MIRA INFORM REPORT

 

 

Report Date :

01.11.2013

 

IDENTIFICATION DETAILS

 

Name :

INDIAN FARMERS FERTILISER CO-OPERATIVE LIMITED

 

 

Registered Office :

IFFCO Sadan, C-1, District Centre, Saket Place, New Delhi – 110 017

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

03.11.1967

 

 

Capital Investment / Paid-up Capital :

Rs.4259.500 Millions

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELI05639E

 

 

PAN No.:

[Permanent Account No.]

AAAAI0050M

 

 

Legal Form :

A Co-Operative Society Having Limited Liability Of The Members

 

 

Line of Business :

Manufacturers of Fertilizers, Pesticides and Insecticides.

 

 

No. of Employees :

6662 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 198000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old, well-established and reputed co-operative society engaged in manufacturing and marketing of a variety of Fertilizers.

 

Latest financial are not available as per 2011, the company seems to be performing well.

 

It is a professionally managed society. Trade relations are reported as fair. Payments are correct and as per commitments.

 

It 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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

 

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

 

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

 

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

 

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

 

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

 

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

 

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

GVC Rating Level 2

Rating Explanation

The capability of firm related crisil “GVC Level 2” with regard to corporate governance and value creation of all stake holders is very high.

 

 

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 PARTED BY

 

Management Non-Cooperative (91-11-42592626)

 

 

LOCATIONS

 

Registered/Corporate Office :

IFFCO Sadan, C-1, District Centre, Saket Place, New Delhi – 110 017, India

Tel. No.:

91-11-42592626, 26542625

Fax No.:

91-11-42592650

E-Mail :

info@iffcoindia.com

faxho@iffco.nic.in

Website :

http://www.iffcoindia.com

http://www.iffco.nic.in

 

 

Factory / Warehouse  :

·         IFFCO Kalol, Kasturi Nagar, Gandhi Nagar – 382 423, Gujarat, India

Tel No: - 91-2764-223256/ 223258/ 223272/ 223273/ 220202/ 220209/ 221056/ 221165/ 220604

Fax No: - 91-79-23286020/ 21/ 22/ 23/ 24

 

·         IFFCO Kandla, Unit, Post Box No. 12, Gandhidham – 370 201, Kandla (Kuchchh), Gujarat, India

Tel No: - 91-2826-270381/ 270382/ 270539/ 270639/ 270641

Fax No: - 91-2836-270642/ 270658/ 270685

    

·         IFFCO Phulpur, Ghisyanagar, Allahabad – 212 404, Uttar Pradesh, India

Tel No: - 91-5332-251250/ 251251/ 251252/ 2606420

Fax No: - 91-5332-251252/ 251253

 

·         IFFCO, Aonla Unit, IFFCO Township Bareily - 243403, Uttar Pradesh, India

Tel No: - 91-581-234819/ 234822/ 234823/ 234822/ 234823

Telefax: - 91-581-2404227

 

·         Nellore, Andhra Pradesh (Under Construction)

 

·         IFFCO - Paradeep Unit, Village Musadia, PO Paradeep, District Jagatsinghpur, Orissa – 754 142, India

Tel No: - 91-6722-228201 to 07, 228176

Fax No: - 91-6722-228160/ 224857

Area :

Owned             

Location :

Industrial  area

 

 

Marketing Division :

Located at :

 

·         New Delhi

·         Chandigarh

·         Lucknow

·         Bhopal

·         Kolkata

·         Bangalore

 

 

DIRECTORS

 

AS ON 31.03.2010

 

Name :

Mr. Surinder Kumar Jakhar

Designation :

Chairman

 

 

Name :

Mr. N.P. Patel

Designation :

Vice-Chairman

 

 

Name :

Mr. Prem Chandra Munshi

Designation :

Director

 

 

Name :

Mr. Tryambakrao G. Sirsath

Designation :

Director

 

 

Name :

Mr. Vithalbhai H. Radadia

Designation :

Director

 

 

Name :

