MIRA
INFORM REPORT
|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
INSECTICIDES ( |
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|
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Registered
Office : |
401-402, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.12.1996 |
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|
Com. Reg. No.: |
55-083909 |
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Capital Investment
/ Paid-up Capital : |
Rs.126.830
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L65991DL1996PLC083909 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
The Company is engaged in the Manufacturing Activities of Agro
Chemicals, Pesticides and Technical Products for Agriculture Purposes. |
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|
No. of Employees
: |
Not Available [We tried to confirm
the number of employees but no one is ready to part any information from the
company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8488000 |
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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 an established company having a good track record. Overall
financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A [Long Term] |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
09.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 [Short Term] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
09.07.2013 |
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 / Corporate Office : |
401-402, Lusa Tower, Azadpur Commercial Complex, New Delhi-110033, India |
|
Tel. No.: |
91-11-27679700 to 27679704 |
|
Fax No.: |
91-11-27671617 |
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E-Mail : |
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Website : |
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Factory 1 : |
E-442, RIICO Industrial Area, Chopanki, Bhiwadi-301707, Rajasthan,
India |
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Factory 2 : |
SIDCO Industrial Growth Centre, Samba-184121, Jammu and Kashmir, India
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Factory 3 : |
II D, Centre Battal Ballian,
Udhampur-182101, Jammu and Kashmir, India |
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Factory 4 : |
CH-21, GIDC Industrial Estate, Dahej, District
Bharuch-392130, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Hari Chand Aggarwal |
|
Designation : |
Chairman |
|
Address : |
FD – 42, Vishakha Enclave, Pitampura, |
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Date of Birth/Age : |
15/11/1948 |
|
Date of Appointment : |
02/05/2002 |
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|
Name : |
Mr. Rajesh Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
FD – 42, Vishakha Enclave, Pitampura, |
|
Date of Birth/Age : |
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|
Date of Appointment : |
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Name : |
Mrs. Nijunj Aggarwal |
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Designation : |
Whole Time Director |
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Name : |
Mr. Virjesh Kumar Gupta |
|
Designation : |
Director |
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Name : |
Mr. Navneet Goel |
|
Designation : |
Director |
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Name : |
Mr. Gopal Chandra Agarwal |
|
Designation : |
Director |
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Name : |
Mr. Navin Shah |
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Designation : |
Director |
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Name : |
Mr. Anil Kumar Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
9303000 |
73.35 |
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|
169700 |
1.34 |
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|
9472700 |
74.69 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9472700 |
74.69 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
675000 |
5.32 |
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|
130548 |
1.03 |
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|
805548 |
6.35 |
|
|
|
|
|
|
1329148 |
10.48 |
|
|
|
|
|
|
774602 |
6.11 |
|
|
254652 |
2.01 |
|
|
46316 |
0.37 |
|
|
46316 |
0.37 |
|
|
2404718 |
18.96 |
|
Total Public shareholding (B) |
3210266 |
25.31 |
|
Total (A)+(B) |
12682966 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12682966 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Manufacturing Activities of Agro
Chemicals, Pesticides and Technical Products for Agriculture Purposes. |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
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Bankers : |
·
Punjab National Bank ·
Citibank N.A. ·
Standard Chartered Bank ·
Yes Bank Limited ·
HDFC Bank Limited ·
ING Vysya Bank Limited ·
The Hong Kong Shanghai Banking Corporation
Limited ·
Indus-Ind Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mohit Parekh and Company Chartered Accountants |
|
Address : |
Delhi, India |
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Cost Auditors : |
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|
Name : |
A.G.S. and Associates Chartered Accountants |
|
Address : |
Delhi, India |
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Internal Auditors : |
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|
Name : |
Devesh Parekh and Company Chartered Accountants |
