MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEEPAK
FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED |
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Registered
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune - 411006, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.05.1979 |
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Com. Reg. No.: |
11-021360 |
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Capital
Investment / Paid-up Capital : |
Rs.882.049 Millions |
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CIN No.: [Company Identification
No.] |
L24121MH1979PLC021360 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD10002G |
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PAN No.: [Permanent Account No.] |
AAACD1388D |
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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
: |
Manufacturer
and Trader Fertilizers. |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
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Maximum Credit Limit : |
USD 53000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having a good track record. There
appears slight dip in its profitability during 2013. However, general financial position seems to be good performance
capability is high. Trade relations are reported to be fair. Business is
active. Payment are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
Non-Convertible Debentures = AA
|
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
January, 2014 |
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
|
Name : |
Mr. Sanjay Gundi |
|
Designation : |
General Manager Finance and Accounts |
|
Contact No.: |
91-9822209351 |
|
Date : |
03.03.2014 |
LOCATIONS
|
Registered /
Corporate Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune -411006, |
|
Tel. No.: |
91-20-26684155/
26684342/ 26684597/ 26684235/ 26458000/ 66458000 |
|
Mobile No.: |
91-9822209351
(Mr.
Sanjay Gundi) |
|
Fax No.: |
91-20-26687499/
26683727 |
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E-Mail : |
investorgrievance@deepakfertilsers.com
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|
Website : |
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Factory : |
Plot
No. K-1, K-7 and K-8, MIDC Industrial Area, Taloja, A. V., District Raigad –
410208, Maharashtra, India |
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Tel. No.: |
91-22-67684000 |
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Fax No.: |
91-22-27412413 |
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E Mail: |
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Marketing /
Project Office : |
Plot
No. 32, Sector 16, Opposite Modern College, Vashi, Navi Mumbai - 400703, Maharashtra,
India |
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Branch Office
: |
Located at: ·
Delhi Office |
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E-Mail: |
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Area Offices : |
Located at: Ø
Akola Ø
Nagpur Ø
Nashik Ø
Aurangabad Ø
Hubli Ø
Kolkata Ø
Hyderabad |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. S. C. Mehta |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Partha Bhattacharyya |
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Designation : |
Executive Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Name : |
Mr. D. Basu |
|
Designation : |
Director |
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Name : |
Mr. N. C. Singhal |
|
Designation : |
Director |
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|
Name : |
Mr. U. P.
Jhaveri |
|
Designation : |
Director |
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Name : |
Mr. S. R. Wadhwa |
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Designation : |
Director |
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Name : |
Dr. S. Rama Iyer |
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Designation : |
Director |
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Name : |
Mrs. Parul S. Mehta |
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Designation : |
Director |
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Name : |
Mr. Anil Sachdev |
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Designation : |
Director |
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Name : |
Mr. Pranay Vakil |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gundi |
|
Designation : |
General Manager Finance and Accounts |
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|
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|
Name : |
Mr. R Sriraman |
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Designation : |
Senior Vice President (Legal) and Company Secretary |
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Management Team : |
· Somnath Patil, President and CFO · Rajendra Sinh, President - HRD and Corporate Services · Dr. Rajeev Chemburkar, President – Chemicals · Guy R. Goves, President – Agribusiness · Pandurang Landge, President – Projects · Carl Anders Lindgren, President and Technical Advisor for TAN · Alok Goel, President – Strategy and Business Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21445716 |
24.31 |
|
|
18655372 |
21.15 |
|
|
40101088 |
45.46 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
40101088 |
45.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2819486 |
3.20 |
|
|
31403 |
0.04 |
|
|
1364298 |
1.55 |
|
|
11366296 |
12.89 |
|
|
15581483 |
17.67 |
|
|
|
|
|
|
7232930 |
8.20 |
|
|
|
|
|
|
18697642 |
21.20 |
|
|
4082151 |
4.63 |
|
|
2509649 |
2.85 |
|
|
12575 |
0.01 |
|
|
2312324 |
2.62 |
|
|
184750 |
0.21 |
|
|
32522372 |
36.87 |
|
Total Public shareholding (B) |
48103855 |
54.54 |
|
Total (A)+(B) |
88204943 |
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) |
88204943 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
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) |
|
|
1 |
Sailesh Chimanlal Mehta |
1,92,81,443 |
21.86 |
21.86 |
|
2 |
Nova Synthetic Limited |
1,72,67,071 |
19.58 |
19.58 |
|
3 |
Storwell Credits and Capital Private Limited |
12,62,084 |
1.43 |
1.43 |
|
4 |
Chimanlal Khimchand Mehta |
11,64,273 |
1.32 |
1.32 |
|
5 |
Parul Sailesh Mehta |
10,00,000 |
1.13 |
1.13 |
|
6 |
Sofotel Infra Private Limited |
1,26,217 |
0.14 |
0.14 |
|
|
Total |
4,01,01,088 |
45.46 |
45.46 |
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 |
