MIRA INFORM REPORT

 

 

Report Date :

25.09.2013

 

IDENTIFICATION DETAILS

 

Name :

UNITED PHOSPHORUS LIMITED

 

 

Registered Office :

3-11, G.I.D.C, Vapi District  Valsad – 396195, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.01.1985

 

 

Com. Reg. No.:

04-025132

 

 

Capital Investment / Paid-up Capital :

Rs.885.200 Millions

 

 

CIN No.:

[Company Identification No.]

L24219GJ1985PLC025132

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing, Seller, Distributor, Exporter, Importer and Marketing, of agrochemicals, industrial chemicals, chemical intermediates and speciality chemicals.

 

 

No. of Employees :

2436 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (67)

 

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 130000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well established and a reputed company having good track record.

 

Financial position of the company appears to be good. Directors are reported to be experienced and respectable businessmen.

 

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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

AA + [Long Term Rating]

Rating Explanation

High degree of safety and carry very low credit risk.

Date

5 July 2013

 

Rating Agency Name

CARE

Rating

A1  [Short Term Rating]

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

5 July 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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Bhavin Shah

Designation :

Accounts Department

Tel No.:

91-260-2401718

Date :

24.09.2013

 

 

LOCATIONS

 

Registered Office / Factory 1:

3-11, G.I.D.C, Vapi District Valsad-396195, Gujarat, India

Tel. No.:

91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719

Fax No.:

91-260-2401823

E-Mail :

thackerkm@uniphos.com

Website :

http://www.uplonline.com

Location:

Owned

 

 

Corporate Office / Administrative Office :

Uniphos House, Madhu Park, 11th Road, Chitrakar Dhurandar Marg, Khar (West), Mumbai 400 052, Maharashtra, India

Tel. No.:

91-22-26468000

Fax No.:

91-22-26041010

E-Mail :

info@uniphos.com

upl.investors@uniphos.com

purchase@uniphos.com 

hr_admin@uniphos.com

 

 

Head Quarters :

Uniphos House, 11 CD Marg, Khar (West), Mumbai - 400 052, Maharashtra, India

E-mail :

upl@uniphos.com

 

 

Factory 2 :

Green Park Area, Block No 103/B, A/D, Gandhi Nagar - 180 004, Jammu, India

Tel No.:

91-191-2430671

 

 

Factory 3 :

Agrochemical Plant Durgachak Haldia - 721 602 Midnapore District West Bengal, India

Tel No.:

91-33-22486908

 

 

Factory 4 :

Plot No 750, G.I.D.C., Jhagadia, Dist. Bharuch, Gujarat, India

Tel No.:

91-2645-26012 - 15

 

 

Factory 5 :

Serial No.225, Village Gopipura, Via Baska Taluka, Halol City, District Panchmal - 389 350, Gujarat, India

Tel No.:

91-2676-247068, 247052

Fax No.:

91-2676-247068

 

 

Factory 6 :

ANKLESWAR - UNIT I :-


117, G.I.D.C., Ankleshwar City - Bharuch District, 393 002, Gujarat, India

Tel: 02646 - 251223,250336,251249,250279,250379

Fax: 02646 - 250297

 

ANKLESHWAR - UNIT II : -


3405/6, G.I.D.C., Ankleshwar City - Bharuch District,  393 002, Gujarat, India

Tel: 02646 - 250578,250493,250563

Fax: 02646 - 251434

 

ANKLESHWAR - UNIT III : -


3101/2, G.I.D.C., Ankleshwar City - Bharuch District, 393 002, Gujarat, India
Tel: 02646 - 251189,225174,224473,252684

Fax: 02646 – 250615

 

 

Factory 7 :

3-11, GIDC,  Vapi City – Valsad District, 396 195, Gujarat, India

Tel No.:

91-260-2401718, 2401719

Fax No.:

91-260-2401823

 

 

Sales Office :

V-Fortune Building, 3rd Floor, S V Road, Next to Surya Children's Hospital, Near Vijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai- 400052, Maharashtra, India

Tel. No.:

91-22-27847769, 27811554 

Fax No.:

91-79-27842399 

Email :

upl@uniphos.com

ib.hr@uniphos.com

 

 

Overseas Offices :

Located At :

 

·         Zambia

·         China

·         Australia

·         Japan

·         Russia

·         Korea

·         Vietnam

·         New Zealand

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. Rajju D. Shroff

Designation :

Chairman and Managing Director

 

 

 

 

Name :

Mrs. S. R. Shroff

Designation :

Director

 

 

Name :

Mr. J. R. Shroff

Designation :

Director

 

 

Name :

Mr. Suresh P. Prabhu

Designation :

Additional Director

Qualification :

Chartered Accountant

 

 

Name :

Mr. V. R. Shroff

Designation :

Executive Director

 

 

Name :

Mr. Arun C. Ashar

Designation :

Whole Time Director

 

 

Name :

Mr. Kalyan Banerjee

Designation :

Whole Time Director

 

 

Qualification :

Chemical Engineer

 

 

Name :

Mr. Pradeep Goyal

Designation :

Director

 

 

 

 

Name :

Dr. P. V. Krishna

Designation :

Director

 

 

 

 

 

 

Name :

Dr. (Mrs.) Reena Ramachandran

Designation :

Director

 

 

Name :

Mr. Pradip Madhavji

Designation :

Director

Qualification :

B.A., B.Com. and  L.L.B.