|
Address : |
Delhi, India |
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Internal Auditors [System] : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
New Delhi, India |
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|
|
|
Associates : |
·
Paras Agro Industries ·
ISEC Organics Limited ·
Evergreen Mineral Industries |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12682966 |
Equity Shares |
Rs.10/- each
|
Rs.126.830
Millions |
NOTES:
RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO
SHARES
The Company has
only one class of equity shares having a par value of Rs. 10 per share. Each shareholder
is eligible for one vote per share held. 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 equity shareholders
are eligible to receive the remaining assets of the company after distribution
of all preferential amount, in proportion to their shareholding. During the
financial year ended on March 31, 2013, the amount of per share dividend
recognized as distributions to equity shareholders was Rs. 3.00 (Previous Year
Rs. 2.50)
THE DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
NAME OF THE
SHAREHOLDER |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Rajesh Aggarwal |
3528600 |
27.82 |
|
Pushpa Aggarwal |
1434600 |
11.31 |
|
Rajesh Aggarwal (HUF) |
1302000 |
10.27 |
|
Hari Chand Aggarwal (HUF) |
996000 |
7.85 |
|
Nikunj Aggarwal |
750000 |
5.91 |
|
Ruanne, Cunniff and Goldfarb Inc A/c |
697844 |
5.50 |
|
Life Insurance Corporation of India |
675000 |
5.32 |
LISTING DETAILS:
|
Subject Stock Code
: |
BSE : 532851 NSE : INSECTICID |
|
|
|
|
Stock Exchange
Place : |
· The Stock Exchange, Mumbai National Stock Exchange of India Limited |
|
|
|
|
Listed Date : |
30.05.2007 |
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 |
126.830 |
126.830 |
126.830 |
|
(b) Reserves & Surplus |
1995.397 |
1694.841 |
1420.631 |
|
(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) |
2122.227 |
1821.671 |
1547.461 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
300.812 |
382.501 |
9.260 |
|
(b) Deferred tax liabilities (Net) |
101.810 |
28.981 |
20.492 |
|
(c) Other long term liabilities |
48.353 |
22.272 |
20.295 |
|
(d) long-term provisions |
5.704 |
6.849 |
2.774 |
|
Total Non-current Liabilities (3) |
456.679 |
440.603 |
52.821 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1699.745 |
1151.505 |
333.395 |
|
(b) Trade payables |
1306.764 |
1184.610 |
994.371 |
|
(c) Other current
liabilities |
491.861 |
339.898 |
335.291 |
|
(d) Short-term provisions |
244.132 |
264.671 |
171.395 |
|
Total Current Liabilities (4) |
3742.502 |
2940.684 |
1834.452 |
|
|
|
|
|
|
TOTAL |
6321.408 |
5202.958 |
3434.734 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1365.108 |
487.162 |
302.182 |
|
(ii) Intangible Assets |
38.370 |
25.412 |
11.984 |
|
(iii) Capital work-in-progress |
448.688 |
919.670 |
592.116 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
316.047 |
255.064 |
161.463 |
|
(e) Other Non-current assets |
47.360 |
30.536 |
34.918 |
|
Total Non-Current Assets |
2215.573 |
1717.844 |
1102.663 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2253.504 |
2024.167 |
1257.716 |
|
(c) Trade receivables |
1165.059 |
892.143 |
806.183 |
|
(d) Cash and cash
equivalents |
46.911 |
177.508 |
37.448 |
|
(e) Short-term loans
and advances |
462.936 |
276.328 |
145.368 |
|
(f) Other current
assets |
177.425 |
114.968 |
85.356 |
|
Total Current Assets |
4105.835 |
3485.114 |
2332.071 |
|
|
|
|
|
|
TOTAL |
6321.408 |
5202.958 |
3434.734 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6166.793 |
5217.559 |
4500.975 |
|
|
|
Other Income |
2.062 |
0.851 |
1.471 |
|
|
|
TOTAL (A) |
6168.855 |
5218.410 |
4502.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Material and Components Consumed |
3711.910 |
3753.238 |
3053.797 |
|
|
|
Purchase of Traded Goods |
415.777 |
293.953 |
192.676 |
|
|
|
Employee Benefits Expense |
268.378 |
172.968 |
130.662 |
|
|
|
Other Expenses |
1058.393 |
900.721 |
851.721 |
|
|
|
(Increase)/ Decrease
in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
19.231 |
(466.948) |
(164.197) |
|
|
|
TOTAL (B) |
5473.689 |
4653.932 |
4064.659 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
695.166 |
564.478 |
437.787 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
173.519 |
111.443 |
9.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
521.647 |
453.035 |
427.907 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.646 |
23.566 |
15.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
464.001 |
429.469 |
412.611 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
110.824 |
99.317 |
90.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
353.177 |
330.152 |
322.161 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1242.904 |
982.618 |
729.524 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
46.400 |
33.015 |
32.216 |
|
|
|
Proposed Final Dividend |
38.049 |
31.707 |
31.707 |
|
|
|
Income Tax on Proposed Final Dividend |
6.466 |
5.144 |
5.144 |
|
|
BALANCE CARRIED
TO THE B/S |
1505.166 |
1242.904 |
982.618 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
1.847 |
5.549 |
3.590 |
|
|
TOTAL EARNINGS |
1.847 |
5.549 |
3.590 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1237.921 |
855.018 |
671.007 |
|
|
|
Machinery |
2.412 |
7.784 |
5.703 |
|
|
TOTAL IMPORTS |
1240.333 |
862.802 |
