MIRA INFORM REPORT

 

 

Report Date :

09.10.2013

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT STATE FERTILIZERS AND CHEMICALS LIMITED

 

 

Registered Office :

P.O. No. Fertilizer Nagar, District Vadodara-391750, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

15.02.1962

 

 

Com. Reg. No.:

04-001121

 

 

Capital Investment / Paid-up Capital :

Rs.796.955 Millions

 

 

CIN No.:

[Company Identification No.]

L99999GJ1962PLC001121

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Fertilizers and Chemicals including Synthetic Filament Yarn / Tyre Cord and Nylon Chips.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (69)

 

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 150000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

A1+ (Short Term Debt/ Commercial Paper Issue)

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

02.05.2013

 

 

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.

 

 

INFORMATION DENIED

 

Management Non Cooperative. (91-265-2242651)

 

 

LOCATIONS

 

Registered Office :

P. O. No. Fertilizer Nagar, District Vadodara-391750, Gujarat, India

Tel. No.:

91-265-2242451 / 651 / 751

Fax No.:

91-265-2372966 / 2240097

E-Mail :

info@gsfclimited.com

kdjeswani@gsfcltd.com

crrao@gsfcltd.com

ho@gsfcltd.com

vishvesh@gsfcltd.com

Website :

http://www.gsfclimited.com

 

 

Plants/ Units:

Ø  Main Plant

Fertilizer Nagar, District Vadodara, Gujarat, India

 

Ø  Polymers Unit 

Nandesari, District Vadodara, Gujarat, India

 

Ø  Sikka Unit

Moti Khavdi, Sikka, District Jamnagar, Gujarat

 

Ø  Fibre Unit 

Kuwarda, Kosamba, District Surat, Gujarat

 

 

Branch Office :

102/103, Raheja Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai - 400 021, Maharashtra, India

Tel. No.:

91-22-22824030 / 22831903 / 894 / 915

Fax No.:

91-22-22831899

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Dr. Varesh Sinha

Designation :

Chairman

Date of Birth:

06-04-1954

Qualification:

B. Sc (Physics & Maths),

M. Sc (Maths),

MBA (Public Sector) Ph. D. (Stat)

Date of Appointment:

01-03-2013

 

 

Name :

Mr. D. C. Anjaria

Designation :

Director

Date of Birth:

19.07.1946

Qualification:

B.Com., MBA (Finance) IIM, Ahmedabad

Date of Appointment:

15.07.2006

 

 

Name :

Mr. Vasant P. Gandhi

Designation :

Director

 

 

Name :

Mr. Ajay N. Shah

Designation :

Director

 

 

Name :

Mr. Vijai Kapoor

Designation :

Director

 

 

Name :

Mr. P. N. Roy Chowdhury

Designation :

Director

 

 

Name :

Dr. Hasmukh Adhia

Designation :

Director

Date of Birth:

03-11-1958

Qualification:

M.Com (Adv. Busi. Mgmt.),

P.G. Diploma In Public Policy & Mgmt. ((IIMB)

(Gold Medalist), Ph. D in yoga

Date of Appointment:

01-04-2013

 

 

Name :

Mr. D. J. Pandian

Designation :

Director

Date of Birth:

11.05.1955

Qualification:

B.A., M.B.A., IAS

Date of Appointment:

21.01.2010

 

 

Name :

Mr. Atanu Chakraborty

Designation :

Managing Director

 

 

Name :

Mr. H. V. Kachhadia

Designation :

Executive Director

 

 

KEY EXECUTIVES

 

Advisors :
  • B. M. Bhorania
  • P. Ganguli
  • S. M. Nayak
  • S. A. Patel

 

 

General Managers :
  • Shri H. R. Brahmbhatt
  • Shri P. M. Vagrecha
  • Shri H. R. Patel

 

 

Name :

Mr. V. D. Nanavaty

Designation :

General Manager (Finance) and Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.09.2013

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

150799905

37.84

http://www.bseindia.com/include/images/clear.gifSub Total

150799905

37.84

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

150799905

37.84

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

56482731

14.17

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

420766

0.11

http://www.bseindia.com/include/images/clear.gifInsurance Companies

42675057

10.71

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

56346666

14.14

http://www.bseindia.com/include/images/clear.gifSub Total

155925220

39.13

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

35913793

9.01

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

41422594

10.40

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

9508882

2.39

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

4907136

1.23

http://www.bseindia.com/include/images/clear.gifTrusts

19995

0.01

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

2005

0.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

887634

0.22

http://www.bseindia.com/include/images/clear.gifSocieties

2520290

0.63

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

1477212

0.37

http://www.bseindia.com/include/images/clear.gifSub Total

91752405

23.03

Total Public shareholding (B)

247677625

62.16

Total (A)+(B)

398477530

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

398477530

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl. No.

