MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UPL LIMITED (w.e.f. October 2013) |
|
|
|
|
Formerly Known
As : |
UNITED PHOSPHORUS LIMITED |
|
|
|
|
Registered Office
: |
3-11, G.I.D.C, Vapi, District
Valsad – 396195, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.01.1985 |
|
|
|
|
Com. Reg. No.: |
04-025132 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.885.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24219GJ1985PLC025132 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Agrochemicals, Industrial Chemicals, Chemical Intermediates and Speciality Chemicals. |
|
|
|
|
No. of Employees
: |
2436 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 |
|
Maximum Credit Limit : |
USD 130000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and a reputed company having good track
record. The rating reflects strong and diversified product portfolio,
integrated and diversified operations across geographies, healthy revenue
growth and profitability margins and comfortable liquidity position. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
July 05, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 05, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory 1: |
3-11, G.I.D.C, Vapi, District Valsad - 396195, Gujarat, India |
|
Tel. No.: |
91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719 |
|
Fax No.: |
91-260-2401823 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Corporate / Administrative Office : |
Uniphos House, Madhu Park, 11th Road, Chitrakar Dhurandar Marg, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Tel. No.: |
91-22-26468000 |
|
Fax No.: |
91-22-26041010 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Green Park Area, Block No 103/B, A/D, Gandhi Nagar - 180004, Jammu, India |
|
Tel No.: |
91-191-2430671 |
|
|
|
|
Factory 3 : |
CHEMO ELECTRONIC
LAB. Nahuli – Vapi City, Valsad District - 396195, Gujarat, India |
|
Tel No.: |
91-260-2730156/ 2730158/ 2730159 |
|
|
91-260-2730160 |
|
|
|
|
Factory 4 : |
Plot No. 750, G.I.D.C., Jhagadia, District Bharuch, Gujarat, India |
|
|
|
|
Factory 5 : |
Serial No.225, Village Gopipura, Via Baska Taluka, Halol City, District Panchmal - 389350, Gujarat, India |
|
Tel No.: |
91-2676-247068/ 247052 |
|
Fax No.: |
91-2676-247068 |
|
|
|
|
Factory 6 : |
ANKLESWAR - UNIT I
:-
Tel: 91-2646-251223/ 250336/ 251249/ 250279/ 250379 Fax: 91-2646-250297 ANKLESHWAR - UNIT
II : -
Tel: 91-2646-250578/ 250493/ 250563 Fax: 91-2646-251434 ANKLESHWAR - UNIT
III : -
Fax: 91-2646–250615 |
|
|
|
|
Factory 7 : |
Agrochemical Plant, Durgachak Haldia, Midnapore District – 721602, West Bengal, India |
|
Tel No.: |
91-33-22486908 |
|
|
|
|
Sales Office : |
V-Fortune Building, 3rd Floor, S V Road, Next to Surya Children's Hospital, Near Vijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai - 400052, Maharashtra, India |
|
Tel. No.: |
91-22-27847769/ 27811554 |
|
Fax No.: |
91-79-27842399 |
|
Email : |
|
|
|
|
|
Godown : |
Survey No 154/B/1, Shed 2, S V Cooperative Industrial Estate, I D A Bollaram,
Jinnaram, Medak - 502313, Andhra Pradesh, India |
|
|
|
|
Overseas Offices : |
Located At : ·
Zambia ·
China ·
Australia ·
Japan ·
Russia ·
Korea ·
Vietnam ·
New Zealand |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajju D. Shroff |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
|
|
|
Name : |
Mrs. S. R. Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. R. Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh P. Prabhu |
|
Designation : |
Additional Director |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. V. R. Shroff |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Arun C. Ashar |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Kalyan Banerjee |
|
Designation : |
Whole Time Director |
|
|
|
|
Qualification : |
Chemical Engineer |
|
|
|
|
Name : |
Mr. Pradeep Goyal |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Dr. P. V. Krishna |
|
Designation : |
Director |
|
|
|
|
|
|
|
|
|
|
Name : |
Dr. (Mrs.) Reena Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Madhavji |
|
Designation : |
Director |
|
Qualification : |
B.A., B.Com. and L.L.B. |
|
|
|
|
Name : |
Mr. Vinod Sethi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. B. Trivedi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Bhavin Shah |
|
Designation : |
Accounts Department |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3782619 |
0.86 |
|
|
123970160 |
28.03 |
|
|
127752779 |
28.89 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
127752779 |
28.89 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
32979302 |
7.46 |
|
|
134052 |
0.03 |
|
|
7176301 |
1.62 |
|
|
198861322 |
44.97 |
|
|
239150977 |
54.08 |
|
|
|
|
|
|
30337727 |
6.86 |
|
|
|
|
|
|
30387804 |
6.87 |
|
|
6703249 |
1.52 |
|
|
7901018 |