676.710 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.85 |
26.03 |
25.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Net Sales |
1976.300 |
3403.200 |
1908.900 |
|
Total Expenditure |
1728.200 |
3114.200 |
1768.800 |
|
PBIDT (Excl OI) |
248.100 |
289.000 |
140.100 |
|
Other Income |
0.400 |
0.500 |
0.400 |
|
Operating Profit |
248.500 |
289.500 |
140.500 |
|
Interest |
52.000 |
96.600 |
36.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
196.500 |
192.900 |
104.500 |
|
Depreciation |
16.300 |
16.800 |
16.800 |
|
Profit Before Tax |
180.200 |
176.100 |
87.700 |
|
Tax |
38.500 |
37.700 |
20.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
141.700 |
138.400 |
67.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
141.700 |
138.400 |
67.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.73
|
6.33 |
7.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.52
|
8.23 |
9.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
|
10.03 |
14.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.23 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.94
|
0.84 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.19 |
1.27 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10447228 |
07/08/2013 |
600,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B84125020 |
|
2 |
10438783 |
19/07/2013 |
390,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO ROAD,
CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B80378110 |
|
3 |
10433878 |
14/06/2013 |
1,150,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B78298726 |
|
4 |
10433879 |
14/06/2013 |
700,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B78299138 |
|
5 |
10424884 |
02/05/2013 |
530,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B74843590 |
|
6 |
10428065 |
23/08/2013 * |
110,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT) C D U, NARAIN MANZI |
B84091503 |
|
7 |
10424891 |
16/04/2013 |
660,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B74841974 |
|
8 |
10424890 |
10/04/2013 |
660,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B74841487 |
|
9 |
10413917 |
27/02/2013 |
1,310,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B71462840 |
|
10 |
10402254 |
01/02/2013 |
2,330,000.00 |
PUNJAB NATIONAL
BANK |
K - 8, MINTO
ROAD, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
B67814194 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Loans and Advances from Related Parties |
0.000 |
2.500 |
|
TOTAL
|
0.000 |
2.500 |
|
NOTES: Terms of repayment for Unsecured Borrowing: The loan from
related parties was repayable on demand and the interest is paid/ payable at 12%
per annum. The yearend balance of loan from related parties is NIL. |
||
CORPORATE INFORMATION:
Subject 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 (i.e. Bombay Stock
Exchange Limited and National Stock Exchange Limited) in India. The Company is
engaged in the manufacturing activities of Agro Chemicals, Pesticides and
Technical Products for agriculture purposes. The Company caters to both
domestic and international markets.
REVIEW OF PERFORMANCE:
During the year,
the net turnover of the company rose to Rs. 6166.793 Millions as against Rs.
5217.558 Millions reported last year, registering a growth of 18%. The Company
has earned net profit Rs. 353.177 Millions, as against the net profit of Rs.
330.152 Millions reported last year, registering a growth of 7%. The
improvement in performance of the company could mainly be attributed to better
capacity utilization, ongoing emphasis on productivity and efficiency,
improvement in all areas of operation.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Demand for food in
India has far exceeded supply as a result of rising incomes and increasing
population, while the supply is restricted due to low yield growth. Population
is expected to increase by 1.2 bn to 1.4 bn by 2025(E), the demand supply gap
is expected to accentuate in future, primarily due to continued increase in
demand, and also there is a visible shift in the commercial basket to include
high-value agricultural commodities, where high yields are an imperative rather
than an option. Also 20-30% agriculture produce is lost every year due to pest,
diseases, weeds, rodents etc which in monetary terms is equitant to $20 bn
every year, highest in the world. India is the 4th largest producer of the agro
chemicals (by volume) after USA, Japan & China and 12th by value globally.
Indian Agro chemical sector is expected to grow by CAGR of 12.9% during
2012-15.
OPPORTUNITIES AND OUTLOOK:
India has about
190 mn hectares land of gross cultivated area, and the scope for bringing new
areas under cultivation is severely limited, rather current cultivated land is
shrinking due to urbanization. Therefore pressure of increasing the yield per
hectare will tend to increase in the use of agro chemicals. With total of
30-40% of land under crop protection, there is a significant potential for
growth in the agro chemical industry. The government is placing increased
emphasis on growth of agriculture, which bodes well for the country's
agrochemical industry. Government is taking all possible initiatives to put
agriculture sector on growth radar of 4% in Twelth Five Year Plan, up from 3.6%
growth achieved in 2007-2012. Increase in the minimum support price (MSP) for
farmers has also increased disposable income with them will benefit the
consumption of agrochemicals.
