MIRA INFORM REPORT

 

 

 

 

Report Date :

03.05.2014

 

IDENTIFICATION DETAILS

 

Name :

IFFCOINDIAN FARMERS FERTILISER COOPERATIVE LIMITED

 

 

Registered Office :

IFFCO Sadan, C-1, District Centre Saket Place, New Delhi – 10017, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.11.1967

 

 

Capital Investment / Paid-up Capital :

Rs.4258.800 Millions

 

 

Legal Form :

Co-operative Society

 

 

Line of Business :

Society is primary engaged in Production and Distribution of Fertilisers.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 250000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a co-operative society having good track record.

 

Financial position of the society is good.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The society can be considered normal for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DENIED

 

Management is non co-operative

 

 

LOCATIONS

 

Registered Office :

IFFCO Sadan, C-1, District Centre Saket Place, New Delhi – 10017, Delhi, India

Tel. No.:

91-11-42592626 / 91-11-26542625

Fax No.:

91-11-42592650

E-Mail :

hsverdhan@iffco.in

Website :

http://www.iffco.in

 

 

Plant Locations 1 :

KALOL UNIT

 

P.O. Kasturinagar, District, Gandhinagar – 382423, Gujarat, India

 

 

Plant Locations 2 :

KANDLA UNIT

 

P.O. Kandla, Gandhidham – 370201, Kandla (Kachchh), Gujarat, India

 

 

Plant Locations 3 :

PHULPUR UNIT

 

P.O. Ghiyanagar, District,  Allahabad – 212404, Uttar Pradesh, India

 

 

Plant Locations 4 :

AONLA UNIT

 

P.O. IFFCO Township, Paul Pothen Nagar, Bareilly – 243403, Uttar Pradesh, India

 

 

Plant Locations 5 :

PARADEEP UNIT

 

Village: Musadia, P.O. Paradeep, Surinder Jakhar Nagar, District Jagatsinghpur – 754142, Odisha, India

 

 

Branch :

34, Nehru Place, New Delhi – 110019, Delhi, India

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. N. P. Patel

Designation :

Chairman

 

 

Name :

Mr. Balvinder Singh Nakai

Designation :

Vice-Chairman

 

 

Name :

Mr. Prem Chandra Munshi

Designation :

Director

 

 

Name :

Mr. Tryambakrao G. Sirsath

Designation :

Director

 

 

Name :

Mr. Vithalbhai H. Radadia

Designation :

Director

 

 

Name :

Mr. Pramod Kumar Singh

Designation :

Director

 

 

Name :

Mr. Sheesh Pal Singh

Designation :

Director

 

 

Name :

Mr. Ravindra Pratap Singh

Designation :

Director

 

 

Name :

Mr. Simachal Padhy

Designation :

Director

 

 

Name :

Mr. K. Srinivasa Gowda

Designation :

Director

 

 

Name :

Mr. A. Praveen Reddy

Designation :

Director

 

 

Name :

Mr. Ashok Kumar Yadav

Designation :

Director

 

 

Name :

Mr. Halappa Basappa Achar

Designation :

Director

 

 

Name :

Mr. Ramakant Bhargava

Designation :

Director

 

 

Name :

Mr. Diliprao Gangadhar Sopal

Designation :

Director

 

 

Name :

Mr. Jarnail Singh Wahid

Designation :

Director

 

 

Name :

Mr. Vipin Chandra Sharma

Designation :

Director

 

 

Name :

Mr. Ajay Kumar Sharma

Designation :

Director

 

 

Name :

Mr. Aditya Yadav

Designation :

Director

 

 

Name :

Mr. Kashinath Behera

Designation :

Director

 

 

Name :

Dr. B.S. Vishwanathan

Designation :

Director

 

 

Name :

Mr. Raj Kumar Tripathi

Designation :

Director

 

 

Name :

Dr. U.S. Awasthi

Designation :

Managing Director

 

 

Name :

Mr. Rakesh Kapur

Designation :

Joint Managing Director

 

 

Name :

Mr. K.L. Singh

Designation :

Director (Tech.)