 

 

Name :

Mr. Vinod Sethi

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. M. B. Trivedi

Designation :

Company Secretary

 

 

Name :

Mr. Bhavin Shah

Designation :

Accounts Department

 

 

SHAREHOLDING PATTERN

 

As on: 30.06.2013

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

 

As a % of (A+B)

(A) Shareholding of Promoter and Promoter Group

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3786469

0.86

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

123970160

28.03

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

127756629

28.89

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

 

 

Total shareholding of Promoter and Promoter Group (A)

127756629

28.89

(B) Public Shareholding

 

 

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

 

 

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

37351656

8.45

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

390242

0.09

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

19541777

4.42

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

166418735

37.63

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

223702410

50.58

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

 

 

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

40224063

9.10

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

33917008

7.67

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

6797079

1.54

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

9836365

2.22

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

6740

0.00

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

6411656

1.45

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

3417969

0.77

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

90774515

20.53

Total Public shareholding (B)

314476925

71.11

Total (A)+(B)

442233554

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

370720

0.00

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

370720

0.00

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

442604274

0.00

 

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

 

Sl.No.

Name of the Shareholder

Details of Shares held

Encumbered shares (*)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

No. of Shares held

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

No

As a percentage

As a % of
grand total
(A)+(B)+(C) of sub-clause (I)(a)

 

1

Nerka Chemicals Private Limited

9,86,33,100

22.28

7250000

7.35

1.64

22.28

2

Uniphos Enterprises Ltd

2,53,37,060

5.72

16115000

63.60

3.64

5.72

3

Shilpa R Shroff

14,69,499

0.33

0

0.00

0.00

0.33

4

Shilpa Shroff

14,37,780

0.32

0

0.00

0.00

0.32

5

Jyotsna J Bhatt

4,48,750

0.10

0

0.00

0.00

0.10

6

Jyotindra Manshankar Bhatt

3,93,580

0.09

0

0.00

0.00

0.09

7

Varun Jaidev Shroff

14,000

0.00

0

0.00

0.00

0.00

8

Pradip N Sagar

9,780

0.00

0

0.00

0.00

0.00

9

Tania Jaidev Shroff

6,000

0.00

0

0.00

0.00

0.00

10

Shaila Shashikumar Shroff

4,080

0.00

0

0.00

0.00

0.00

11

Mekhala Vikram Shroff

2,000

0.00

0

0.00

0.00

0.00

12

Shaila Shashikumar Shroff

1,000

0.00

0

0.00

0.00

0.00

 

Total

12,77,56,629

28.86

23365000

18.29

5.28

28.86

 

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. 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

Goldman Sachs (Singapore) Pte

15410833

3.48

3.48

 

2

HDFC Standard Life Insurance Company Limited

17251955

3.90

3.90

 

3

ICICI Prudential Dynamic Plan

5926479

1.34

1.34

 

4

LIC of India Market Plus-1 Growth Fund

8818475

1.99

1.99

 

5

Reliance Capital Trustee Company Limited

8608573

1.94

1.94

 

6

ICICI Prudential Life Insurance Company Limited

7610111

1.72

1.72

 

7

Invesco Perpetual Global Equity Fund

7117203

1.61

1.61

 

8

Citibank International Plc As Depository

5681083

1.28

1.28

 

9

LIC of India Money Plus Growth Fund

4493312

1.02

1.02

 

10

Credit Suisee (Singapore) Limited

4602187

1.04

1.04

 

11

Smallcap World Fund Inc

5338329

1.21

1.21

 

 

Total

90858540

20.53

20.53

 

 

DETAILS OF DEPOSITORY RECEIPTS (DRS)

 

Sl. No.

Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)

No. of Outstanding DRs

No. of Shares Underlying
Outstanding DRs

Shares Underlying Outstanding DRs as % of Total No. of Shares

1

GDR

37,072

3,70,720

0.08

 

Total

37,072

3,70,720

0.08

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Seller, Distributor, Exporter, Importer and Marketing, of agrochemicals, industrial chemicals, chemical intermediates and speciality chemicals.

 

 

Exports :

 

Products:

Finished Goods

Countries :
  • African Countries
  • South America

 

 

Imports :

 

Products:

Raw Materials

Countries :

China

 

 

Terms :

 

Selling :

L/C and Credit

 

 

Purchasing :

L/C and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users 

 

 

No. of Employees :

2436 (Approximately)

 

 

Bankers :

·         Dena Bank

·         Bank of Baroda

·         State Bank of India

·         Union Bank of India

·         Canara Bank

·         HDFC Bank Limited

·         IDBI Bank Limited

·         The Kurar Vysya Bank Limited

·         Axis Bank Limited

·         Andhra Bank

·         State Bank of Hyderabad

·         Export-Import Bank of India

·         ICICI Bank Limited

·         ING Vysya Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

SHORT-TERM BORROWINGS

 

 

On cash credit, packing credit and working capital demand loan accounts from banks

534.200

2.600

Total

534.200

2.600

 

Note:

 

Outstanding loan is secured by hypothecation of inventories, bills receivables, book debts and all movables assets of the

Company both present and future, wherever situated.

