MIRA INFORM REPORT
|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JK AGRI GENETICS LIMITED |
|
|
|
|
Formerly Known As : |
JK AGRI GENETICS LTD. |
|
|
|
|
Registered Office : |
7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
06.03.2000 |
|
|
|
|
Com. Reg. No.: |
21-091286 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs. 36.039 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L01400WB2000PLC091286 |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The company’s shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Subject is an engaged in the business of Research, Production and Marketing
of Hybrid Seeds. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1440000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities BBB |
|
Rating Explanation |
Have a moderate degree of safety and carry
moderate credit risk |
|
Date |
11.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities A3 |
|
Rating Explanation |
Have a moderate degree of safety and carry
higher moderate credit risk |
|
Date |
11.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION denied
Management non co-operative. (91-040-27764970)
LOCATIONS
|
Registered Office : |
7, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
1-10-177, 4th Floor, |
|
Tel. No.: |
91-40-66316858 |
|
Fax No.: |
91-40-27764943 |
|
E-Mail : |
|
|
|
|
|
Processing Plants : |
Survey No. 509/2, Gundlapochampally, R R District, Andhra Pradesh,
India |
|
|
|
|
Biotechnology Lab : |
4-4/1, |
|
Tel. No.: |
91-40-27871723 / 0001 |
|
|
|
|
Research And Development Centre : |
Ravalkol, Medchal Mandal, District R R , |
|
Tel. No.: |
91-8418-260499/325677 |
|
|
|
|
Processing Plants : |
Survey No. 509/2, Gundlapochampally, R R District, Andhra Pradesh |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Bharat Hari Sindhanla |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
07.04.1938 |
|
Date of Appointment : |
25.08.2003 |
|
|
|
|
Name : |
Mr. Jatan Roopchand Bhandari |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.07.1933 |
|
Date of Appointment : |
04.09.2009 |
|
|
|
|
Name : |
Mr. Sanjeev Kumar Jhunjhunwala |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.12.1964 |
|
Date of Appointment : |
04.09.2003 |
|
|
|
|
Name : |
Mr. Sanjay Kumar Khaitan |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.12.1965 |
|
Date of Appointment : |
04.09.2003 |
|
|
|
|
Name : |
Mr. Raghupati Singhania |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.12.1946 |
|
Date of Appointment : |
25.08.2003 |
|
|
|
|
Name : |
Mr. Vikrampati Singhania |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.10.1965 |
|
Date of Appointment : |
04.09.2003 |
|
|
|
|
Name : |
Mr. Swaroop Chand Sethi |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.10.1937 |
|
Date of Appointment : |
04.09.2003 |
KEY EXECUTIVES
|
Name : |
Anoop Singh Gusain |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
S.K. Gupta |
|
Designation : |
President |
MAJOR SHAREHOLDERS
As on: 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
57147 |
1.59 |
|
|
2299533 |
63.81 |
|
|
2356680 |
65.39 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2356680 |
65.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
750 |
0.02 |
|
|
268 |
0.01 |
|
|
30 |
0.00 |
|
|
1048 |
0.03 |
|
|
|
|
|
|
540770 |
15.01 |
|
|
|
|
|
|
303737 |
8.43 |
|
|
167827 |
4.66 |
|
|
233844 |
6.49 |
|
|
900 |
0.02 |
|
|
217749 |
6.04 |
|
|
3 |
0.00 |
|
|
15141 |
0.42 |
|
|
51 |
0.00 |
|
|
1246178 |
34.58 |
|
Total Public shareholding (B) |
1247226 |
34.61 |
|
Total (A)+(B) |
3603906 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
Total (A)+(B)+(C) |
3603906 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an Engaged in the Business of Research, Production and
Marketing of Hybrid Seeds. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
NOTES:
b) Term Loan of Rs.101.19 Millions (Previous year Nil) taken from bank
is secured against first charge of the assets purchased thereunder,
Hypothecation of entire intangible assets, parri passu second charge on
entire current assets viz stock and book debts etc., both present and future,
of the company and is further secured by extension of equitable mortgage on
land at Ranpur, Kota(Rajasthan). This is further secured by second Pari Passu
charge on the entire fixed assets financed by DBT and balance amount of term
loan is repayable in 9 equal Quarterly installments of Rs.10.25 Millions each
and 10th installment of Rs.8.94 Millions. c) Term Loan of Rs.1500.00
Millions (Previous year nil) taken from bank is secured by subservient charge
on entire current and movable assets (both Present and future) and repayable
in 6 equal Quarterly installments of Rs.214.29 Millions each and one quarterly Installments of Rs.214.26
Millions commencing from July 2014.