1.79 |
|
|
6740 |
0.00 |
|
|
6110492 |
1.38 |
|
|
1783786 |
0.40 |
|
|
75329798 |
17.03 |
|
Total Public
shareholding (B) |
314480775 |
71.11 |
|
Total (A)+(B) |
442233554 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
370720 |
0.00 |
|
|
370720 |
0.00 |
|
Total (A)+(B)+(C) |
442604274 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Agrochemicals, Industrial Chemicals, Chemical Intermediates and Speciality Chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
2436 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Dena Bank ·
Bank of Baroda ·
State Bank of India ·
Union Bank of India ·
Canara Bank ·
HDFC Bank Limited ·
IDBI Bank Limited ·
The Kurar Vysya Bank Limited ·
Axis Bank Limited ·
Andhra Bank ·
State Bank of Hyderabad ·
Export-Import Bank of India ·
ICICI Bank Limited ·
ING Vysya Bank Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia And Associates LLP Chartered Accountants |
|
|
|
|
Subsidiary
Companies: |
· Uniphos Limited, Mauritius · United Phosphorus (Korea) Limited · United Phosphorus (Shanghai) Company Limited · United Phosphorus (Taiwan) Limited · United Phosphorus Cayman Limited · United Phosphorus de Mexico, S.A. de C.V. · United Phosphorus do Brasil Limited a · United Phosphorus GMBH, Germany · United Phosphorus Holdings B.V., Netherlands · United Phosphorus Holdings Cooperatief U.A. · United Phosphorus Inc., U.S.A. · United Phosphorus Italy S.R.L. (Merged during the year with Cerexagri Italia S.R.L.) · United Phosphorus Limited Mauritius · (Amalgamated with the Company w.e.f. July 1, 2011) · United Phosphorus Limited, Australia · United Phosphorus Limited, Belgium S P R L · United Phosphorus Limited, Colombia (Merged during · the year with Evofarm Colombia SA) · United Phosphorus Limited, Gibraltar · United Phosphorus Limited, Hongkong · United Phosphorus Limited, Japan · United Phosphorus Limited, New Zealand · United Phosphorus Limited, U.K. · United Phosphorus Limited, Zambia (Upto December 5, 2011) · United Phosphorus Polska Sp.z o.o - Poland · United Phosphorus Sole Partner Limited, Greece · (Upto March 23, 2012) · United Phosphorus Switzerland Limited. · United Phosphorus Vietnam Co., Limited · UPL Investment Private Limited · Agri pack Zambia Limited (Upto April 01, 2011) · Agrindustrial, S.A., Spain · Agrodan, ApS · Anning Decco Fine Chemical Company Limited, China · Bio-win Corporation Limited, Mauritius · Canegrass LLC, USA · Cerexagri B.V. - Netherlands · Cerexagri Costa Rica, S.A. · Cerexagri Delaware, Inc.,USA · Cerexagri Italia S.R.L. · Cerexagri S.A.S., France · Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi, Turkey · Cerexagri, Inc. (PA) · Citrashine (Pty) Limited, South Africa · Compania Espanola Industrial Quimica de Productos · Agricolas Y Domesticos, S.A.U.,Spain · Cropserve Zambia Limited (Upto April 01, 2011) · Decco Iberica Postcosecha, S.A.U., Spain (formerly Cerexagri Iberica) · Decco Italia SRL,Italy · Decco US Post-Harvest Inc (US) · Decco Worldwide Post-Harvest Holdings B.V. · Decco Worldwide Post-Harvest Holdings Cooperatief U.A. · Desarrollo Quimico Industrial, S.A., Spain · Eddyville Consultants Group, Inc. Panama (Dissolved on March 18, 2013) · Evofarms Colombia SA · Evofarms S.A. - Colombia (Merged during the year with Evofarm Colombia SA) · Friedshelf 1114 (Pty) Limited · Global Chem Trade Corp., Panama (Dissolved on January 1, 2013) · Icona S A - Argentina · Icona Sanluis S A - Argentina · Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March 18, 2013) · JSC United Phosphorus Limited, Russia · Phosfonia, S.L.,Spain · Prime Agri Centre Zambia Limited (Upto April 01, 2011) · PT Catur Agrodaya Mandiri, Indonesia · PT. United Phosphorus Indonesia · United Phosphorus Holding, Brasil B.V. · RiceCo LLC · Safepack Products Limited · Samma International S.R.L.,Italy (Upto February 29, 2012) · Samrod Chemicals (Pty) Limited · Shroffs United Chemicals Limited · SWAL Corporation Limited · Transterra Invest, S. L. U., Spain · Tatva Global Environment (Deonar) Limited · RiceCo International Inc., Bahamas · Uniphos Limited, Gibraltar · Decco Jefkins Mexico Sapi, Mexico · UPL Aviation Limited · United Phosphorus Industria e Comercio de Produtos Qufmicos Limiteda. · Uniphos Industria e Comercio de Produtos Qufmicos Limiteda. · Upl do Brasil Industria e Comercio de Insumos Agropecuarios S.A. (Formerly known as DVA Agro Do Brasil - Comercio, Importagao e Exportagao de Insumos Agropecuarios S.A.) · DVA Technology Argentina S.A. (w.e.f. July 25, 2011) · United Phosphorus Bolivia S.R.L (w.e.f. December 27, 2011) · Decco Chile SpA · UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve Ticaret A.S. (w.e.f. October 12, 2011) · UPI Finance LLC · United Phosphorus Corp. Philippines · United Phosphorus Limited de Guatemala S.A (Ceased to be subsidiary w.e.f. March 8, 2013) · United Phosphorus Global LLP · United Phosphorus (India) · LLP Pro Long Limited (w.e.f. August 24, 2011) · Phoenix Enviromental Care LLC ( w.e.f. August 12, 2011 and amalgamated with United Phosphorus Inc. on September 30, 2011) · AgriChem B.V. (acquired during the year) · AgriChem Helvetia GmbH., (acquired during the year) · AgriChem Polska Sp.Z.O.O. (acquired during the year) · Agricultural Chemicals N.V. (acquired during the year) · Aspen Holding SAS (Incorporated during the year) · Aspen SAS (Incorporated during the year) · SD Agchem (Netherlands) B.V. · Blue star BV (acquired during the year) |