Name of the Shareholder

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Gujarat State Investments Limited

15,07,99,905

37.84

 

Total

15,07,99,905

37.84

 

(*) 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

Life Insurance Corporation of India

31773460

7.97

2

Fidelity Puritan Trust Fidelity Low Priced Stock Fund

24000000

6.02

3

Reliance Capital Trustee Co Limited A/c Reliance Growth Fund

17637947

4.43

4

Reliance Capital Trustee Co Limited A/c Reliance Natural Resources Fund

11197840

2.81

5

HDFC Trustee Company Limited - HDFC Equity Fund

9805500

2.46

6

Gujarat Narmada Valley Fertilizers Company Limited

7500000

1.88

7

Gujarat Alkalies & Chemicals Limited

7500000

1.88

8

Gujarat Mineral Development Corporation

5000000

1.25

9

HDFC Trustee Company Limited - HDFC Prudence Fund

4482066

1.12

10

GHI LTP Limited

4274920

1.07

 

Total

123171733

30.91

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

 

 

 

 

1

Life Insurance Corporation of India

31773460

7.97

2

Fidelity Puritan Trust - Fidelity Low-Priced Stock Fund

24000000

6.02

3

Reliance Capital Trustee Company Limited A/c Reliance Growth Fund

17637947

4.43

4

Reliance Capital Trustee Company Limited A/c Reliance Naturel Resources Fund

11197840

2.81

 

Total

84609247

21.23

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Fertilizers and Chemicals including Synthetic Filament Yarn / Tyre Cord and Nylon Chips.

 

 

Products :

Item Code No. (ITC Code)

Product Description

310200

Chemical Fertilizers

293300

Caprolactam

540200

Nylon Filament Yarn

 

PRODUCTION STATUS [AS ON 31.03.2012]

 

Particulars

Unit

Actual Production

 

Fertilizers*

MT

1470350

Caprolactam*

MT

80503

Nylon-6

MT

8914

Melamine

MT

15279

Argon

'000NM3

3270

Monomer

MT

4287

Acrylic Sheets

MT

876

Acrylic Pellets

MT

2046

Nylon Filament Yarn

MT

3910

Nylon Chips

MT

5103

 

NOTE: *excluding captive consumption

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • Bank of Baroda
  • Central Bank of India
  • Bank of India
  • Dena Bank
  • Indian Bank
  • Vijaya Bank
  • Yes Bank Limited
  • State Bank of India
  • Indian Overseas Bank
  • Axis Bank Limited
  • ICICI Bank Limited
  • Royal Bank of Scotland N.V.

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

 

 

Term Loan *

2393.129

0.000

SHORT TERM BORROWINGS

 

 

Loans Repayable on Demand

From Banks

 

 

Cash Credit Account *

491.843

1335.731

Short Term Loan **

2139.395

0.000

Total

5024.367

1335.731

 

NOTES:

 

LONG TERM BORROWINGS

 

* The term loan from banks comprises of External Commercial Borrowings (ECB) and are secured by pledge on shares of Karnalyte Resources Inc, Canada. The principal amount of the loan is repayable over six years in annual instalments with the first instalment due in March 2015 and the interest on the loan is repayable in quarterly instalments over the tenure of the loan. The above loan carries interest rates with spread ranging from 175 bps to 190bps over three months LIBOR. The repayment obligations for this loan has been partially hedged for exchange rate risk and fully hedged for interest rate risk. The charge is pending creation as at 31st March 2013.

 

SHORT TERM BORROWINGS

 

* The Cash credit facility from consortium of banks is secured by hypothecation of stock of raw materials, finished products, packing materials, general stores, spares, book debts etc. of the Company.

 

** The short term loan from banks was received under Special Banking Arrangement made by the Department of Fertilizers, Government of India for release of fertilizer subsidy. The loan was secured by Hypothecation of Fertilizer Subsidy Receivables. This loan has been repaid on 6th April 2013. The above loan carried interest rate of 10.25% p.a., out of which 8% is borne by the Government of India and balance 2.25% p.a. by the Company.

 

 

 

Banking Relations :

--

 

 

Statutory Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Vadodara, Gujarat, India

 

 

Cost Auditors :

 

Name :

Diwanji and Associates

Chartered Accountants

Address :

Vadodara, Gujarat, India

 

 

Legal Advisors And Advocates:

 

 

 

Name :

Nanavati Associates

Advocates

Address :

Ahmedabad, Gujarat, India

 

 

Name :

Jaideep B. Verma

Advocate

Address :

Vadodara, Gujarat, India

 

 

Subsidiary Company :

GSFC Agrotech Limited (Incorporated on 02.04.2012)

 

 

Associate Company :
  • Vadodara Enviro Channel Limited (Erstwhile Effluent Channel Project Limited)
  • Gujarat Green Revolution Company

 

 

Joint Venture :

Tunisian Indian Fertilizers, S.A. (TIFERT)

 

 

Other Related Party :

GSFC Education Society

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,00,00,00,000

Equity Shares

Rs.2/- each

Rs.2000.000 Millions

1,60,00,000

Redeemable Cumulative Preference

Rs.100/- each

Rs.1600.000 Millions

 

Total

 

Rs.3600.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

39,84,77,530

Equity Shares

Rs.2/- each

Rs.796.955 Millions

 

 

 

 

 

 

Subdivision of face value of equity shares

 

During the year ended 31st March 2013, the Company has sub divided the face value of equity shares-authorised, issued, subscribed and paid up from Rs. 10/- each to Rs. 2/- each and consequently there is an increase in the number of shares. Previous year equity share numbers are adjusted to reflect the sub division.