# Working Capital borrowing is Secured by hypothecation of current
assets viz stocks and book debts etc., both present and future, of the
Company and by a second charge on entire fixed assets of the Company
including land at Dundigal village (AP) and Ranpur, Kota, (Rajasthan). |
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs .140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3603906 |
Equity Shares |
Rs.10/- each |
Rs .36.039 Millions |
|
|
|
|
|
Details of Shareholder who held more than 5% of Equity Share
|
Name of Shareholder |
As at 31.03.2013 No. of Shares held |
|
Bengal and Assam Company Limited |
797892 |
|
Florence Investech Limited |
1500000 |
|
Edgefield Securities Limited |
217749 |
Reconciliation of
number of share outstanding - Equity Share
|
Name of Shareholder |
As at 31.03.2013 No. of Shares held |
|
Shares outstanding as at the beginning of
the year |
1.500 |
|
Add: Pursuant to Scheme of Arrangement and Demerger |
2.104 |
|
Less: Bought back during the year |
0.000 |
|
Shares outstanding as at the end of the year |
3.604 |
- There is no change in the Share Capital
during the year and no Bonus / Right Buy-back in the preceding
five years except to
the extent.
- Terms/right attached to equity shares
The Company has only one class of equity shares having par value of Rs.10
per share. Each holder of equity shares is entitled to one vote per share
and also have equal right in distribution of profit/surplus in proportion
to the Equity shares held by the shareholders.
- In the event of winding up the equity
shareholders will be entittled to receive the remaining balance of assets,
if any, proportionate to their individual shareholding in the paid up
equity capital of the company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
36.039 |
15.000 |
|
(b) Reserves & Surplus |
|
325.633 |
5.013 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
361.672 |
20.013 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
227.869 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
56.567 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.015 |
|
(d) long-term
provisions |
|
20.370 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
304.806 |
0.015 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
391.450 |
0.000 |
|
(b) Trade
payables |
|
781.528 |
0.000 |
|
(c) Other
current liabilities |
|
690.174 |
0.000 |
|
(d) Short-term
provisions |
|
1.669 |
0.000 |
|
Total Current Liabilities
(4) |
|
1864.821 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
2531.299 |
20.028 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
246.416 |
0.000 |
|
(ii) Intangible
Assets |
|
121.689 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
93.836 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4.527 |
0.000 |
|
(e) Other
Non-current assets |
|
15.497 |
0.000 |
|
Total Non-Current
Assets |
|
481.965 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1156.472 |
0.000 |
|
(c) Trade
receivables |
|
514.294 |
0.000 |
|
(d) Cash
and cash equivalents |
|
24.530 |
19.904 |
|
(e)
Short-term loans and advances |
|
353.100 |
0.041 |
|
(f) Other
current assets |
|
0.938 |
0.083 |
|
Total Current
Assets |
|
2049.334 |
20.028 |
|
|
|
|
|
|
TOTAL |
|
2531.299 |
20.028 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1847.356 |
0.000 |
|
|
|
Other Income |
|
2.777 |
1.940 |
|
|
|
TOTAL (A) |
|
1850.133 |
1.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
1081.803 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(167.675) |
0.000 |
|
|
|
Employees benefits expense |
|
264.723 |
0.000 |
|
|
|
Other expenses |
|
454.596 |
0.039 |
|
|
|
TOTAL (B) |
|
1633.447 |
0.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
216.686 |
1.901 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
80.646 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
136.040 |
1.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
30.256 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