 

 

Name :

Dr. G.N. Saxena

Designation :

Director (Cooperative Development)

 

 

Name :

Mr. R.P. Singh

Designation :

Director (HR and Legal)

 

 

Name :

Mr. Arabinda Roy

Designation :

Marketing Director

 

 

Name :

Mr. Manish Gupta

Designation :

Director (Strategy and JV)

 

 

KEY EXECUTIVES

 

Name :

Dr. D K Shukla

Designation :

Sr.  Executive Director, MKCO

 

 

Name :

Mr. S C Mittal

Designation :

Sr. Executive Director

 

 

Name :

Mr. M R Patel

Designation :

Sr. Executive Director, Kandla

 

 

Name :

Mr. A K Singh

Designation :

Sr. Executive Director (Technical)

 

 

Name :

Mr. Surjit Singh

Designation :

Sr. Executive Director, Phulpur

 

 

Name :

Mr. Anil Kr. Maheshwari

Designation :

Sr. Executive Director, Aonla

 

 

Name :

Brig. (Retired) Bhanu B Sud

Designation :

Sr. Executive Director

 

 

Name :

Mr. K K Verma

Designation :

Executive Director

 

 

Name :

Mr. Shamsher Singh

Designation :

Sr. General Manager, Kalol

 

 

Name :

Mr. Sunil Kumar Gandhi

Designation :

Sr. General Manager, Paradeep

 

 

Name :

Mr. Ranjan Dwivedi

Designation :

Sr. General Manager, Phulpur

 

 

Name :

Mr. Anit Kumar Bhaduri

Designation :

Sr. General Manager

 

 

Name :

Mr. Birinder Singh

Designation :

Sr. General Manager

 

 

Name :

Mr. A K Sinha

Designation :

Sr. General Manager (Maintenance)

 

 

Name :

Mr. B R Patel

Designation :

General Manager (Project), Kalol

 

 

Name :

Mr. B B Sachar

Designation :

General Manager (F and A), MKCO

 

 

Name :

Mr. S R Kushwaha

Designation :

General Manager (Production), Kandla

 

 

Name :

Mr. Rajiv Srivastava

Designation :

General Manager (Production), Kalol

 

 

Name :

Mr. Surendra Singh

Designation :

General Manager (Production), Aonla

 

 

Name :

Mr. Ashis Kumar Panda

Designation :

General Manager (Production), Paradeep

 

 

Name :

Mr. Mukul Srivastava

Designation :

General Manager (Production), Phulpur

 

 

Name :

Mr. Yogesh Narula

Designation :

General Manager (Technical), Phulpur

 

 

Name :

Mr. A E Kadu

Designation :

General Manager (Technical), Kandla

 

 

Name :

Mr. J Biswas

Designation :

General Manager (Technical), Aonla

 

 

Name :

Mr. J N Sahu

Designation :

General Manager (Vig.) / CVO

 

 

Name :

Mr. G K Gautam

Designation :

General Manager (Maintenance), Aonla

 

 

Name :

Mr. P V Narayana

Designation :

General Manager (Tech), Paradeep

 

 

Name :

Mr. K N Joshi

Designation :

General Manager (Commercial) HO

 

 

Name :

Dr. D P Patra

Designation :

General Manager (Marketing), East Zone

 

 

Name :

Mr. A K Chaturvedi

Designation :

General Manager (Commercial), Aonla

 

 

Name :

Mr. V J Mankodi

Designation :

General Manager (F and A), Kandla

 

 

Name :

Mr. Anil Sahni

Designation :

General Manager (IA)

 

 

Name :

Mr. A K Ghosh

Designation :

General Manager (Finance)

 

 

Name :

Mr. P C Verma

Designation :

Jt. General Manager (Utility), Paradeep

 

 

Name :

Mr. Nirmal Kumar

Designation :