Mr. Pramod Kumar Singh

Designation :

Director

 

 

Name :

Mr. Sheesh Pal Singh

Designation :

Director

 

 

Name :

Mr. Balvinder Singh Nakai

Designation :

Director

 

 

Name :

Mr. Ravindra Pratap Singh

Designation :

Director

 

 

Name :

Mr. Simachal Padhy

Designation :

Director

 

 

Name :

Mr. K. Srinivasa Gowda

Designation :

Director

 

 

Name :

Mr. A. Praveen Reddy

Designation :

Director

 

 

Name :

Mr. Anil Malik

Designation :

Director

 

 

Name :

Mr. G.M. Dhananjaya

Designation :

Director

 

 

Name :

Mr. Ramakant Bhargava

Designation :

Director

 

 

Name :

Mr. Ankushrao R. Tope

Designation :

Director

 

 

Name :

Mr. Harminder Singh Jassi

Designation :

Director

 

 

Name :

Mr. R.K. Meena

Designation :

Director

 

 

Name :

Mr. Umesh Tripathi

Designation :

Director

 

 

Name :

Mr. Ram Chandra Singh Pradhan

Designation :

Director

 

 

Name :

Mr. Kartick Chandra Sarkar

Designation :

Director

 

 

Name :

Dr. B.S. Vishwanathan

Designation :

Director

 

 

Name :

Mr. Raj Kumar Tripathi

Designation :

Director

 

 

Name :

Dr. U.S. Awasthi

Designation :

Managing Director

 

 

Name :

Mr. Rakesh Kapur

Designation :

Joint Managing Director

 

 

Name :

Mr. K.L. Singh

Designation :

Director (Tech.)

 

 

Name :

Dr. G.N. Saxena

Designation :

Director (Coop. Development)

 

 

Name :

Mr. R.P. Singh

Designation :

Director (HRD)

 

 

Name :

Mr. Arabinda Roy

Designation :

Marketing Director

 

 

KEY EXECUTIVES

 

Name :

Dr. D. K. Shukla

Designation :

Senior Executive Director (Tpt.), MKCO

 

 

Name :

Mr. S.C. Mittal

Designation :

Senior Executive Director (MS and IT), HO

 

 

Name :

Mr. S.B. Rindani

Designation :

Senior Executive Director (Fin.), HO

 

 

Name :

M.R. Patel

Designation :

Executive Director, Paradeep

 

 

Name :

Mr. L. Murugappan

Designation :

Executive Director, Kandla

 

 

Name :

Mr. A.K. Singh

Designation :

Executive Director (Technical), HO

 

 

Name :

Mr. D. Bhattacharyya

Designation :

Executive Director (HR), MKCO

 

 

Name :

Mr. Ajay Misra

Designation :

Executive Director, Kalol

 

 

Name :

Mr. Surjit Singh

Designation :

Executive Director, Phulpur

 

 

Name :

Mr. A.K. Maheshwari

Designation :

Senior General Manager, Aonla

 

 

Name :

Brig. (Retired) Bhanu B. Sud

Designation :

Senior General Manager (Sec. and Admin.), HO

 

 

Name :

Mr. V. Mediratta

Designation :

Senior General Manager (Sys.), HO

 

 

Name :

Mr. B.K. Grover

Designation :

General Manager (I.A.), HO

 

 

Name :

Mr. H.D. Mistry

Designation :

General Manager (Maint.), Kalol

 

 

Name :

Mr. Vinod Kumar

Designation :

General Manager (Maint.), Kandla

 

 

Name :

Mr. P.A. Wilson

Designation :

General Manager (Prod.), Paradeep

 

 

Name :

Mr. P.T. Parmar

Designation :

General Manager (Prod.), Kandla

 

 

Name :

Mr. O.P. Kathuria

Designation :

General Manager (Maint.), Phulpur

 

 

Name :

Mr. Shamsher Singh

Designation :

General Manager (Prod.), Kalol

 

 

Name :

Mr. A.T. Kansara

Designation :

General Manager (F and A), Paradeep

 

