MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARIES AGRO LIMITED (CN) |
|
|
|
|
Registered
Office : |
Aries House, Plot No.24, Deonar, Govandi (East), Mumbai – 400 043, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.11.1969 |
|
|
|
|
Com. Reg. No.: |
11-014465 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.130.043
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1969PLC014465 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19087F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5035G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is into
business of manufacturing micronutrients and other nutritional products for
plants and animals. |
|
|
|
|
No. of Employees
: |
748 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5287000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There appears slight dip in sales turnover and profit of the company
during the year 2013. However, overall fundamentals of the company appear to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
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 |
Long Term Rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
September 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 12, 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 DECLINED
Management non-cooperative
(Tel. No.: 91-22-25564052)
LOCATIONS
|
Registered Office/ Head Office/ Corporate Office/ Factory 1 : |
Aries House, Plot No.24, Deonar, Govandi (East), Mumbai – 400 043, |
|
Tel. No.: |
91-22-25564052/ 53 |
|
Fax No.: |
91-22-25564054/ 25502753 |
|
E-Mail : |
General Enquiries: ariesagro@ariesagro.com Investor Relations: investorrelations@ariesagro.com Sales Enquiries: sales@ariesagro.com Legal, HR Administration: mumbai@ariesagro.com R and D and Quality Related Querries: lab@ariesagro.com Accounts Related Querries: accounts@ariesagro.com Production Querries/Complaints and Feedback: customer@ariesagro.com Customer Loyalty Programm: khazaana@ariesagro.com Seed and Plant Protection Division: agrocare@ariesagro.com |
|
Website : |
|
|
|
|
|
Factory 2 : |
Gopalpur, Chandigarh, District-North 24 Parganas. P. S.
Barasat – 700 132, West Bengal, India |
|
|
|
|
Factory 3 : |
244-246, 250-252, IDA Phase-II, Pashamylaram, Patancheru
Mandal, Medak District, Andhra Pradesh, India |
|
|
|
|
Factory 4 : |
8-B, Attibele Industrial Area, Hosur Main Road,
Attibele, Bangalore – 562 107, Karnataka, India |
|
|
|
|
Factory 5 : |
1202/1 and 1202/2, Village: Rajpur, Taluka: Kadi,
District: Mehsana – 382 740, Gujarat |
|
|
|
|
Factory 6 : |
Plot
No.836, Banthara, Lucknow-Kanpur Highway, Sikandarpur, Tehsil and District
Lucknow – 227 101, Uttar Pradesh, India |
|
|
|
|
Factory 7 : |
Golden
Harvest Middle East FZC (a Subsidiary of Aries Agro Limited) Plot P3-04, Post
Box No.9267, Sharjah Airport International Free Zone(SAIF), Sharjah, UAE |
|
|
|
|
Factory 8 : |
Amarak
Chemicals FZC (a Subsidiary of Golden Harvest Middle East FZC thereby a Step
Down Subsidiary of Aries Agro Limited), Al Hayl Industrial Area, P. O. Box
5283, Fujairah Free Zone(FFZ) Fujairah, UAE |
|
|
|
|
Branch Network : |
Located at: ·
Ahmedabad, Gujarat ·
Bangalore, Karnataka ·
Bellary, Karnataka ·
Bhubaneshwar, Orissa ·
Coimbatore, Tamil Nadu ·
Ghaziabad, Uttar Pradesh ·
Guwahati, Assam ·
Hissar, Haryana ·
Hyderabad, Andra Pradesh ·
Indore, Madhya Pradesh ·
Jaipur, Rajasthan ·
Jalandhar, Punjab ·
Kolkata, West Bengal ·
Lucknow, Uttar Pradesh ·
Nagpur, Maharashtra ·
Nashik, Maharashtra ·
Nipani, Karnataka ·
Panvel, Maharashtra ·
Patna, Bihar ·
Raipur, Chhatisgarh ·
Ranchi, Jharkhand, ·
Rudrapur, Uttaranchal ·
Siliguri, West Bengal ·
Solapur, Maharashtra ·
Sriganganagar, Rajasthan ·
Vijayawada, Andhra Pradesh |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Jimmy Mirchandani |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
57 Years |
|
Qualification : |
B. Sc. (Vet); LLB |
|
Date of Appointment |
15.01.1976 |
|
|
|
|
Name : |
Dr. Rahul Mirchandani |
|
Designation : |
Executive Director |
|
Date of Birth/ Age : |
12.08.1975 |
|
Qualification : |
B.Com, CFA, MBA, Ph. D(Management Studies) from NMIMS. |
|
Expertise in