|
|
|
|
Associate
Companies: |
· Advanta India Limited · Advanta Seed International, Mauritius · Advanta Semilas SAIC, Argentina · Agrinet Solutions Limited · Chemisynth (Vapi) Limited · Kerala Enviro Infrastructure Limited · Pacific Seeds Pty Limited, Australia · Unicorn Seeds Private Limited · Sipcam UPL Brasil S.A. ( w.e.f. April 01, 2011) · Universal Pestochem Industries Limited |
|
|
|
|
Joint Venture
Companies: |
· United Phosphorus (Bangladesh) Limited. · Hodogaya UPL CompanyLimited, Japan · Nisso TM LLC (Ceased to be a Joint Venture w.e.f. September 30, 2012) |
|
|
|
|
Enterprises over
which key management personnel and their relatives have significant
influence: |
· Bharuch Enviro Infrastructure Limited · Bloom Packaging Private Limited · Bloom Seal Containers Private Limited · Coimbatore Integrated Waste Management Company Private Limited · Daman Ganga Pulp and Papers Private Limited · Demuric Holdings Private Limited · Entrust Environment Limited · Enviro Technology Limited · Gabo Products Private Limited · Gharpure Engineering and Construction Private Limited · Uniphos Envirotronic Private Limited · Jai Research Foundation · Jai Trust · Nerka Chemicals Private Limited · Pot Plants · Sanguine Holdings Private Limited · Tatva Global Enviroment Limited · Ultima Search · Uniphos International Limited · Uniphos Enterprises Limited · UPL Environmental Engineers Limited · Vikram Farm · Accolade Properties Private Limited (Upto September 27, 2012) · Sadafuli Finvest Private Limited (Upto September 27, 2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1275000000 |
Equity Shares |
Rs.2/- each |
Rs. 2550.000 Millions |
|
14000000 |
Preference Shares |
Rs.100/- each |
Rs. 1400.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 4000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
442604274 |
Equity Shares |
Rs.2/- each |
Rs. 885.200
Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity shares |
31.03.2013 |
|
|
At the beginning of the year |
461.800 |
923.600 |
|
Buy-back during the year (Refer note 46) |
19.200 |
38.400 |
|
Outstanding at the end of the year |
442.600 |
885.200 |
Terms/ rights
attached to equity shares:
The Company has one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
During the year ended 31st March, 2013, the amount of per share dividend recognised as distibutions to equity shareholders was Rs. 2.50 (31st March, 2012: Rs. 2.50)
Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date
|
Particulars |
31.03.2013 No. in Lacs |
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium |
2,198 |
|
Equity shares bought back by the Company. |
192 |
Details of
shareholders holding more than 5% shares in the Company
|
Name of the
shareholders |
31.03.2013 |
|
|
|
No. in Lacs |
% holding in the class |
|
Nerka Chemicals Private Limited |
986 |
22.28 |
|
Uniphos Enterprises Limited |
253 |
5.72 |
As per records of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
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 |
885.200 |
923.600 |
923.600 |
|
(b) Reserves & Surplus |
32691.700 |
34136.600 |
21657.200 |
|
(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) |
33576.900 |
35060.200 |
22580.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14000.000 |
11000.000 |
9912.400 |
|
(b) Deferred tax liabilities (Net) |
909.000 |
827.800 |
630.700 |
|
(c) Other long term liabilities |
2098.100 |
1360.000 |
294.200 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
17007.100 |
13187.800 |
10837.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6381.100 |
3515.800 |
4454.200 |
|
(b) Trade payables |
9587.600 |
6186.600 |
5825.800 |
|
(c) Other current
liabilities |
2019.500 |
3139.200 |
13597.000 |
|
(d) Short-term provisions |
1586.800 |
1551.600 |
1220.700 |
|
Total Current Liabilities (4) |
19575.000 |
14393.200 |
25097.700 |
|
|
|
|
|
|
TOTAL |
70159.000 |
62641.200 |
58515.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8338.800 |
8103.700 |
8097.900 |
|
(ii) Intangible Assets |
5166.200 |
5650.500 |
1280.500 |
|
(iii) Capital
work-in-progress |
2361.500 |
1136.400 |
