MIRA
INFORM REPORT
|
Report Date : |
19.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
KHAITAN CHEMICALS AND FERTILIZERS LIMITED |
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Registered
Office : |
A.B. Road, Village – Nimrani, Khargone – 451569, Madhya Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.06.1982 |
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Com. Reg. No.: |
004937 |
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Capital
Investment / Paid-up Capital : |
Rs. 96.989 Millions |
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CIN No.: [Company Identification
No.] |
L24219MP1982PLC004937 |
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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
of Fertilizers and Soil Additives, Chemicals and Fertilizers, Soya Products, Power and Soya. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5090000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There is a dip in sales and profit of the company in the year 2013.
However, overall financial position is decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
11.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
11.02.2014 |
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 DENIED BY
|
Name : |
Mr. Sharad Mishra |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-731-2565655 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office : |
A.B. Road, Village Nimrani, Khargone-451569, Madhya Pradesh, India |
|
Tel. No.: |
91-7285-265448 / 62 |
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Fax No.: |
91-7285-265449 |
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E-Mail : |
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Factories and Works : |
D. Fatehpur, Near Kanpur, Uttar Pradesh, India |
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Fertilizer Division: |
A.B. Road, Village Nimrani, District Khargone-451659, Madhya Pradesh,
India Village Goramachia, Jhansi-Kanpur Road, Jhansi-248001, Uttar Pradesh,
India Village Dhinwa, Tehsil-Nimbahera, District Chittorgarh, Rajasthan,
India |
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Soya Division : |
(Khaitan Agro a Unit of KCFL), Dosigaon, Industrial Area, Ratlam,
Madhya Pradesh, India |
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Educational Institute : |
Located At:
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Indore Office : |
301-308, Apollo Arcade, 1/2, Old Palasi, Indore-452001, Madhya
Pradesh, India |
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Tel. No.: |
91-731-2564936 / 2564937 / 2565663 |
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Fax No.: |
91-731-2562572 |
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Delhi Office : |
201, Skipper House, 62-63, Nehru Place, New Delhi-110019, India |
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Tel. No.: |
91-11-40555888 |
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Fax No.: |
91-11-40555889 |
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|
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Kolkata Office : |
46-C, Rafi Ahmed Kidwai Road, 3rd Floor, Kolkata-700016,
West Bengal, India |
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Tel. No.: |
91-33-22174781 / 82 |
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Fax No.: |
91-33-22174783 |
|
Factory : |
Located at
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Shailesh Khaitan |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
J. I. Jajoo |
|
Designation : |
Whole Time Director |
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Name : |
Dr. P. Goyal |
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Designation : |
Director |
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|
Name : |
Vijay Gupta |
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Designation : |
Director |
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Name : |
B. M. Dakhera |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
R. S. Vijayvargiya |
|
Designation : |
President and Secretory |
|
Name : |
Mr. Sharad Mishra |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
4923220 |
5.08 |
|
|
67812950 |
69.92 |
|
|
72736170 |
74.99 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
72736170 |
74.99 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
4660 |
0.00 |
|
|
4390 |
0.00 |
|
|
9050 |
0.01 |
|
|
|
|
|
|
6185911 |
6.38 |
|
|
|
|
|
|
11076988 |
11.42 |
|
|
6457836 |
6.66 |
|
|
523245 |
0.54 |
|
|
518302 |
0.53 |
|
|
4943 |
0.01 |
|
|
24243980 |
25.00 |
|
Total Public
shareholding (B) |
24253030 |
25.01 |
|
Total (A)+(B) |
96989200 |
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) |
96989200 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Fertilizers and Soil Additives, Chemicals and Fertilizers, Soya Products, Power and Soya. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ssingle super Phosphate |
MT |
911500 |
433393* |
|
Sulphuric Acid |
MT |
270600 |
140911 |
|
Oleum |
MT |
26500 |
305 |
|
Liq. Sulphur Trioxide |
MT |
3300 |
2162 |
|
Seed Crushing |
MT |
420000 |
42541** |
|
Refined Oil |
MT |
30000 |
7262*** |
|
LABSA |
MT |
16500 |
-- |
Notes:
Licensed Capacity
per annum not indicated due to the abolition of Industrial Licenses as per
Notification No.477 (E) dated 25th July, 1991 issued under The Industries
(Development and Regulations) Act, 1951.