 

Name :

Mr. Ranjan Dwivedi

Designation :

General Manager (P and A), Phulpur

 

 

Name :

Mr. Sunil Kumar Gandhi

Designation :

General Manager (Tech.), Paradeep

 

 

Name :

Mr. A.K. Bhaduri

Designation :

General Manager (Tech.), Aonla

 

 

Name :

Mr. B.R. Patel

Designation :

General Manager (Project), Kalol

 

 

Name :

Mr. A.K. Sinha

Designation :

General Manager (Maint.), Paradeep

 

 

Name :

Mr. Birinder Singh

Designation :

General Manager (P.S.), HO

 

 

Name :

Mr. S. Ramachandran

Designation :

General Manager (Imp. and Log.), HO

 

 

Name :

Mr. S.K. Bandyopadhyay

Designation :

Joint General Manager (Comm.), Phulpur

 

 

Name :

Mr. A.B. Motwani

Designation :

Joint General Manager (Utility), Kalol

 

 

Name :

Dr. (Mrs.) Meena Srivastava

Designation :

Joint General Mgr. (Med and HS), Aonla

 

 

Name :

Mr. A.K. Singh

Designation :

Joint General Manager (Mech.), Kandla

 

 

Name :

Mr. B.B. Sachar

Designation :

Joint General Manager (F and A), MKCO

 

 

Name :

Mr. Akhilesh P. Singh

Designation :

Joint General Manager (E and S), Paradeep

 

 

Name :

Mr. N.R.K. Sinha

Designation :

Joint General Manager (Project), HO

 

 

Name :

Mr. B.B. Chhabda

Designation :

Joint General Manager (GE), Kalol

 

 

Name :

Mr. T.N. Gupta

Designation :

Joint General Manager (Tech.), Paradeep

 

 

Name :

Mr. A.E. Kadu

Designation :

Joint General Manager (Maint.), Kandla

 

 

Name :

Mr. K. Chellappa

Designation :

Joint General Mgr. (Maint.), Paradeep

 

 

Name :

Mr. S.R. Kushwaha

Designation :

Joint General Mgr. (Mtrl), Phulpur

 

 

Name :

Mr. Braj Kishore

Designation :

Joint General Manager (Tech.), Kalol

 

 

Name :

Mr. A.K. Chaturvedi

Designation :

Joint General Manager, Aonla

 

 

Name :

Mr. H.R. Singh

Designation :

Joint General Manager (Sys.), MKCO

 

 

Name :

Mr. P.C. Verma

Designation :

Joint General Manager (Util.), Kandla

 

 

Name :

Mr. Rajiv Srivastava

Designation :

Joint General Manager (Prod.), Aonla

 

 

Name :

Mr. J. Biswas

Designation :

Joint General Manager (Util.), Aonla

 

 

Name :

Mr. Surendra Singh

Designation :

Joint General Manager, Aonla

 

 

Name :

Mr. Mukul Srivastava

Designation :

Joint General Manager (Prod.), Phulpur

 

 

Name :

Mr. V.J. Mankodi

Designation :

Joint General Manager (F and A), Kandla

 

 

Name :

Mr. Yogesh Narula

Designation :

Joint General Manager (Tech.), Phulpur

 

 

Name :

Mr. J.N. Sahu

Designation :

Chief Vigilance Officer, HO

 

 

Name :

Mr. G.K. Gautam

Designation :

Joint General Manager (Insp. and PH), Phulpur

 

 

Name :

Mr. P.V. Narayana

Designation :

Joint General Manager (Process), Paradeep

 

 

Name :

Mr. K.N. Joshi

Designation :

Joint General Manager, Aonla

 

 

Name :

Mr. Sandeep Ambekar

Designation :

Joint General Manager (Maint.), Phulpur

 

 

Name :

Mr. Anil Sahni

Designation :

Joint General Manager (F and A), Kalol

 

 

Name :

Dr. D.P. Patra

Designation :

Joint General Manager (Marketing), MKCO

 

 

Name :

Mr. Harbhajan Singh

Designation :

Joint General Manager (F and A), HO

 

 

Name :

Mr. A.K. Ghosh

Designation :

Joint General Manager (F and A), HO

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Fertilizers, Pesticides and Insecticides.