430.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6710.600 |
6571.200 |
6564.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11153.200 |
10473.700 |
17827.600 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
33730.300 |
31935.500 |
34201.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2329.900 |
1250.000 |
3553.400 |
|
(b) Inventories |
6205.400 |
5500.300 |
4090.400 |
|
(c) Trade receivables |
18075.100 |
13899.900 |
10249.500 |
|
(d) Cash and cash
equivalents |
1882.200 |
975.300 |
4378.200 |
|
(e) Short-term loans and
advances |
7129.900 |
8186.800 |
1125.400 |
|
(f) Other current assets |
806.200 |
893.400 |
917.500 |
|
Total Current Assets |
36428.700 |
30705.700 |
24314.400 |
|
|
|
|
|
|
TOTAL |
70159.000 |
62641.200 |
58515.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
39394.400 |
33156.400 |
29110.900 |
|
|
|
Other Income |
1343.200 |
1438.500 |
1535.900 |
|
|
|
TOTAL (A) |
40737.600 |
34594.900 |
30646.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
18383.900 |
15578.900 |
12709.600 |
|
|
|
Purchase of traded goods |
3472.100 |
3423.100 |
2845.800 |
|
|
|
(Increase)/ decrease in inventories of finished goods, by-products, work-in-progress and traded goods |
(382.000) |
(1168.500) |
(510.500) |
|
|
|
Employee benefits expense |
2374.600 |
1846.500 |
1531.200 |
|
|
|
Other expenses |
11279.300 |
8766.700 |
7885.200 |
|
|
|
TOTAL (B) |
35127.900 |
28446.700 |
24461.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5609.700 |
6148.200 |
6185.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1059.900 |
1643.700 |
2936.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4549.800 |
4504.500 |
3249.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1577.600 |
1434.900 |
1146.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2972.200 |
3069.600 |
2102.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
890.900 |
799.200 |
527.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2081.300 |
2270.400 |
1575.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods calculated on F.O.B. basis |
21884.300 |
16747.900 |
14457.500 |
|
|
|
Interest |
425.300 |
466.500 |
304.300 |
|
|
|
Dividend |
54.400 |
197.000 |
0.000 |
|
|
|
Others |
7.000 |
5.200 |
1.900 |
|
|
TOTAL EARNINGS |
22371.000 |
17416.600 |
14763.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9093.500 |
7124.100 |
6496.300 |
|
|
|
Traded Goods |
2241.000 |
697.100 |
0.000 |
|
|
|
Components and spare parts |
9.200 |
8.800 |
10.300 |
|
|
|
Capital goods |
411.400 |
128.900 |
56.300 |
|
|
TOTAL IMPORTS |
11755.100 |
7958.900 |
6562.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.60 |
4.92 |
3.52 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Audited / UnAudited |
Un Audited |
Un Audited |
Un Audited |
|
Net Sales |
13484.300 |
12798.900 |
11456.000 |
|
Total Expenditure |
11523.800 |
11543.500 |
10026.300 |
|
PBIDT (Excl OI) |
1960.500 |
1255.400 |
1429.700 |
|
Other Income |
912.300 |
1804.500 |
220.900 |
|
Operating Profit |
2872.800 |
3059.900 |
1650.600 |
|
Interest |
449.900 |
459.500 |
298.800 |
|
Exceptional Items |
0.000 |
(198.600) |
0.000 |
|
PBDT |
2422.900 |
2401.800 |
1351.800 |
|
Depreciation |
375.100 |
401.500 |
442.800 |
|
Profit Before Tax |
2047.800 |
2000.300 |
909.000 |
|
Tax |
605.500 |
349.000 |
184.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1442.300 |
1651.300 |
724.400 |
|
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 |
1442.300 |
1651.300 |
724.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.11
|
6.56 |
5.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.54
|
9.26 |
7.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.87
|
5.59 |
4.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61
|
0.41 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.13 |
0.97 |
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 |
923.600 |
923.600 |
885.200 |
|
Reserves & Surplus |
21657.200 |
34136.600 |
32691.700 |
|
Net
worth |
22,580.800 |
35,060.200 |
33,576.900 |
|
|
|
|
|
|
long-term borrowings |
9912.400 |
11000.000 |
14000.00 |
|
Short term borrowings |
4454.200 |
3515.800 |
6381.100 |
|
Total
borrowings |
14,366.600 |
14,515.800 |
20,381.100 |
|
Debt/Equity
ratio |
0.636 |
0.414 |
0.607 |
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 |
29110.900 |
33156.400 |
39394.400 |
|
|
|
13.897 |
18.814 |
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 |
29110.900 |
33156.400 |
39394.400 |
|
Profit |
1575.000 |
2270.400 |
2081.300 |
|
|
5.41% |
6.85% |
5.28% |
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 |
Yes |
|
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 |
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 |
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF
GUJARAT |
|
CIVIL APPLICATION (FOR JOINING PARTY) No.