*Actual Production includes 34505 MT processed
through job work basis
** Actual Production includes 10551 MT
processed done through job work basis
*** Actual Production includes 868 MT
processed done through job work basis
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note: Long Term Borrowings (i) Rupee Term
Loan of Rs.36.694 Millions (Sanctioned Rs. 225.000 Millions) from State Bank
of India, Bank is primarily secured by way of first charge on entire
immovable assets and moveable fixed assets of the Company, both present and
future on pari- passu basis with existing charge holders and repayable in 17
installments comprising of 11installments of Rs.150 Lacs each and 6
Installments of Rs.10.000 Millions each ending on 15th September, 2017. (ii) Rupee Term
Loan of Rs.60.000 Millions (Sanctioned Rs.100.000 Millions) from lDBl Bank
Ltd. Bank is primarily secured by way of first charge on entire immovable
assets and moveable fixed assets of the Company, both present and future on
pari- passu basis with existing charge holders and repayable in 20 equal
Quarterly Installments of Rs.5.000 Millions each ending on 1st January, 2016. (iii) Rupee Term
Loan of Rs.70.000 Millions (Sanctioned Rs.120.000 Millions) from lDBl Bank
Ltd. is primarily secured by way of first charge on entire immovable assets
and moveable fixed assets of the Company, both present and future on pari-
passu basis with existing charge holders and repayable in 12 equal Quarterly
Installments of Rs.10.000 Millions each ending on 1st October, 2015. (iv) Rupee Term
Loan of Rs.53.332 Millions (sanctioned Rs 80.000 Millions) from Axis Bank
Ltd., Bank is primarily secured by way of first charge on the entire fixed
assets of the Company, both present and future on pari-passu basis with
existing charge holders and repayable in 12 Quarterly installments of Rs. 6.667
Millions each ending on 30th March, 2015.All the above loans are collaterally
secured and through second charge by way of hypothecation on the entire
current assets of the company on pari-passu basis with existing charge
holder. These loans are irrevocably and unconditionally guaranteed by
Chairman and Managing Director Mr. Shailesh Khaitan. (v) Rupee Term
Loan of Rs. 3.837 Millions (sanctioned Rs.11.559 Millions) and Rs.1.239 Millions
(sanctioned Rs.1.800 Millions) have been availed from Kotak Mahindra Bank and
HDFC Bank respectively with tenure of 60 months ending on 1st August, 2014
and 7th May, 2016 respectively. The loan is secured by the hypothecation of
the car. Short Term
Borrowing I. Cash Credit working
Capital demand loan and Buyer's Credit from Banks is secured by first hypothecation
charge on the Company's entire stocks comprising raw materials, stocks in transit,
stocks in process, finished goods, consumable stores and spares and
receivables on pari passu basis among consortium bankers. Borrowings are
further secured by pledge of 0.8 Millions shares of the Company with face
value of Re.11- per share held by Chairman and Managing Director Mr. Shailesh
Khaitan. ii. All short
term bank borrowings are personally guaranteed by Chairman and Managing
Director Mr. Shailesh Khaitan. |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
S.S. Kothari Mehta and Company Chartered Accountant |
|
Address : |
146-148, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi –
110065, Delhi India |
|
Tel. No.: |
91-11-46708888 |
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Fax No.: |
91-11-66628889 |
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E-Mail : |
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Solicitors : |
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|
Name : |
Khaitan and Partners |
|
Address : |
Himalaya House, 23, Kasturba Gandhi Marg, New Delhi-110001, India |
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|
|
|
Related party which is under significant influence of KMP and/ or
their relatives : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity Shares |
Rs.1/- each |
Rs. 220.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
97124420 |
Equity Shares |
Rs.1/- each |
Rs. 97.124
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96989200 |
Equity Shares |
Rs.1/- each |
Rs. 96.989
Millions |
|
|
|
|
|
Equity Shares
a) Reconciliation
of the shares outstanding at the beginning and at the end of reporting period.
|
Particulars |
No. Of Share |
31.03.2013 (Rs. In
Millions) |
|
At the beginning
of the year |
96989200 |
96.989 |
|
Issued during
the year |
|
|
|
Outstanding at
the end of the year |
96989200 |
96.989 |
The equity shares
of the Company have rights and restrictions as prescribed under law, in
particular the Companies Act 1956.