Fidelity Puritan Trust - Fidelity Low Priced Stock Fund |
7569000 |
8.58 |
8.58 |
|
2 |
Robust Marketing Services Private Limited |
3990514 |
4.52 |
4.52 |
|
3 |
Fidelity Northstar Fund |
1250500 |
1.42 |
1.42 |
|
4 |
ICICI Prudential Life Insurance Company Limited |
1080183 |
1.22 |
1.22 |
|
5 |
Franklin Templeton Mutual Fund A/C Franklin |
818058 |
0.93 |
0.93 |
|
6 |
General Insurance Corporation of India |
800600 |
0.91 |
0.91 |
|
|
Total |
15508855 |
17.58 |
17.58 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Fidelity Puritan Trust - Fidelity Low Priced Stock Fund |
7569000 |
8.58 |
8.58 |
|
|
Total |
7569000 |
8.58 |
8.58 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader Fertilizers. |
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Products : |
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Exports : |
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Products : |
Ammonium
Nitrate Industrial Chemical |
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Countries : |
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Imports : |
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Products : |
DAP Ammonium MOP |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Ammonia |
(MT) |
125400 |
125400 |
150926 |
|
CNA |
(MT) |
79200 |
79200 |
93546 |
|
DNA |
(MT) |
445500 |
445500 |
308950 |
|
Methanol |
(MT) |
100000 |
100000 |
81888 |
|
IPA |
(MT) |
70000 |
70000 |
67462 |
|
Propane |
(MT) |
-- |
-- |
9166 |
|
Crude IPE |
(MT) |
-- |
-- |
2557 |
|
TAN |
(MT) |
429000 |
429000 |
146827 |
|
CO2 |
(MT) |
33000 |
33000 |
30403 |
|
NP |
(MT) |
229500 |
229500 |
125231 |
|
|
(MT) |
25000 |
25000 |
11254 |
|
Power |
KWH |
87600000 |
87600000 |
15427120 |
GENERAL INFORMATION
|
Suppliers : |
OCPSA , Morocco |
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Customers: |
Wholesalers and Retailers Ansell Lanka, Sri Lanka |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
Fund and Non Fund Facility Rs.15000.000 Millions (form Kotak Mahindra
Bank)
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Banking
Relations : |
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Solicitors : |
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Auditors : |
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|
Name : |
B. K. Khare and Company Chartered Accountants |
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Address : |
Mumbai,
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Associates: |
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Subsidiaries: |
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Enterprises over which key Managerial personnel are able to Exercise significant influence: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250.000 Millions |
|
1000000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 1350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88204943 |
Equity Shares |
Rs. 10/- each |
Rs. 882.049
Millions |
|
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|
a. Reconciliation of Number of Shares outstanding at the beginning and
end of the reporting period
|
|
31.03.2013 |
|
|
|
No. of Shares |
Rs. in millions |
|
Balance as at the beginning of the year |
88204943 |
882.049 |
|
Add:Issued during the year |
---- |
|
|
Balance as at
the end of the year |
88204943 |
882.049 |
b. Terms/ Rights attached with Equity Shares
The Company has only one class of issued Equity
Shares having a par value of Rs.10 per share. Each holder of Equity Shares is
entitled to one vote per share.
The Company declares and pays dividend in
Indian Rupee except in the case of overseas Shareholders where dividend is paid
in respective foreign currencies considering foreign exchange rate applied at
the date of remittance.
The dividend proposed by the Board of
Directors is subject to the approval of 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 remaining assets of
the Company, after distribution of all preferential amounts, in proportion to
their shareholding.
During the year ended 31st March, 2013,
the amount of dividend per share recognised as distribution to Equity
Shareholders is Rs.5.50 (Rs.5.50).
c. Details of Shareholders holding more than 5% share in the Company
|
|
31.03.2013 |
|
|
Equity Shares of Rs. 10/- each fully paid |
No. of Shares |
% of Holding |
|
S. C. Mehta |
17.392 |
19.72% |
|
Nova Synthetic Limited |
17.267 |
19.58% |
|
Fidelity Puritan
Trust - Fidelity Low Priced Stock Fund |
7.569 |
8.58% |
|
Total |
42.228 |
47.88% |
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 |
882.049 |
882.049 |
882.049 |
|
(b) Reserves & Surplus |
12260.457 |
11352.951 |
9779.115 |
|
(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) |
13142.506 |
12235.000 |
10661.164 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7141.504 |
5098.395 |
6402.275 |
|
(b) Deferred tax liabilities (Net) |
1222.838 |
1012.460 |
806.144 |
|
(c) Other long term
liabilities |
7.702 |
11.898 |
0.000 |
|
(d) long-term provisions |
197.888 |
143.142 |
62.529 |
|
Total Non-current
Liabilities (3) |
8569.932 |
6265.895 |
7270.948 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
3044.302 |
2694.172 |
1259.019 |
|
(b) Trade payables |
2076.125 |
2130.779 |
670.906 |
|
(c) Other current
liabilities |
2066.035 |
2202.402 |
1865.284 |
|
(d) Short-term provisions |
699.378 |
643.192 |
669.624 |
|
Total Current Liabilities
(4) |
7885.840 |
7670.545 |
4464.833 |
|
|
|
|
|
|
TOTAL |
29598.278 |
26171.440 |
22396.945 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14023.589 |
12945.584 |
10032.936 |
|
(ii) Intangible Assets |
103.361 |
127.491 |
135.979 |
|
(iii) Capital
work-in-progress |
265.431 |
1200.586 |
2699.392 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
956.578 |
976.412 |
825.528 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
581.936 |
357.945 |
606.671 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
15930.895 |
15608.018 |
14300.506 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2483.262 |
211.952 |
310.190 |
|
(b) Inventories |
2397.844 |
2064.606 |
1567.675 |
|
(c) Trade receivables |
6451.646 |
5651.060 |
2431.392 |
|
(d) Cash and cash
equivalents |
1020.122 |
1456.901 |
2789.564 |
|
(e) Short-term loans
and advances |
1122.815 |
1143.186 |
962.823 |
|
(f) Other current
assets |
191.694 |
35.717 |
34.795 |
|
Total Current Assets |
13667.383 |
10563.422 |
8096.439 |
|
|
|
|
|
|
TOTAL |
29598.278 |
26171.440 |