11730 of 2011 |
|
|
|
In SPECIAL CIVIL APPLICATION / 8027 / 2011 ( PENDING ) |
|
Status : PENDING |
( Converted from : CAST/10656/2011 ) |
CCIN No : 001003201111730 |
|
|
||||
|
|
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
INDIAN WIND ENERGY ASSOCIATION |
MR HEMANT K MAKWANA for: Petitioner(s) |
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
UNITED PHOSPHORUS LIMITED |
MR ABHISHEK M MEHTA for :Respondent(s) |
|
|
|||
|
Presented On |
: 18/10/2011 |
Registered On |
: 18/10/2011 |
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 38 times |
|
StageName |
: NOTICE & ADJOURNED MATTERS |
||
|
Classification |
SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908
- JOINING PARTY |
|
Act |
CIVIL PROCEDURE CODE, 1908 |
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
15/08/2011 |
VAKALATNAMA |
MR ABHISHEK M MEHTA ADVOCATE |
- |
MR ABHISHEK M MEHTA:1-2 |
|
2 |
18/10/2011 |
MEMO OF APPEAL/PETITION/SUIT |
MR HEMANT K MAKWANA ADVOCATE |
20 |
MR HEMANT K MAKWANA:1 |
|
3 |
20/10/2011 |
VAKALATNAMA |
MR HEMANT K MAKWANA ADVOCATE |
5 |
MR HEMANT K MAKWANA:1 |
|
Court Proceedings |
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
11/12/2012 |
15 |
7 |
ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|
2 |
09/01/2013 |
15 |
12 |
ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|
3 |
22/01/2013 |
15 |
10 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|
4 |
11/02/2013 |
15 |
11 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|
5 |
27/02/2013 |
15 |
12 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE Z.K.SAIYED |
|
6 |
20/03/2013 |
15 |
14 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
7 |
05/04/2013 |
15 |
13 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
8 |
30/04/2013 |
15 |
15 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
9 |
10/05/2013 |
15 |
32 |
URGENT ADMISSION - CA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
10 |
17/06/2013 |
8 |
12 |
NOTICE AND ADJOURNED MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE ANANT S. DAVE HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
11 |
02/07/2013 |
8 |
5 |
NOTICE AND ADJOURNED MATTERS |
|
HONOURABLE MR.JUSTICE ANANT S. DAVE |
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
Download |
|
|
1 |
SPECIAL CIVIL APPLICATION/171/2011 |
· HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
05/04/2013 |
N |
ORDER |
- |
Y |
Download |
|
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Unsecured Redeemable Non-convertible Debentures |
14000.000 |
11000.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
On cash credit, packing credit and working capital demand loan accounts from banks |
1912.800 |
2586.000 |
|
Buyers credit from banks |
3884.100 |
909.300 |
|
Loans from related parties |
0.000 |
17.900 |
|
Loans from others |
50.000 |
0.000 |
|
|
|
|
|
Total |
19846.900 |
14513.200 |
|
LONG-TERM
BORROWINGS Unsecured Redeemable Non-Convertible Debentures (i) NCDs amounting to Rs. 3000.000 Millions (Previous Year: Rs. Nil) are redeemable at par at the end of 10th year (Rs. 1500.000 Millions) i.e June, 2022 and at the end of 7th year (Rs. 1500.000 Millions) i.e June, 2019 from the date of allotment. (ii) NCDs amounting to Rs. 2500.000 Millions (Previous Year: Rs 2500.000 Millions) are redeemable at par at the end of 15th year i.e July 2026 from the date of allotment. The NCDs carry a call option at the end of 10th year from the date of allotment. (iii) NCDs aggregating to Rs. 3000.000 Millions (Previous Year: Rs 3000.000 Millions) are redeemable at par at the end of 12th year (Rs. 750.000 Millions), 11th year (Rs. 750.000 Millions), 9th year (Rs. 750.000 Millions) and 8th year (Rs. 750.000 Millions) i.e. October 2022, October, 2021, October 2019 and October 2018 respectively from the date of allotment. (iv) NCDs aggregating to Rs. 3000.000 Millions (Previous Year: Rs. 3000.000 Millions) are redeemable at par at the end of 10th year (Rs. 1500.000 Millions) i.e. April 2020 and at the end of 7th year (Rs. 1500.000 Millions) i.e. April 2017 from the date of allotment. The NCDs carry a call option at the end of 6th year i.e. April 2016 and 5th year i.e. April 2015 respectively from the date of allotment. (v) NCDs amounting to Rs. 2500.000 Millions (Previous Year: Rs 2500.000 Millions) are redeemable at par at the end of 5th year i.e January, 2015 from the date of allotment. (vi) NCDs amounting to Rs. Nil (Previous Year: Rs 1350.000 Millions) were redeemed at par at the end of 3.5 year (Rs. 1050.000 Millions) i.e. February, 2013 and 3 years (Rs. 300.000 Millions) i.e. August, 2012 from the date of allotment. (vii) NCDs mentioned above carry a coupon rate ranging from 9.50% to 10.70%. SHORT-TERM BORROWINGS · Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps · Short term buyers credit are unsecured and the outstanding loan carry an interest rate ranging from Libor plus 60 bps to 120 bps. · Unsecured short term demand loan carrying an interest rate of 12.50% p.a. |
||
CORPORATE INFORMATION
Subject is a public Company
domiciled in India and incorporated under the provisions of the Companies Act,
1956. Its shares are listed on two stock exchanges in India. United Phosphorus
Limited is engaged in the business of agrochemicals, industrial chemicals,
chemical intermediates and speciality chemicals.
OPERATIONAL
PERFORMANCE:
During the year, rainfall in India was erratic. There was delay in the arrival of the monsoon, adversely affecting the kharif crops. Although in the later part, the monsoon picked up which turned out to be favourable for the rabi crops. However, in most parts of the country, there was drought-like situation. Due to water shortage, cotton and rice acreage in the country decreased. Herbicide application in rice and soya bean came down. During the year, it was heartening to note that apart from the Northern states of the country, the Eastern states are also being classified as food baskets for the country with improved production of many food and vegetable crops. This is a good sign for the country which can take credit for being one of the leading producers of the world for soya bean, cotton, sugarcane, rice and certain cereals.