Details of the
Shareholders holding more than 5% shares of the Company:
As At 31.03.2013
|
Particulars |
No. of Shares |
% of Shares |
|
Shradha Projects
Limited |
45763640 |
47.18 |
|
The Majestic
Packaging Company Private Limited |
22049310 |
22.73 |
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 |
96.989 |
96.989 |
96.989 |
|
(b) Reserves & Surplus |
1,174.303 |
1,158.674 |
968.307 |
|
(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) |
1,271.292 |
1,255.663 |
1,065.296 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
148.735 |
238.411 |
160.776 |
|
(b) Deferred tax liabilities
(Net) |
134.638 |
135.215 |
143.858 |
|
(c) Other long term
liabilities |
5.909 |
3.219 |
2.940 |
|
(d) long-term provisions |
3.489 |
0.800 |
0.547 |
|
Total
Non-current Liabilities (3) |
292.771 |
377.645 |
308.121 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,905.275 |
1,850.816 |
1,238.650 |
|
(b) Trade payables |
264.214 |
1,002.438 |
349.769 |
|
(c) Other current liabilities |
192.250 |
231.172 |
207.541 |
|
(d) Short-term provisions |
16.232 |
41.479 |
131.834 |
|
Total
Current Liabilities (4) |
3,377.971 |
3,125.905 |
1,927.794 |
|
|
|
|
|
|
TOTAL |
4,942.034 |
4,759.213 |
3,301.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
919.530 |
909.850 |
918.673 |
|
(ii) Intangible Assets |
0.745 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
153.706 |
42.859 |
12.425 |
|
(iv) Intangible assets under
development |
5.295 |
4.183 |
0.000 |
|
(b) Non-current Investments |
0.949 |
0.949 |
0.949 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
39.765 |
47.661 |
44.461 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1,119.990 |
1,005.502 |
976.508 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,854.882 |
1,684.720 |
1,525.858 |
|
(c) Trade receivables |
566.066 |
452.930 |
109.128 |
|
(d) Cash and cash equivalents |
295.567 |
414.847 |
156.897 |
|
(e) Short-term loans and
advances |
148.417 |
105.827 |
130.852 |
|
(f) Other current assets |
957.112 |
1,095.387 |
401.968 |
|
Total
Current Assets |
3,822.044 |
3,753.711 |
2,324.703 |
|
|
|
|
|
|
TOTAL |
4,942.034 |
4,759.213 |
3,301.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
4,550.068 |
6,444.237 |
4,579.654 |
|
|
Other Income |
37.509 |
34.498 |
22.912 |
|
|
TOTAL
(A) |
4,587.577 |
6,478.735 |
4,602.566 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3,117.619 |
4,538.557 |
3,163.983 |
|
|
Purchases of Stock-in-Trade |
22.949 |
0.000 |
85.598 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
169.112 |
83.909 |
(181.592) |
|
|
Employees benefits expense |
96.136 |
96.329 |
85.341 |
|
|
Other expenses |
874.051 |
1,111.157 |
723.822 |
|
|
TOTAL
(B) |
4,279.867 |
5,829.952 |
3,877.152 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
307.710 |
648.783 |
725.414 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
255.560 |
260.926 |
177.023 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52.150 |
387.857 |
548.391 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
73.214 |
73.162 |
66.616 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, EXCEPTIONAL ITEMS |
(21.064) |
314.695 |
481.775 |
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
(40.978) |
9.506 |
16.806 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
19.914 |
305.189 |
464.969 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(1.389) |
87.769 |
150.686 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
21.303 |
217.420 |
314.283 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
2.500 |
100.000 |
100.000 |
|
|
Dividend |
4.849 |
23.277 |
23.277 |
|
|
Tax on Dividend |
0.824 |
3.776 |
3.776 |
|
|
Total
(M) |
8.173 |
127.053 |
127.053 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
Nil |
Nil |
8.534 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1956.524 |
1763.946 |
1075.459 |
|
|
Components and Stores parts |
0.000 |
0.000 |
0.000 |
|
|
Capital Goods |
0.000 |
0.965 |
3.298 |
|
