax liability |
20.301 |
12.079 |
|
(d) Disputed Sales-tax liability |
2.023 |
7.318 |
|
(e) Guarantees
given by the Company’s banker on behalf of the Company to third parties |
292.225 |
5.115 |
|
(f) Corporate
Guarantee given to a bank for overdraft facility of Rs.20.000 millions granted
to a subsidiary company |
6.790 |
-- |
|
(g) Liability in
respect of employee(s) disputes |
Amount unascertainable |
Amount unascertainable |
|
(h) Claims
against the Company not acknowledged as debts |
4.356 |
4.423 |
|
(i) Penalty levied
by Competition Commission of India for a violation of section 3 of the
Competition Act, 2002 |
639.000 |
-- |
|
(ii) Estimated amount of contracts remaining to
be executed on capital account and not provided for (net of advances) |
16.255 |
90.627 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER, 2012
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
Un-Audited |
Un-Audited |
Un-Audited |
||
|
31st
December, 2012 |
30th
September, 2012 |
31st
December, 2012 |
||
|
PART I |
|
|
|
|
|
1 |
Income
from Operations |
|
|
|
|
|
(a)
Net Sales |
1528.356 |
2066.116 |
5690.070 |
|
|
(b)
Other Operating Income |
38.823 |
37.584 |
116.562 |
|
|
Total
Income from Operations (Net) |
1567.179 |
2103.700 |
5806.632 |
|
2 |
Expenditure |
|
|
|
|
|
a)
Cost of Raw Materials Consumed |
801.278 |
767.917 |
2570.638 |
|
|
b)
Purchases of Stock-in-trade |
228.435 |
357.051 |
1138.888 |
|
|
c)
Changes in Inventories of Finished Goods, Work-in-Progress &
Stock-in-Trade |
2.708 |
358.604 |
96.236 |
|
|
d)
Employee Benefits Expenses |
131.973 |
118.178 |
375.278 |
|
|
e)
Depreciation & Amortization Expenses |
35.154 |
35.568 |
104.331 |
|
|
f) Other Expenditure |
359.838 |
338.828 |
1202.527 |
|
|
Total
Expenditure |
1559.386 |
1976.146 |
5487.898 |
|
3 |
Profit
from Operations before Other Income, Finance Costs, Tax & Exceptional
Items (1-2) |
7.793 |
127.554 |
318.734 |
|
4 |
Other
Income |
19.263 |
10.802 |
38.993 |
|
5 |
Profit
before Finance Costs & Exceptional Items (3+4) |
27.056 |
138.356 |
357.727 |
|
6 |
Finance
Costs |
25.072 |
32.341 |
97.498 |
|
7 |
Profit
from ordinary activities after Finance Costs but before Exceptional Items
(5-6) |
1.984 |
106.015 |
260.229 |
|
8 |
Exceptional
Items |
-- |
-- |
-- |
|
9 |
Profit
From Ordinary Activities Before Tax (7-8) |
1.984 |
106.015 |
260.229 |
|
10 |
Tax
Expense (including MAT Credit entitlement/utilization) |
(2.328) |
30.042 |
70.380 |
|
11 |
Net
Profit for the period (9-10) |
4.312 |
75.973 |
189.849 |
|
12 |
Paid-up
Equity Share Capital (Face Value at Rs.5/- per Equity Share) |
55.028 |
55.028 |
55.028 |
|
13 |
Reserves
Excluding Revaluation Reserves as per Balance Sheet of previous Accounting
Year |
-- |
-- |
-- |
|
14 |
Basic
and Diluted Earnings per Share of Rs.5/- each (not annualised) |
0.39 |
6.90 |
17.25 |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A) |
Particulars
of Shareholding |
|
|
|
|
1 |
Public
Share Holding |
|
|
|
|
|
i)
Number of Shares |
8553570 |
8884431 |
8553570 |
|
|
ii)
Percentage of Shareholding |
77.72% |
80.73% |
77.72% |
|
2 |
Share
Holding of Promoter Group |
|
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
|
Number of shares |
38600 |
38600 |
38600 |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1.57% |
1.82% |
1.57% |
|
|
Percentage of shares (as a % of total share capital of the
company) |
0.35% |
0.35% |
0.35% |
|
|
b) Non Encumbered |
|
|
|
|
|
Number of shares |
2413460 |
2082599 |
2413460 |
|
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
98.43% |
98.18% |
98.43% |
|
|
Percentage of shares (as a % of total share capital of the
company) |
21.93% |
18.92% |
21.93% |
|
|
Particulars |
3 months ended |
|
|
|
31.12.2012 |
|
|
B)
Investor Complaints i)
Pending at the beginning of the quarter |
0 |
|
|
ii)
Received during the quarter |
4 |
|
|
iii)
Disposed of during the quarter |
4 |
|
|
iv)
Remaining unsolved at the end of the quarter |
0 |
FIXED ASSETS:
Tangible Assets
v Land – Freehold
v Land – Leasehold
v Leasehold
Improvements
v Buildings
v Plant and
Machinery
v Electrical
Installations
v Laboratory
Equipments
v
Furniture and Fixtures
v
Office Equipments
v Vehicles
v Technical Books
Intangible Assets
v
Data Registration Expenses
v
Computer Software/ Licence Fees
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 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
54 |
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.