MIRA
INFORM REPORT
|
Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CROP CARE LIMITED |
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Registered
Office : |
184-87, Swami
Vivekanand Road, Jogeshwari (West), Mumbai – 400102, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.03.1964 |
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Com. Reg. No.: |
11-012878 |
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Capital
Investment / Paid-up Capital : |
Rs.55.028 Millions |
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CIN No.: [Company Identification
No.] |
L74999MH1964PLC012878 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04609D |
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PAN No.: [Permanent Account No.] |
AAACW3810D |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of agro chemicals, pesticides, and
formulations. |
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No. of Employees
: |
1066 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9532000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record. Financially company seems to be strong. Liquidity position appears to
be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very
High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
CRISIL |
|
Rating |
Long Term Rating: A |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing obligation it carry low credit risk. |
|
Date |
07.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
184-87, Swami Vivekanand
Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
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Tel. No.: |
91-22-66464200 |
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Fax No.: |
91-22-26784522/ 26783657 |
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E-Mail : |
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Website : |
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Corporate
Office : |
13 and 14, Aradhana
Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon
(East), Mumbai – 400063, Maharashtra,
India |
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Tel. No.: |
91-22-42522200 |
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Fax No.: |
91-22-42522380 |
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Manufacturing
Units : |
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Factories : |
Located at: · 6/2, Ruvapari Road, Bhavnagar – 364 005, India · Kaira Gajod Highway, Gajod, Kutch, Gujarat, India · Plot No. 60, B, Nanji Industrial Estate, Kharadpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India |
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Windmills : |
Located at: · Plot No. A/2, Village: Dhank, Taluka: Upleta, District: Rajkot, Gujarat, India · Survey No. 160, Village: Navadra, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey No. 16/1, Village: Jodhapar, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey Nos. 1180/14 and 1180/15, Village: Vandhiya, Taluka: Bhachau, District: Kutch, Gujarat, India |
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Regional
Offices: |
Located at: · 6/2, Ruvapari Road, Bhavnagar – 364005, Gujarat, India 91-278-2212401 ·
Plot No. 205-209 Bhuj-Mundra Road, Near Kera Village, Taluka : Bhuj,
District: Kutch, Gajod-370430 Gujarat, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. A C Shroff |
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Designation : |
Chairman |
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Name : |
Mr. Dipesh K. Shroff |
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Designation : |
Managing Director
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Date of Birth/ Age : |
03.02.1960 |
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Qualification : |
Diploma in Civil Engineering, Cert. in M.E.P. |
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Experience : |
32 years |
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Date of Appointment : |
01.09.2003 |
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Other Directorships : |
· Agrocel Industries Limited · Shroff Engineering Limited · Transpek Industry Limited · Hyderabad Chemicals Limited · Excel Industries Limited · Kutch Crop Services Limited · Hyderabad Chemical Products Limited · Neo Seeds India Limited · TML Industries Limited · Oasis Agritech Limited · Excel Crop Care (Europe) N.V. · Excel Bio Resources Limited · Excel Crop Care (Africa) Limited |
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Name : |
Mr. Ninad D. Gupte |
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Designation : |
Joint Managing Director (with effect from 1st
August, 2012) |
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Date of Birth/ Age : |
59 years |
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Qualification : |
B.Sc., PGDBM (XLRI – Jamshedpur) |
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Experience : |
36 years |
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Name : |
Mr. Prakash K.