|
TOTAL
IMPORTS |
1956.524 |
1764.911 |
1078.757 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
(0.07) |
2.31 |
3.36 |
|
|
Diluted
|
0.22 |
2.24 |
3.24 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1st
quarter |
2nd
quarter |
3rd quarter |
|
Net Sales |
616.800 |
1332.600 |
965.100 |
|
Total Expenditure |
678.3 |
1269.500 |
893.900 |
|
PBIDT (Excl OI) |
(61.500) |
63.100 |
71.200 |
|
Other Income |
5.900 |
5.300 |
4.100 |
|
Operating Profit |
(55.600) |
68.400 |
75.300 |
|
Interest |
65.700 |
62.100 |
64.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(121.300) |
6.200 |
10.500 |
|
Depreciation |
18.400 |
19.500 |
19.600 |
|
Profit Before Tax |
(139.700) |
(13.300) |
(9.100) |
|
Tax |
(44.400) |
(4.300) |
(3.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(95.300) |
(9.00) |
(5.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(95.300) |
(9.000) |
(5.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
0.46
|
3.36 |
6.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.43
|
4.74 |
10.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.42
|
6.48 |
14.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.24 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
1.66 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.20 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
96.989 |
96.989 |
96.989 |
|
Reserves & Surplus |
968.307 |
1,158.674 |
1,174.303 |
|
Net
worth |
1,065.296 |
1,255.663 |
1,271.292 |
|
|
|
|
|
|
long-term borrowings |
160.776 |
238.411 |
148.735 |
|
Short term borrowings |
1,238.650 |
1,850.816 |
2,905.275 |
|
Total
borrowings |
1,399.426 |
2,089.227 |
3,054.010 |
|
Debt/Equity
ratio |
1.314 |
1.664 |
2.402 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
4,579.654 |
6,444.237 |
4,550.068 |
|
|
|
40.714 |
(29.393) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
4,579.654 |
6,444.237 |
4,550.068 |
|
Profit After Tax |
314.283 |
217.420 |
21.303 |
|
|
6.86% |
3.37% |
0.47% |
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 |
No |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
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 |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
REVIEW OF OPERATIONS Fertilizer and Chemicals Division: The Company welcomes the Government's initiative to directly transfer the subsidy to farmers which shall give the farmers unrestricted choice as well as make them understand the real worth of fertilizers used by them. The Nutrient Base Subsidy (NBS) with free market mechanism is encouraging more interaction between producers and farmers for efficient use of fertilizer for better agricultural output and is a long term positive for Fertilizer Industry. The Financial year 2012-13 was beset with challenges. A weak economic environment, persistently high inflation, high interest rates, a weakening currency and prolonged policies and regulatory uncertainty resulted into sluggish demand. During the year, lower NBS subsidy and significant increase in higher maximum retail prices (MRP) to the farmers also affected the consumption of phosphatic fertilisers, besides the draught in som parts of India. The Company produced 389052 MT (previous year 522358 MT) Single Super Phosphate and sold 402861 MT (previous year 538250 MT). It is ironic that on top of the above situation, the Government of India has delayed the release of huge subsidy since October'' 2012 and further has declared N8S Rate for the FY 2013-14, as late as 3 May, 2013, creating uncertainty in the market. Confident that in a rational subsidy scheme, the SSP industry shall grow considerably resulting in higher availability of this ''Generic Customized Fertilizer'' for Indian farmers at competitive prices with no extra cost to exchequer. With the growth of the Industry and the Government's commitment to encourage this fertilizer through greater extension services, it shall also reduce the country's dependence on imported