 

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

S.V. Ghatalia And Associates LLP

Chartered Accountants

 

 

Subsidiary Companies:
  • Uniphos Limited, Mauritius
  • United Phosphorus (Korea) Limited
  • United Phosphorus (Shanghai) Company Limited
  • United Phosphorus (Taiwan) Limited
  • United Phosphorus Cayman Limited
  • United Phosphorus de Mexico, S.A. de C.V.
  • United Phosphorus do Brasil Limited a
  • United Phosphorus GMBH, Germany
  • United Phosphorus Holdings B.V., Netherlands
  • United Phosphorus Holdings Cooperatief U.A.
  • United Phosphorus Inc., U.S.A.
  • United Phosphorus Italy S.R.L. (Merged during the year with Cerexagri Italia S.R.L.)
  • United Phosphorus Limited Mauritius
  • (Amalgamated with the Company w.e.f. July 1, 2011)
  • United Phosphorus Limited, Australia
  • United Phosphorus Limited, Belgium S P R L
  • United Phosphorus Limited, Colombia (Merged during
  • the year with Evofarm Colombia SA)
  • United Phosphorus Limited, Gibraltar
  • United Phosphorus Limited, Hongkong
  • United Phosphorus Limited, Japan
  • United Phosphorus Limited, New Zealand
  • United Phosphorus Limited, U.K.
  • United Phosphorus Limited, Zambia (Upto December 5, 2011)
  • United Phosphorus Polska Sp.z o.o - Poland
  • United Phosphorus Sole Partner Limited, Greece
  • (Upto March 23, 2012)
  • United Phosphorus Switzerland Limited.
  • United Phosphorus Vietnam Co., Limited
  • UPL Investment Private Limited
  • Agri pack Zambia Limited (Upto April 01, 2011)
  • Agrindustrial, S.A., Spain
  • Agrodan, ApS
  • Anning Decco Fine Chemical Company Limited, China
  • Bio-win Corporation Limited, Mauritius
  • Canegrass LLC, USA
  • Cerexagri B.V. - Netherlands
  • Cerexagri Costa Rica, S.A.
  • Cerexagri Delaware, Inc.,USA
  • Cerexagri Italia S.R.L.
  • Cerexagri S.A.S., France
  • Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi, Turkey
  • Cerexagri, Inc. (PA)
  • Citrashine (Pty) Limited, South Africa
  • Compania Espanola Industrial Quimica de Productos
  • Agricolas Y Domesticos, S.A.U.,Spain
  • Cropserve Zambia Limited (Upto April 01, 2011)
  • Decco Iberica Postcosecha, S.A.U., Spain (formerly Cerexagri Iberica)
  • Decco Italia SRL,Italy
  • Decco US Post-Harvest Inc (US)
  • Decco Worldwide Post-Harvest Holdings B.V.
  • Decco Worldwide Post-Harvest Holdings Cooperatief U.A.
  • Desarrollo Quimico Industrial, S.A., Spain
  • Eddyville Consultants Group, Inc. Panama (Dissolved on March 18, 2013)
  • Evofarms Colombia SA
  • Evofarms S.A. - Colombia (Merged during the year with Evofarm Colombia SA)
  • Friedshelf 1114 (Pty) Limited
  • Global Chem Trade Corp., Panama (Dissolved on January 1, 2013)
  • Icona S A - Argentina
  • Icona Sanluis S A - Argentina
  • Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March 18, 2013)
  • JSC United Phosphorus Limited, Russia
  • Phosfonia, S.L.,Spain
  • Prime Agri Centre Zambia Limited (Upto April 01, 2011)
  • PT Catur Agrodaya Mandiri, Indonesia
  • PT. United Phosphorus Indonesia
  • United Phosphorus Holding, Brasil B.V.
  • RiceCo LLC
  • Safepack Products Limited
  • Samma International S.R.L.,Italy (Upto February 29, 2012)
  • Samrod Chemicals (Pty) Limited
  • Shroffs United Chemicals Limited
  • SWAL Corporation Limited
  • Transterra Invest, S. L. U., Spain
  • Tatva Global Environment (Deonar) Limited
  • RiceCo International Inc., Bahamas
  • Uniphos Limited, Gibraltar
  • Decco Jefkins Mexico Sapi, Mexico
  • UPL Aviation Limited
  • United Phosphorus Industria e Comercio de Produtos Qufmicos Limiteda.
  • Uniphos Industria e Comercio de Produtos Qufmicos Limiteda.
  • Upl do Brasil Industria e Comercio de Insumos Agropecuarios S.A. (Formerly known as DVA Agro Do Brasil - Comercio, Importagao e Exportagao de Insumos Agropecuarios S.A.)
  • DVA Technology Argentina S.A. (w.e.f. July 25, 2011)
  • United Phosphorus Bolivia S.R.L (w.e.f. December 27, 2011)
  • Decco Chile SpA
  • UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve Ticaret A.S. (w.e.f. October 12, 2011)
  • UPI Finance LLC
  • United Phosphorus Corp. Philippines
  • United Phosphorus Limited de Guatemala S.A (Ceased to be subsidiary w.e.f. March 8, 2013)
  • United Phosphorus Global LLP
  • United Phosphorus (India)
  • LLP Pro Long Limited (w.e.f. August 24, 2011)
  • Phoenix Enviromental Care LLC ( w.e.f. August 12, 2011 and amalgamated with United Phosphorus Inc. on September 30, 2011)
  • AgriChem B.V. (acquired during the year)
  • AgriChem Helvetia GmbH., (acquired during the year)
  • AgriChem Polska Sp.Z.O.O. (acquired during the year)
  • Agricultural Chemicals N.V. (acquired during the year)
  • Aspen Holding SAS (Incorporated during the year)
  • Aspen SAS (Incorporated during the year)
  • SD Agchem (Netherlands) B.V.
  • Blue star BV (acquired during the year)