22396.945 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26064.590 |
23425.333 |
15648.177 |
|
|
|
Other Income |
617.814 |
396.569 |
358.227 |
|
|
|
TOTAL (A) |
26682.404 |
23821.902 |
16006.404 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
12499.729 |
11347.137 |
7072.213 |
|
|
|
Purchases of Stock-in-Trade |
6301.709 |
4392.298 |
2378.020 |
|
|
|
Changes in Inventories of Finished Goods and Stock-in-Trade- (Increase) / Decrease |
(309.631) |
(293.461) |
40.563 |
|
|
|
Employee Benefits Expense |
1450.164 |
1393.170 |
1067.965 |
|
|
|
Other Expenses |
2938.387 |
2580.901 |
1649.585 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
33.809 |
|
|
|
TOTAL (B) |
22880.358 |
19420.045 |
12242.155 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3802.046 |
4401.857 |
3764.249 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
821.737 |
682.240 |
439.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2980.309 |
3719.617 |
3325.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
974.536 |
819.062 |
714.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2005.773 |
2900.555 |
2610.565 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
536.722 |
770.817 |
744.324 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1469.051 |
2129.738 |
1866.241 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8305.502 |
7122.548 |
6091.764 |
|
|
|
|
|
|
|
|
|
|
Transferred from Debenture Redemption Reserve |
0.000 |
0.000 |
38.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption
Reserve |
116.563 |
179.200 |
179.200 |
|
|
|
Transferred to General Reserve |
147.500 |
213.500 |
187.000 |
|
|
|
Proposed Dividend on Equity Shares (Net) |
485.140 |
485.122 |
440.865 |
|
|
|
Tax on Proposed Dividend (Net) |
75.455 |
68.962 |
66.392 |
|
|
BALANCE CARRIED
TO THE B/S |
8949.895 |
8305.502 |
7122.548 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods (on FOB basis) |
784.585 |
779.995 |
461.824 |
|
|
|
Other income |
138.178 |
23.046 |
37.817 |
|
|
TOTAL EARNINGS |
922.763 |
803.041 |
499.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
2514.946 |
2773.251 |
1154.616 |
|
|
|
Components and spare parts |
70.924 |
96.608 |
102.202 |
|
|
|
Capital goods |
67.045 |
221.649 |
91.578 |
|
|
|
Stock-in-trade |
2597.062 |
2684.687 |
1152.158 |
|
|
TOTAL IMPORTS |
5249.977 |
5776.195 |
2500.554 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.65 |
24.15 |
21.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.51
|
8.94 |
11.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.70
|
12.38 |
16.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.07
|
12.09 |
13.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.24 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78
|
0.64 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.38 |
1.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
882.049 |
882.049 |
882.049 |
|
Reserves & Surplus |
9779.115 |
11352.951 |
12260.457 |
|
Net
worth |
10661.164 |
12235.000 |
13142.506 |
|
|
|
|
|
|
long-term borrowings |
6402.275 |
5098.395 |
7141.504 |
|
Short term borrowings |
1259.019 |
2694.172 |
3044.302 |
|
Total
borrowings |
7661.294 |
7792.567 |
10185.806 |
|
Debt/Equity
ratio |
0.72 |
0.64 |
0.78 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
|
Sales |
15648.177 |
23425.333 |
26064.590 |
|
|
|
49.700 |
11.267 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
|
Sales |
15648.177 |
23425.333 |
26064.590 |
|
Profit |
1866.241 |
2129.738 |
1469.051 |
|
|
11.93% |
9.09% |
5.64% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
1053.227 |
1174.039 |
194.209 |
|
|
|
|
|
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
EXAL/109/2009 |
Failing Date:- |
17/02/2009 |
Reg. No.:- |
EXA/294/2009 |
Reg. Date:- |
04/08/2009 |
|
Main Matter |
|||||||
|
Petitioner:- |
VITOL S.A. |
Respondent:- |
DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED |
||||
|
Petn.Adv:- |
CHAMBERS OF JAVED GAYA (APPLICANT) |
Resp. Adv.: |
DOIJODE ASSOCIATES (0) |
||||
|
District:- |
BOMBAY |
||||||
|
Bench:- |
Single |
||||||
|
Status:- |
Pre-Admission |
Category:- |
EXECUTION APPLICATIONS. |
||||
MANAGEMENT DISCUSSION
AND ANALYSIS
THE BUSINESS
ENVIRONMENT
The year 2012-13 saw a challenging business environment in the sectors
the Company operates in. The global economy is yet to show firm conclusive
signs of recovery with the US economy still uncertain and the EU zone is
struggling with its own difficulties. The monetary restraints undertaken by
emerging markets economies in previous years did ease, though new corporate
investment and consumer spending remained subdued.
Trade flows to the EU zone did not grow as expected leading to a
pressure on exports for the emerging market nations. China’s growth showed the
first signs of relative slowdown, impacting global growth as well. At a
sectoral level, ammonia demand outstripped supply. Overall, all these
developments led to pressures in some of the sectors that the Company operates
in.
The Indian scenario too was challenging. The Indian rupee continued to
remain weak. Reserve Bank of India’s tight monetary policy continued for a
large part of 2012-13 and though inflation moderated, global supply side
constraints in key raw materials that the Company requires continued to pose
problems. Two consecutive years of drought hit the Indian fertiliser industry
hard negatively impacting sales volume of fertiliser, a key product of the
Company. The Government delayed fertiliser subsidy payments which had its own
negative impact on the fertiliser industry’s cash flows. India’s mining sector
too maintained an uneven tempo where coal sector growth was not matched by
other mining segments and the overall growth in the country’s mining sector
stood at a negative 1.9 percent. Cost pressures in raw materials like ammonia
and sluggish demand also put pressure on both growth and profitability of
Technical Ammonium Nitrate (TAN), another key product of the Company.
The year 2013-14, however, is expected to be promising. The shale gas
finds in the USA have already begun transformation in the ammonia derivatives
space that the Company operates in. New investment in downstream products from
natural gas are fast lining up in the North American markets and the
medium-to-long term outlook for ammonia is likely to turn positive in the next
two-to-three years with considerably improved availability and price stability.