specific functional areas : |
As Executive Director, he oversees various functions of the Company
namely Marketing, Brand Promotion and New Product Development etc. |
|
Date of Appointment |
02.02.1994 |
|
Directorship in
other Companies : |
|
|
|
|
|
Name : |
Prof. R.S.S. Mani |
|
Designation : |
Director |
|
Date of Appointment |
16.08.2004 |
|
|
|
|
Name : |
Mr. Akshay Mirchandani |
|
Designation : |
Director |
|
Date of Birth/ Age : |
12.05.1984 |
|
Qualification : |
B.Com, MBA |
|
Date of Appointment |
05.03.2009 |
|
|
|
|
Name : |
Mr. Chakradhar Bharat Chhaya |
|
Designation : |
Director |
|
Date of Birth/ Age : |
09.11.1943 |
|
Qualification : |
B. Com., FCMA, CAIIB. |
|
Date of Appointment |
29.10.2009 |
|
Directorship in
other Companies : |
|
|
|
|
|
Name : |
Mr. B.V. Dholakia |
|
Designation : |
Director (w.e.f. 13.11.2012) |
|
|
|
|
Audit Committee : |
Prof. R. S. S. Mani, Chairman Dr. D. S. Jadhav (upto 12.11.2012) Dr. Rahul Mirchandani Mr. B. V. Dholakia (w.e.f. 13.11.2012) |
|
|
|
|
Shareholders/
Investors Grievances Committee : |
Prof. R. S. S. Mani, Chairman Dr. Jimmy Mirchandani Dr. Rahul Mirchandani |
|
|
|
|
|
|
|
Remuneration Committee : |
Dr. D. S. Jadhav (upto 12.11.2012) Prof. R. S. S. Mani, Chairman Mr. C. B. Chhaya Mr. B. V. Dholakia (w.e.f. 13.11.2012) |
|
|
|
|
Treasury Committee : |
Dr. Jimmy Mirchandani, Chairman Dr. Rahul Mirchandani Mr. C. B. Chhaya |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramamurthy |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Qaiser P. Ansari |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholders |
No.
of Shares |
Percentage
of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6857926 |
52.74 |
|
|
6857926 |
52.74 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6857926 |
52.74 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1143504 |
8.79 |
|
|
254106 |
1.95 |
|
|
1397610 |
10.75 |
|
|
|
|
|
|
1245310 |
9.58 |
|
|
|
|
|
|
2480950 |
19.08 |
|
|
817891 |
6.29 |
|
|
204652 |
1.57 |
|
|
142031 |
1.09 |
|
|
62621 |
0.48 |
|
|
4748803 |
36.52 |
|
Total Public shareholding (B) |
6146413 |
47.26 |
|
Total (A)+(B) |
13004339 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13004339 |
0.00 |
%20-%20240576%2023-Oct-2013_files/image008.gif){kind=small}
%20-%20240576%2023-Oct-2013_files/image009.gif){kind=small}
%20-%20240576%2023-Oct-2013_files/image010.gif){kind=small}
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
SI. No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand total |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
1 |
Jimmy Mirchandani |
34,10,955 |
26.23 |
26.23 |
|
2 |
Rahul Mirchandani |
26,23,221 |
20.17 |
20.17 |
|
3 |
Akshay J Mirchandani |
3,61,875 |
2.78 |
2.78 |
|
4 |
Amol J Mirchandani |
3,35,000 |
2.58 |
2.58 |
|
5 |
Sarasa Mirchandani |
1,13,875 |
0.88 |
0.88 |
|
6 |
Ashok Mirchandani |
10,000 |
0.08 |
0.08 |
|
7 |
Nitya Mirchandani |
3,000 |
0.02 |
0.02 |
|
|
Total |
68,57,926 |
52.74 |
52.74 |
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 |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
SBIMF-Magnum Comma Fund |
1143504 |
8.79 |
8.79 |
|
|
2 |
Alacrity Securities Limited |
312765 |
2.41 |
2.41 |
|
|
3 |
Disal Investments Private Limited |
228858 |
1.76 |
1.76 |
|
|
4 |
India Optima Fund |
165167 |
1.27 |
1.27 |
|
|
|
Total |
1850294 |
14.23 |
14.23 |
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 |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
SBIMF-Magnum Comma Fund |
1143504 |
8.79 |
8.79 |
|
|
|
Total |
1143504 |
8.79 |
8.79 |
BUSINESS DETAILS
|
Line of Business : |
Subject is into
business of manufacturing micronutrients and other nutritional products for plants
and animals. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
2010-2011 |
|
Licensed Capacity |
Not Applicable |
|
Installed Capacity |
84,600 Metric
Tonnes |
|
Actual Production |
39,577 Metric
Tonnes |
GENERAL INFORMATION
|
No. of Employees : |
748 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: LONG TERM BORROWINGS Secured Term Loans from Banks referred above to the extent of:
Maturity Profile of Secured Term Loans are as set out below: (Rs.