 

 

Brand Names :

“IFFCO”

 

PRODUCTION STATUS (AS ON 31.03.2011)

       (Quantity LMTs)

 

Particulars

Licensed Capacity

Installed Capacity

Production

Ammonia

24.87

24.87

25.94

Urea

42.42

42.42

44.03

Phosphatic Fertilisers

(in terms of P2O5)

--

17.85

12.89

Sulphuric Acid

--

23.10

19.00

Phosphoric Acid

--

8.75

6.56

 

 

GENERAL INFORMATION

 

No. of Employees :

6662 (Approximately)

 

 

Bankers :
  • Indian Overseas Bank
  • State Bank of India
  • Bank of Baroda
  • Standard Chartered Bank
  • The Maharashtra State Cooperative Bank Limited
  • The West Bengal State Cooperative Bank Limited
  • Madhya Pradesh State Cooperative Bank Limited
  • The Karnataka State Cooperative Bank Limited
  • The Punjab State Cooperative Bank Limited
  • The Hong Kong and Shanghai Banking Corporation Limited
  • ICICI Bank Limited
  • IDBI Bank Limited
  • HDFC Bank Limited
  • Punjab National Bank

 

 

Facilities :

SECURED LOAN

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

TERM LOAN

(a) ICICI Bank Syndicated Term Loan*

 

 

Rupee Loan

300.000

300.000

Foreign Currency Loan

(Due for repayment within one year Rs.3754.100 millions, Previous Year Rs.1877.000 millions)

5631.200

9385.300

(b) New India Cooperative Bank Limited*

(Due for repayment within one year Rs.57.500 millions, Previous Year Rs.57.500 millions)

0.000

57.500

*[Secured by Pari-passu charge by way of mortgage/hypothecation on all the movable and immovable assets (excluding Kandla Unit) s applicable on Loans at Sr. No. (a) and (b) above]

 

 

(c) New India Cooperative Bank Limited

(Due for repayment within one year Rs.55.000 millions, Previous Year Nil)

(Secured by way of lien on Government of India Fertiliser Bonds amounting to Rs.275.000 millions)

123.800

178.800

(d) Deferred Trade Tax Loan

Interest Free Loan from Pradeshiya Industrial and Investment Corporation of Uttar Pradesh

(Due for repayment within one year Rs.234.100 millions, Previous Year Rs.241.200 millions)

(Secured by pari-passu charge on Land and other immovable properties of Aonla Unit and Hypothecation of Plant and Machinery of Aonla II Unit)

1228.300

1216.200

CASH CREDIT        

(Secured by pari-passu charge by Hypothecation of Raw Materials, Stores and Spares, Semi Finished Goods, Finished Goods and Book Debts under a loan agreement with Consortium of Banks)

12910.500

5265.300

SHORT TERM LOANS FROM BANKS

(Secured by way of lien on Government of India Fertiliser Bonds amounting to Rs.44250.000 millions, Previous Year Rs.65000.000 millions)

15000.000

33926.200

Total

35193.800

50329.300

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name 1 :

S.K. Mehta and Company

Chartered Accountants

Address :

2682, Gali No.2, Beadan Pura, Ajmal Khan Road Market, Karol Bagh New Delhi - 110 005, India

 

 

Name 2 :

S.C. Vasudeva and Company

Chartered Accountants

Address :

B-41, Panchsheel Enclave, New Delhi - 110 017, India

 

 

Name 2 :

Arun Singh and Company

Chartered Accountants

Address :

F-7, Lajpat Nagar III, New Delhi - 110 024, India

 

 

Name 4 :

J.C. Bhalla and Company

Chartered Accountants

Address :

B-5, Sector-6, Noida - 201 301, Uttar Pradesh, India

 

 

Name 5 :