 

 

Associate Companies:
  • Advanta India Limited
  • Advanta Seed International, Mauritius
  • Advanta Semilas SAIC, Argentina
  • Agrinet Solutions Limited
  • Chemisynth (Vapi) Limited
  • Kerala Enviro Infrastructure Limited
  • Pacific Seeds Pty Limited, Australia
  • Unicorn Seeds Private Limited
  • Sipcam UPL Brasil S.A. ( w.e.f. April 01, 2011)
  • Universal Pestochem Industries Limited

 

 

Joint Venture Companies:
  • United Phosphorus (Bangladesh) Limited.
  • Hodogaya UPL CompanyLimited, Japan
  • Nisso TM LLC (Ceased to be a Joint Venture w.e.f. September 30,  2012)

 

 

Enterprises over which key management personnel and their relatives have significant influence:
  • Bharuch Enviro Infrastructure Limited
  • Bloom Packaging Private Limited
  • Bloom Seal Containers Private Limited
  • Coimbatore Integrated Waste Management Company Private Limited
  • Daman Ganga Pulp and Papers Private Limited
  • Demuric Holdings Private Limited
  • Entrust Environment Limited
  • Enviro Technology Limited
  • Gabo Products Private Limited
  • Gharpure Engineering and Construction Private Limited
  • Uniphos Envirotronic Private Limited
  • Jai Research Foundation
  • Jai Trust
  • Nerka Chemicals Private Limited
  • Pot Plants
  • Sanguine Holdings Private Limited
  • Tatva Global Enviroment Limited
  • Ultima Search
  • Uniphos International Limited
  • Uniphos Enterprises Limited
  • UPL Environmental Engineers Limited
  • Vikram Farm
  • Accolade Properties Private Limited (Upto September 27, 2012)
  • Sadafuli Finvest Private Limited (Upto September 27, 2012)

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,27,50,00,000

Equity Shares

Rs.2/- each

Rs.2550.000 Millions

1,40,00,000

Preference Shares

Rs.10/- each

Rs.1400.000 Millions

50,00,000

Preference Shares

Rs.100/- each

Rs.50.000 Millions

 

Total

 

Rs.4000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

44,26,04,274

Equity Shares

Rs.2/- each

Rs.885.200 Millions

 

 

 

 

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Equity shares

31.03.2013 Rs. in Millions

At the beginning of the year

461.800

923.600

Buy-back during the year (Refer note 46)

19.200

38.400

Outstanding at the end of the year

442.600

885.200

 

 

Terms/ rights attached to equity shares:

 

The Company has one class of equity shares having par value of Rs. 2 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.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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.

 

During the year ended 31st March, 2013, the amount of per share dividend recognised as distibutions to equity shareholders was Rs. 2.50 (31st March, 2012: Rs. 2.50)

 

 

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

 

Particulars

31.03.2013 No. in Lacs

Equity shares allotted as fully paid bonus shares by capitalization of securities premium

2,198

Equity shares bought back by the Company.

192

 

 

Details of shareholders holding more than 5% shares in the Company

 

Name of the shareholders

31.03.2013

 

No. in Lacs

% holding in the class

Nerka Chemicals Private Limited

986

22.28

Uniphos Enterprises Limited

253

5.72

 

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

 

 

 

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

885.200

923.600

923.600

(b) Reserves & Surplus

32691.700

34136.600

21657.200

(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)

33576.900

35060.200

22580.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

14000.000

11000.000

9912.400

(b) Deferred tax liabilities (Net)

909.000

827.800

630.700

(c) Other long term liabilities

2098.100

1360.000

294.200

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

17007.100

13187.800

10837.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6381.100

3515.800

4454.200

(b) Trade payables

9587.600

6186.600

5825.800

(c) Other current liabilities

2019.500

3139.200

13597.000

(d) Short-term provisions

1586.800

1551.600

1220.700

Total Current Liabilities (4)

19575.000

14393.200

25097.700

 

 

 

 