in millions)
SHORT TERM BORROWINGS Working Capital Facilities
from Banks are secured by way of Charge on Company’s Inventory, Book Debts,
Charge on Land, Building, Plant and Machinery and all other movable fixed
assets of the Company and guaranteed by Directors. Working Capital Facilities from Banks includes:
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor : |
|
|
Name : |
Kirti D. Shah and Associates Chartered Accountants |
|
Address : |
501, Nestor Court,
Behind Vinayak Society, Old Police Lane, Off S.V. Road, Vile Parle (West),
Mumbai – 400 056, Maharashtra, India |
|
|
|
|
Internal Auditor
: |
|
|
Name : |
Kirit Manek and Company Chartered Accountants |
|
Address : |
14B, Nootan Nagar, Turner Road, Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
|
|
|
Cost Auditor : |
R. Nanabhoy and Company Chartered Accountants |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Step Down Subsidiary
: |
Amarak Chemicals FZC (Date of Incorporation 9th September, 2007) |
|
|
|
|
Enterprises over which the Key Management Persons
has significant Influence of Control |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13004339 |
Equity Shares |
Rs.10/- each
|
Rs.130.043
millions |
|
|
|
|
|
Notes:
6600700 Equity Shares out of
the Issued, Subscribed and Paid up Share Capital were allotted as fully paid up
Bonus Shares since incorporation by capitalization of Rs.49.000 millions from
Revaluation Reserve, Rs.9.100 millions from Securities Premium Account and
Rs.7.900 millions from the Statement of Profit and Loss.
1700700 Equity Shares out of
the Issued, Subscribed and Paid up Share Capital were allotted as fully paid
Bonus Shares in the last five years i.e. during the Financial Year 2006-07 by
capitalization of Rs.9.146 millions from Securities Premium Account and
Rs.7.861 millions from the Statement of Profit and Loss.
Reconciliation
of Number of Shares Outstanding:
|
Particulars |
As at 31.03.2013 No. of Shares |
|
Equity Shares at the beginning of the year |
13004339 |
|
Add : - Issued during the year |
-- |
|
Less :- Shares cancelled during the year |
-- |
|
Equity Shares at the end of the year |
13004339 |
List of shareholder’s holding more than 5 percent of shares:
|
PARTICULAR |
As at 31.03.2013 |
|
|
Name of the Shareholder |
No. of Shares |
% of Held |
|
Dr. Jimmy Mirchandani |
3410955 |
26.23% |
|
Dr. T. B. Mirchandani |
2623221 |
20.17% |
|
SBI MF - Magnum Comma Fund |
1100000 |
8.46% |
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 |
130.043 |
130.043 |
130.043 |
|
(b) Reserves & Surplus |
1191.778 |
1123.991 |
1045.081 |
|
(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) |
1321.821 |
1254.034 |
1175.124 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
161.050 |
162.358 |
232.485 |
|
(b) Deferred tax liabilities (Net) |
63.869 |
21.388 |
20.787 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
5.965 |
4.786 |
0.000 |
|
Total
Non-current Liabilities (3) |
230.884 |
188.532 |
253.272 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1261.260 |
957.541 |
745.317 |
|
(b)
Trade payables |
320.333 |
329.954
|
415.880 |
|
(c)
Other current liabilities |
184.239 |
287.622
|
332.534 |
|
(d)
Short-term provisions |
52.200 |
75.485
|
76.564 |
|
Total
Current Liabilities (4) |
1818.032 |
1650.602 |
1570.295 |
|
|
|
|
|
|
TOTAL |
3370.737 |
3093.168 |
2998.691 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
365.579 |
290.524 |
310.915 |
|
(ii)
Intangible Assets |
3.869 |
6.730 |
8.867 |
|
(iii)
Capital work-in-progress |
136.118 |
199.357 |
187.909 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
202.781 |
202.779 |
180.610 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
708.347 |
699.390 |
688.301 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1023.979 |
1028.239
|
841.926 |
|
(c)