Rajnish Associates

Chartered Accountants

Address :

92 and 87, Defence Colony Flyover Market, New Delhi - 110 024, India

 

 

Subsidiary Companies :

  • IFFCO-Tokio General Insurance Company Limited
  • Kisan International Trading FZE
  • IFFCO Kisan Bazar Limited
  • IFFCO Chhattisgarh Power Limited
  • IFFCO Kisan Sanchar Limited
  • Jordan India Fertilizer Company L.L.C.
  • IFFCO Kisan SEZ Limited
  • Indo Egyptian Fertilizer Company SAE
  • Indian Farm Forestry Development Cooperative Limited

 

 

Fellow Subsidiary :

  • IFFCO Tokio Insurance Services Limited
  • Baylis Generators Limited

 

 

Joint Ventures :

  • Oman India Fertilizer Company, S.A.O.C.
  • Industries Chimiques du Senegal

 

 

Associates :

  • Indian Potash Limited
  • Cooperative Rural Development Trust
  • IFFCO Kisan Sewa Trust
  • IFFCO Foundation
  • Aria Chemicals (Orissa) Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

90000

Shares

Rs.100000/- each

Rs.9000.000 millions

50000

Shares

Rs.10000/- each

Rs.500.000 millions

500000

Shares

Rs.1000/- each

Rs.500.000 millions

 

Total

 

Rs.10000.000 millions

 

Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

35246

Shares held by Cooperative Societies / Institutions

Rs.100000/- each

Rs.3524.600 millions

39614

Shares held by Cooperative Societies

Rs.10000/- each

Rs.396.100 millions

346089

Shares held by Cooperative Societies

Rs.1000/- each

Rs.346.100 millions

 

Less: Redemption to Cooperatives

 

Rs.7.300 millions

 

Total

 

Rs.4259.500 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4259.500

4262.400

4262.800

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

45420.900

38442.600

35325.900

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

49680.400

42705.000

39588.700

LOAN FUNDS

 

 

 

1] Secured Loans

35193.800

50329.300

73731.800

2] Unsecured Loans

78335.600

64992.400

54296.000

TOTAL BORROWING

113529.400

115321.700

128027.800

DEFERRED TAX LIABILITIES

4163.300

5167.800

5421.200

 

 

 

 

TOTAL

167373.100

163194.500

173037.700

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

45917.000

48242.800

49658.400

Capital work-in-progress

4416.800

3330.000

2909.800

 

 

 

 

INVESTMENT

51571.900

75312.800

75529.500

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13841.800
13022.500
17313.600

 

Sundry Debtors
1467.700
680.800
4072.300

 

Cash & Bank Balances
25702.400
10753.100
696.300

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
38078.600
33768.700
54647.700

Total Current Assets
79090.500
58225.100
76729.900

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors

5868.100
14978.600

24476.600

 

Other Current Liabilities
3442.700
3015.400
4125.200

 

Provisions
4312.300
3922.200
3227.100

Total Current Liabilities
13623.100
21916.200
31828.900

Net Current Assets
65467.400
36308.900
44901.000

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

39.000

 

 

 

 

TOTAL

167373.100

163194.500

173037.700

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Turnover

211951.600

168085.700

329333.000

 

 

Other Revenue

7412.400

8415.500

4990.000

 

 

TOTAL                                     (A)

219364.000

176501.200

334323.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption of Raw Materials, Stores and Others

114267.700

95090.200

151697.200

 

 

Purchase of Product for resale

56409.900

40178.500

145392.300

 

 

Employees Remuneration and Benefits

7553.500

7021.200

5959.600

 

 

Manufacturing, Administration, Distribution and Other Expenses

18955.200

13096.000

14819.100

 

 

Increase/(Decrease) in Stocks

114.300

2886.100

(2805.100)

 

 

Prior Period Adjustments (Net)

(12.800)

288.200

(134.600)

 

 

Deferred Revenue Expenses Written off (Voluntary Retirement Scheme Expenses)

0.000

39.000

39.000

 

 

TOTAL                                     (B)