TOTAL

70159.000

62641.200

58515.800

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8338.800

8103.700

8097.900

(ii) Intangible Assets

5166.200

5650.500

1280.500

(iii) Capital work-in-progress

2361.500

1136.400

430.800

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6710.600

6571.200

6564.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

11153.200

10473.700

17827.600

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

33730.300

31935.500

34201.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2329.900

1250.000

3553.400

(b) Inventories

6205.400

5500.300

4090.400

(c) Trade receivables

18075.100

13899.900

10249.500

(d) Cash and cash equivalents

1882.200

975.300

4378.200

(e) Short-term loans and advances

7129.900

8186.800

1125.400

(f) Other current assets

806.200

893.400

917.500

Total Current Assets

36428.700

30705.700

24314.400

 

 

 

 

TOTAL

70159.000

62641.200

58515.800

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

39394.400

33156.400

29110.900

 

 

Other Income

1343.200

1438.500

1535.900

 

 

TOTAL                                     (A)

40737.600

34594.900

30646.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of raw material consumed

18383.900

15578.900

12709.600

 

 

Purchase of traded goods

3472.100

3423.100

2845.800

 

 

(Increase)/ decrease in inventories of finished goods, by-products,

work-in-progress and traded goods

(382.000)

(1168.500)

(510.500)

 

 

Employee benefits expense

2374.600

1846.500

1531.200

 

 

Other expenses

11279.300

8766.700

7885.200

 

 

TOTAL                                     (B)

35127.900

28446.700

24461.300

 

 

 

 

 

Less

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

5609.700

6148.200

6185.500

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1059.900

1643.700

2936.400

 

 

 

 

 

 

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

4549.800

4504.500

3249.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1577.600

1434.900

1146.800

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2972.200

3069.600

2102.300

 

 

 

 

 

Less

TAX                                                                  (H)

890.900

799.200

527.300

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2081.300

2270.400

1575.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports of goods calculated on F.O.B. basis

21884.300

16747.900

14457.500

 

 

Interest

425.300

466.500

304.300

 

 

Dividend

54.400

197.000

0.000

 

 

Others

7.000

5.200

1.900

 

TOTAL EARNINGS

22371.000

17416.600

14763.700

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

9093.500

7124.100

6496.300

 

 

Traded Goods

2241.000

697.100

0.000

 

 

Components and spare parts

9.200

8.800

10.300

 

 

Capital goods

411.400

128.900

56.300

 

TOTAL IMPORTS

11755.100

7958.900

6562.900

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.60

4.92

3.52

 

QUARTERLY RESULTS

 

Particulars

30.06.2013

Type

1st Quarterly

Audited / UnAudited

Un Audited

Net Sales

13484.300

Total Expenditure

11523.800

PBIDT (Excl OI)

1960.500

Other Income

912.300

Operating Profit

2872.800

Interest

449.900

Exceptional Items

0.000

PBDT

2422.900

Depreciation

375.100

Profit Before Tax

2047.800

Tax

605.500

Provisions and contingencies

0.000

Profit After Tax

1442.300

Extraordinary Items

0.000

Prior Period Expenses

0.000

Other Adjustments

0.000

Net Profit

1442.300

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
5.11

6.56

5.14

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
7.54

9.26

7.22

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.87

5.59

4.08

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.09

0.09

0.09

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.61

0.41

0.64

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.86

2.13

0.97

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG-TERM BORROWINGS DETAILS:

 

Particulars

31.03.2013

31.03.2012

31.03.2011

 

(Rs. In Millions)

Current maturities of long-term borrowings

0.000

1421.200
11759.900

 

 

 

 

Total

0.000

1421.200
11759.900

 

 

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

Yes

10]

Designation of contact person

Yes

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

Yes

20]

Export / Import details (if applicable)

Yes

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

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

 

CIVIL APPLICATION No. 269 of 2011

 

In CIVIL SUITS/ 1/ 2005 ( PENDING )

Status : PENDING

 

CCIN No : 001073201100269

 

 

Next Listing Date:

27/11/2013

 

Coram

HONOURABLE MR.JUSTICE K.M.THAKER

Not Before :
  • HONOURABLE MR.JUSTICE AKSHAY H.MEHTA
  • HONOURABLE MR.JUSTICE BANKIM.N.MEHTA
  • HONOURABLE MR.JUSTICE R.M.CHHAYA

 

S.NO.

Name of the Petitioner

Advocate On Record

1
2
3
4
5
6

PHARMA CHEM
ASHIK NAGARBHAI PATEL
NARMADABEN GOVINDJI PATEL
PRASHANT GOVINDJI PATEL
MITABEN PATEL
RAJESH M.PATEL

MR MANAV A MEHTA for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 - 6

S.NO.