On the domestic front, the monsoon is expected to be favourable after
two years of drought. All indications are
that the domestic mining sector except for iron ore is now in a recovery
mode. With inflation moderating, monetary pressure is also easing. Despite the
uneven pace of reforms being a cause of concern, the investment climate is
turning mildly positive. All these augur well for the sectors the Company
operates in.
THE SCENARIO FOR
DFPCL
The year saw a tough economic scenario. The Company maintained its
topline and market share in a year that saw drought and unusually high ammonia
prices. Its strong customer-centric approach and loyal customer relationships
saw it through tough times with commendable resilience. Its ability to derive
scale advantages, its proximity to customers, distribution strengths, product
quality and technical services saw it gain market share in key products like
Iso Propyl Alcohol and Technical Ammonium Nitrate and retain market share in
Nitric Acid, under tough operating conditions. Its strong fertiliser brand,
Mahadhan Mahapower 24:24:0 also saw marginal growth in a year where most of its
competitors saw severe volume pressures.
RAW MATERIALS
The Company’s key raw materials are Natural Gas, Ammonia, Phosphoric
Acid and Propylene. The natural gas scenario in India today continues to remain
somewhat uncertain. Though potential for the KG Basin remains high, the gas
extraction levels are far from optimal. Policy and pricing uncertainties
remain. But the easing of global gas
scenario with the new shale gas finds in the USA should be a game changer for
the industry. This has the potential to positively impact the global fertiliser
sector, including India, by way of reasonably priced ammonia in the medium
term. The huge gas finds in East African countries also offer opportunities to
benefit India since these are in its freight-economic zone. The Company is
studying these developments closely and will seek out optimal ways to gain from
these emerging prospects.
Globally, ammonia shortages driven by lower gas output in Trinidad and
the delayed commissioning of new capacities in the Middle East and Algeria saw
prices rise abnormally through the first ten months of the financial year.
However, with the Middle East capacities coming online around February 2013 and
Algerian capacities expected to come online around second half of 2013, the
situation is expected to ease somewhat. The lower demand for bulk fertilisers
from major importers like India and China also saw some easing of ammonia
prices and greater volume availability during February and March 2013.
While the Company has firm quantity contracts for Ammonia with a leading
global player, domestic availability of ammonia also remains strong. With
supply side constraints easing considerably and prices turning reasonably
favourable, the Company is now poised to fully exploit its supply chain assets,
including its well-connected tankages at JNPT and Taloja. These provide
flexibility for both global or domestic sourcing efficiently as per market
conditions. In line with falling global DAP prices, Phosphoric acid prices are
also expected to soften in 2013-14. The Company is confident of being able to
manage the procurement of phos acid efficiently.
The Company’s long-term contract with BPCL for propylene, apart from
alternative sources available domestically, gives it a strong edge as the
leading player in the Iso Propyl Alcohol market. Demand for the product remains
strong and with the Company’s domestic scale and marketing skills, the product
should be a strong driver for future growth of the business.
AGRI-BUSINESS
The Company operates in sectors that closely impact people’s lives. In
the agri-sector, it operates in critical markets for foodgrains and cash crops
and connects directly with the Indian farmer. Its fruits and vegetables output
management business touches the Indian and global consumer directly. Thus,
despite the drought and the consequent pressure on the domestic fertiliser
industry, the overall prospects remain favourable. Food demand is growing and
diversifying beyond staples like rice and wheat. Demand for world-class produce
in fruits and vegetables is growing. The growth of supply chains for retail
within India will also create opportunities in fresh produce marketing. Demand
conditions in cash crops like cotton and sugarcane too remain favourable and
show promise of growth.
Straddling synergies from the nutrient/input business right across the
output space, the agri-business remains an
attractive focus area for future growth of the Company. At one level it
is augmenting fertiliser capacity with work in progress for a new 6,00,000 MT
NPK Plant at Taloja and a new 30,000 MT Bentonite Sulphur Plant in the North.
At another level it is climbing the value chain of outputs like quality fruits
and vegetables. Supporting both ends would be a stronger brand and distribution
network.
Though the Central Government’s nutrient based subsidy policy has
created healthy competition for all fertiliser manufacturers across India, the
Company is ideally placed to grow its market share. It has a carefully chosen
basket of fertiliser inputs, from its unique nitrate-delivery product Mahadhan
24:24:0, to its strong portfolio of water soluble and other speciality
fertilisers. Its ability to manage its supply chain through the import of other
bulk fertilisers is also proven.
The Company’s emerging business model will exploit opportunities at each
level of the food value chain from farm nutrient inputs, to services and fresh
produce management. This integrated value chain will remain the critical
differentiator that should spell success in the Indian market. Last-mile
connectivity to farmers is being enhanced with its 17 Saarrthie Centres and
strong relationships with nearly 10,000 farmers through its services model and
its fresh fruits and vegatables business. The services and output management
model enhances brand loyalty for the Company’s fertiliser products. The policy
of creating effective mechanisms to deliver vital nutrient inputs coupled with
services and advice has proven to increase farm yields and profitability,
enhancing credibility and net back earning of the farmers.
TECHNICAL AMMONIUM
NITRATE (TAN)
This business of the Company is vital to the Indian economy. TAN remains
the blasting agent of choice globally
and therefore it is among the most critical inputs into mines (including
coal, iron ore, limestone, etc.) and infrastructure including construction and
cement. The Company’s long term business outlook for TAN remains strong with
both demand drivers and capacities in place, with a potential to serve close to
70% of the market share of total consumption in the country today. The Company
is strongly poised to exploit the emerging opportunities in the Indian and
global mining and construction industry through its scale as a major producer
of TAN. The outlook for the global mining and construction industry continues
to be promising with SE Asia, Africa and Australia, all natural markets for
India, continuing to show growth in the mining and construction sectors.