197287.800

158599.200

314967.500

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

22076.200

17902.000

19355.500

 

 

 

 

 

Less

INTEREST                                                         (D)

7171.300

7649.800

10232.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

14904.900

10252.200

9123.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4647.100

4579.400

4704.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

10257.800

5672.800

4419.500

 

 

 

 

 

Less

TAX                                                                  (H)

2342.900

1661.800

819.400

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

7914.900

4011.000

3600.100

 

 

 

 

 

Less

Profit transferred to :

 

 

 

 

Capital Repatriation Fund

16.500

4.700

4.700

 

Contribution towards Approved Donations

(under Income Tax Act, 1961)

--

--

10.000

 

 

 

 

 

 

Net Profit as per Multi State Cooperative Societies Act, 2002

7898.400

4006.300

3585.400

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Trading of Finished Goods

218.600

0.000

1342.000

 

 

Dividend Income

1574.800

1950.000

2733.600

 

 

Others

402.900

252.300

187.900

 

TOTAL EARNINGS

2196.300

2202.300

4263.500

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

69312.400

55560.000

97188.800

 

 

Spare Parts and Catalysts

148.600

194.900

297.400

 

 

Capital Goods

956.700

192.000

78.400

 

 

Finished Goods

49283.000

37473.000

129977.600

 

TOTAL IMPORTS

119700.700

93419.900

227542.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

1854.00

939.00

843.00

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
3.60
2.27

1.08

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
4.83
3.37

1.34

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.20
5.33

3.50

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20
13.28

0.11

 

 
 
 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.29
2.70

3.23

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
5.80
2.66

2.41

 

 

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

Yes

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

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

No

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

Yes

 

 

UNSECURED LOAN

(Rs. In Millions)

Particular

31.03.2011

31.03.2010

Short Term Loans from Banks/ Institutions

 

 

i) Rupee Loan

75522.700

59751.800

ii) Foreign Currency Loan

0.000

2413.000

Long Term Loan

From Banks / Institutions

(Due for repayment within one year Rs. Nil, Previous Year Rs. Nil)

2514.300

2514.300

Deferred Trade Tax Loan

Interest Free Loan from Pradeshiya Industrial and Investment Corporation of Uttar Pradesh.

22.400

25.400

Term Deposits - Employees / Others

156.200

177.100

- Cooperative Institutions

120.000

110.800

 

 

 

Total

78335.600

64992.400

 

 

FINANCIAL PERFORMANCE

 

As per its tradition, the Society has again exhibited an impressive financial performance in all its major parameters namely, revenue growth, margins and resource utilisation, testifying to robustness of its Corporate Strategy of creating multiple drivers of growth inspite of constraints in the availability of raw materials and delays in receipt of large subsidy amounts from Government of India. It was made possible due to higher production, sales volume and improvement in operating efficiencies.

 

The sales turnover of the Society in value increased to Rs.211950 millions during 2010-11 as against Rs. 168090 millions in the previous year, registering an increase of over 26%. The sales quantity registered an increase of 6% at 125.88 lakh MT as against 118.27 lakh MT in 2009-10. The performance is even more satisfying when viewed in the light of challenging business environment in fertiliser industry. Based on the audited accounts for the financial year 2009-10, the "Business Standard" has ranked their Society No. 1 based on Turnover amongst the top 350 Unlisted Indian Companies. Further, "Business World" has ranked their Society at No. 41 on an Overall basis amongst the top 500 Indian Companies. Similarly, "Fortune India" has ranked IFFCO at No. 1 amongst the top 17 Companies in the Fertiliser Sector and No. 43 based on Total Revenue amongst the top 500 Indian Companies.

 

FINANCING COST

 

The gross Interest expense at Rs. 7170 millions during 2010-11 was lower in comparison to Rs. 7650 millions incurred during the year 2009-10. There was a significant improvement in working capital management and the Society was able to borrow funds at lower rate of interest inspite of introduction of base rate by the Banks, which resulted in hardening of interest rates. The short term interest burden includes an amount of Rs. 1160 millions attributed to financing cost of funding the delayed receipt of subsidy/concession from Government of India during the year.