Name of the Respondant

Advocate On Record

1
2

RAJNIKANT DEVIDAS SHROFF
UNITED PHOSPHORUS LIMITED

SINGHI and CO for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 - 2

 

Presented On

: 20/04/2011

Registered On

: 20/04/2011

Bench Category

: SINGLE BENCH

District

: VALSAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 41 times

StageName

: FOR ADMISSION - OTHER OJ SIDE

 

Classification

SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - DISBURSEMENT OF AMOUNT

Act

CIVIL PROCEDURE CODE, 1908

 

 

Office Details

 

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

20/04/2011

APPLICATION

MR MANAV A MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MR MANAV A MEHTA:1-6

 

Court Proceedings

 

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

03/12/2012

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

2

26/12/2012

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

3

21/01/2013

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

4

15/02/2013

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

5

06/03/2013

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

6

16/04/2013

51

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

7

18/04/2013

51

6

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

8

28/06/2013

13

37

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE K.M.THAKER

HONOURABLE MR.JUSTICE G.B.SHAH

9

17/07/2013

13

28

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE K.M.THAKER

10

30/08/2013

13

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE K.M.THAKER

11

23/09/2013

13

-

FOR ADMISSION - OTHER OJ SIDE

NEXT DATE

HONOURABLE MR.JUSTICE K.M.THAKER

12

27/11/2013

13

-

FOR ADMISSION - OTHER OJ SIDE

undefined

HONOURABLE MR.JUSTICE K.M.THAKER

 

 

OPERATIONAL PERFORMANCE:

 

During the year, rainfall in India was erratic. There was delay in the arrival of the monsoon, adversely affecting the kharif crops. Although in the later part, the monsoon picked up which turned out to be favourable for the rabi crops. However, in most parts of the country, there was drought-like situation. Due to water shortage, cotton and rice acreage in the country decreased. Herbicide application in rice and soya bean came down. During the year, it was heartening to note that apart from the Northern states of the country, the Eastern states are also being classified as food baskets for the country with improved production of many food and vegetable crops. This is a good sign for the country which can take credit for being one of the leading producers of the world for soya bean, cotton, sugarcane, rice and certain cereals.

 

On the global front, Latin American countries like Brazil, Argentina, Colombia, among others, witnessed higher demand for Company’s agrochemicals. In the US, initial planting of corn started on a good note. However, due to droughts in later part of the season, farmers shifted the production to other crops. This had an adverse impact on sales.

 

The prices of most of the inputs were stable during the year. The commodity prices, except cotton, sustained or rose slightly.

 

During the year, the US dollar became stronger against most major currencies. In India, a very tight monetary policy with high interest rates was followed to bring down inflation but this impacted the overall economic growth very badly. However, of late, there have been signs of inflation easing out which gives hopes for reduction in rates of interest in the near future.

 

The economic scenario is changing. The world seems to be coming out of recession witnessed in last five years. The US economy is showing definite signs of revival. In Europe, some of the countries are still suffering and it will take more time for these countries to revive their economies.

 

It is heartening to note that Company’s sales are going up in all parts of the world, be it the US, Europe, Africa, Asia and Australia. Latin American markets, especially Brazil, have emerged as very prospective markets and in the years to come, there is a very high potential to improve the sales in these markets.

 

During the year, despite sluggish conditions in most of the markets, the Company has performed very well. Some of the highlights of global performances are as under:

 

(a) Revenue from operations has increased by 20% to Rs.92940.000 Millions.

(b) EBIDTA has gone up by 19%.

(c) Profit before taxes have gone up by 30% to Rs.9450.000 Millions.

(d) Profit for the year has gone up by 39% to Rs.7750.000 Millions.

 

 

UNSECURED LOAN:

(Rs. in millions)

Particulars

As on

31.03.2013

As on

31.03.2012

LONG-TERM BORROWINGS

 

 

Unsecured Redeemable Non-convertible Debentures

14000.000

11000.000

SHORT-TERM BORROWINGS

 

 

On cash credit, packing credit and working capital demand loan accounts from banks

1912.800

2586.000

Buyers credit from banks

3884.100

909.300

Loans from related parties

0.000

17.900

Loans from others

50.000

0.000

Total

19846.900

14513.200

 

LONG-TERM BORROWINGS

 

Unsecured Redeemable Non-Convertible Debentures

 

(i) NCDs amounting to Rs. 3000.000 Millions (Previous Year: Rs. Nil) are redeemable at par at the end of 10th year (Rs. 1500.000 Millions) i.e June, 2022 and at the end of 7th year (Rs. 1500.000 Millions) i.e June, 2019 from the date of allotment.

 

(ii) NCDs amounting to Rs. 2500.000 Millions (Previous Year: Rs 2500.000 Millions) are redeemable at par at the end of 15th year i.e July 2026 from the date of allotment . The NCDs carry a call option at the end of 10th year from the date of allotment.

 

(iii) NCDs aggregating to Rs. 3000.000 Millions (Previous Year: Rs 3000.000 Millions) are redeemable at par at the end of 12th year (Rs. 750.000 Millions), 11th year (Rs. 750.000 Millions), 9th year (Rs. 750.000 Millions) and 8th year (Rs. 750.000 Millions) i.e. October 2022, October, 2021, October 2019 and October 2018 respectively from the date of allotment.

 

(iv) NCDs aggregating to Rs. 3000.000 Millions (Previous Year: Rs. 3000.000 Millions) are redeemable at par at the end of 10th year (Rs. 1500.000 Millions) i.e. April 2020 and at the end of 7th year (Rs. 1500.000 Millions) i.e. April 2017 from the date of allotment. The NCDs carry a call option at the end of 6th year i.e. April 2016 and 5th year i.e. April 2015 respectively from the date of allotment.