Besides meeting the growing domestic demand, export is also being targeted as a
key focus area.
India’s mining industry, despite low to negative growth in 2012-13, is
still promising a medium-to-long term growth of 7-8%, which in turn creates
opportunities for similar growth rates for TAN. Domestic regulations for TAN,
notified by the Government as Ammonium Nitrate Rules, 2012, shall come into
force from January, 2014 and the
Company is ready with its processes to comply.
The Company has the vision to become the most preferred supplier of TAN
and its downstream products and services, both in India and abroad. In order to
achieve this, it will emphasise customer focus and will exploit every
possible aspect of the value chain in the explosives industry. The
Company is also exploring improved service to customers by way of Bulk Mixing
Device trucks in the domestic market. It is moving to acquire the necessary
skills and know-how required to complete the value chain and enable the
derivation of comprehensive value in the explosives sector from the TAN
business. Improved logistics management systems and processes have also been
put into place. To provide a just-in-time product, the Company has augmented
its distribution chain with warehouses close to the customer, which gives a
proximity advantage.
The Company, through its subsidiary Deepak Mining Services Private
Limited., has entered into a JV, namely, RungePincockMinarco India Private
Limited, with an Australia based renowned global mining consultancy provider,
RungePincockMinarco Limited which will enable it augment mine services and
consulting services and capture a part of the mining value chain.
INDUSTRIAL
CHEMICALS
The Company’s industrial chemicals products too have a direct impact on
the Indian consumers’ lives. While Iso
Propyl Alchohol is among the most critical ingredients to pharmaceutical
formulations, cosmetics, dyes and printing inks, Carbon Dioxide is a key
component of soft drinks and dry ice. Nitric Acid is crucial to the
nitro-aromatics sector, used in the manufacture of drugs like Paracetamol and
Vitamin B6. Nitric Acid also finds application in the textile industry to
produce coloured fabrics and CNA is used mainly for production of TDI (Toluene
Di Isocynate) which is used to produce polyurethane used in shoes and other
footwear, as well as automobile and aircraft interiors and insulating foam in
refrigerators. With continuing demand for IPA from the strongly growing Indian
pharma sector, growth estimates for the product continue to be robust and
market growth is expected to remain in 6% range for 2013-14. In order to
augment its market share, the Company has started importing IPA beyond its own
manufacturing. Capacity growth in this product is being closely examined, given
the promise for the future.
The sales of Nitric Acid, a basic commodity chemical, with widespread
use across several sectors, faced some challenges due to sluggish downstream
growth in the export segments of nitro-aromatics and dyestuffs largely due to
the Euro zone crisis. The Company enjoys a strong scale advantage as Asia’s
largest single-location manufacturer of Dilute Nitric Acid (DNA). Its customer
relationships and its domestic geographical advantages are proving to be key
strengths. The food-grade CO2product continues to enjoy strong customer loyalty
and growth. Its product quality is world-class and with growing demand this
could be a product that will derive steady growth and satisfactory margins in
the years to come.
Methanol continues to remain an opportunistic product in a market
dominated by imports. Given the market conditions, this product is unlikely to
be a focus area for the future.
VALUE ADDED REAL
ESTATE
The shopping-centre / mall business in India continues to be a
challenge. Despite emerging competition and oversupply in the market, the
Company’s mall, Ishanya, continues to enjoy brand loyalty in the home and
interiors segment. This segment remains a focus area for Ishanya’s growth
although a concerted approach to value enhancement through the addition of
inter-related categories like food, entertainment, accessories and contiguous
fashion is being actively pursued.
Despite the fears of economic slowdown, the home furnishings sector has
registered more or less steady growth, with organised retail players
consolidating their operations during the last year. There is a concerted
effort by them to offer more value to the customers and more emphasis is being
placed on differentiation by design, offering and experience.
Ishanya is keenly exploring the possibility of enabling a differentiated
brand-led home and interior retail model as part of the business improvement
strategies.
DETAILED FINANCIAL
AND OPERATIONAL ANALYSIS
Financial Analysis
During the Financial Year 2012-13 (FY 13), the Company showed a marginal
growth of 2% in its revenue from fertiliser segment, despite a tough
environment and good growth in TAN and IPA. Volumes of other products like
Nitric Acid remained steady though market conditions were tough.
Total Revenue for FY 13 stood at Rs.26064.600 Millions against
Rs.23425.300 Millions in FY 12, an increase of 11%. Sales for the agri-business
grew 2% to Rs. 9934.800 Millions in FY 13 from Rs.9695.000 Millions in FY 12
while sales for the chemicals business grew 18% to Rs. 16885.300 Millions in FY
13 from Rs.14304.900 Millions in FY 12.
Profit Before Tax stood at Rs.2005.800 Millions in FY 13 against
Rs.2900.600 Millions in FY 12, while Net Profit stood at Rs.1469.100 Millions
in FY 13 against Rs.2129.700 Millions in FY 12. Against FY 12, about Rs.6.500
Millions erosion was contributed by unprecedented ammonia price hike and about
Rs.2.400 Millions by way of reduced methanol production with unviable LNG
prices.
Higher ammonia prices and weak demand conditions in both fertilisers and
TAN impacted profitability adversely. Earnings Per Share stood at Rs.16.65
compared to Rs.24.15 in the previous year. The Company continues to remain
financially sound. The average debt cost stood at 8.06% for FY 13 against 9%
for FY 12. During FY 13, long term debt stood at Rs. 7141.500 Millions against
Rs.5098.400 Millions in FY 12. The debt-equity ratio stood at 0.62 as compared
to 0.51 in the previous year. The current ratio (excluding short term
borrowings) was 2.82 in FY 13 as against 2.12 in FY 12.