Shroff |
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Designation : |
Executive
Director |
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Date of Birth/ Age : |
67 years |
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Qualification : |
Diploma in Electrical Engineering |
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Experience : |
44 years |
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Name : |
Mr. J. R. Naik |
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Designation : |
Director |
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Name : |
Mr. Mukul G. Asher |
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Designation : |
Director |
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Date of Birth/ Age : |
17.12.1943 |
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Qualification : |
B.A.(Hons.), M.A., Ph.D. |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. Sandeep
Junnarkar |
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Designation : |
Director |
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Date of Birth/ Age : |
02.07.1951 |
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Qualification : |
B.Sc.(Hons.), LL.B. |
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Date of Appointment : |
03.09.2003 |
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Other Directorships : |
· Everest Industries Limited · IL&FS Infrastructure Development Corporation Limited · Jai Corp. Limited · Jai Realty Ventures Limited · Reliance Industrial Infrastructure Limited · Reliance Industrial Investments and Holdings Limited · Reliance Ports and Terminals Limited · Sterlite Industries (India) Limited |
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Name : |
Mr. B. V. Bhargava |
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Designation : |
Director |
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Name : |
Mr. Sharad L. Patel |
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Designation : |
Director |
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Date of Birth/ Age : |
25.11.1933 |
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Qualification : |
Master’s Degree in
Mechanical Engineering from the University of Michigan, Ann Arbor, U.S.A. |
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Date of Appointment : |
28.12.2004 |
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Name : |
Mr. Vinayak B. Buch |
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Designation : |
Director |
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Name : |
Mr. Deepak Bhimani |
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Designation : |
Director |
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Name : |
Mr. David Pullan |
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Designation : |
Director |
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Name : |
Mr. L. Rajagopalan, |
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Designation : |
Alternate to Dr. Mukul G. Asher (with
effect from 29th May, 2013) |
KEY EXECUTIVES
|
Name : |
Mr. Pravin D.
Desai |
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Designation : |
Vice President (Finance and Accounts) and
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
427048 |
3.88 |
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|
2003032 |
18.20 |
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|
2430080 |
22.08 |
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|
81830 |
0.74 |
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|
81830 |
0.74 |
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Total shareholding of Promoter and Promoter Group (A) |
2511910 |
22.82 |
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(B) Public Shareholding |
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|
348078 |
3.16 |
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|
2721 |
0.02 |
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|
1017757 |
9.25 |
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|
822 |
0.01 |
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|
1369378 |
12.44 |
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|
1841252 |
16.73 |
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3220958 |
29.27 |
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393570 |
3.58 |
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1668562 |
15.16 |
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51562 |
0.47 |
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1617000 |
14.69 |
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|
7124342 |
64.73 |
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Total Public shareholding (B) |
8493720 |
77.18 |
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Total (A)+(B) |
11005630 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
11005630 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of agro chemicals, pesticides, and
formulations. |
GENERAL INFORMATION
|
No. of Employees : |
1066 (Approximately) |
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Bankers : |
· Bank of India · Syndicate Bank · State Bank of India · Citibank N.A. ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
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Joint Venture : |
· Multichem Industries (a Partnership Firm) |
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Subsidiaries : |
· Excel Crop Care (Australia) Pty. Limited · Excel Crop Care (Europe) N.V. · ECCL Investments and Finance Limited · Excel Genetics Limited · Excel Crop Care (Africa) Limited · Excel Brasil Agronegocious Ltda* * On 30th March, 2011, the Company established Excel Brasil Agronegocious Ltda, a wholly owned subsidiary company, in Brazil. The Company has not made any investment in the shares of the said subsidiary company till 31st March, 2013. |
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Associates : |
·
Aimco Pesticides Limited ·
Kutch Crop Services Limited ·
Excel Bio Resources Limited (upto 29.09.2011) |
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|
Enterprises over which key management personnel and their relatives
have significant influence: |
· Agrocel Industries Limited · Anshul Specialty Molecules Limited · C. C. Shroff Research Institute · C. C. Shroff Self Help Centre · Dipkanti Investments and Financing Private Limited · Divakar Chemicals Limited · Excel Industries Limited · Hyderabad Chemicals Limited · Hyderabad Chemical Products Limited · Pritami Investments Private Limited · Shroff Family Charitable Trust · Shrujan Creations · Shrujan Trust · Shrodip Investments Private Limited · TML Industries Limited · Transpek Industry Limited · Transpek Silox Industry Limited · Transpek Industry (Europe) Limited · Utkarsh Chemicals Private Limited · Shree Vivekanand Research and Training Institute |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs 5/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11005630 |
Equity Shares |
Rs.5/- each |
Rs. 55.028 Millions |
|
|
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|
Notes:
(a) There is no
change in the Share Capital during the current and preceding year.