Trade receivables |
824.432 |
685.604
|
488.707 |
|
(d)
Cash and cash equivalents |
202.957 |
180.903
|
402.368 |
|
(e)
Short-term loans and advances |
611.022 |
499.032 |
577.389 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2662.390 |
2393.778 |
2310.390 |
|
|
|
|
|
|
TOTAL |
3370.737 |
3093.168 |
2998.691 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1867.588 |
1916.238 |
1559.856 |
|
|
|
Other Income |
32.318 |
53.172 |
37.760 |
|
|
|
TOTAL (A) |
1899.906 |
1969.410 |
1597.616 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
813.770 |
983.272 |
725.247 |
|
|
|
(Increase) / Decrease in Inventories of Finished Goods |
(75.207) |
(168.567) |
(146.802) |
|
|
|
Employees Benefits Expenses |
204.626 |
186.068 |
147.050 |
|
|
|
Other Expenses |
587.842 |
575.561 |
503.872 |
|
|
|
TOTAL (B) |
1531.031 |
1576.334 |
1229.367 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
368.875 |
393.076 |
368.249 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
210.054 |
209.188 |
126.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
158.821 |
183.888 |
241.638 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.477 |
18.864 |
18.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
140.344 |
165.024 |
223.583 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.265 |
55.201 |
76.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
97.079 |
109.823 |
147.180 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
FOR TAX IN EARLIER YEARS |
3.666 |
5.362 |
3.362 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
489.477 |
422.763 |
329.273 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
15.000 |
20.000 |
|
|
|
Proposed
Dividend on Equity Shares |
19.507 |
19.507 |
13.004 |
|
|
|
Interim Dividend Paid on Equity Shares |
0.000 |
0.000 |
13.004 |
|
|
|
Dividend Distribution Tax |
3.315 |
3.240 |
4.320 |
|
|
BALANCE CARRIED
TO THE B/S |
550.068 |
489.477 |
422.763 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of export sales |
26.528 |
47.178 |
77.280 |
|
|
|
Interest |
7.078 |
7.072 |
7.226 |
|
|
TOTAL EARNINGS |
33.606 |
54.250 |
84.506 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
311.507 |
504.187 |
420.942 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7.18 |
8.03 |
11.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
399.300 |
|
Total Expenditure |
|
|
300.000 |
|
PBIDT (Excl OI) |
|
|
99.300 |
|
Other Income |
|
|
1.400 |
|
Operating Profit |
|
|
100.600 |
|
Interest |
|
|
56.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
43.700 |
|
Depreciation |
|
|
4.300 |
|
Profit Before Tax |
|
|
39.500 |
|
Tax |
|
|
14.800 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
24.700 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
24.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.11
|
5.58
|
9.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.51
|
8.61
|
14.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.63
|
6.13
|
8.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.13
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.08
|
0.89
|
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.45
|
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
Maturities of Long Term Debt:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current Maturities of Long Term Debt |
59.135 |
118.899 |
54.217 |
|
Check
List by Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loans from Banks |
16.234 |
19.514 |
|
SHORT TERM BORROWINGS |
|
|
|
Working Capital Facilities from Banks |
150.000 |
0.000 |
|
Security Deposits |
127.745 |
62.252 |
|
Total
|
293.979 |
81.766 |
Notes:
LONG TERM BORROWINGS
Un-Secured Term Loans from Banks are secured by way of Charge on
personal Assets of Directors and guaranteed by the Directors.
Maturity Profile of Un-Secured Term Loans are as set out below:
(Rs.