During the year, the Company mobilised Rs.35.000 Millions through
private placement of Secured Non-Convertible Debentures for General Corporate
Purpose (including long term working capital). The instrument carries AA rating
from CRISIL.
OPERATIONAL
ANALYSIS
As compared to 0.64 MMSM3 per day of Natural Gas (NG) during FY 12, the
Company received 0.52 MMSM3 per day of NG during the year on an average.
Ammonia requirements were met through both in-house manufacture and
outsourcing. Production of Ammonia increased during FY 13 to 1,15,606 MT from
1,14,684 MT in FY 12. The Company outsourced 80,478 MT of Ammonia from the
market against 83,800 MT in FY 12.
PRODUCT-WISE
BUSINESS REVIEW
Production volumes grew across TAN and Nitro Phosphate fertilisers (NP)
for the year. Capacity utilisation in IPA has now been maximised.
Fertiliser/Agri-Sector
The total fertiliser sales volume for FY 13 was 3,66,775 MT against
3,95,495 MT in FY 12. This must be considered in the background of an industry
in which complex fertilisers other than DAP declined by 33.4% while DAP
declined by 15.4%.
Production volumes of Nitro-Phosphate Fertiliser (NP) rose to 1,78,503
MT in FY 13 from 1,77,908 MT in FY 12 with steady availability of phos acid. The
Company’s 24:24:0 grade of NP introduced during the second half of FY 11
remains a strong performer and its nitrate content with its direct application
into the soil remains a unique property. Production volumes of Bentonite
Sulphur stood at 10,336 MT in FY 13 against 13,036 MT in FY 12. The product,
given the inadequacy of sulphur in Indian soil, has good promise for growth in
the future. The Company’s performance in speciality fertilisers remains strong.
The Company has successfully expanded its business into States like
Punjab and Haryana, in addition to the traditional markets of Maharashtra,
Gujarat, Karnataka and Goa.
INDUSTRIAL
CHEMICALS
The total revenue for the chemical segment increased to Rs.16885.300
Millions in FY 13 against Rs.14304.900 Millions in FY 12 registering a growth
of 18%. Technical Ammonium Nitrate (TAN) The Company’s TAN business continued
to show positive growth despite market constraints. Overall sales volumes for
TAN stood at 2,33,337 MT in FY 13 against 2,02,717 MT in FY 12, a growth of
15%. The Company, along with its subsidiary, Smartchem Technologies Limited.,
enjoys around 37% market share in the domestic market.
During the year, the scenario for this product was quite challenging
with the mining industry facing regulatory problems and demand growth for
mining products coming under pressure as the Indian economy turned sluggish.
However, growth prospects for the TAN business continue to remain strong both
in India and globally as coal mining for power and limestone mining for the
cement/infrastructure sector will continue to be fundamental for any economic
growth.
Methanol
Methanol markets saw considerable price volatility and the Company’s
Methanol production during FY 13 remained constrained owing to market conditions
as also in view of high gas prices. Production volumes for FY 13
stood at 13,431 MT against 63,733 MT in FY 12.
Iso-Propyl Alcohol
During the year, the Company continued its good production and sales
levels for this product. The total production of IPA was 70,327 MT in FY 13
compared to 71,075 MT in FY 12. During the year, the sales volume dropped to
67,904 MT against 71,016 MT in FY 12 due to lower production in 2nd
and 3rd quarter.
Acids
Production of DNA which is largely captively consumed was recorded at
3,75,506 MT in FY 13 against 3,79,431 MT in FY 12. The total sales volume of
Nitric Acid of different grades stood at 1,18,675 MT against 1,31,083 MT in FY
12. The Company’s market share of Nitric Acid put together is about 40% in the
Indian market.
Liquid CO2
Demand for liquid CO2product, a by-product of Ammonia, continues to be
strong. Total sales volume stood at 30,125 MT in FY 13 against 31,493 MT in FY
12.
VALUE ADDED REAL
ESTATE
Total revenues from this segment stood at Rs.26.200 Millions in FY 13
against Rs.68.000 Millions in FY 12. This segment of the Company’s business is
now in a turnaround phase. Efforts to maximise customer acquisition are in full
swing.