On the global front, Latin American countries like Brazil, Argentina, Colombia, among others, witnessed higher demand for Company’s agrochemicals. In the US, initial planting of corn started on a good note. However, due to droughts in later part of the season, farmers shifted the production to other crops. This had an adverse impact on sales.
The prices of most of the inputs were stable during the year. The commodity prices, except cotton, sustained or rose slightly.
During the year, the US dollar became stronger against most major currencies. In India, a very tight monetary policy with high interest rates was followed to bring down inflation but this impacted the overall economic growth very badly. However, of late, there have been signs of inflation easing out which gives hopes for reduction in rates of interest in the near future.
The economic scenario is changing. The world seems to be coming out of recession witnessed in last five years. The US economy is showing definite signs of revival. In Europe, some of the countries are still suffering and it will take more time for these countries to revive their economies.
It is heartening to note that Company’s sales are going up in all parts of the world, be it the US, Europe, Africa, Asia and Australia. Latin American markets, especially Brazil, have emerged as very prospective markets and in the years to come, there is a very high potential to improve the sales in these markets.
During the year, despite sluggish conditions in most of the markets, the Company has performed very well. Some of the highlights of global performances are as under:
(a) Revenue from operations has increased by 20% to Rs.92940.000 Millions.
(b) EBIDTA has gone up by 19%.
(c) Profit before taxes have gone up by 30% to Rs.9450.000 Millions.
(d) Profit for the year has gone up by 39% to Rs.7750.000 Millions.
FUTURE OUTLOOK:
For the coming year, with a normal monsoon predicted for India the Company’s performance in India is likely to improve. On the global front, the potential of Latin American market looks robust, especially Brazil. With commodity prices expected to be stable or slightly rising, off take of agrochemicals will improve. The Company has taken many initiatives in terms of supply chain management which will reduce the overall cost of production for the Company. The Company is also entering new potential markets, such as South Africa, Phillipines, among others. Over the next five years, the Company is poised to register high growth.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
REVIEW
The global economy is estimated to have posted 3.2% growth in 2012, marginally lower than 3.9% in 2011. The US, the world’s largest economy, is expected to have posted better numbers (2.3% in 2012 against 1.8% in 2011) while the eurozone is expected to have reported a negative growth of 0.4%. Much of this growth decline is estimated to have extended to fast-growing emerging markets: China’s growth slowed from 9.3% to 7.8% in 2012. Going ahead, growth in emerging and developing economies is expected to rise to 5.5% in 2013
INDIAN ECONOMY
The slowdown of the Indian economy worsened as the country posted a growth of 5% in 2012- 13 against 6.2% in 2011-12. An erratic monsoon and drought-like situation in many parts affected the growth of the country’s agriculture sector. The decelerated growth was primarily attributable to the weakness in the industrial sector (mining and quarrying, manufacturing, electricity, gas and water supply, and construction) at 3.1% while the manufacturing sector grew by 1.9%. The growth of the services sector was lower at 6.6% in 2012-13 against 8.2% in 2011-12.
GLOBAL CROP
PROTECTION MARKET
As per the preliminary available data, the global crop protection market is estimated to record a growth of 7.4% from US$44.01 bn in 2011 to US$47.26 bn in 2012. Key drivers of the crop protection market in 2012 included stable prices of Glyphosate, high crop commodity prices and a strengthening of the US dollar. In Europe, the market benefited from an early end to the winter, with improved volumes and prices, although a wet summer affected Northern Europe even as South Europe was dry. Central and Eastern Europe benefited from an improved economic position, but suffered from a cold winter and dry summer. The American market got off to a good start, but drought affected the Central Corn Belt, although other parts of the country remained positive. Strong crop prices and weaker currencies drove growth in Latin America despite a dry start to 2012 in Brazil and Argentina. Asian markets were generally positive, recovering from adverse weather in 2011, notably in Japan and Thailand, although India suffered another variable monsoon in 2012 and wet weather affected Southern China and countries in a similar latitude. Australia benefited from good growing conditions, lower pest impact and disease as well as a strong currency.
GLOBAL AGROCHEMICAL
MARKET
The value of the global conventional chemical crop protection market is estimated to have increased 14.9% in 2011 to $44.025 bn; use of agrochemical products in non-farm sectors rose by 7% to $6.29 bn. The total agrochemical market increased 13.8% to US$50.31 bn in 2011.
Key factors affecting
the global crop protection market in 2012
· Stable Glyphosate prices.
· Strong US dollar against most major currencies.
· Sustained crop commodity prices.
· High demand and improved economies-of-scale in Latin America
· Good corn planting season in the American Midwest but subsequent drought.
· The EU benefited from an early end to the winter, but suffered from a wet summer in the North and dryness in the South.
· East Europe suffered from a harsh winter followed by drought.
· Southern China affected by flooding; Glyphosate prices improved
· Further increase in GM crop area; adoption of stacked maize varieties
OUTLOOK
The outlook for 2013 remains positive, with crop prices remaining robust due to rising consumption and limited harvests in Europe and North America, in 2012.