(b) The Company has
only one class of equity shares having par value of Rs.5 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. During the year ended 31 March 2013, the amount of per share
dividend recognised as distribution to equity shareholders was Rs.3. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
(c) Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
No. of Shares (% of
Shareholding) |
|
(i) Nufarm Limited |
16,17,000 (14.69%) |
|
|
|
|
(ii) Ratnabali Capital Markets Limited |
13,88,287 (12.61%) |
|
|
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(iii) Utkarsh Chemicals Private Limited |
8,36,753 (7.60%) |
|
|
|
|
(iv) Life Insurance Corporation of India |
7,24,420 (6.58%) |
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 |
55.028 |
55.028 |
55.028 |
|
(b) Reserves & Surplus |
2328.090 |
2152.479 |
2021.936 |
|
(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) |
2383.118 |
2207.507 |
2076.964 |
|
|
|
|
|
|
(3) Deferred
Government Liabilities |
2.477 |
3.209 |
3.941 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
203.688 |
291.492 |
138.025 |
|
(b) Deferred tax liabilities (Net) |
102.746 |
108.101 |
92.871 |
|
(c) Other long
term liabilities |
0.000 |
2.892 |
5.059 |
|
(d) long-term
provisions |
81.132 |
85.739 |
81.475 |
|
Total Non-current
Liabilities (4) |
387.566 |
488.224 |
317.430 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
482.840 |
920.584 |
1019.031 |
|
(b)
Trade payables |
1345.558 |
1581.032 |
1073.244 |
|
(c)
Other current liabilities |
271.185 |
297.019 |
177.582 |
|
(d) Short-term
provisions |
73.945 |
47.691 |
112.932 |
|
Total Current
Liabilities (5) |
2173.528 |
2846.326 |
2382.789 |
|
|
|
|
|
|
TOTAL |
4946.689 |
5545.266 |
4781.124 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1273.831 |
1276.109 |
1115.662 |
|
(ii)
Intangible Assets |
11.655 |
23.333 |
27.204 |
|
(iii)
Capital work-in-progress |
8.682 |
25.436 |
26.645 |
|
(iv)
Intangible assets under development |
54.947 |
17.059 |
0.000 |
|
(b) Non-current Investments |
52.514 |
52.523 |
69.626 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.447 |
87.364 |
125.798 |
|
(e) Other
Non-current assets |
26.406 |
22.106 |
0.100 |
|
Total Non-Current
Assets |
1481.482 |
1503.930 |
1365.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
2.500 |
|
(b)
Inventories |
1352.087 |
1653.415 |
1395.462 |
|
(c)
Trade receivables |
1418.447 |
1637.494 |
1508.823 |
|
(d) Cash
and cash equivalents |
202.888 |
277.251 |
84.910 |
|
(e)
Short-term loans and advances |
380.921 |
385.855 |
298.021 |
|
(f)
Other current assets |
110.864 |
87.321 |
126.373 |
|
Total
Current Assets |
3465.207 |
4041.336 |
3416.089 |
|
|
|
|
|
|
TOTAL |
4946.689 |
5545.266 |
4781.124 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7649.069 |
6771.636 |
7256.494 |
|
|
|
Other Income |
63.024 |
67.362 |
71.996 |
|
|
|
TOTAL (A) |
7712.093 |
6838.998 |
7328.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
3383.962 |
2850.813 |
3204.461 |
|
|
|
Purchases of Traded goods |
1352.950 |
1226.229 |
572.944 |
|
|
|
(Increase)/Decrease
in Inventories of Finished goods, Work-in-progress and Traded goods |
206.966 |
(48.362) |
76.856 |
|
|
|
Employee benefits expense |
492.249 |
452.520 |
508.870 |
|
|
|
Other expenses |
1705.542 |
1801.500 |
2021.585 |
|
|
|
Exceptional item |
0.000 |
61.000 |
102.000 |
|
|
|
TOTAL (B) |
7141.669 |
6343.700 |
6486.716 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
570.424 |
495.298 |
841.774 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.832 |
139.582 |
97.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
440.592 |
355.716 |
744.549 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
138.208 |
137.361 |
126.613 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
302.384 |
218.355 |
617.936 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
88.145 |
62.230 |
181.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
214.239 |
156.125 |
436.861 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basic |
2953.730 |
2461.775 |
2233.584 |
|
|
TOTAL EARNINGS |
2953.730 |
2461.775 |
2233.584 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1595.349 |
1522.879 |
1723.377 |
|
|
|
Packaging Materials |
0.000 |
0.000 |
2.372 |
|
|
|
Components and Spare Parts |
3.597 |
0.073 |
3.246 |
|
|
|
Capital Goods |
0.000 |
3.603 |
0.000 |
|
|
|
Traded Goods |
27.999 |
163.669 |
9.666 |
|
|
TOTAL IMPORTS |
1626.945 |
1690.224 |
1738.661 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.47 |
14.19 |
39.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2602.500 |
|
Total Expenditure |
|
|
2302.900 |
|