105.784 |
1.901 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
15.862 |
0.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
89.922 |
1.313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB values of export |
|
17.314 |
0.000 |
|
|
TOTAL EARNINGS |
|
17.314 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Seeds |
|
29.147 |
0.000 |
|
|
|
Consumables and Spares |
|
1.755 |
0.000 |
|
|
TOTAL IMPORTS |
|
30.902 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
24.95 |
0.88 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
4.86 |
67.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.73 |
(2.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.34 |
9.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.29 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.71 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.10 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
15.000 |
36.039 |
|
Reserves & Surplus |
5.013 |
325.633 |
|
Net
worth |
20.013 |
361.672 |
|
|
|
|
|
long-term borrowings |
0.000 |
227.869 |
|
Short term borrowings |
0.000 |
391.450 |
|
Total
borrowings |
0.000 |
619.319 |
|
Debt/Equity
ratio |
0.000 |
1.712 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
1847.356 |
|
|
|
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
1847.356 |
|
Profit |
1.313 |
89.922 |
|
|
4.87% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
During the year under review, the Company achieved a turnover of % Rs.
1850.100 Millions with Operating Profit of Rs.216.700 Millions and the Profit
before Tax of Rs.105.800 Millions. The year has ended on a positive note with
significant improvement in the financial performance of the Company. The sales turnover increased by 37%
over the same period of the previous year.
The Seed industry is highly competitive and fragmented with number of companies and brands in each
product category as well as geography. To succeed, the Company needs to
continue to bring out new products at
regular intervals. JK Agri Genetics Limited
(JKAGL) is the research driven Company with products across various sectors like cotton, maize,
jowar, bajra, rice and wheat etc. and sells its products across the country. The Company continues to launch new
and better products while phasing out
older ones. Trials have been conducted by the Company to launch newly developed hybrids in several
mandate crops with a view to test market and launch them during Kharif season.
These initiatives are expected to increase the sales of Cotton, Bajra and
Vegetables over the next few years.To continue the growth momentum, the Company
has strengthened its marketing and distribution network by innovative brand
building campaigns as well as increased penetration in the market. The Company
works very closely with the farming community to impart improved farming
techniques as well as help them to choose the right seeds and other inputs to increase
their overall returns. The Company has initiated novel farmer education
programs and product promotional activities which would enable it, to get the
positive results in the ensuing Rabi and Kharif seasons. Innovative practices
like distribution of saplings and farmer demonstration plots have helped to
establish the JK Seeds brand.Participation in Government schemes in Eastern
India, Assam, West Bengal and Odisha have also helped to make the companyRs.s
products popular. Company also co-markets some of its products through other
seed companies.
INDUSTRY OVERVIEW
Agriculture industry continues to be one of the key focus sectors for
the Indian economy contributing to about
16% of India’s GDP and employing about
60% of Indian population. Because of its size and importance, this
sector continues to get attention of policy makers with continuous attempts to
reform and make the sector more productive. During the year, the Government
raised the minimum support prices of primary Kharif 2012-13 crops by upto 53 %.