· Wheat production in 2012 improved in Australia and Canada, but declined in Europe, the falling stocks resulting in a positive price environment for 2013.
· Maize and soybean demand remains high after a poor 2012 harvest in the US, despite a declining use of corn for ethanol manufacture.
· Dry weather affected sugarcane production in Brazil, resulting in higher sugar prices.
· Rice stocks remained low by historic standards, sustaining rice prices and profitability.
· High cotton stocks depressed prices. The crop protection market in 2012 benefited from improved volumes and prices. Recovery from adverse weather in 2012 provided further opportunities for volume growth in 2013, whilst continuing strong crop prices and a healthy farm economy provided an environment conducive to price improvement. Going ahead, the Indian agrochemicals sector is expected to grow at around 11.5% annually to reach US$6.5 bn by FY17.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2013
(RS.
IN MILLIONS)
|
PARTICULARS |
Quarter Ended |
Nine Months Ended |
|
|
Sr No
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
1 Income from Operations |
|
|
|
|
a) Net Sales/ Income from
Operations (Net of Excise Duty) |
11175.900 |
12307.000 |
36573.000 |
|
b) Other Operating Income |
280.100 |
491.900 |
1166.200 |
|
Total Income from Operations (net) |
11456.000 |
12798.900 |
37739.200 |
|
2 Expenses |
|
|
|
|
a) Cost of materials consumed |
4931.200 |
5785.200 |
15817.200 |
|
b) Purchases of stock in trade |
1698.200 |
1456.500 |
5743.200 |
|
c) Changes in inventories of finished goods, work in progress
and stock in trade |
(497.800) |
(519.500) |
(1366.200) |
|
d) Employee benefits expense |
654.200 |
616.500 |
1926.000 |
|
e) Depreciation and amortisation expense |
442.800 |
401.500 |
1219.400 |
|
f) Other expenses |
3240.500 |
3399.400 |
10025.400 |
|
Total expenses |
10469.100 |
11139.600 |
33365.000 |
|
3 Profit/ (Loss) from Operations before Other Income,
Finance Cost and Exceptional Items (1-2) |
986.900 |
1659.300 |
4374.200 |
|
4 Other Income |
220.900 |
1931.700 |
3048.700 |
|
5 Profit/ (Loss) from ordinary activities before
Finance Cost and Exceptional Items (3 + 4) |
1207.800 |
3591.000 |
7422.900 |
|
6 Finance Costs |
298.800 |
1392.100 |
2267.200 |
|
7 Profit/ (Loss) from ordinary activities before
Finance Cost and Exceptional Items (5 - 6) |
909.000 |
2198.900 |
5155.700 |
|
8 Exceptional Items |
- |
198.600 |
198.600 |
|
9 Profit / (Loss) from Ordinary Activities before Tax
(7 + 8) |
909.00 |
2000.300 |
4957.100 |
|
10 Tax Expense |
148.600 |
349.000 |
1139.100 |
|
11 Net Profit / (Loss) from Ordinary activities after
Tax (9-10) |
724.400 |
1651.300 |
3818.000 |
|
12 Paid up Equity Share
Capital (Face Value of the Share
- Rs 2.00 each) |
885.200 |
8852.200 |
885.200 |
|
13 Reserves excluding
Revaluation Reserves as per Balance Sheet of previous accounting year |
|
|
|
|
14 Earnings per Share
(EPS) Basic and Diluted EPS
before and after Extraordinary items for the period & for the previous
year |
1.64 |
3.73 |
8.63 |
|
Basic Earnings per share
of Rs 2.00 each (Rs) Diluted Earnings per Share of Rs 2.00 each (Rs) |
1.64 |
3.73 |
8.63 |
|
15 Debt Equity Ratio |
|
|
0.44 |
|
16 Debt Service Coveraqe Ratio |
|
|
4.57 |
|
17 Interest Service Coverage Ratio |
|
|
7.07 |
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
Sr No |
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1 Public Shareholding : |
|
|
|
|
|
Number of Shares |
|
314847645 |
314847645 |
|
|
Percentage of
Shareholding |
71.14% |
71.14% |
71.14% |
|
|
2 Promoters and promoter
group Shareholding |
|
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
- Number of Shares |
23365000 |
22425000 |
23365000 |
|
|
- Percentage of Shares ( as a % of the total shareholding
of the promoter and the promoter group) |
18.29% |
17.55% |
18.29% |
|
|
- Percentage of Shares ( as a % of the total share capital
of the Company ) |
5.28% |
5.07% |
5.28% |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of Shares |
104391629 |
105331629 |
104391629 |
|
|
- Percentage of Shares ( as a % of the total shareholding
of the promoter and the promoter group) |
81.71% |
82.45% |
81.71% |
|
|
- Percentage of Shares ( as a % of the total share capital
of the Company ) |
23.58% |
23.79% |
23.58% |
|
|
B |
INVESTOR COMPLAINTS [Nos.] (as informed by Sharepro
Services, Registrar and Transfer Agent of the Company) |
Quarter Ended 31.12.2013 |
|
Pending at the beginning
of the quarter |
0 |
|
|
Received during the
quarter |
54 |
|
|
Disposed during the
quarter |
54 |
|
|
Remaining unresolved at
the end of the quarter |
0 |
NOTES:
1. The above Standalone Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on January 24, 2014, The Statutory Auditors have carried out a limited review of the above results as required under Clause 41 of the listing agreements with the stock exchanges.