 

(v) NCDs amounting to Rs. 2500.000 Millions (Previous Year: Rs 2500.000 Millions) are redeemable at par at the end of 5th year i.e January, 2015 from the date of allotment .

 

(vi) NCDs amounting to Rs. Nil (Previous Year: Rs 1350.000 Millions) were redeemed at par at the end of 3.5 year (Rs. 1050.000 Millions) i.e. February, 2013 and 3 years (Rs. 300.000 Millions) i.e. August, 2012 from the date of allotment.

 

(vii) NCDs mentioned above carry a coupon rate ranging from 9.50% to 10.70%.

 

 

SHORT-TERM BORROWINGS

 

  • Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps

 

  • Short term buyers credit are unsecured and the outstanding loan carry an interest rate ranging from Libor plus 60 bps to 120 bps.

 

  • Unsecured short term demand loan carrying an interest rate of 12.50% p.a.

 

 

FUTURE OUTLOOK:

 

For the coming year, with a normal monsoon predicted for India the Company’s performance in India is likely to improve. On the global front, the potential of Latin American market looks robust, especially Brazil. With commodity prices expected to be stable or slightly rising, off take of agrochemicals will improve. The Company has taken many initiatives in terms of supply chain management which will reduce the overall cost of production for the Company. The Company is also entering new potential markets, such as South Africa, Phillipines, among others. Over the next five years, the Company is poised to register high growth.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Global economic review

 

The global economy is estimated to have posted 3.2% growth in 2012, marginally lower than 3.9% in 2011. The US, the world’s largest economy, is expected to have posted better numbers (2.3% in 2012 against 1.8% in 2011) while the eurozone is expected to have reported a negative growth of 0.4%. Much of this growth decline is estimated to have extended to fast-growing emerging markets: China’s growth slowed from 9.3% to 7.8% in 2012. Going ahead, growth in emerging and developing economies is expected to rise to 5.5% in 2013

 

 

Indian economy

 

The slowdown of the Indian economy worsened as the country posted a growth of 5% in 2012- 13 against 6.2% in 2011-12. An erratic monsoon and drought-like situation in many parts affected the growth of the country’s agriculture sector. The decelerated growth was primarily attributable to the weakness in the industrial sector (mining and quarrying, manufacturing, electricity, gas and water supply, and construction) at 3.1% while the manufacturing sector grew by 1.9%. The growth of the services sector was lower at 6.6% in 2012-13 against 8.2% in 2011-12.

 

 

Global crop protection Market

 

As per the preliminary available data, the global crop protection market is estimated to record a growth of 7.4% from US$44.01 bn in 2011 to US$47.26 bn in 2012. Key drivers of the crop protection market in 2012 included stable prices of Glyphosate, high crop commodity prices and a strengthening of the US dollar. In Europe, the market benefited from an early end to the winter, with improved volumes and prices, although a wet summer affected Northern Europe even as South Europe was dry. Central and Eastern Europe benefited from an improved economic position, but suffered from a cold winter and dry summer. The American market got off to a good start, but drought affected the Central Corn Belt, although other parts of the country remained positive. Strong crop prices and weaker currencies drove growth in Latin America despite a dry start to 2012 in Brazil and Argentina. Asian markets were generally positive, recovering from adverse weather in 2011, notably in Japan and Thailand, although India suffered another variable monsoon in 2012 and wet weather affected Southern China and countries in a similar latitude. Australia benefited from good growing conditions, lower pest impact and disease as well as a strong currency.

 

 

Global agrochemical market

 

The value of the global conventional chemical crop protection market is estimated to have increased 14.9% in 2011 to $44.025 bn; use of agrochemical products in non-farm sectors rose by 7% to $6.29 bn. The total agrochemical market increased 13.8% to US$50.31 bn in 2011.

 

Key factors affecting the global crop protection market in 2012

 

  • Stable Glyphosate prices.
  • Strong US dollar against most major currencies.
  • Sustained crop commodity prices.
  • High demand and improved economies-of-scale in Latin America
  • Good corn planting season in the American Midwest but subsequent drought.
  • The EU benefited from an early end to the winter, but suffered from a wet summer in the North and dryness in the South.
  • East Europe suffered from a harsh winter followed by drought.
  • Southern China affected by flooding; Glyphosate prices improved
  • Further increase in GM crop area; adoption of stacked maize varieties

 

 

OUTLOOK

 

The outlook for 2013 remains positive, with crop prices remaining robust due to rising consumption and limited harvests in Europe and North America, in 2012.

 

  • Wheat production in 2012 improved in Australia and Canada, but declined in Europe, the falling stocks resulting in a positive price environment for 2013.
  • Maize and soybean demand remains high after a poor 2012 harvest in the US, despite a declining use of corn for ethanol manufacture.
  • Dry weather affected sugarcane production in Brazil, resulting in higher sugar prices.
  • Rice stocks remained low by historic standards, sustaining rice prices and profitability.
  • High cotton stocks depressed prices. The crop protection market in 2012 benefited from improved volumes and prices. Recovery from adverse weather in 2012 provided further opportunities for volume growth in 2013, whilst continuing strong crop prices and a healthy farm economy provided an environment conducive to price improvement. Going ahead, the Indian agrochemicals sector is expected to grow at around 11.5% annually to reach US$6.5 bn by FY17.