Jt. General Manager (CR)

 

 

Name :

Mr. P H Patel

Designation :

Jt. General Manager (Utility), Paradeep

 

 

Name :

Mr. D Prasad

Designation :

Jt. General Manager (GE), Kandla

 

 

Name :

Mr. B S Bajwa

Designation :

Jt. General Manager (Elect.  and  inst.) Aonla

 

 

Name :

Mr. R K Srivastava

Designation :

Jt. General Manager (P and A), Aonla

 

 

Name :

Mr. Dr. H S Misra

Designation :

Jt. General Manager {Med and HS), Aonla

 

 

Name :

Mr. D S Rao

Designation :

Jt. General Manager (Materials), Paradeep

 

 

Name :

Mr. A .K. Saxena

Designation :

Jt. General Manager (Systems), Kalol

 

 

Name :

Mr. Arvind Kumar

Designation :

Jt. General Manager (Commercial)

 

 

Name :

Mr. Subrata Datta

Designation :

Jt. General Manager (Production), Phulpur

 

 

Name :

Dr. P K Singhal

Designation :

Jt. General Manager (Med and HS), Phulpur

 

 

Name :

Mr. Sudhir Khattar

Designation :

Jt. General Manager (F and A)

 

 

Name :

Mr. Dr. S S Senapati

Designation :

Jt. General Manager (Med and HS), Kandla

 

 

Name :

Mr. Subhash Chander

Designation :

Jt. General Manager (HR), MKCO

 

 

Name :

Mr. K Shantha Kumar

Designation :

Jt. General Manager (Inst.), Paradeep

 

 

Name :

Mr. A K Mittal

Designation :

Jt. General Manager (Mech), Aonla

 

 

Name :

Mr. C N Shah

Designation :

Jt. General Manager (Process), Paradeep

 

 

Name :

Dr. R N Kundu

Designation :

Jt. General Manager (Marketing), West Zone

 

 

Name :

Dr. R R Randad

Designation :

Jt. General Manager (Marketing)

 

 

Name :

Mr. R K Jain

Designation :

Jt. General Manager (Mech.), Paradeep

 

 

Name :

Mr. S K Kalmegh

Designation :

Jt. General Manager (Maintenance)

 

 

Name :

Dr. S V Kaore

Designation :

Jt. General Manager (AS), MKCO

 

 

Name :

Mr. A G Margabandhu

Designation :

Jt. General Manager (Process), Kalol

 

 

Name :

Mr. V M Pawde

Designation :

Jt. General Manager (Purchase), Kandla

 

 

Name :

Mr. Rajiv Goyal

Designation :

Jt. General Manager (Utility), Kandla

 

 

Name :

Mr. G K Gupta

Designation :

Jt. General Manager (Systems), Phulpur

 

 

Name :

Mr. Chandra Sekhar Allamraju

Designation :

Jt. General Manager (DAP), Paradeep

 

 

Name :

Mr. M A Ansari

Designation :

Jt. General Manager (Power), Phulpur

 

 

Name :

Mr. S K Gupta

Designation :

Jt. General Manager (Urea), Aonla

 

 

Name :

Mr. Praveen Agarwal

Designation :

Jt. General Manager (F and A)

 

 

Name :

Mr. D G Inamdar

Designation :

Jt. General Manager (Maintenance), Kalol

 

 

Name :

Mr. A K Gupta

Designation :

Jt. General Manager (Systems)

 

 

Name :

Mr. K J Patel

Designation :

Jt. General Manager (Mech.),Paradeep

 

 

Name :

Mr. M M Ahmed

Designation :

Jt. General Manager (Maintenance.), Phulpur

 

 

Name :

Mr. Kushal Kumar Singh

Designation :

Jt. General Manager (Elect.), Aonia

 

 

Name :

Mr. Jitendra Kumar

Designation :

Jt. General Manager (Materials), Phulpur

 

 

Name :

Mr. A K Pandey

Designation :