phosphatic fertilizer. The Government is yet to take final decision on subsidy mopped up on Finished Goods/Work in Process on Stocks lying as on 31.03.2011 and is yet to declare its mopping up policy The Company expects stabilization in Raw Material prices as well as Government's policy towards NBS (timely declaration and mopping up) which shall benefit the whole Fertilizer Industry, including the SSP Industry. The Company is in the process of increasing its granulation capacity after getting necessary Government clearances for its various locations. Soya Division: In view of increasing speculative behavior in the market, which is not at all aligned with either International market or with forward market, the Company has virtually reduced its activities in this segment to a large extent. The Company is trying to limit its fixed expenses in view of reduced activities. PROJECTS FINANCE: The project for manufacturing of 2, 00,000 TPA of SSP and Phospho Gypsum at Dahej, Gujarat, is going on in full swing and it is expected to commence production in financial year 2013-14. During the year, the Company has incurred loss (including MTM) of Rs. 86.035 Millions on account of Foreign Exchange Fluctuation (previous year loss Rs. 91.094 Millions) and grouped in ''other expenses''.
Future Outlook:
The Country's
stress on higher agri-productivity with considerable better realization to
farmers is bound to increase the demand of fertilizers. However at the same
time this may not immediately reflect in the figures due to optimization in the
use of fertilizer by farmers and control on diversion of subsidized fertilizers
to neighboring countries as well as other (mis) uses. The direct transfer of
subsidy shall also encourage farmers to rationale use of fertilizers.
Fertilizer
industry including SSP is a capital intensive Industry and requires a huge
working capital. Therefore interest rates and delay in disbursement of subsidy
are always matters of concern to the Company.The Single Super Phosphate
fertilizer is a generic customized fertilizer containing suIphur, calcium and
other micro nutrients besides phosphate. The Nutrient Base Subsidy is a long
term positive for Fertilizer Industry particularly SSP Industry with free
market mechanism encouraging more interaction between producers and farmers for
efficient use of fertilizer for better agriculture output. The Company expects
healthy growth in the
FERTILIZER and
CHEMICALS DIVISION:
Demand for fertilizers, especially SSP due to the
Government's focus on strengths like high integrated capacity which is Rajasthan,
Uttar Pradesh Chhattisgarh along with Sulphuric Acid (SA) already operational,
multi geographical locatainodness tablished brands.
production capacity of 2.70.600 MT in the States of Madhya Pradesh. Uttar the
well maintained plant andequipments ensure uninterrupted Pradesh and
Chhattisgarh. Sulphuric Acid is also intermediary raw material production and
distribution of goods.
UNSECURED LOANS
|
Particulars |
31.03.2013
(Rs.
In Millions) |
31.03.2013
(Rs.
In Millions) |
|
Long Term
Borrowing |
|
|
|
Loan From Others |
|
|
|
Loans and Advances From Related Parties |
50.000 |
50.000 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
IDBI Vendor Finance |
22.258 |
0.000 |
|
|
|
|
|
Total |
72.258 |
50.000 |
Note :
Long Term
Borrowing
Unsecured Loan and
Advances of Rs.50.000 Millions has been procured from various parties including
related party viz. Shradha Projects Limited and Aarti Marketing Private Limited
as promoters fund infusion towards Rajnandgaon Project repayable on or after
01.01.2016.
There is no
continuing default as on the balance sheet date in repayment of above loans and
interest.
Short Term
Borrowing
lDBI Vendor
Finance loan in the nature of Discounting of Bill of Exchange drawn / accepted
by the Corporates of Rs. 22.257 Millions (sanctioned Rs.50.000 Millions). Loan
is secured primarily by accepted bills of exchange.