2. The Board of Directors of the Company at its meeting held on December 30,
2013, have unanimously approved the Buy-back of Equity Shares upto 1,40,00,000
fully paid-up equity shares of Rs. 2/- each at a price not exceeding Rs. 220/-
per equity share, Payable in cash upto an aggregate amount not exceeding Rs.
308 Core from the open market through Stock Exchange(s).
3. Other Income includes net exchange gain/ (loss) on account of foreign
exchange on exports, Imports, export commission and others, Such gain/ (loss)
are Rs. 21.400 Millions. Rs. 598.800 Millions, and Rs. 363.800 Millions for the
quarters ending December 31, 2013, September 30, 2013 and December 31, 2012
respectively; Rs. 1313.500 Millions and Rs. 4289 Millions for the nine months
ending December 31, 2013 and December 31, 2012 respectively and Rs. 293.900
Millions for the year ended March 31, 2013.
4. Finance Costs Include net exchange gain/ (loss) arising on foreign currency
loans/ advances and related derivatives, Such gain/ (loss) are Rs. 114.600
Millions, Rs. (932.600) Millions and Rs. (159.500) Millions for the quarters
ending December 31, 2013, September 30, 2013 and December 31, 2012
respectively; Rs. (944.400) Millions and Rs. 841.000 Millions for nine months
ending December 31, 2013 and December 31, 2012 respectively and Rs. 648.600
lace for the year ended March 31, 2013.
5. The competition Commission of India (CCI) had levied a penalty of Rs.
2524.400 Millions on the Company for alleged Violation of Section 3 (3) (b) and
3 (3) (d) of the competition Act 2002. The order of the CCI Was challenged
before the Competition Appellate Tribunal (COMPAT) which by its order dated
October 29, 2013 has reduced the penalty to Rs. 69.400 Millions. The Company is
taking steps to challenge the order of COMPAT.
6. Ratios have been computed as follows:
Debt comprises Long-Term borrowings, Short-Term borrowings
and Current maturities of Lana Term borrowings
Debts Service coverage Ratio = Earnings before Interest, Tax, Depreciation and
Amortisation /(Interest on long Term borrowings + Principal repayments)
Interest Service Coverage Ratio = Earnings before Interest and Tax/ Interest
and Other Finance Charges on Debt
7. Previous periods / year’s figures have been regrouped/ rearranged wherever
necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Disputed Income-Tax Liability (excluding interest) |
17.900 |
15.100 |
|
(b) Disputed Excise Duty / Service Tax liability (excluding
interest) |
1025.300 |
914.600 |
|
(c) Disputed Sales Tax liability |
251.200 |
241.700 |
|
(d) Disputed Custom Duty liability |
355.800 |
355.800 |
|
(e) Disputed Fiscal Penalty for cancellation of licences |
334.800 |
334.800 |
|
(f) Disputed penalty levied by Competition Commission of
India for Cartelization of Prices |
2524.400 |
2524.400 |
|
(g) Disputed penalty on Water Tax |
16.100 |
16.100 |
|
(h) Bills discounted under Letter of Credit and remaining
unpaid at the date of the balance sheet |
60.200 |
81.600 |
|
(i) Guarantees given by Company's bankers on behalf of the
Company to third parties |
460.500 |
412.900 |
|
(j) Corporate guarantees given on behalf of subsidiary
companies: |
|
|
|
(i) United Phosphorus Limited, U.K. |
1825.600 |
1793.600 |
|
(ii) United Phosphorus Limited, Hong Kong |
461.400 |
432.400 |
|
(iii) United Phosphorus Inc. USA |
663.600 |
621.900 |
|
(iv) United Phosphorus Inc. USA/ Decco US Post Harvest |
135.700 |
127.200 |
|
(v) UPL Columbia SAS |
217.100 |
203.500 |
|
(vi) United Phosphorus Limited, Australia |
190.000 |
178.100 |
|
(vii) Bio-Win Corporation Limited, Mauritius |
15436.900 |
13267.600 |
|
(viii) Cerexagri Italia, SRL, Italy |
833.600 |
814.900 |
|
(ix) Ceraxagri SAS., France |
1389.300 |
1358.200 |
|
(x) Ceraxagri B.V., Netherlands |
1458.700 |
1426.100 |
|
(xi) Icona S.A. Argentina |
1085.700 |
0.000 |
|
(xii) United Phosphorus Cayman Ltd, Cayman Islands |
814.300 |
0.000 |
|
(xiii) Advanta India Limited |
2714.300 |
2543.800 |
|
(k) Claims against the Company not acknowledged as debts |
48.900 |
53.200 |
|
|
|
|
|
Total |
32321.300 |
27717.500 |
FIXED ASSETS:
·
Land-Freehold
·
Land-Leasehold
·
Leasehold Improvement Asset
·
Buildings
·
Plant and Machinery
·
Laboratory Equipments
·
Furniture, Fixtures and Equipments
·
Vehicles
·
Temporary Structures
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--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 |
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 |
|
68 |
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.