 

 

Rights, preferences and restrictions attached to shares

 

Equity shares

 

The Company has one class of equity shares having a par value of Rs. 2/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

During the year ended 31st March, 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs.

 

 

Shareholders holding more than 5% of Equity Share Capital

 

Name of the Shareholders

31.03.2013

 

Number of shares

Percentage of holding

Gujarat State Investments Limited

15,07,99,905

37.84

Life Insurance Corporation of India

2,90,69,717

7.30

Reliance Capital Trustee Company Limited

3,43,26,263

8.61 J

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

796.955

796.955

796.955

(b) Reserves & Surplus

38619.193

34370.601

27489.592

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

39416.148

35167.556

28286.547

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2393.129

0.000

0.000

(b) Deferred tax liabilities (Net)

2391.760

2473.966

2043.292

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1972.418

1583.296

2012.120

Total Non-current Liabilities (3)

6757.307

4057.262

4055.412

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

12657.851

6169.931

3923.261

(b) Trade payables

5377.575

4920.576

3073.865

(c) Other current liabilities

2083.530

2393.056

2317.526

(d) Short-term provisions

2884.027

2955.579

1674.392

Total Current Liabilities (4)

23002.983

16439.142

10989.044

 

 

 

 

TOTAL

69176.438

55663.960

43331.003

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13586.704

14250.830

12611.617

(ii) Intangible Assets

93.576

0.799

1.238

(iii) Capital work-in-progress

6840.709

3455.037

2331.970

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6724.158

4327.294

4249.794

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2079.512

2180.083

2426.381

(e) Other Non-current assets

321.228

267.108

427.813

Total Non-Current Assets

29645.887

24481.151

22048.813

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6878.342

6423.423

5647.888

(c) Trade receivables

29083.589

14405.667

8654.622

(d) Cash and cash equivalents

1632.248

8975.521

6126.724

(e) Short-term loans and advances

1428.099

638.689

570.739

(f) Other current assets

508.273

739.509

282.217

Total Current Assets

39530.551

31182.809

21282.190

 

 

 

 

TOTAL

69176.438

55663.960

43331.003

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

62532.976

53018.306

47550.512

 

 

Other Income

1380.912

1620.746

1011.970

 

 

TOTAL                                     (A)

63913.888

54639.052

48562.482

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

30808.882

29267.611

25406.286

 

 

Purchase of Stock in Trade

10448.067

246.617

192.995

 

 

Changes in Inventories of Finished Goods, Work in Process and Stock in Trade

(742.280)

(76.647)

227.832

 

 

Power and Fuel

3725.978

3627.164

3207.030

 

 

Employees Benefit Expenses

4350.817

3935.534

2641.213

 

 

Other Expenses

5962.228

4671.480

4101.178

 

 

Exceptional Items

0.000

340.900

0.000

 

 

TOTAL                                     (B)

54553.692

42012.659

35776.534

 

 

 

 

 

Less

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

9360.196

12626.393

12785.948

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

362.513

200.847

198.602

 

 

 

 

 

 

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

8997.683

12425.546

12587.346

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1320.449

1292.043

1464.025

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

7677.234

11133.503

11123.321

 

 

 

 

 

Less

TAX                                                                  (H)

2496.230

3557.813

3629.607

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

5181.004

7575.690

7493.714

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2130.406

1349.397

904.067

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

3500.000

6100.000

6400.000

 

 

Dividend

796.955

597.716

557.869

 

 

Tax on Dividend

135.443

96.965

90.500

 

 

Rounding off difference on Dividend and Dividend Tax

0.014

0.000

0.015

 

BALANCE CARRIED TO THE B/S

2878.998

2130.406

1349.397

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. value of Exports

784.907

1450.040

836.793

 

TOTAL EARNINGS

784.907

1450.040

836.793

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

13594.172

15374.829

13559.004

 

 

Stores & Spares

276.984

176.321

118.491

 

 

Capital Goods

9.763

12.922

261.321

 

TOTAL IMPORTS

13880.919

15564.072

13938.816

 

 

 

 

 

 

Earnings Per Share (Rs.)

13.00

19.01

94.03

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2013

Net Sales

 

 

10179.800

Total Expenditure

 

 

9766.700

PBIDT (Excl OI)

 

 

413.100

Other Income

 

 

139.500

Operating Profit

 

 

552.600

Interest

 

 

140.300

Exceptional Items

 

 

0.000

PBDT

 

 

412.300

Depreciation

 

 

333.000

Profit Before Tax

 

 

79.300

Tax

 

 

23.900

Provisions and contingencies

 

 

0.000

Profit After Tax

 

 

55.400

Extraordinary Items

 

 

0.000

Prior Period Expenses

 

 

0.000

Other Adjustments

 

 

0.000

Net Profit

 

 

55.400

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
8.11

13.86

15.43

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
12.28

20.99

23.39

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.81

23.25

30.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.19

0.32

0.39

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.38

0.18

0.14

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.72

1.90

1.94

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

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

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 7172 of 2013

 

Status : PENDING

( Converted from : ST/6911/2013 )

CCIN No : 001021201307172

 

Last Listing Date:

17/09/2013

 

Coram

HONOURABLE MR.JUSTICE PARESH UPADHYAY

Not Before :

HONOURABLE MR. JUSTICE B.J.SHETHNA

HONOURABLE MR.JUSTICE K.M.THAKER

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

 

S.NO.