FIXED ASSETS:
- Building
- Building (R&D)
- Car
- Computer
- Cooler
- Cycle
- Cylinder
- Electric Equipment
- Electric Fitting
- Electricity Fitting (R and D)
- EPBX
- Fan
- Fax Machine
- Fire Extinguisher
- Furniture and Fixtures
- Furniture and Fixtures (R and D)
- Generator
- Jeep
- Laboratory Equip.
- Laboratory Equip. (R and D)
- Land
- Machinery (Rand D)
- Mobile Phone
- Motor Cycles
- Office
- Office Equipments
- Packing Machine
- Plant and Machinery
- Pollution Control
- Projector
- Scooter
- Sealing machine
- Stablizer
- Storage Tank
- Telephone
- Transformer
- Water cooler
- Water Fitter
- Water Pump
- Welding machine
- Weight
and measurement
- Website development
- CWIP machinery
- CWIP building
- CWIP furniture
- CWIP electricity
- CWIP general
- CWIP (office)
- CWIP transformers
·
CWIP (Pollution Control Expenses)
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Quarter
Ended |
Nine
Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net
Sales/Income From Operation |
2057.500 |
3687.700 |
7895.000 |
|
|
Less: Excise Duty
|
148.600 |
284.500 |
606.500 |
|
|
Net Sales/Income from Operations |
1908.900 |
3403.200 |
7288.500 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
1908.900 |
3403.200 |
7288.500 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1307.000 |
2334.000 |
4728.000 |
|
|
Purchase
of stock in trade |
100.800 |
323.900 |
624.900 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(39.000) |
(156.300) |
(144.000) |
|
|
Employee
benefits expenses |
73.500 |
77.400 |
213.000 |
|
|
Depreciation
and amortization expenses |
16.800 |
16.800 |
50.000 |
|
|
Other
expenses |
272.400 |
535.200 |
1135.100 |
|
|
Total Expenses |
1731.500 |
3131.000 |
6607.000 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
177.400 |
272.200 |
681.500 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.400 |
0.500 |
1.300 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
177.700 |
272.700 |
682.800 |
|
|
|
|
|
|
|
6. |
Interest |
90.000 |
96.600 |
238.600 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
87.700 |
176.100 |
444.100 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
87.700 |
176.100 |
444.100 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
17.500 |
35.200 |
88.800 |
|
|
b)
Deferred tax |
2.500 |
2.500 |
7.500 |
|
|
Total |
20.100 |
37.700 |
96.300 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
67.600 |
138.400 |
347.800 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
67.600 |
138.400 |
347.800 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
126.800 |
126.800 |
126.800 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earnings Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
5.33 |
10.91 |
27.43 |
|
|
b)
Basic and diluted EPS after extraordinary items |
5.33 |
10.91 |
27.43 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
3210266 |
3210266 |
3210266 |
|
|
-
Percentage of Shareholding |
25.31 |
25.31 |
25.31 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
-- |
-- |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
9472700 |
9472700 |
9472700 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
74.69 |
74.69 |
74.69 |
|
Particulars |
Quarter Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
Segment Revenue |
|
|
|
|
|
Formulations |
1663.300 |
3151.200 |
6625.600 |
|
|
Technical |
594.900 |
723.000 |
1850.900 |
|
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
2258.200 |
3874.200 |
8476.500 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
349.200 |
471.000 |
1187.900 |
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
1908.900 |
3403.200 |
7288.500 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Formulations |
0.000 |
0.000 |
0.000 |
|
|
Technical |
0.000 |
0.000 |
0.000 |
|
|
Unallocated |
177.300 |
272.200 |
681.400 |
|
|
TOTAL |
177.300 |
272.200 |
681.400 |
|
|
|
|
|
|
|
|
Less :Interest |
90.000 |
96.600 |
238.600 |
|
|
Add : Unallocable Income |
0.400 |
0.500 |
1.300 |
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
87.700 |
176.100 |
444.100 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
Formulations |
0.000 |
0.000 |
0.000 |
|
|
Technical |
0.000 |
0.000 |
0.000 |
|
|
Unallocated |
4918.400 |
4759.500 |
4918.400 |
|
|
TOTAL |
4918.400 |
4759.500 |
4918.400 |
NOTES:
1. The above unaudited financial result were reviewed by the audit committee
and thereafter were approved and taken on record by the board of directors in
its meeting held on 12th February 2014.
2. Statutory auditors have carried out a limited review of the financial
results for the quarter and nine months ended 31st December, 2013.
3. During the quarter, finance cost include forex loss of Rs.54.000
Millions.
4. Figures of the previous year have been regrouped/rearranged/reclassified,
wherever necessary.
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 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] on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.