Jt. General Manager (Tpt.),MKCO

 

 

Name :

Mr. S D Sharma

Designation :

Jt. General Manager (Elect.), Kalol

 

 

Name :

Mr. Nakul Pathak

Designation :

Jt. General Manager (P and A), Kalol

 

 

Name :

Mr. Premankur Bhattacharjee

Designation :

Jt. General Manager (HR), Paradeep

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 31.03.2013

 

NOT AVAILABLE

 

 

BUSINESS DETAILS

 

Line of Business :

Production and Distribution of Fertilisers

 

 

 

 

GENERAL INFORMATION

 

Customers :

Farmers

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • Indian Overseas Bank
  • State Bank of India
  • Bank of Baroda
  • Standard Chartered Bank
  • The Maharashtra State Cooperative Bank Limited
  • The West Bengal State Cooperative Bank Limited
  • Madhya Pradesh State Cooperative Bank Limited.
  • The Punjab State Cooperative Bank Limited
  • The Hongkong and Shanghai Banking Corporation Limited
  • ICICI Bank Limited
  • IDBI Bank Limited.
  • HDFC Bank Limited
  • Punjab National Bank
  • IndusInd Bank
  • DBS Bank

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

Long Term Borrowings

 

 

Term loans from others

858.900

903.900

 

 

 

Short Term Borrowings

 

 

Loans repayable on demand from banks

19592.700

24828.000

Short term loans

340.000

0.000

 

 

Total

20791.600

25731.900

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J.C. Balla and Company

Chartered Accountants

Address :

B-5, Sector-6, Noida - 201 301, Utter Pradesh, India

 

 

Name :

S.P. Chopra and Company

Chartered Accountants

Address :

31-F, Connaught Place, New Delhi - 110 001, Delhi, India

 

 

Name :

Rajnish and Associates

Chartered Accountants

Address :

92 & 87, Defence Colony, Flyover Market, New Delhi - 110 024, Delhi, India

 

 

Name :

B.C. Jain and Company

Chartered Accountants

Address :

A-734, Sarita Vihar, New Delhi - 110 076, Delhi, India

 

 

Name :

S.K. Mittal and Company

Chartered Accountants

Address :

Mittal House, E-29, South Extn. Part-II, New Delhi - 110 049, Delhi, India

 

 

Associates & Subsidiaries :
  • Oman India Fertiliser Company S.A.O.C
  • Industries Chimiques Du Senegal
  • Jordan India Fertiliser Company, L.L.C.
  • Kisan International Trading, FZE
  • GrowMax Agri Corp
  • IFFCO Canada Enterprise Limited
  • IFFCO-Tokio General Insurance Company Limited
  • Indian Potash Limited
  • IFFCO Kisan Sanchar Limited.
  • National Commodity and Derivatives Exchange Limited
  • National Collateral Management Services Limited.
  • Universal Commodity Exchange Limited
  • IFFCO Chhattisgarh Power Limited
  • IFFCO Kisan SEZ Limited.
  • IFFCO Kisan Bazar and Logistics Limited.
  • IFFCO Kisan Sewa Trust
  • Indian Farm Forestry Development Cooperative Limited.
  • Cooperative Rural Development Trust
  • IFFCO Foundation

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

90,000

Equity Shares

Rs.1,00,000/- each

Rs.9000.000 Millions

50,000

Equity Shares

Rs.10,000/- each

Rs.500.000 Millions

5,00,000

Equity Shares

Rs.1,000/- each

Rs.500.000 Millions

 

 

 

 

 

Total

 

Rs.10,000.000 Millions

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

35,242

Equity Shares

Rs.1,00,000/- each

Rs.3524.200 Millions

39,658

Equity Shares

Rs.10,000/- each

Rs396.600 Millions

3,45,182

Equity Shares

Rs.1,000/- each

Rs.345.200 Millions

Less

Shares under Redemption

 

Rs.7.200 Millions

 