Name of the Petitioner

Advocate On Record

1

CHEMICAL MAZDOOR PANCHAYAT

MRS SANGEETA N PAHWA for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1
2

STATE OF GUJARAT
GUJARAT STATE FERTILIZERS AND CHEMICALS LIMITED

GOVERNMENT PLEADER for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1
NOTICE SERVED BY DS for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1
M/S TRIVEDI AND GUPTA for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png2

 

Presented On

: 09/04/2013

Registered On

: 17/04/2013

Bench Category

: SINGLE BENCH

District

: VADODARA

Case Originated From

: THROUGH ADVOCATE

Listed

: 7 times

StageName

: NOTICE AND ADJOURNED MATTERS

 

Classification

SJ - LABOUR - CONTRACT LABOUR (REGULATION AND ABOLITION) ATCT, 1970

Act

CONTRACT LABOUR (REGULATION AND ABOLITION) ACT, 1970

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

09/04/2013

VAKALATNAMA

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MRS SANGEETA N PAHWA:1

2

09/04/2013

MEMO OF APPEAL/PETITION/SUIT

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

50

MRS SANGEETA N PAHWA:1

3

17/04/2013

VAKALATNAMA

M/S TRIVEDI AND GUPTA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png2

4

M/S TRIVEDI AND GUPTA:2

4

17/04/2013

APPEARANCE NOTE

GOVERNMENT PLEADER
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

GOVERNMENT PLEADER:1

5

17/04/2013

VAKALATNAMA

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS SANGEETA N PAHWA:1

6

17/04/2013

DOCUMENT

NOTICE SERVED BY DS
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

NOTICE SERVED BY DS:1

7

30/04/2013

AFFIDAVIT OF DS

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MRS SANGEETA N PAHWA:1

8

01/05/2013

VAKALATNAMA

M/S TRIVEDI AND GUPTA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png2

5

M/S TRIVEDI AND GUPTA:2

 

COURT PROCEEDINGS

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

18/04/2013

21

4

OFFICE OBJECTION  REMOVED

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

2

06/05/2013

21

71

FOR REGULAR ADMISSION

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

3

12/06/2013

20

26

NOTICE AND ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

4

02/07/2013

20

53

NOTICE AND ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

5

17/07/2013

20

21

NOTICE AND ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

6

31/07/2013

20

18

NOTICE AND ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

7

21/08/2013

20

56

NOTICE AND ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE PARESH UPADHYAY

8

17/09/2013

20

56

NOTICE AND ADJOURNED MATTERS

undefined

HONOURABLE MR.JUSTICE PARESH UPADHYAY

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgment/Order

Download

1

SPECIAL CIVIL APPLICATION/7172/2013

HONOURABLE MR.JUSTICE PARESH UPADHYAY

18/04/2013

N

ORDER

Download

2

SPECIAL CIVIL APPLICATION/1993/2013

HONOURABLE MR.JUSTICE R.M.CHHAYA

07/08/2013

N

ORDER

Download

 

 

UNSECURED LOAN:

(Rs. In Millions)

Particulars

As on

31.03.2013

As on

31.03.2012

SHORT TERM BORROWINGS

 

 

Intercorporate Deposit ***

3000.000

2500.000

Buyers Credit and Bill Discounting Facility

7026.613

2334.200

Total

10026.613

4834.200

 

NOTE:

 

*** The inter corporate deposit is taken for a period of 90 days on floating interest rate, the current interest rate being 8.5% p.a.

 

 

OPERATIONAL PERFORMANCE

 

The Company has achieved the highest - ever sales turnover of Rs. 62532.976 Millions in Fertilizers and Industrial Products business segments for the year ended March 31, 2013. This represents 18% increase over the previous financial year's turnover of Rs. 53018.306 Millions.

 

Despite the higher turnover volume, declining margins were reflected in the Profit Before Tax (PBT) of Rs. 7677.234 Millions and Net Profit (Profit After Tax) of Rs. 5181.004 Millions in the year 2012-13 as against previous Financial Year (PBT of Rs. 11133.503 Millions and PAT of Rs. 7575.690 Millions).

 

 

PROJECTS UNDER CLEAN DEVELOPMENT MECHANISM (CDM)

 

The Company has taken various Projects for energy saving and reducing carbon emission. These projects have been submitted for validation and registration under Clean Development Mechanism (CDM). This would help the company to earn Carbon Credits which can fetch further revenue.