PBIDT (Excl OI) |
|
|
299.600 |
|
Other Income |
|
|
22.700 |
|
Operating Profit |
|
|
322.200 |
|
Interest |
|
|
19.400 |
|
Exceptional Items |
|
|
11.000 |
|
PBDT |
|
|
313.900 |
|
Depreciation |
|
|
30.100 |
|
Profit Before Tax |
|
|
283.800 |
|
Tax |
|
|
87.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
196.300 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
196.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.78
|
2.28 |
5.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.95
|
3.22 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.26
|
4.01 |
13.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.10 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29
|
0.55 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.42 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loans from Banks |
58.748 |
180.000 |
|
|
|
|
|
Total |
58.748 |
180.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10371287 |
30/08/2012 * |
280,000,000.00 |
DBS BANK LIMITED
|
3RD FLOOR, FORT
HOUSE, DR. D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B58385899 |
|
2 |
10288934 |
30/05/2011 |
200,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA
|
B13757307 |
|
3 |
90241040 |
17/02/2005 * |
837,900,000.00 |
BANK OF INDIA |
`ANDHERI W,
MUMBAI, MAHARASHTRA - 400058, INDIA |
- |
|
4 |
80007912 |
10/07/2006 * |
72,390,000.00 |
CENTRAL BANK OF
INDIA |
MULLA HOUSE, 51,
MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
A02703262 |
|
5 |
90241025 |
14/05/2010 * |
2,000,000,000.00 |
BANK OF INDIA |
28, S.V. ROAD,
ANDHER I(WEST) BRANCH, MUMBAI, MAHARASHTRA - 400058, INDIA |
A86564127 |
* Date of charge modification
OPERATIONS
During the year,
the net sales increased from Rs.6616.100 Millions in the previous year to
Rs.7463.800 Millions. Domestic sales turnover rose to Rs.4429.300 Millions as
against Rs.4051.400 Millions in the previous year. Export turnover increased
from Rs.2564.700 Millions in the previous year to Rs.3034.500 Millions in the
year. The Company’s profit before tax in the year Rs.302.400 Millions as
against Rs.218.400 Millions in the previous year.
Erratic and
delayed monsoon and drought like situation in several important States
adversely impacted farming and agrochemicals consumption. The Company, however,
increased its sales turnover in domestic as well as export markets.
NEW PROJECTS/ EXPANSIONS/ IMPROVEMENTS
The Company introduced a systemic broad spectrum insecticide under the
brand name ‘Ultimate’. This is a novel silica based granular formulation which
is environment friendly as well as user friendly. This product is being launched
in different geographies in a gradual manner.
Another product
under the brand name ‘Celstar’ – a plant growth regulator used mainly in mango
was also introduced in the year. This product has received good market response
and is poised to grow in future.
Several
insecticide products grabbed the market vacated by Endosulfan. Some of these
products form part of the Company’s product basket whereas a few others were
earlier dealt with by the Company. The Company has taken initiatives for
increasing focus on such products with a view to make up for the lost
Endosulfan business.
The Company continues its
efforts in the areas of product improvement and process improvement for
enhancing yields, cost reduction measurers, reducing effluents and effluent
treatment costs and also for staying innovative and competitive in the market.
The Company also continues to
focus on energy conservation and energy cost reduction.
OUTLOOK
The agriculture
sector in India continues to receive focussed attention from governments,
government bodies, banks, financial institutions and other agencies and
authorities. Private sector has been steadily investing in farming and agro
based business. Farm produces fetch decent return to farmers. All these factors
are contributing to growth of agriculture. With normal monsoon forecast for the
ensuing season, the near future outlook for the agrochemicals industry and the
Company appears reasonably good. In the backdrop of loss of Endosulfan business
over the past two years, the Company directed its efforts on promoting other
products and has developed and introduced a number of new products. The Company
continues to focus on growth of branded products and exports.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company is
engaged in the business of agrochemicals comprising insecticides, weedicides,
fungicides, acaricides, fumigants and rodenticides. The Company’s product
basket also includes soil and plant nutrition products, bio-pesticides and
plant growth promoters.