 

 

 

 

Total

 

Rs.4258.800 Millions

 

 

 

 

 

 

 

 

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

4,258.800

4,258.000

4,259.500

(b) Reserves & Surplus

58,553.100

52,195.700

45,420.900

(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)

62,811.900

56,453.700

49,680.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3,538.300

3,541.300

3,948.700

(b) Deferred tax liabilities (Net)

4,854.700

4,471.400

4,163.300

(c) Other long term liabilities

40.300

85.600

139.800

(d) long-term provisions

2,729.200

2,510.200

2,339.800

Total Non-current Liabilities (3)

11,162.500

10,608.500

10,591.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1,02,449.600

1,25,235.900

1,03,454.500

(b) Trade payables

15,663.400

6,343.100

6,138.100

(c) Other current liabilities

6,391.100

4,735.700

9,161.800

(d) Short-term provisions

2,375.600

2,073.100

1,972.400

Total Current Liabilities (4)

1,26,879.700

1,38,387.800

1,20,726.800

 

 

 

 

TOTAL

200,854.100

2,05,450.000

1,80,998.800

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

44,092.500

43,973.500

45,624.600

(ii) Intangible Assets

189.100

237.200

292.400

(iii) Capital work-in-progress

5,930.800

4,700.400

3,597.900

(iv) Intangible assets under development

23.800

33.500

21.900

(b) Non-current Investments

24,216.200

22,514.100

11,699.100

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term Loan and Advances

2,462.400

3,442.600

3,820.300

(e) Other Non-current assets

94.700

59.900

58.000

Total Non-Current Assets

77,009.500

74,961.200

65,114.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

39,872.800

(b) Inventories

21,097.200

23,792.600

13,841.800

(c) Trade receivables

33,400.800

22,472.200

1,467.700

(d) Cash and cash equivalents

2,086.000

13,612.800

25,702.400

(e) Short-term loans and advances

1,919.400

2,309.300

1,034.100

(f) Other current assets

65,341.200

68,301.900

33,965.800

Total Current Assets

1,23,844.600

1,30,488.800

1,15,884.600

 

 

 

 

TOTAL

2,00,854.100

2,05,450.000

1,80,998.800

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Income

2,16,733.600

2,55,989.700

2,11,951.600

 

Other Income

5,374.200

5,516.900

7,512.400

 

TOTAL (A)

2,22,107.800

2,61,506.600

2,19,464.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1,54,446.300

1,46,010.600

1,14,267.800

 

Purchases of Stock-in-Trade

17,150.600

74,480.600

56,409.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

1,314.600

(4,715.700)

114.300

 

Employees benefits expense

8,741.800

7,818.600

7,553.500

 

Other expenses

16,604.800

14,943.200

18,942.400

 

TOTAL (B)

1,98,258.100

2,38,537.300

1,97,287.900

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

23,849.700

22,969.300

22,176.100

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

7,895.200

8,052.000

7,271.200

 

 

 

 

 

 

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

15,954.500

14,917.300

14,904.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

4,880.200

4,739.500

4,647.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

11,074.300

10,177.800

10,257.800

 

 

 

 

 

Less

TAX (H)

3,787.100

2,456.000

2,342.900

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

7,287.200

7,721.800

7,914.900

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Trading of Finished Goods

0.000

0.000

218.600

 

Dividend Income

2,769.300

2,696.600

1,574.800

 

Others

338.600

230.900

402.900

 

TOTAL EARNINGS

3,107.900

2,927.500

2,196.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

82,696.500

94,941.800

69,312.400

 

Spare Parts and Catalysts

223.100

365.200

148.600

 

Capital Goods

848.800

283.100

956.700

 

Traded Goods

13,707.200

65,423.800

49,283.000

 

TOTAL IMPORTS

97,475.600

1,61,013.900

1,19,700.700

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 1709.00

1810.00 

 --

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

3.28

2.95

3.61

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

5.11

3.98

4.84

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

6.49

5.71

6.19

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.18

0.18

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.69

2.28

2.16

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.98

0.94

0.96

 