 

Wind Mill Projects of 12 MW, 18 MW and 33 MW are already registered under CDM and 50.4 MW Wind Mill Project is under advance stage of registration process for availing Carbon Credit. The Company has undertaken the procedure for getting the revenue against Carbon Credits for the registered projects.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

MACRO ECONOMIC OVERVIEW 2012-13

 

Industrial and Service Sector:

 

The Indian economy is estimated to have registered a growth rate of 5.0 per cent in 2012-13 in terms of gross domestic product at factor cost at constant 2004-05 prices, following a growth of 6.2 per cent in 2011-12. The growth is on the lower side not only as compared to the recent past but also in the context of growth trends witnessed since 2003-04. The slowdown in the growth of the economy in 2012-13 is mainly on account of the slowdown in the industrial sector which is estimated to grow at 3.1 per cent in 2012-13 as against 3.5 per cent in 2011-12. Services sector is estimated to grow at a rate of 6.6 per cent in 2012-13, which is also lower than that achieved in 2011-12. The slowdown in 2011­12 and 2012-13 has been precipitated by domestic factors as well as factors emanating from the rest of the world, particularly advanced economies and India's major trading partners. The crisis in the Euro-zone area and slow growth in many other advanced economies have affected growth in India through dynamic linkages. Domestic factors, including the tightening of monetary policy, in order to control inflation and rein in inflationary expectations, resulted in slowing down of investment and growth, particularly in the industrial sector. The government has a critical role to play in this regard by remaining committed to fiscal consolidation, easing the supply bottlenecks and improving governance surrounding project implementation.

 

Indian Agriculture Sector:

 

Agriculture, the mainstay of the Indian Economy, is an important driver of macro-economic performance and is also a critical element for the growth strategy. The Eleventh Five Year Plan (2007-12) witnessed an average annual growth of 3.6 per cent in the gross domestic product (GDP) from agriculture and allied sector against a target of 4.0 per cent. The Twelfth Five Year Plan emphasizes the need to re-double their efforts to have 4% average growth in agriculture sector. The Agriculture Sector achieved significantly lower growth of 1.8 per cent on top of a growth rate of 3.6 per cent achieved in 2011-12.Thrust on soil testing, increasing area under irrigation, favorable terms of trade to farmers, better and cheaper access to credit, more investment in agriculture, use of latest technology, fertilizer use efficiency, use of new and tailor made specialty/ customized fertilizers for application based on soil report would certainly help in giving momentum to the agricultural production.

 

Growth in this sector was reasonably stable despite large weather shocks during 2009 (deficient south west monsoon), 2010-11 (drought/ deficient rainfall in some states) and 2012-13 (delayed and deficient monsoon). The reason for this was an increase in gross capital formation (GCF) in this sector relative to GDP of this sector, which has consistently been improving from 16.1 per cent in 2007-8 to 19.8 per cent in 2011-12 (at constant 2004-5 prices). During 2011 -12, total food grains production reached an all-time high of 259.32 million tones. However, the production of food grains during kharif 2012 got affected by deficiency in the south-west monsoon and the resultant acreage losses.

 

The performance of Indian agriculture is still heavily dependent on rainfall and south west monsoon (June to September), comprising 75 per cent of total annual rainfall. During 2012, south-west monsoon rainfall over the country as a whole was 8 per cent less than the long period average (LPA). The seasonal rainfall was 93 per cent of its LPA over north­west India, 96 per cent over central India, 90 per cent over peninsular India, and 89 per cent over north-east India. Out of a total of 36 meteorological subdivisions in the country, 23 received excess/ normal rainfall and in the remaining 13 subdivisions rainfall was deficient. The deficient monsoon had its impact on the area sown under different crops which reduced as compared to 2011-12.

 

Fertilizer Industry Performance:

 

All India sales of fertilizers during 2012-13 were less as compared to 2011-12. All India sales of DAP during 2012-13 declined by 15%, from 107.88 lakh MT during 2011-12 to 91.27 lakh MT in 2012-13. NPK sales during 2012-13 declined to 77.27 lakh MT from 113.98 lakh MT, a decline of 32%. Sub normal monsoon resulted in acreage losses. Moreover, increase in the prices of DAP/NPK grades and MOP due to reduction in subsidy, increase in ammonia prices and heavy slide in rupee against US dollar impacted the demand negatively. Farmers prefer to use low priced urea and phosphatic fertilizers whose apparent price is lower.

 

Fertilizers in Gujarat:

 

The state wise sales also reflect a negative sales pattern. In their home market Gujarat, sales of DAP experienced a decline by 39%, from 6.51 lakh MT in 2011-12 to 3.95 lakh MT in 2012-13. In their primary marketing zone, except MP, sales of DAP declined in Maharashtra and Rajasthan during 2012-13 compared to 2011-12. In the secondary marketing zone, except UP, sales of DAP declined in other states. The sales of DAP in UP during 2012-13 increased by 17% over the last financial year. The decline in state-wise sales of DAP has been particularly steep in Gujarat (39%), Maharashtra (43%), AP (36%) and Karnataka (55%).

 

State-wise sales of NPK grades showed a steeper decline than DAP. All India sales declined by 32%, from 113.98 lakh MT in 2011-12 to 77.27 lakh MT in 2012-13. All states registered steep decline in the sales of NPK. In Gujarat, the sales of NPK grades declined by 35% during 2012-13 compared to 2011-12. MP, Punjab and Haryana registered more than 50% decline in sales of NPK grades.