The industry
comprises of diverse players ranging from small and medium ones dealing in
generic molecules to large multinationals with high-priced new generation
molecules and patented products. The Indian industry has built up large
capacities and has many manufacturers, especially in formulation business and
has a fairly high level of competition.
Among the
agrochemicals, insecticides have dominated consumption pattern in India.
Cotton, rice, wheat, soybean, pulses, plantation crops, fruits and vegetables
are the major consumers of agrochemicals. Food shortages, increasing food
prices and growing concern for food security have underlined the importance of
food crop farming. Agrochemicals play an important role in farming and food
security of a densely populated country such as India.
The fortunes of
the agrochemicals industry are interwoven with the fortunes of agriculture. In
spite of relatively slower growth rate of agriculture in India the farmers are
getting increasingly higher price for their farm produce and as a result, they
are able to spend more on agricultural inputs, including agrochemicals. This is
the reason for decent growth rate witnessed by the industry. The seasonal
nature of the business and the climatic uncertainties require the industry to
carry a large inventory for long periods. Domestic market has been attracting
attention of multinationals who visualise good growth opportunity. The domestic
industry has been witness to a steady increase in market share by new
generation and patented molecules.
Supply of high
quality products at competitive prices, development of new
products/formulations and large investment in product registration are emerging
as key success factors.
The domestic
industry is continuously striving to increase exports by providing quality
products at competitive prices. Over the years, India has emerged as a
significant supplier of agrochemicals in the international market.
Among the
agrochemicals, herbicides & fungicides have grown at a faster pace as
compared to insecticides. This is in tune with the global trends. The Company
plans to capture this change in demand patterns by strengthening its herbicides
and fungicides segments by introducing new products and formulations.
World agrochemical
market has witnessed an increase in the consumption of agrochemicals especially
in crops like rice, soybean, wheat, plantations, vegetables, horticulture and
pulses. The Company undertakes crop focused programmes to increase and diversify
its reach and presence. Increased field work across many crops reduces
dependence on any particular crop segment and yields increased advantage from
the existing product portfolio.
SEGMENT-WISE PERFORMANCE AND
OUTLOOK:
The Company’s
domestic sales were Rs.4429.300 Millions in 2012-13 as compared to Rs.4051.400
Millions in the previous year. Exports stood at Rs.3034.500 Millions in 2012-13
as compared to Rs.2564.700 Millions in the previous year.
FINANCIAL
PERFORMANCE AND ANALYSIS:
The net sales for the year are Rs.7463.800
Millions as compared to Rs.6616.100 Millions in the
previous year. The profit before tax is Rs.302.400 Millions for the year
as compared to Rs.218.400
Millions in the previous year. The profit after tax and exceptional item has
grown from Rs.156.100
Millions in the previous year to Rs.214.200 Millions in the year.
Better working capital management has helped the Company in reducing borrowings
and finance costs.
CORPORATE
INFORMATION
The Company is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India. The
Company is engaged in the business of agro chemicals and manufactures technical
grade pesticides and formulations. The Company also manufactures and markets
other agri inputs like soil enrichers, bio-pesticides, plant growth regulators
and soil and plant nutrition products. The Company has presence in both
domestic and international markets.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
(a) Disputed Excise duty liability |
0.163 |
0.440 |
|
(b) Disputed Service-tax liability |
3.731 |
5.434 |
|
(c) Disputed Income-tax liability |
80.488 |
20.301 |
|
(d) Disputed Sales-tax liability |
3.695 |
2.023 |
|
(e) Guarantees given by the Company's banker on behalf of the Company
to third parties |
1.966 |
29.225 |
|
(f) Corporate Guarantee given to a bank for overdraft facility of
Rs.20.0000 Millions granted to a subsidiary company |
11.557 |
6.790 |
|
(g) Liability in respect of employee(s) disputes |
Amount Unascertainable |
Amount Unascertainable |
|
(h) Claims against the Company not acknowledged as debts |
36.053 |
4.356 |
|
(i) Penalty levied by Competition Commission of India for a violation of
section 3 of the Competition Act, 2002 |
639.000 |
639.000 |
FIXED ASSETS:
· Land - Freehold
· Land – Leasehold
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipments
·
Vehicles
· Technical Books
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.66.89 |
|
|
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
52 |
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.