CONTINGENT LIABILITIES
(Rs. in millions)
|
Liabilities
classified and considered contingent due to contested claims and legal
disputes |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Claim by Supplier |
330.837 |
261.052 |
|
Income Tax demands |
66.508 |
213.150 |
|
Excise demands |
221.228 |
229.506 |
|
Sales Tax/VAT demands |
258.514 |
174.758 |
|
Total |
877.087 |
878.466 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10426207 |
09/04/2013 |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,
MUMBAI, MAHARASHTRA - 400001, INDIA |
B74446279 |
|
2 |
10372880 |
23/08/2012 |
15,000,000,000.00 |
IL and FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX
BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B56501646 |
|
3 |
10248341 |
11/10/2010 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
MMO BUILDING, 6TH FLOOR, 55, MAHATMA GANDHI ROAD, |
A97674899 |
|
4 |
10245057 |
07/10/2010 |
1,150,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
PLOT NO. 139-140B, WESTERN EXPRESS HIGHWAY, SAHAR |
A96437066 |
|
5 |
10206363 |
24/02/2010 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
MMO BLDG, 6TH FLOOR, 55, MAHATMA GANDHI ROAD, FOR |
A81243370 |
|
6 |
10204739 |
18/12/2012 * |
960,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, MANTRI COURT, |
B65872426 |
|
7 |
10146660 |
17/05/2013 * |
1,250,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA -
400020, INDIA |
B75911362 |
STATEMENT OF
STAND-ALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2013
Rs. In Millions
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net
of excise duty) |
10074.000 |
9837.900 |
27294.700 |
|
|
(b) Other Operating Income |
60.100 |
63.100 |
165.900 |
|
|
Total income from operations (net) |
10134.100 |
9901.000 |
27460.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4598.300 |
4372.800 |
12595.600 |
|
|
(b) Purchases of stock-in trade |
3612.600 |
3412.900 |
9364.900 |
|
|
(c) Changes in inventories of finished
goods. work-in-progress and stock in trade |
(907.000) |
(312.100) |
(1955.900) |
|
|
(d) Employee benefits expense |
415.800 |
363.800 |
1170.300 |
|
|
(e) Depreciation and Anmortisation Expenses |
260.300 |
254.300 |
763.000 |
|
|
(f) Other Expenses |
1030.500 |
1004.300 |
2905.600 |
|
|
Total expenses |
9010.500 |
9096.000 |
24843.500 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
1123.600 |
805.000 |
2617.100 |
|
4 |
Other Income |
92.500 |
119.700 |
405.100 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
1216.100 |
924.700 |
3022.200 |
|
6 |
Finance Costs |
199.600 |
288.800 |
773.000 |
|
7 |
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items (5-6) |
1016.500 |
635.900 |
2249.200 |
|
8 |
Exceptional items |
111.200 |
-- |
111.200 |
|
9 |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
905.300 |
635.900 |
2138.000 |
|
10 |
Tax expenses |
262.600 |
181.500 |
613.600 |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
642.700 |
454.400 |
1524.400 |
|
12 |
Extraordinary item (net of tax expense) |
- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
642.700 |
454.400 |
1524.400 |
|
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) |
642.700 |
454.400 |
1524.400 |
|
17 |
Paid up equity share capital (Face Value of
Rs10/- each) |
882.000 |
882.000 |
882.000 |
|
18 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
|
|
|
|
19.i |
Earnings per share (before extraordinary
items) of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic |
7.29 |
5.15 |
17.28 |
|
|
(b) Diluted |
7.29 |
5.15 |
17.28 |
|
19.ii |
Earnings per share (after extraordinary
items) of Rs.10/- each (not annualised) |
|
|
|
|
|
(a) Basic |
7.29 |
5.15 |
17.28 |
|
|
(b) Diluted |
7.29 |
5.15 |
17.28 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
48,103,855 |
48,910,000 |
48,103,855 |
|
|
- Percentage of shareholding |
48,103,855 |
55.45 |
48,103,855 |
|
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 |
40,101,088 |
39,294,943 |
40,101,088 |
|
|
- 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) |
45.46 |
44.56 |
45.46 |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
2 |
|
|
|
|
Disposed off during the quarter |
2 |
|
|
|
|
Remaining unresolved at the end of the
quarter |
0 |
|
|
STAND-ALONE SEGMENT-WISE REVENUE, RESULTS
AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
(a) Chemicals |
|
|
|
|
|
Manufactured |
5181.600 |
4761.700 |
14347.300 |
|
|
Traded |
1328.300 |
996.400 |
3281.700 |
|
|
Total |
6509.900 |
5758.100 |
17629.000 |
|
|
|
|
|
|
|
|
(b)
Fertilisers |
|
|
|
|
|
Manufactured |
2118.600 |
2066.800 |
5571.500 |
|
|
Traded |
1896.900 |
2438.500 |
5214.900 |
|
|
Total |
4015.500 |
4505.300 |
10786.400 |
|
|
(c) Realty |
8.100 |
5.900 |
23.200 |
|
|
(d) Others |
4.100 |
30.200 |
70.000 |
|
|
Total |
10637.600 |
10299.500 |
28508.600 |
|
|
Less: Inter-Segment revenue |
403.500 |
398.500 |
1048.000 |
|
|
Net Sales I
Income from Operations |
10134.100 |
9901.000 |
27460.600 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
|
|
Chemicals |
795.400 |
605.000 |
2153.300 |
|
|
Fertilisers |
550.700 |
484.000 |
1292.400 |
|
|
Realty |
(88.400) |
(41.100) |
(167.200) |
|
|
Others |
(5.600) |
20.800 |
41.500 |
|
|
Total |
1252.100 |
1068.700 |
3320.000 |
|
|
Less: |
|
|
|
|
|
i) Finance costs |
199.600 |
288.800 |
773.000 |
|
|
ii) Other un-allocable expenditure net off un-allocable income l
expenditure |
147.200 |
144.000 |
409.000 |
|
|
Total
Profit(Loss) before Tax |
905.300 |
635.900 |
2138.000 |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
Chemicals |
15942.500 |
14806.400 |
15942.500 |
|
|
Fertilisers |
3387.000 |
4427.000 |
3387.000 |
|
|
Realty |
2547.900 |
2581.000 |
2547.900 |
|
|
Others |
319.300 |
357.900 |
319.300 |
|
|
Unallocated |
5272.400 |
5344.300 |
5272.400 |
|
|
Total Segment
Capital Employed |
27469.100 |
27516.700 |
27469.100 |
STAND-ALONE STATEMENT
OF ASSETS AND LIABILITIES
Rs. In Millions
|
Particulars |
31.12.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
||
|
A |
EQUITY AND
LIABILITIES |
|
|
|
1 |
Shareholder’s Funds |
|
|
|
|