It was expected that this increase in support price will encourage growth in
production ultimately leading to adequate supplies in the market which in turn
would bring down prices of food grains and arrest inflation. The Finance
Minister tried to maintain fiscal management on one hand, while creating growth
drivers for the agricultural sector at the same time. However, the first three
months of the 2012 monsoon season registered a lower than expected rainfall
which caused drought in many parts of the country. The delayed onset and
deficient first half of South-West monsoon in 2012 had adverse impact on Kharif
crop area coverage and yields. There was a significant improvement in the
rainfall situation in the later part of the monsoon which helped farmers avoid
facing the worst possible drought in a decade. This resulted in good soil moisture conditions and
improved prospects for Rabi crops for
2012-13. Rashtriya Krishi Vikas Yojna (RKVY) has been one of the major steps
taken by the government in the recent years to try and improve production by
increasing public investment in
agriculture and allied sectors. National
Food Security Mission (NFSM) has also
emerged as the path breaking interventions which will help in achieving
record production of Food grains. As we
all know one of the ways to increase yield and productivity in the farm sector
is to use Genetically Modified (GM)
crops which has been proven in number of countries in the world. However, one
of the disappointing developments of the
year has been the moratorium placed on field testing of GM crops. Industry is hopeful that a positive view
would be taken in the matter by the courts and the regulators based on scientific data and by putting strong
regulatory
CONTINGENT
LIABILITIES,
a)
Claims by certain parties against the company not
accepted and not provided for Rs. 15.784
Millions (Net of Rs. 9.900 Millions to be indemnified by another party)
(Previous Year Nil (Net of Nil to be indemnified by another party)).
b)
Pending export obligation against import of capital
goods under EPCG Scheme (Guarantee given Rs. 12.924 Millions): Rs. 16.068 Millions (Previous year
Nil).
c)
Income Tax (matters in appeals) of Rs. 37.162
Millions (Previous year Nil) and Sales tax (Matters in appeals) of Rs. 0.690
Millions (Previous year Nil).
In respect of certain disallowances and
additions made by the Income Tax authorities, appeals are pending
before the Appellate Authorities and adjustment, if any, will be made
after the same are finally determined.
SCHEME OF ARRANGEMENT
Scheme of Arrangement and Demerger (The Scheme) between the Company {JK
Agri Genetics Limited (JKAGL) (formerly Florence Alumina Limited) (FAL)
(Transferee)} and Florence Investech Limited (FIL) (formerly JK Agri Genetics
Limited) (Transferor) has been Sanctioned by the Hon’ble High Court at Calcutta
vide its order dated 17th October, 2012 and the Scheme became effective on 2nd
November 2012, operative from 1st April 2005, the Appointed Date.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
|
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Council of Scientific and Industrial Research (CSIR) |
|
58.943 |
|
|
|
|
|
Total |
|
58.943 |
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2014
Rs. In Millions
|
Particulars |
Quarter Ended |
Year Ended |
||
|
31.03.2014 |
30.03.2014 |
30.03.2014 |
||
|
Unaudited |
Unaudited |
Audited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
353.861 |
158.779 |
1870.930 |
|
|
(b) Other Operating Income |
8.345 |
2.107 |
13.580 |
|
|
Total income from operations (net) |
362.206 |
160.886 |
1884.510 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
191.073 |
94.170 |
599.225 |
|
|
(b)
(Increase) decrease of Stock-in-trade |
(4.065) |
(41.811) |
238.983 |
|
|
(c) Employee benefits expense |
44.652 |
55.547 |
219.841 |
|
|
(d) Advertisement & Publicity
|
25.448 |
17.615 |
103.263 |
|
|
(e) Research & Development Expenses |
30.348 |
25.576 |
108.918 |
|
|
(e) Depreciation and Anmortisation Expenses |
5.998 |
6.131 |
24.124 |
|
|
(f) Other Expenses |
92.797 |
46.220 |
348.884 |
|
|
Total expenses |
386.251 |
203.448 |
1643.238 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
(24.045) |
(42.562) |
241.272 |
|
4 |
Other Income |
2.087 |
0.742 |
3.925 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
(21.958) |
(41.820) |
245.197 |
|
6 |
Finance Costs |
22.416 |
30.450 |
101.319 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(44.374) |