 

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

4,259.500

4,258.000

4,258.800

Reserves & Surplus

45,420.900

52,195.700

58,553.100

Net worth

49,680.400

56,453.700

62,811.900

 

 

 

 

long-term borrowings

3,948.700

3,541.300

3,538.300

Short term borrowings

1,03,454.500

1,25,235.900

1,02,449.600

Total borrowings

1,07,403.200

1,28,777.200

1,05,987.900

Debt/Equity ratio

2.162

2.281

1.687

 

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

2,11,951.600

2,55,989.700

2,16,733.600

 

 

20.777

-15.335

 

 

 

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

2,11,951.600

2,55,989.700

2,16,733.600

Profit

7,914.900

7,721.800

7,287.200

 

3.73%

3.02%

3.36%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

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

No

 

UNSECURED LOANS

 

                                                                                                                                               (Rs. In Millions)

Particulars

As on

31.03.2013

As on

31.03.2012

Long Term Borrowings

 

 

Term Loans from Banks:

 

 

-ICICI Bank

453.400

453.400

-IDBI Limited

1060.000

1060.000

Term Loans from Others:

 

 

 

 

 

-IFCI Limited

970.900

970.900

-The Oriented Insurance Company Limited

30.000

30.000

-Others

0.000

12.500

Deposits

165.100

110.600

 

 

 

Short Term Borrowings

 

 

Loans repayable on demand from banks

77228.500

100397.200

Foreign currency loan

5278.800

0.000

Deposits

9.600

10.700

Total

85196.300

103045.300

 

 

FINANCIAL PERFORMANCE

 

As per its tradition, the Society has again exhibited an impressive financial performance in all its major parameters namely, revenue growth, margins and resource utilisation, testifying to the robustness of its Corporate Strategy of creating multiple drivers of growth inspite of constraints in the availability of raw materials and delays in receipt of large subsidy amounts from Government of India. It was made possible due to higher production of urea and improvement in operating efficiencies.

 

The sales turnover of the Society was Rs.216733.600 Millions during 2012-13 as against Rs.255989.700 Millions in the previous year. The reduction in sales due to lower production and imports was a strategic decision in view of erratic monsoon and decline in fertilizer demand. The performance is even more satisfying when viewed in the light of challenging business environment in the fertiliser industry.

 

 

PLANT PERFORMANCE

 

PRODUCTION

 

During 2012-13, IFFCO produced 79.02 lakh MT of fertilizers, including the highest ever production of 45.10 lakh MT of Urea. Kandla and Paradeep Units produced 33.92 lakh MT of NP / NPK / DAP / WSFs / Zinc Sulphate Monohydrate. The capacity utilization during the year 2012-13, in terms of `N' and 'P O ', were 99.2 % and 75 %, respectively.

 

It has been a landmark year in the history of the Aonla unit with the highest ever yearly Urea production of 22.45 Lakh MT, highest ever yearly Ammonia production of 13.02 Lakh MT and the lowest so far yearly energy consumption of 5.490 Gcal / MT urea.

 

Kalol Unit achieved the highest ever yearly Urea production of more than 6 lakh MT of Urea. It also transferred 39,169 MT of Ammonia to Kandla Unit. Phulpur Unit produced 16.65 Lakh MT of Urea during 2012-13. The Composite Specific Energy Consumption of Urea plants during financial year 2012-13 were 5.764 GCal/MT of Urea. Kandla Unit produced 19.12 Lakh MTof NPK/DAP/WSFs/Zinc Sulphate Monohydrate during 2012-13. Paradeep Unit produced 14.80 Lakh MT of NP/NPK/DAP, 13.57 lakh MT of Sulphuric Acid and 6.28 lakh MT of Phosphoric Acid during 2012-13.

 

Kandla and Paradeep Units together produced 19.43 Lakh MT of DAP, which is

highest ever production of DAP so far.