a) Share Capital |
882.000 |
882.000 |
|
|
b) Reserves & Surplus |
13781.100 |
13138.600 |
|
|
Sub Total-
Shareholders funds |
1463.100 |
14020.600 |
|
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
|
(a) Long term borrowings |
6290.800 |
6680.400 |
|
|
(b) Other long term liabilities |
162.300 |
1247.300 |
|
|
fc) Long term provisions |
9.900 |
1.100 |
|
|
Sub Total- Non
Current Liabilities |
239.100 |
225.100 |
|
|
|
|
|
|
3 |
Current liabilities |
|
|
|
|
(a) Short term borrowings |
3864.100 |
4171.200 |
|
|
(b) Trade Payables |
3837.300 |
3849.800 |
|
|
(c) Other current liabilities |
2953.100 |
2697.900 |
|
|
(d) Short term provisions |
209.600 |
173.900 |
|
|
Sub Total- Current
Liabilities |
10864.100 |
10892.800 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
33329.300 |
33067.300 |
|
|
|
|
|
|
B |
ASSETS |
|
|
|
1 |
Non-current assets |
|
|
|
|
(a) Fixed assets |
14902.300 |
14973.500 |
|
|
(b) Non-current investments |
2769.000 |
2769.500 |
|
|
(c) Long-term loans and advances |
381.800 |
346.000 |
|
|
(d) Other non-current assets |
139.800 |
136.900 |
|
|
Sub-Total- Non
current assets |
18192.900 |
18225.900 |
|
|
|
|
|
|
2 |
Current assets |
|
|
|
|
a) Current Investments |
281.100 |
933.100 |
|
|
b) Inventories |
4393.500 |
3588.400 |
|
|
c) Trade Receivables |
8361.200 |
8786.100 |
|
|
d) Cash and cash equivalents |
998.700 |
310.600 |
|
|
(e) Short term loans and advances |
1071.400 |
1135.800 |
|
|
(f) Other current assets |
30.500 |
87.400 |
|
|
Sub-Total- current
assets |
15136.400 |
14841.400 |
|
|
TOTAL ASSETS |
33329.300 |
33067.300 |
Notes:
- Exceptional items represents cost of voluntary seperation scheme to employees at tajola units.
- Previous period's/ year figures have been reclassified wherever necessary to conform to current period's classifications.
- The above unaudited financial results for the quarter and nine months ended 31st December, 2013 have been subjected to a limited review by the statutory auditors of the Company.
The above unaudited results were reviewed by the Audit Committee. The Board of Directors at its meeting held on 29th January, 2014 approved the same.
FIXED ASSETS
Ø
Land freehold
Ø
Land leasehold
Ø
Buildings
Ø
Plant and machinery
Ø
Electrical installation and fittings
Ø
Furniture and fixtures
Ø
Office equipments
Ø
Vehicles
PRESS RELEASES
DEEPAK FERTILISERS
STRONG Q3 PERFORMANCE; NET PROFIT DOUBLES
- Profit before Tax (PBT) is up by 117% on YoY basis and Profit after Tax (PAT) is up by 103%
- Revenue grows by 63%
- Fertilisers and Chemicals segment revenue up 78% and 57% respectively
Mumbai/Pune, January 29, 2014: Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) today announced its financial results for the Quarter-ended December 31, 2013 (Q3 FY 14).
Total Income, on a Q-on-Q basis, grew marginally, while Profit before Tax grew 42% and Profit after Tax grew 41%. The combined performance of Chemicals as well as Fertilisers segments helped the Company in achieving such a positive result.
The Chemicals segment registered a growth of 57% to Rs. 6509.900 Millions in Q3 FY 14 from Rs.4139.400 Millions in Q3 FY13. The key products like Iso Propyl Alcohol and Technical Ammonium Nitrate registered a growth of 12% and 36% respectively. Profits for the Chemicals segment stood at Rs. 795.400 Millions in Q3 FY 14 as against Rs.560.700 Millions in Q3 FY 13 registering a growth of 42%. Easing of raw materials prices like Ammonia and its subsequent stability, better realization of products like Methanol and IPA contributed towards profitability of the segment.
A good
monsoon, strong portfolio of brands and the Company’s continued focused efforts
towards operational excellence helped the Agri-business register a 78% growth
to Rs.4015.500 Millions in the current quarter as against Rs.2251.300 Millions
in the same period last year. The quarter witnessed a sharp rise in volumes of
company’s manufactured fertilizers and traded non-subsidized specialty
fertilizers. Segment profitability for the Agri-business thus grew to Rs.
550.700 Millions in Q3 FY 14 against Rs.139.400 Millions in Q3 FY 13. On Q-on-Q
basis the segment revenue dropped by 11% because of lower bulk fertilizer
traded volume, but profit grew by 14% mainly due to improved margins on
non-subsidized specialty fertilizers and marked to market forex gains.
Finance cost for Q3 FY14 was lower than Q2 FY14 due to stable currency situation. Exceptional item in Q3 FY14 represents the amount paid towards the company’s Voluntary Retirement Scheme.
For the nine months period ending on December 31, 2013, DFPCL recorded a growth of 41% on a Y-on-Y basis with income from operations rising to Rs.27460.600 Millions from Rs.19472.000 Millions in same period last year. Profit before Tax stood at Rs.2138.000 Millions during the nine months period as against Rs.1596.900 Millions in comparable period last year. Profit after Tax stood at Rs.1524.400 Millions in the current period against Rs.1177.900 Millions in same period last year.
Mr. Sailesh C. Mehta, Chairman and Managing Director – DFPCL, said: “Our continuous efforts towards maximizing capacity utilization and operational excellence supported by favorable external factors like softening of raw material prices and stabilizing of currency have resulted in an overall strong performance of the organization. The capacity utilization of two of our key products i.e. IPA and Nitro Phosphate fertilizer are near maximum and in case of third key product Ammonium Nitrate, despite temporary sluggish growth in the mining industry, the plant is ramping up towards full capacity utilization.
Considering the significant growth prospects in the core sectors of agriculture, mining and pharma, in which the company operates, we are actively pursuing various organic and inorganic growth opportunities; which we should be able to finalize in the forthcoming quarters.”
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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
|
63 |
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.