in millions)
|
Particulars |
F Y 2013-14 |
F Y 2014-15 |
F Y 2015-16 |
F Y 2016-17 and
Beyond |
|
(a) Term Loans from Banks |
3.280 |
3.696 |
4.165 |
8.373 |
SHORT TERM BORROWINGS
Working Capital Facilities from Banks shown under Un-Secured Borrowings
includes Farmer Loan which is secured by way of Personal Guarantee of
Directors.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10336413 |
10/02/2012 * |
80,000,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD
FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B33161829 |
|
2 |
10232191 |
21/11/2012 * |
752,500,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD
FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B63164313 |
|
3 |
10185677 |
24/04/2012 * |
300,000,000.00 |
CANARA BANK |
CHEMBUR MAIN
BRANCH, 70A, M.D.S. MARG, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA |
B38372504 |
|
4 |
10153773 |
09/10/2013 * |
370,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B86982162 |
|
5 |
10146512 |
03/02/2009 |
260,104,000.00 |
ICICI BANK
LIMITED |
LANDMARK RACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A55804272 |
|
6 |
10135581 |
11/02/2013 * |
370,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B77579787 |
|
7 |
10130358 |
10/10/2013 * |
100,000,000.00 |
ICICI BANK
LIMITED |
LANDMARK RACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B87113049 |
|
8 |
10126307 |
08/02/2008 |
160,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A41432444 |
* Date of charge modification
CORPORATE
INFORMATION
The Company was
incorporated at Mumbai in 1969 for manufacturing of small range of mineral feed
additives for animals and birds and then diversified into mineral additives for
the agriculture use and currently is into business of manufacturing
micronutrients and other nutritional products for plants and animals.
In January, 2007
the Company incorporated Aries Agro Care Private Limited as a Wholly Owned
Subsidiary for carrying business in the Branch of agro protection, seeds etc.
In January, 2007
the Company incorporated Aries Agro Equipments Private Limited as a Wholly
Owned Subsidiary for carrying business in all type of farm equipments,
machinery etc.
In 2008 the
Company acquired 75% Shares in Golden Harvest Middle East FZC, Sharjah, UAE, by
virtue of which the said Golden Harvest Middle East FZC has become a Subsidiary
of the Company. Golden Harvest Middle East FZC is in the business of
manufacturing chelated micronutrients.
In June, 2008 the
Company incorporated Aries Agro Produce Private Limited as a Subsidiary for
carrying business in all kinds of farming etc.
In the year 2010
the Company’s Overseas Subsidiary viz Golden Harvest Middle East FZC acquired
75% Shares of Amarak Chemicals FZC based in Fujairah Free Zone, UAE by virtue
of which Amarak Chemicals FZC has become a Step Down Subsidiary of subject.
Subject is an Indian Multinational Company that
offers the widest range of products in the primary, secondary and
microfertilizer sector, ranging from individual elements to mixed specialty
plant nutrient fertilizers. Since 1969, Aries has pioneered several innovative concepts of farming to
Indian agriculturists, including the wonder of Chelation Technology,
bio-degradable complexes of plant nutrients, water soluble NPK fertilizers,
value added secondary nutrients, natural and biological products and water
treatment formulations.
OPERATIONS
During the year,
the earnings before Interest, Depreciation and Tax was Rs.368.875 millions compared
to Rs.393.075 millions in the previous year. The Total Revenue for the year net
of excise duty was Rs.1867.587 millions as against Rs.1916.238 millions in the
previous year reflecting in a decline of 2.54%. Profit after tax for the year
was Rs.97.079 millions compared to Rs.109.823 millions in the previous year.
Despite marginal reduction in turnover the profitability of the Company as a
percentage has more or less remained flat.
The Company is a
major manufacturer and supplier of Chelated micronutrients, value added
secondary nutrient fertilizers and also water soluble NPK fertilizers. In
addition, they also have a growing range of farm sprayers and plant protection
chemicals, including pesticides, insecticides, fungicides and herbicides in
their product portfolio. In total, Aries has 84 brands.
FUTURE PROSPECTS
The Company is
phasing out its plant protection range of traded products and shall continue
with only manufactured products of Plantomycin and Agronaa under this category.
The Company has
also identified a unique product for biological control of pests using
horticultural mineral oil procured from one of India’s largest Oil refining
Company. This product will be launched in the name of Hortimin in two grades,
one for apple crop and one for fruits and vegetables.
The Company
understands that acute power shortages are causing extreme hardship to the
farmers. Farm labour is required at odd hours to travel to the field to switch
on/off and manage water pumps. To solve this problem, the Company is launching
Aries Moto Control, which is a state of the art system to switch on/off and
manage water flow in the fields using the farmer’s mobile phone. This will
ensure that farmers can save on labour costs and remotely manage their water
pumps even if they are not physically present at or near the field. The Company
has also put in place a dedicated team to promote the product range in
institutional, government and international markets. This focused activity may
result in an increase of about Rs.100.000 millions to the Company’s revenue .
This trend is expected to continue.
SUBSIDIARIES
The Company has
five subsidiaries viz Aries Agro Care Private Limited, Aries Agro Equipments
Private Limited, Aries Agro Produce Private Limited, Golden Harvest Middle East
FZC and a Step Down Subsidiary viz Amarak Chemicals FZC.