FIXED ASSETS
- Freehold Land
- Building
- Plant and Machinery
- Electric Installation
- Furniture and Fixtures
- Office Equipments
- Lab and Other Equipments
- Vehicles
- Electrical Appliances
- Fire Fighting Equipments
- Computers
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED ON DECEMBER 31, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
965.086 |
1332.576 |
2914.456 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
(135.129) |
279.334 |
(29.251) |
|
|
b) Purchase of Traded Goods |
-- |
-- |
-- |
|
|
c) Employees Cost |
29.191 |
26.00 |
78.525 |
|
|
d) Depreciation |
19.602 |
19.500 |
57.502 |
|
|
e) Other Outward Transportation |
75.371 |
88.215 |
228.831 |
|
|
f) Consumption of Raw Materials |
776.527 |
678.484 |
1042.797 |
|
|
Other : FEF |
0.241 |
75.004 |
184.630 |
|
|
g) Other |
147.708 |
122.457 |
372.995 |
|
|
f) Total |
913.511 |
1288.994 |
2899.160 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
51.575 |
43.582 |
15.296 |
|
|
|
|
|
|
|
4. |
Other Income |
4.075 |
5.275 |
15.233 |
|
|
|
|
|
|
|
5 |
FINANCE AND OTHER EXPENSES |
64.722 |
62.144 |
192.579 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4+5) |
(9.072) |
(13.287) |
(162.050) |
|
|
|
|
|
|
|
6. |
Interest |
-- |
-- |
-- |
|
|
Foreign Exchange Fluctuations |
-- |
-- |
-- |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(9.072) |
(13.287) |
(162.050) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
--- |
--- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(9.072) |
(13.287) |
(162.050) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(3.545) |
(4.280) |
(52.217) |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(5.527) |
(9.007) |
(109.633) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
(5.527) |
(9.007) |
(109.633) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
96.989 |
96.989 |
96.989 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Earning
Per Share (EPS) (Rs.)-Not Annualised |
(0.06) |
(0.09) |
(1.13) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
24253030 |
24253030 |
24253030 |
|
|
- Percentage of Shareholding |
25.01 |
25.01 |
25.01 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
800000 |
800000 |
800000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
1.10 |
1.10 |
1.10 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.82 |
0.82 |
0.82 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
71936170 |
71936170 |
71936170 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
98.90 |
98.90 |
98.90 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
74.17 |
74.17 |
74.17 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertilizer and Chemicals |
853.611 |
1292.212 |
2710.153 |
|
|
|
Soya |
115.299 |
42.491 |
212.718 |
|
|
|
Others |
0.251 |
3.148 |
6.818 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
969.161 |
1337.851 |
2929.639 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertilizer and Chemicals |
68.823 |
48.367 |
47.096 |
|
|
|
Soya |
(122.246) |
(1.497) |
(19.885) |
|
|
|
Others |
(0.927) |
1.987 |
3.318 |
|
|
|
|
|
|
|
|
|
|
Total |
55.650 |
48.857 |
30.529 |
|
|
|
|
|
|
|
|
|
|
Less : Interest and Other financial Expenses |
64.722 |
62.144 |
192.579 |
|
|
|
Less : Exceptional Items |
-- |
- |
- |
|
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
(9.027) |
(13.287) |
(162.050) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertilizer and Chemicals |
2978.510 |
2919.744 |
2978.510 |
|
|
|
Soya |
347.909 |
340.921 |
347.909 |
|
|
|
Others |
35.080 |
39.618 |
35.080 |
|
|
|
|
|
|
|
|
|
|
Total Capital
Employed in Segments |
3361.499 |
3300.283 |
3361.499 |
|
|
|
|
|
|
|
|
|
|
Add : Unallocable Corporate assets less corporate liabilities |
13.943 |
14.742 |
13.943 |
|
|
|
Total Capital
Employed in Company |
3375.442 |
3315.025 |
3375.442 |
Notes:
The above results were reviewed by the Audit
Committee and taken on record by the Board of Directors in its meeting held on 08.02.2014.
The Statutory Auditors of the Company have carried out a Limited Review of the
results for the quarter ended December 31, 2013.
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--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 |
|
42 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.