 

PLANT PERFORMANCE

 

PRODUCTION

During 2010-11, IFFCO repeated its outstanding production performance by achieving highest ever production of 85.83 lakh MT of fertilisers, comprising the highest ever 44.02 lakh MT of Urea, the highest ever 41.79 lakh MT of NP/NPK/DAP and 2385 tonne of Urea Phosphate, surpassing previous best production of 81.98 lakh MT of fertilisers during 2009-10. The Society produced 3.85 lakh MT of additional fertilisers during 2010-11 as compared to last year, registering a rise in production by about 5%. The capacity utilization during the year 2010-11 in terms of 'N' and 'P2O5' were 99.4% and 75.2%, respectively.

 

Phulpur-I, Phulpur-II, Aonla-II and Paradeep Unit surpassed their respective previous best production. Kalol Unit, despite being oldest plant, crossed 6 lakh MT of Urea production for second time in a row and also transferred over 49 thousand tonne of Ammonia to Kandla Unit. Phulpur-I, Phulpur-II, and Aonla-II achieved the highest ever Urea production of 7.45, 10.26 and 10.43 lakh MT,  Kalol and Phulpur-I achieved the lowest ever Specific Energy Consumption during 2010-11. The overall composite Specific Energy Consumption for all Urea Plants during 2010-11 was 5.814 Gcal/ MT of Urea as compared to previous lowest specific energy consumption of 5.832 Gcal/MT during 2009-10.

 

KALOL EXPANSION PROJECT

 

IFFCO has envisaged setting up 1.4 Million MT of Urea plant at Kalol with an investment of about Rs.46600 millions. Haldor Topsoe A/S, Process Licensor for Ammonia Plant was entrusted partial Basic Engineering work for the Ammonia Plant. PDIL, the Consultant for Offsite facilities has submitted basic documents, technical specification for the facilities and finalized overall Plot Plan of the Complex. Pre-project activities such as backfilling/ grading/leveling/fencing of the Project Site along with channel for disposal of rain water and approach road have been completed. Environment Clearance for the proposed Kalol Expansion Project has been received from Ministry of Environment and Forests (MoEF), Government of India. Other statutory approvals like NOC from GIDC and provisional approval of Plot Plan from the Directorate of Factories have also been obtained. An MoU had been signed with the Govt. of Gujarat under the Vibrant Gujarat Programme to facilitate project clearances/assistance, as required, during the project execution. The project activity would start after firm allocation of gas from GOI.

 

ZINC SULPHATE PROJECT

 

Micro-nutrient deficiencies have reached alarming proportions in India and Zinc is an essential component of various enzyme systems for energy production, protein synthesis, and growth regulation. IFFCO is putting up efforts to increase awareness for the use of Micro-Nutrient Based Fertilizers in India. In its effort to provide right quality of fertilizer, IFFCO is setting up a manufacturing facility for production of 100 MTPD Zinc Sulphate Mono-hydrate at a cost of Rs.240 millions. The manufacturing facility is coming up within the existing premises of the Kandla Unit and is expected to be commissioned by July-2011.

 

UREA PHOSPHATE PROJECT

 

Urea Phosphate is a 100% water soluble fertiliser, which is widely used for cash/commercial crops and horticulture. It has nutrient content of 17% N and 44% P2O5 and it is formed by reaction of Urea and Phosphoric Acid. It is usually applied through drip irrigation. IFFCO is setting up a manufacturing facility for production of 50 MTPD 100% water soluble Urea Phosphate based on an in-house developed technology at a cost of approximately Rs.130 millions. The manufacturing facility has been installed within the existing premises of the Kandla Unit which have started commercial production in March-2011.