The operations of
Aries Agro Care Private Limited commenced in the Financial Year 2008-09 but
discontinued the activity in the financial year 2012-13. The Company, however,
incurred losses to the tune of Rs.0.596 million amongst others on account of
amortisation and legal and professional charges.
The business
operations of Aries Agro Equipments Private Limited commenced in the year
2009-10 in agricultural sprayers. During the Financial Year 2012-13 the Company
has a Turnover of Rs.11.309 millions with profit after tax of Rs.0.773 million.
The above two
Companies are Wholly Owned Subsidiaries of the Company.
There was no
business activity in other Subsidiary namely Aries Agro Produce Private Limited
During the Financial Year 2012-13 the Company has incurred a loss of Rs.0.023
million.
As regards the
overseas subsidiary Golden Harvest Middle East FZC with an installed capacity
of 10,800 MT p.a., in their fifth year of operation, has generated a total sale
of AED 244.35 Lakhs (INR 349.877 millions) with a profit of AED 21.28 Lakhs
(INR 30.473 millions) for the year 2012-13.
Amarak Chemicals
FZC, which is a step down Subsidiary of subject with an installed capacity of
60,000 MT p.a., in their third year of operation, has generated a total sale of
AED 310.27 Lakhs (INR 444.263 millions) with a profit of AED 18.15 Lakhs (INR
25.988 millions) for the year 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS
MANUFACTURING BASE
Aries has scaled up
the utilization of its manufacturing facilities during the year 2012-13 and the
total capacity utilization currently stands at 45 percent of the total
installed capacity of 84,600 MT p.a. in India. Their international
manufacturing facilities at UAE have also shown improved capacity utilization
which currently stands at 38% of the total installed capacity overseas.
The Company’s new
manufacturing facility at Chhatral, near Ahmedabad was inaugurated on 17th
October, 2012 and has since been fully commissioned.
The factory
currently produces multi micronutrient fertilisers including a new fast selling
specialty nutrition product, Fertisol.
The Company has
also improved the cost structure of products being manufactured at Chhatral by
changing the fuel source from diesel to natural gas.
They have
thereafter closed down the Sanand manufacturing facility as the same was on
Leased Premises.
For the second
consecutive year, they were awarded “Certificate
of Excellence’ in recognition of their Exemplary Growth – in this year’s Inc India 500 ranking of
India’s 500 fastest-growing mid-size enterprises. Inc. India 500 is an offshoot of the
annual Inc. 500 Awards: “Est. in
1982 in America. Inclusion on this list is a mark of entrepreneurial success and elevates their company above its competitors and is a proof of the
talent, drive and hard work their team have brought to their business.
GLOBAL SOURCING
Aries has sourced
47% of its total raw materials from overseas suppliers located in China,
Israel, Turkey, U.A.E., U.S.A, U.K., Belgium, Netherlands, Japan and South
Africa. Imports constitute 58% of their total purchases and their Company has
identified a pool of reliable overseas suppliers. However, the depreciation in
the Indian rupee and large volatility in exchange rates during the financial
year 2012-13 have resulted in a foreign exchange loss of over Rs.26.000
millions in total during the year.
INDUSTRY TRENDS
2012-13 monsoons
were highly erratic until August 2012. The shortfall in rain was as high as 20%
below long period average and the monsoons were being discussed as the worst in
65 years. However, the drought affected areas received some respite towards the
end of the season and the four month long rainfall season drew to a close with
a rain deficit of 8% as per Indian Meteorological department. This
unpredictable monsoon season across space and time led to a very haphazard
progress of the Kharif season.
The second half of
the year water woes were further amplified with labour and power shortages.
Acute power unavailability in almost all southern states and in many other
parts of the country led to a situation where despite reservoirs and water
table being adequate, farmers were unable to draw water using electric pump
sets due to shortage of electricity for several hours in a day. This emergence
of a new variable of power as an uncertainty in the agricultural sector has led
to further realignment of their marketing strategy to focus more on areas where
not only water but also electricity are more predictably available.
Overall the sector
is going through a major shift in trends and the Company is taking steps to re-
assess and re-focus their products and marketing efforts.