 

IFFCO KALOL EXPANSION PROJECT

 

IFFCO has envisaged setting up a brown field Ammonia Urea Plant with a production capacity of 1.27 Million MTPA in Kalol involving an investment of about Rs.4604.000 Millions. The Pre-feasibility Report and Techno-Economic Feasibility Report of the Project have been prepared based on the New Investment Policy on Fertilisers issued by the Government of India. The proposal has been submitted to the Department of Fertilizers. The Term Sheet has been signed between GAIL and IFFCO for supply of Gas (RLNG) for the Project, and consent has been received for supply and transportation of the Gas. The raw water required for the project has been allocated by Sardar Sarovar Narmada Nigam Ltd. Technical Discussions are being held with two internationally renowned companies for execution of the project on LSTK basis. The scope of the Project is being firmed up. The Project is scheduled for mechanical completion within 33 months from the Zero date and commercial production is expected to go onstream within 36 months from the Zero date.

 

 

BARGE JETTY OF IFFCO KISAN BAZAR & LOGISTICS LTD (IKBLL), A WHOLLY

OWNED SUBSIDIARY OF IFFCO

 

IKBLL is setting up a captive Barge Jetty with a handling capacity 2.0 MMTPA adjacent to its Kandla plant and next to IFFCO's liquid cargo jetty for receiving solid raw materials and imported fertilizers. IKBLL is an SPV (Special Purpose Vehicle) formed by IFFCO, which is executing this project as per terms of Concession Agreement approved by Ministry of Shipping, Government of India. Indian Institute of Technology (IIT),

Chennai is providing the design and civil consultancy services for the construction of the Barge Jetty. M/s WAPCOS has been appointed as the Environmental Consultant for the project.

 

Combined CRZ and Environment Clearance has been accorded for the Project by SEIAA (State Environment Impact Assessment Authority). M/s DBM Geotechnics, Mumbai has been awarded the job of civil works for the construction of Captive Barge Jetty (Sub Structure, Super Structure, and Wharf Accessories etc). The project is expected to be completed by August 2013.

 

MARINE CARGO TERMINAL (MCT)

 

IFFCO is in the process of setting up a Captive Marine Cargo Terminal (MCT) consisting of a Jetty and approach trestles at the water front of IFFCO Paradeep Plant atan estimated cost of Rs.4.000 Millions. MoU has been signed with a Shipping/ Marine Logistics entity who shall transport the fertilisers from IFFCO Paradeep plant through its vessels and deliver at destinations on East Coast locations as well as other places in line with IFFCO's requirements. Various pre-project activities i.e. Appointment of Project Management Consultant and studies related to Environmental Clearance are in progress.

 

The development of Water Transport mode of evacuation through IFFCO Captive MCTshall offer a practical alternative to the current Rail and Road modes of transport andalso facilitate the objective of timely distribution of finished fertilisers to farmers.

 

WATER SOLUBLE FERTILISERS

 

The Society has forayed into production and marketing of 100% Water Soluble Fertilisers keeping in view the importance of fertigation to increase both water and nutrient use efficiency in high value crops like fruits, vegetables, flowers, sugarcane etc. The farmers' preference for these fertilisers has been increasing day by day primarily due to the significant crop productivity response to these fertilisers and a growing scarcity of water.The Society has started its own production of Zinc Sulphate Monohydrate (33% Zn) at Kandla with a view to meet the demand of cooperatives. In addition, the Society has also imported Sulphate of Potash and Sulphur Bentonite (90%S) in the current year. These fertilizer products are marketed throughout the country using the existing channels. There is a need to provide balanced fertilization to crops to address multi-nutrient deficiencies for higher crop production.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration:

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

 

4]         Record on Financial Crime:

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws:

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government:

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

 

9]         Compensation Package:

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

 

10]        Press Report:

            No press reports / filings exist on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence does 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.60.21

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

5

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

51

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.