 

GSFC Performance - FY 2012-13 :

 

Despite reduced fertilizer sales on All India level, sales of GSFC Sardar Fertilizers during 2012-13 went up to 16.55 lakh MT as against 14.41 lakh MT during 2011-12, an increase of 14.85%. This sales volume is the second highest, achieved by GSFC in the last twelve years. GSFC was able to perform well despite unfavorable macroeconomic scenario, owing to the efficient pricing, logistics and decision making. Gujarat is the primary market for selling fertilizers manufactured by the Company. The programs implemented by the State Government have helped immensely in improvising the agricultural productivity and this has enabled the Company to sell 6.74 Lac Tons of fertilizers in Gujarat which is 41% of the total all India fertilizer sale of 16.55 Lac Tons. Sales of fertilizers during 2012-13 have gone down as state faced acute drought. Saurashtra which is the main pocket of DAP was under the grip of severe drought and faced acute shortage of drinking water. However, with Sardar Sarovar project, irrigation benefit has reached to 18.45 lakh hectares. The State has emerged as the fastest growing state in the field of agriculture and agriculture output has increased by 8.7 million tons per annum. The performance of Gujarat in the agricultural sector has been one of the best in the Country. As a result of Krushi Mahotsav and other initiatives of Gujarat Government, it has emerged as one of the major producers of food grains and cash crops. Gujarat Green Revolution Company has covered 6.80 lac hectares under drip irrigation in state of Gujarat since 2005.

 

In home market Gujarat, total sale of fertilizer during 2012-13 was 6.74 lakh MT against 7.63 lakh MT in 2011-12. Sales of GSFC DAP in Gujarat were 2.45 lakh MT in 2012-13 as compared to 3.18 lakh MT during 2011-12. The decline in DAP sales was due to acute drought conditions in Gujarat, especially in Saurashtra and reflects farmers' preference for cheaper Urea over costlier DAP. In primary marketing zone which comprises of Maharashtra, Rajasthan and MP, sales of fertilizers increased during 2012-13 to 4.73 lakh MT compared to 3.7 lakh MT during 2011-12. The increase in sales was mainly due to volume of sales achieved in Madhya Pradesh which received good rainfall during Kharif '12. Percent share of Gujarat in total sales works out to 41% while percent share of primary marketing zone was 29%.

 

The market share of GSFC for DAP in Gujarat for the year 2012-13 works out to be 62%. For APS, the market share of GSFC in Gujarat is 100% whereas on All India level, it is 11%. In Gujarat, their market share for DAP was highest (62%), followed by IFFCO (16%), HINDALCO (14%) and IPL (16%).

 

Fertilizer Sales Scenario and Outlook for 2013-14 :

 

Due to weak demand during FY 2012-13, the year end stock of Phosphatic and Potassic Fertilizers were high both at the industry and trade level. The demand in the year 2012-13 suffered due to deficient monsoon and rise in price of DAP/NPK due to sliding of rupee against dollar.

 

The stock of Phosphatic and Potassic fertilizers in the country is enough to meet the demand for Kharif 2013, figuring in the regular domestic production. The GOI thus suggested delaying the fertilizer imports. However, the imports of DAP are continued and this presents a situation of concern as the glut situation can worsen, resulting the likelihood of further unsold product and lower profitability.

 

IMD has forecast that south - west monsoon would be good which may give the boost to demand of P and K fertilizers. GSFC also will be able to sell good quantum of fertilizers and would be achieving budgeted sales targets.

 

 

INDUSTRIAL PRODUCTS SCENERIO:

 

During the financial year 2012-13, the macroeconomic environment continued to register a slow down which had set in during 2nd half of the previous year. Caprolactam prices which were at an all time high of USD 3570 PMT in April '11 declined to USD 2211 PMT in December '12. This coupled with all time high feedstock price of Benzene, hit the company's margins hard. The Caprolactam Benzene spread dropped to USD 800 from a robust spread of USD 2400 in the previous year. The demand across all the user segments like Automobiles, Textiles, Infrastructure, Housing and consumer durable etc have witnessed a decline during the current year. Thus, while the turnover of Industrial Product has been achieved at Rs. 19740.000 crores, an increase of more than 6% over 2011-12 of Rs. 18620.000 Millions, the bottom line could not be maintained.

 

All major industries registered a slow down and the Index of Industrial Production was negative in 7 months during the year. The GDP growth continued to decline and was below 5% in Q3 of 2012-13. Most of the Industrial Products are being sold at import price parity basis and hence rupee which depreciated 14% during the financial year 2012-13 as compared to 2011-12 helped in realizing better prices.

 

As per IMF estimates, the Indian economy is expected to grow at 5.7% in the year 2013 and at 6.2% in year 2014 as India's declining growth has bottomed out in current year. India is expected to sustain 6% GDP growth per annum with the help of forecasted good monsoon.

 

EXPORTS:

 

The economic activity in the Euro zone is continuously registering a decline. Germany, widely regarded as the most fiscally secure among EU countries is also struggling and the growth rate in China is also being steadily falling since the end of 2010. The US economy is growing and has recorded 2.5% expansion in Q1 2013 which is contrary to the downturn in world economy.