 

BARGE JETTY

 

IFFCO is setting up a barge jetty adjacent to its Kandla plant and next to its liquid cargo jetty for handling around 2 million MT of bulk solid raw materials and imported fertilizers. Kandla being a creek and tidal port, the Panamax vessels cannot be received. With the setting up of barge jetty, Panamax vessels would anchor in mid sea (about 12 km from creek) and material would be unloaded into barges (capacity 2500 MT and 5000 MT), which shall berth on barge jetty to unload the solid cargo. This will avoid waiting time for ship due to port queue as well as dumper movement of material over 12 km distance from Kandla Port which in turn will avoid windage losses of material and protect their environment. The cost of project is estimated at Rs.350 millions. IFFCO has signed a Concession Agreement with Kandla Port Trust for 30 years of operation of barge jetty through a SPV under its wholly owned subsidiary IFFCO Kisan Bazar and Logistics Limited.

 

MARINE CARGO TERMINAL (MCT)

 

IFFCO is setting up a Captive Marine Cargo Terminal (MCT) consisting of a Jetty and approach trestles at the water front of IFFCO Paradeep Plant at an estimated cost of Rs.400 millions. MOU has been signed with an experienced, Shipping/Marine Logistics Agency to explore transportation of fertilizers from IFFCO Paradeep plant through barges for delivery at destinations on East Coast as well as other coastal locations in line with IFFCO's requirements. The development of Water Transport mode of evacuation through IFFCO Captive MCT would offer a practical alternative to the current Rail and Road modes of transportation, and also facilitatethe objective of timely distribution of finished fertilisers to farmers.

 

 

FIXED ASSETS:

 

TANGIBLE ASSETS:

 

·         Land Freehold

·         Land Leasehold

·         Office Building – Freehold

·         Office Building – Leasehold

·         Factory

·         Township

·         Roads, Culverts and Other Facilities

·         Temporary Structures

·         Plant, Machinery and Other Equipments

·         Furniture, Fixture and Office Equipments

·         Vehicle and Mobile Equipments

·         Rolling Stock and Locomotive

·         Railway Sidings

·         Liquid Cargo Jetty

 

INTANGIBLE ASSETS:

·         Licences

·         Technical Knowhow

 

 

AWARDS:

 

·         Aonla wins CII Environmental Best Practices Award-2011

·         Safety Innovation Award - 2010

·         Greentech Gold Award for Training Excellence

·         IFFCO Aonla Unit has been awarded the 'EDGE' winner prize

·         ICWAI Award for Excellence in Cost Management - 2009 for IFFCO

·         IFFCO Shines at Public Relation Society of India, Grabbed 2 prestigious awards

·         IFFCO Aonla and Paradeep Unit have won the prestigious FAI awards presented on 3rd Dec.'2009

·         IFFCO Aonla Wins "Gold Award“ - 10th Annual Greentech Environment Excellence Award 2009

·         IFFCO bagged First ever dotCoop Global Award for Cooperative Excellence

·         IBM Awards First Prize to IFFCO for Innovation

·         IFFCO Phulpur Unit-I bagged "First Prize" by FAI.

·         CIO 100 and IT Awards

·         Microsoft Felicitates IFFCO

·         National Energy Conservation 2008 - 1st Award Conferred on Phulpur Unit

·         Gujarat State Safety Award : 2007 for Kalol Unit

·         IFFCO bags three FAI Awards

·         IFFCO bags Energy conservation award

·         IFFCO Wins PRSI Award

·         Phulpur Unit Wins National Energy Conservation Award-2006

·         Aonla Unit wins National Energy Conservation Award-2006

·         IFFCO's Corporate Film Wins NCUI's Award.

·         IFFCO Kalol Wins "National Energy Conservation Award: 2006"

·         Kandla Unit wins FAI Prize

·         IFFCO Aonla Wins National Safety Award

·         Kandla Unit Wins - Golden Peacock Environment Management Award

·         Phulpur Unit bags National Energy Award from Honourable President of India

·         Best Managed Work Force Award for IFFCO

·         IFFCO Aonla Unit Wins National Safety Council of India Safety Award-2004

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.29

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

NAY

 

 

Report Prepared by :

VRN

 

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

6

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

53

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.