(72.270) |
143.878 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(44.374) |
(72.270) |
143.878 |
|
10 |
Tax expenses |
|
|
|
|
|
Current Tax |
(8.814) |
(15.148) |
30.644 |
|
|
MAT Credit Entitlement |
8.814 |
15.148 |
(30.644) |
|
|
Differed Tex |
(24.588) |
(20.950) |
25.296 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(19.786) |
(51.320) |
118.582 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(19.786) |
(51.320) |
(118.582) |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
(19.786) |
(51.320) |
(118.582) |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
36.039 |
36.039 |
36.039 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
-- |
433.674 |
|
19.i |
Basic/Diluted Earnings per share before after extraordinary items (Rs.) (not annualised): |
|
|
|
|
|
Basic and Diluted |
(5.49) |
(14.24) |
32.90 |
|
|
(b) Diluted |
|
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
1247226 |
1248867 |
1247226 |
|
|
- Percentage of shareholding |
34.61 |
34.65 |
34.61 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
2356680 |
2355039 |
2356680 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
65.39% |
65.35% |
65.39% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
Nil |
|
|
|
|
Disposed off during the quarter |
Nil |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
AUDITED STATEMENT OF
ASSETS AND LIABILITIES
Rs. In Millions
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
36.039 |
|
|
b) Reserves & Surplus |
433.674 |
|
|
Sub Total- Shareholders funds |
469.713 |
|
2 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
148.869 |
|
|
(b) Other long term liabilities |
55.128 |
|
|
fc) Long term provisions |
23.122 |
|
|
Sub Total- Non Current Liabilities |
227.119 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
286.053 |
|
|
(b) Trade Payables |
512.609 |
|
|
(c) Other current liabilities |
721.091 |
|
|
(d) Short term provisions |
12.118 |
|
|
Sub Total- Current Liabilities |
1531.871 |
|
|
TOTAL-EQUITY AND LIABILITIES |
2228.703 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
|
|
|
i.
Tangible assets |
235.655 |
|
|
ii.
Intangible assets |
108.143 |
|
|
(c) Deferred tax assets (net) |
68.540 |
|
|
(b) Long term loans and advances |
54.968 |
|
|
Sub-Total- Non current assets |
467.306 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
-- |
|
|
b) Inventories |
936.020 |
|
|
c) Trade Receivables |
613.318 |
|
|
d) Cash and cash equivalents |
130.743 |
|
|
(e) Short term loans and advances |
80.661 |
|
|
(f) Other current assets |
0.655 |
|
|
Sub-Total- current assets |
1761.397 |
|
|
TOTAL ASSETS |
2228.703 |
Note:
1. Pursuant to the Scheme, Seed Undertaking has been transferred to this new entity, therefore, comparative figures for the corresponding quarter & Nine months ended March 31, 2013 are not available, hence not given
2. The Company's business is of seasonal nature, therefore, results of the
current quarter are not representative of the full year's performance.
3. The company operates only in one Segment-Agri and Allied products.
4. The figures have been regrouped/ rearranged, wherever necessary. The figures
of the last quarter are the balancing figures between audited figures in
respect of the full financial year and the published year to date figures upto
the third quarter of the current financial year.
5. The above results have been reviewed by the Audit Committee and approved by
the Board of Directors at their respective meetings held on 27th
May, 2014.
6. The board of Director have recommended maiden dividend of Rs.2.500 (25%) per share.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10451495 |
03/10/2013 |
200,000,000.00 |
STATE BANK OF MYSORE |
3, 4, 5, D.D.A. BUILDING,, NEHRU PLACE, NEW DELHI |
1 |
|
2 |
10399647 |
31/12/2012 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
2 |
|
3 |
80066066 |
06/07/2012 |
612,500,000.00 |
AXIS BANK LTD |
CORPORATE BANKING BRANCH,6-3-879/B, FIRST FLOOR,, |
3 |
|
4 |
80066067 |
30/05/2011 |
22,075,600.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR,BLOCK NO. 2, CGO COMPLEX , LODHI ROAD |
4 |
* Date of charge modification
FIXED ASSETS
- Tangibles:
- Land
- Building
- Plant and Equipments
- Furniture and Fixtures
- Office Equipments
- Vehicles
Intangibles
- Brand
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.59.33 |
|
|
1 |
Rs.99.40 |
|
Euro |
1 |
Rs.57.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.