The summary of the state-wise revenue growth is as under:
|
States with sales growth above 50% |
States with sales growth between 30% - 50% |
States with sales growth between 15% - 30% |
States with less than 15% sales growth |
|
Bihar |
West Bengal |
Punjab |
Maharashtra, Jharkhand, Uttaranchal, Tamilnadu Gujarat, Assam
Karnataka, Chattisgarh, Uttar Pradesh, Haryana, Orissa, Andhra Pradesh, Madhya Pradesh and Rajasthan |
It is also
noteworthy that international business increased by 17% and now constitutes 32%
of the total revenue of the Aries Group.
OUTLOOK
The 2013 monsoons
have commenced on schedule and all indications based on the Meteorological
Dept. forecasts shows that the summer season will see the country receive 96 -
104% of its long period average rainfall. This ‘near normal’ forecast sounds
positive and they hope the spread and timing of the rain is also appropriate.
The Company will
be introducing additional 3 products during the year 2013-14 including
Hortimin, Moto Control and Agri Plex.
However, they
shall also be progressively phasing out 5 of the products which are very
similar to existing products in the range to avoid some amount of duplication
and to reduce the number of stock keeping units in their inventory.
FINANCIAL
PERFORMANCE
The Company’s
Sales Turnover for the financial year ended March 31, 2013 decreased marginally
to Rs.1867.588 millions from Rs.1916.238 millions in the previous year,
registering a decline of 2.54%.
Total expenses for
the year were Rs.1759.561 millions as against Rs.1804.386 millions in the
previous year.
Profit Before Tax
decreased to Rs.140.344 millions during the year as against Rs.165.024 millions
in the previous year. The decrease in Profit Before Tax translates to 15 % due
to increase in the input costs and inability to pass on the entire burden of
increase in the cost.
Tax provision for
the year was Rs.43.266 millions as against Rs.55.201 millions in the previous
year which translates to 2.32 % on FY 12-13 Sales.
Profit After Tax
for the year was Rs.97.079 millions as against Rs.109.823 millions in the
previous year which is 5.20 % of FY 12-13 Sales.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN THE ACCOUNTS (AS ON 31.03.2013):
a)
Letters of credit / guarantees given to Banks Rs.585.625 millions
b) Bills
discounting with Banks Rs.100.000 millions.
c)
Claims against company not acknowledged as debts Rs.8.897 millions which includes tax dues disputed as Rs.0.268 million towards sales Tax, Rs.5.456 millions towards Income Tax and includes Rs.3.173 millions pertaining to pending suits regarding quality issue.
d)
The Commissioners of Central Excise, Mumbai and Hyderabad had issued Show
Cause-Cum-Demand Notices for levy of Excise Duty on clearances of
Micronutrients. The Commissioner of Central Excise, Mumbai, vide his Order
dated 27th November, 2006 and Commissioner of Central Excise,
Hyderabad, vide his Order dated 30th November 2005 had cancelled these demands
in respect of clearance upto June, 2006. The Department has preferred appeals
against the said orders. The Department has issued Show Cause Notices to the
Company in respect of clearances thereafter. Though, in view of the Orders
referred to above and the pending appeals, no action has been taken. The
Company expects no liability in this regard.
STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED JUNE 30, 2013 (STANDALONE)
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months Ended 30.06.2013 (Unaudited) |
|
Part I |
|
|
|
1. |
Income from
Operations |
|
|
|
a) Net Sales/Income from Operations |
399.256 |
|
|
b) Other Operating Income |
-- |
|
|
Total Income From
Operations (Net) |
399.256 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) Consumption of Materials / Rebranded Goods |
134.846 |
|
|
b) Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade |
(27.417) |
|
|
c) Employee Benefits Expense |
38.372 |
|
|
d) Depreciation & Amortization Expense |
4.274 |
|
|
e) Other Expenses |
154.188 |
|
|
f) Total Expenses |
304.262 |
|
|
|
|
|
3. |
Profit/(Loss) from
Operations before Other Income, Finance Costs and Exceptional Items (1 - 2) |
94.994 |
|
|
|
|
|
4. |
Other Income |
1.349 |
|
|
|
|
|
5. |
Profit/(Loss) from