 

MEK Oxime and Caprolactam are the main products being exported by the Company. During FY 2012-13, the export of Caprolactam was 408 MTs as against 7515 MTs in FY 2011-12 due to non availability of the product on account of increased demand at their end from the domestic market since FACT shutdown their production from September'12 onwards. MEK Oxime has been exported to about 35 countries and the export quantity is 2941 MTs in 2012-13 as against 2016 MTs in 2011-12. The increase in export of MEK Oxime is due to continuous production and tapping of new market other than European Union which continues to be their key export destination.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in Millions)

 

Particulars

As at 31st March 2013

As at 31st March 2012

Claims against the Company not acknowledgement as debt

 

 

(i) Disputed Excise and Customs Duty (net of provision)

465.900

422.800

(ii) Disputed demand of Sales Tax, Interest on Turnover Tax and Purchase Tax against which the Company has preferred appeals

323.300

133.600

(iii) Claims by Statutory Corporations and others not acknowledged as debt

409.700

409.700

(iv) Disputed gas price/royalty on gas with ONGC

75.200

75.200

(v) Department of Fertilizers vide Office Memorandum dated 18th March,2013 had inter-alia sought not only to recover subsidy only on Ammonium Sulphate fertilizer produced by the Company under the Nutrient Based Subsidy scheme of Govt. of India w.e.f. 1-4-2010 but to stop the same on said fertilizer. The amount of demand has not been quantified. Being aggrieved by the order, the Company filed a writ petition in the Hon. Delhi High Court. The High Court issued notice on the entire writ petition and stayed the recovery of the subsidy. The matter is now pending before the High Court of Delhi.

 

 

(vi) Claims by employees/ex-employees pending before courts

Not ascertainable

Not ascertainable

(vii) The Industrial Tribunal, Vadodara vide its award dated 27/01/2009 in reference (IT) No.88/1999 directed the Company to pay to the concerned employees 50% of the amount calculated by working out double the amount qua the extra hours relating to the overtime done by concerned employees i.e. Supervisors and Sr. Supervisors during the period from 01/01/2001 to 31/03/2009. It has further been directed that the aforesaid would be effective upto March-2009 and thereafter if the concerned employees i.e. Supervisors and Sr. Supervisors are made to work overtime then in that situation such overtime wages would have to be paid at double the rate. The Industrial Tribunal's award has been challenged by the Company in the Hon'ble High Court of Gujarat and the Hon'ble High Court has granted Ad-interim relief thereby stayed the implementation, operations and execution of the award dated 27/01/2009. Vide an order dated 11/03/2010, the Hon'ble High Court has confirmed the interim relief granted earlier till final disposal of the petition.

Aggrieved by the said order, the Grade-II Employees' Union filed the Letters Patent Appeal before the Division Bench of the High Court, which has been dismissed by the Div. Bench. The Company has not provided liability at this juncture as the matter can be proceeded, if required, on merit at both the High Court and Supreme Court stages

83.900

83.900

Guarantees

 

 

The Company has provided sponsor's Guarantee towards the borrowing of the joint venture company, Tunisian Indian Fertilizers S.A., Tunisia (TIFERT) upto 15% of the amount due and outstanding

2814.600

2647.300

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013

 

(Rs. in Millions)

 

 

Particulars

3 months

ended on

30.06.2013

Unaudited

1

(a)        Net Sales / Income from operations

(b)        Other Operating Income

10179.800

 

Total Income from operations (net)

10179.800

2

Expenses

 

 

a) Cost of materials consumed

6256.500

 

b) Purchase of stock-in-trade

350.700

 

c) Changes in inventories of finished goods, work-in-progress and stock in trade

(294.900)

 

d) Power and Fuel

1003.800

 

e) Employee benefits expense

982.500

 

f) Depreciation and amortisation expense

333.000

 

g) Other expenses

1468.100

 

Total expenses

10099.700

3

Profit from operations before other

 

 

income, finance costs and exceptional items (1-2)

80.100

4

Other income

139.500

5

Profit from ordinary activities before finance costs and exceptional items (3+4)

219.600

6

Finance costs

140.300

7

Profit from ordinary activities after finance

cost but before exceptional items (5-6)

79.300

8

Exceptional items

0.000

9

Profit from ordinary activities before Tax (7+8)

79.300

10

Tax Expense

23.900

11

Net Profit from ordinary activities after Tax (9-10)

55.400

12

Extraordinary items (net of tax expense Rs. Nil)

 

13

Net Profit for the period (11+12)

55.400

14

Paid-up equity share capital

(Face value of Rs. 21- per Equity share)

797.000

15

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year

 

16.i

Earnings per share (before extraordinary items) (of Rs. 2/-each) (not annaulised):

 

a

Basic (in Rupees)

0.14

b

Diluted (in Rupees)

0.14

16.ii

Earnings per share (after extraordinary items) (of Rs. 2/-each) (not annaulised):

 

a

Basic (in Rupees)

0.14

b

Diluted (in Rupees)

0.14

 

 

 

Particulars

3 months

ended on

30/06/2013

Unaudited

 

Select information for the quarter ended on 30/06/2013

 

A

PARTICULARS OF SHAREHOLDING

 

 

1

Public shareholding

 

 

 

-Number of shares

247677625

 

 

-Percentage of shareholding

62.16%

 

2

Promoters and Promoter Group Shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

-Number of shares

0.00

 

 

-Percentage of shares (as a % of the total share- holding of promoter and promoter group)

0.00%

 

 

-Percentage of shares (as a % of the total share- capital of the company)

0.00%

 

 

b) Non-encumbered

 

 

 

-Number of shares

150799905

 

 

-Percentage of shares (as a % of the total share- holding of Promoter and Promoter Group)

100.00%

 

 

-Percentage of shares (as a % of the total share- capital of the company)

37.84%

 

 

 

B

INVESTOR COMPLAINTS

3 Months ended on 30.06.2013

 

Pending at the beginning of the quarter

Received during the quarter

Disposed off during the quarter

Remaining unresolved at the end of the quarter

NIL

7

7

NIL

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. in Millions)

 

 

Particulars

3 months

ended on

30.06.2013

Unaudited

1.