 

Unaudited Financial Results for the Quarter ended 30th June, 2013

(Rs. In Millions)

Sr No                                                       Particulars

Quarter ended

30.06.2013 (Unaudited)

1 Income from Operations

 

a) Net Sales/ Income from Operations (Net of Excise Duty)

13090.100

b) Other Operating Income

394.200

Total Income from Operations (net)

13484.300

2 Expenses

 

a)         Cost of materials consumed

5097.800

b)         Purchases of stock in trade

2588.500 

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

(345.900) 

d)         Employee benefits expense

655.300

e)         Depreciation and amortisation expense

375.100

f)          Other expenses

3385.500

Total expenses

11756.300

3 Profit/ (Loss) from Operations before Other Income, Finance Cost and Exceptional Items (1-2)

1728.000

4 Other Income

912.300

5 Profit/ (Loss) from ordinary activities before Finance Cost and Exceptional Items (3 + 4)

2640.300

6 Finance Costs - Refer Note 4

592.500

7 Profit/ (Loss) from ordinary activities before Finance Cost and Exceptional Items (5 - 6)

2047.800

8 Exceptional Items

-

9 Profit / (Loss) from Ordinary Activities before Tax (7 + 8)

2047.800

10 Tax Expense

605.500

11 Net Profit / (Loss) from Ordinary activities after Tax (9-10)

1442.300

12 Paid up Equity Share Capital

(Face Value of the Share - Rs 2.00 each)

885.200

13 Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year

 

14 Earnings per Share (EPS)

Basic and Diluted EPS before and after Extraordinary items for the period & for the previous year

3.26

 

 

Basic Earnings per share of Rs 2.00 each (Rs) Diluted Earnings per Share of Rs 2.00 each (Rs)

3.26

15 Debt Equity Ratio

0.57

16 Debt Service Coveraqe Ratio

9.88

17 Interest Service Coverage Ratio

7.95

 

Sr No

Particulars

Quarter ended

30.06.2013

A

PARTICULARS OF SHAREHOLDING

 

 

1 Public Shareholding :

 

 

Number of Shares

314,847,645

 

Percentage of Shareholding

71.14%

 

2 Promoters and promoter group Shareholding

 

 

a) Pledged/ Encumbered

 

-           Number of Shares

23,365,000

-           Percentage of Shares ( as a % of the total shareholding of the promoter and the promoter group)

 

18.29%

-           Percentage of Shares ( as a % of the total share capital of the Company )

5.28%

 

b) Non- encumbered

 

-           Number of Shares

104,391,629

-           Percentage of Shares ( as a % of the total shareholding of the promoter and the promoter group)

81.71%

-           Percentage of Shares ( as a % of the total share capital of the Company )

23.58%

 

B

INVESTOR COMPLAINTS

(as informed by Sharepro Services, Registrar and Transfer Agent of the Company)

 

 

Pending at the beginning of the quarter

0

Received during the quarter

54

Disposed during the quarter

54

Remaining unresolved at the end of the quarter

0

 

 

NOTES:

 

  1. The above standalone Unaudited Financial Results were reviewed by the Audit Committee and thereafter approved at the Meeting of the Board of Directors held on 24th July, 2013.

 

  1. The figures for the quarter ended 31st March 2013 are the balancing figures between the Audited figures in respect of the full financial year 2012-2013 and the year to date figures up to the third quarter ending 31st December 2012.

 

  1. Ratios have been computed as follows :-

Debt comprises Long-Term borrowings, Short-Term borrowings and Current maturities of Long Term borrowings Debts Service Coverage Ratio =Earnings before Interest, Tax, Depreciation and Amortisation /(Interest on Long Term borrowings +Principal repayments) Interest Service Coverage Ratio =Earning before Interest and Tax/Interest and Other Finance Charges on Debt

 

  1. During the quarter, Interest and Other Finance Charges includes net exchange loss of Rs 142.600 Millions arising on foreign currency loans/ advances and related derivatives. The amount for the corresponding quarter of the previous year included a net exchange gain of Rs 247.100 Millions and for the quarter ended 31st March 2013 included a net exchange loss of Rs 192.400 Millions. For the year ended 31st March 2013, the net exchange gain is Rs 648.600 Millions as against a net gain of Rs 301.600 Millions for the previous year.

 

  1. Previous periods/ years figures have been regrouped/ rearranged wherever necessary.

 

FIXED ASSETS:

 

·         Land-Freehold

·         Land-Leasehold

·         Leasehold Improvement Asset

·         Buildings

·         Plant and Machinery

·         Laboratory Equipments

·         Furniture, Fixtures and Equipments

·         Vehicles

·         Temporary Structures

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.66

UK Pound

1

Rs.100.46

Euro

1

Rs.84.60

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

67

 

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

 

 

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.