Ordinary Activities before Finance Costs and Exceptional Items (3+4) |
96.342 |
|
|
|
|
|
6. |
Finance Costs |
56.887 |
|
|
|
|
|
7. |
Profit/(Loss) from
Ordinary Activities after Finance Costs but before Exceptional items (5 - 6) |
39.455 |
|
|
|
|
|
8. |
Exceptional Items |
-- |
|
|
|
|
|
9. |
Profit (+) / Loss (-) from
Ordinary Activities Before Tax (7 - 8) |
39.455 |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
a) Current tax |
13.800 |
|
|
Less MAT Credit Entitlement |
-- |
|
|
b) Deferred tax |
0.899 |
|
|
c) Wealth Tax |
0.075 |
|
|
Total Tax |
14.774 |
|
|
|
|
|
11. |
Net Profit (+) / Loss (-)
from Ordinary Activities After Tax - PAT (9 - 10) |
24.681 |
|
|
|
|
|
12. |
Short Provision for Tax in Earlier Years |
-- |
|
|
|
|
|
13. |
Net Profit (+) / Loss (-)
for the period - PAT (11 - 12) |
24.681 |
|
|
|
|
|
14. |
Minority Interest |
-- |
|
|
|
|
|
15. |
Net Profit (+) / Loss (-)
after Taxes, Minority Interest (13 - 14) |
24.681 |
|
|
|
|
|
16. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
130.043 |
|
|
|
|
|
17. |
Free Reserves (excluding Revaluation Reserve) |
1142.743 |
|
|
|
|
|
18.i |
Earnings per Share (before extraordinary items) (of Rs.10/-each) (not annualised) : |
|
|
|
a) Basic and Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year ( not to be annualized) |
|
|
|
a) Basic |
1.90 |
|
|
b) Diluted |
-- |
|
|
|
|
|
18.ii |
Earnings per Share (after extraordinary items) (of Rs.10/-each) (not annualized) : |
|
|
|
a) Basic |
1.90 |
|
|
b) Diluted |
-- |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
Public Shareholding |
|
|
|
- Number of Shares |
6146413 |
|
|
- Percentage of Shareholding |
47.46 |
|
|
|
|
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
6857926 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
52.74 |
|
PARTICULARS |
THREE
MONTHS ENDED 30TH JUNE, 2013 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the
Quarter |
NIL |
|
Received During the Quarter |
NIL |
|
Disposed off During the Quarter |
NIL |
|
Remaining Unresolved at the end of
the Quarter |
NIL |
UTILISATION OF FUNDS
RAISED THROUGH INITIAL PUBLIC OFFER
(Rs. in millions)
|
Sr. No. |
PARTICULARS |
Financed through the issue proceeds |
Implementation Schedule |
Present Status |
Utilization upto 30th June, 2013 |
|
1 |
Manufacturing Unit at Hyderabad |
24.494 |
February '08 |
Commercial Production, March '08 |
28.200 |
|
2 |
Investment in Golden Harvest |
73.680 |
March '08 |
Commenced Commercial Production, September '08 |
70.281 |
|
3 |
Manufacturing Unit at Ahmedabad |
19.740 |
August '08 |
Commenced Commercial Production, August '08 |
19.527 |
|
4 |
Manufacturing Unit at Lucknow |
20.892 |
September '08 |
Commenced Commercial Production, November '08 |
17.906 |
|
5 |
Advance for existing
Office Building Renovation / Re-development |
68.380 |
March '09 |
September '15 |
87.000 |
|
6 |
Purchase of Plant and Machinery
at Mumbai Unit |
16.967 |
June '08 |
Completed |
17.002 |
|
7 |
Capital Expenditure for
Mobile Marketing |
57.932 |
June '08 |
Completed |
57.797 |
|
8 |
Issue Related Expenses |
54.880 |
- |
Completed |
50.065 |
|
9 |
General Corporate Expense |
54.948 |
- |
Completed |
60.000 |
|
10 |
To meet the Working
Capital requirements |
193.372 |
- |
Completed |
177.507 |
|
|
TOTAL |
585.285 |
|
|
585.285 |
Notes:
1. As the Company's business activity falls within a
single primary business segment, the disclosure requirements of Accounting
Standard (AS-17) " Segment Reporting ", specified in the Company's
(Accounting Standard) Rules, 2006 are not applicable.
2. The above Un-Audited Financial Results were reviewed
and recommended by the Audit Committee and there upon approved by the Board of
Directors at their respective meetings held on 14th August, 2013
3. The Statutory Auditors have carried out a Limited
Review of the Results for the Quarter Ended 30th June, 2013
4. The Standalone Financial Results are for the Quarter ended 30th June, 2013.
FIXED ASSETS:
Tangible Assets
· Land
· Factory Building
· Residential Flat
· Plant and Machinery
· Electrical Installations
· Laboratory Equipments
· Office Equipments
· Furniture and Fixtures
· Air Conditioners
· Computer
· Vehicles
· Commercial Vehicles
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.