Segment Revenue

 

a)

Fertilizer Products

5213.200

b)

Industrial Products

4966.600

 

Total

10179.800

 

Less : Inter Segment Revenue

0.000

 

Net Sales /Income From Operations

10179.800

2.

Segment Result: Profit (+) / Loss (-) before Tax and Finance cost from each Segment

 

a)

Fertilizer Products

272.900

b)

Industrial Products

65.000

 

Total

337.900

 

Less : (i) Finance cost

140.300

 

: (ii) Other unallocable expenditure

183.700

 

: (iii) Unallocable income

(65.400)

 

Total Profit Before Tax

79.300

3.

Capital Employed

 

 

(Segment assets less Segment liabilities)

 

a)

Fertilizer Products

25159.200

b)

Industrial Products

6266.000

c)

Unallocated

8046.400

 

Total

39471.600

 

NOTES:

 

  • A Limited Review of the unaudited financial results for the quarter ended on 30th June, 2013 has been carried out by the Statutory Auditors.
  • The above financial result was reviewed by the Audit Committee at its meeting held on 2nd August, 2013 and approved by the Board of Directors at its meeting held on 3rd August, 2013
  • Previous period Figures have been regrouped wherever necessary.

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10059525

30/06/2007

1,000,000,000.00

Bank of Baroda

Fertilizernagar Branch, PO Fertilizernagar, VADODARA, Gujarat - 391750, INDIA

A18728634

2

90103034

12/09/2013 *

14,650,000,000.00

BANK OF BARODA

FERTILIZERNAGAR BRANCH, P O FERTILIZERNAGAR, VADODARA, Gujarat - 391750, INDIA

B85572436

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Railway Sidings

·         Plant and Machinery

·         Furniture, Fittings and Equipments

·         Vehicles

·         Library Books

·         Computer Software

·         Assets retired from use and held for disposal

 

 

AS PER WEBSITE DETAILS:

 

PRESS RELEASE:

 

DEDICATION OF GSFC’S HYDROXYLAMINE SULPHATE PLANT TO THE NATION

 

Date: 12.06.2013

 

Gujarat State Fertilizers and Chemicals Limited’s prestigious Hydroxylamine Sulphate Crystal Plant was dedicated to the nation on 07.06.2013 by Hon’ble Shri Saurabh Patel, State Minister for Energy and Petrochemicals, Govt. of Gujarat. The Rs. 100.000 Millions project is based on indigenous process developed by R and D division of the company. GSFC is the only producer of this product in India. The product is also utilized by pharma industry for making Sulpha drugs. It has applications in photography, agro-chemicals, dyes and textiles etc. The present demand of HX crystal in India is about 7000-8000 tonnes per year, which is met by imports from Russia, Japan, Germany, USA, etc. The process developed is eco friendly with zero effluent.


Mr. Saurabh Patel later also laid the foundation stone of GSFC’s second Nylon-6 (Plant – II) Project entailing an investment of Rs 1250.000 Millions The plant will have an installed capacity of 15000 MTPA. The product is consumed by industries manufacturing electrical and electronics, automobiles and packaging industries.


At the occasion of dedication of Hydroxylamine Sulphate Crystal Plant to the nation Shri Saurabh Patel, State Minister for Energy and Petrochemicals, in his address to esteemed gathering, said that GSFC , as a part of its Corporate Social Responsibilities ( CSR ) , in near future will upgrade the Ajwa Park with a world class Garden and Zoo.


He also said that GSFC in near future will establish GSFC University at the cost of Rs. 700.000 Millions at Village Jaspur of Padra taluka. It would be a world class university dedicated to research. Total intake of the students will be around 600 in the different courses like Mechanical/Chemical/Civil/ Electrical and Environment Science. It will be subsequently upgraded to Post Graduate and research level. It is also planned to have Centre of Excellence and Learning for Management and Engineering.


Shri Saurabhbhai Patel also mentioned that GSFC should continue its focus on improving productivity of Agriculture. In this respect, he announced that Management of GSFC has decided to setup a Centre for Fertilizers Development, Research and Economics. This Centre would strive to bring best agri-inputs to improve the farm economy.

He also said that GGRC spearheading the efforts of Micro Irrigation would expand the scheme and will soon bring to the farmers an affordable Net House combining Micro Irrigation and Agricultural practices.


Earlier, Mr. Atanu Chakraborty, IAS, MD -GSFC briefed the Hon’ble Minister regarding activities and achievements of GSFC and assured that mandate of Government of Gujarat for the benefit of the state will always be fulfilled by GSFC.

 

 

 

 

 

 

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 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.61.69

UK Pound

1

Rs.99.20

Euro

1

Rs.83.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Report Prepared by :

RAJ

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

69

 

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.