MIRA INFORM REPORT
|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIMCO PESTICIDES LIMITED |
|
|
|
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Registered
Office : |
B-1/1, MIDC Industrial Area, Lote Parshuram, Village Awashi, Taluka
Khed, Ratnagiri – 415707, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.08.1987 |
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Com. Reg. No.: |
11-044362 |
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Capital
Investment / Paid-up Capital : |
Rs.92.365
Millions |
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|
|
CIN No.: [Company
Identification No.] |
L24210MH1987PLC044362 |
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|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and trading in agrochemical products. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The management of the company has changed its financial year ranging from
September 2012 to March 2013 for 6 months. The company has recorded huge accumulated losses from its operations. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow. The company can be considered for business dealings great
caution. |
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 |
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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.2453.2 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 BY
|
Name : |
Mr. Jitendra Shah |
|
Designation : |
General Manager |
|
Contact No.: |
91-2352-272136 |
|
Date : |
14.05.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
B-1/1, MIDC Industrial Area, Lote Parshuram, Village Awashi, Taluka
Khed, Ratnagiri – 415707, Maharashtra, India |
|
Tel. No.: |
91-2352-272136/ 37/ 38 |
|
Fax No.: |
91-2352-272138 |
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E-Mail : |
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|
Website : |
http://www.aimcopesticides.com
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Head Office : |
Akhand Jyoti, 8th Road, Santacruz (East), Mumbai -400055,
Maharashtra, India |
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Tel. No.: |
91-22-26163744/ 45/ 46 / 67604000 |
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Fax No.: |
91-22-26116736/ 26117761/ 67604060/ 67604070 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Pradeep Dave |
|
Designation : |
Chairman and Executive Director (*was Managing Director till
14/08/2013) |
|
|
|
|
Name : |
Mrs. Elizabeth Shrivastava |
|
Designation : |
Managing Director (w.e.f. 14.08.2013**) (**post Board Meeting) |
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|
Name : |
Mr. Ramgopal Kaja |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Ashit P. Dave |
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Designation : |
Executive Director |
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Date of Birth/Age : |
06.01.1971 |
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Qualification : |
B.Com, IIM |
|
Date of Appointment : |
20.08.1996 |
|
|
|
|
Name : |
Dr. Samir P. Dave |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
15.01.1967 |
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Qualification : |
Ph. D in Organic Chemistry (University of Mumbai) |
|
Date of Appointment : |
30.05.1995 |
KEY EXECUTIVES
|
Name : |
Ms. Priya Surati |
|
Designation : |
Compliance Officer |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1329062 |
14.39 |
|
|
3418045 |
37.01 |
|
|
4747107 |
51.40 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4747107 |
51.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3000 |
0.03 |
|
|
100 |
0.00 |
|
|
3600 |
0.04 |
|
|
6700 |
0.07 |
|
|
|
|
|
|
197862 |
2.14 |
|
|
|
|
|
|
2950905 |
31.95 |
|
|
1244078 |
13.47 |
|
|
89861 |
0.97 |
|
|
8190 |
0.09 |
|
|
77436 |
0.84 |
|
|
1000 |
0.01 |
|
|
3235 |
0.04 |
|
|
4482706 |
48.53 |
|
Total Public shareholding (B) |
4489406 |
48.60 |
|
Total (A)+(B) |
9236513 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9236513 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and trading in agrochemical products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
State Bank of India |
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Facilities : |
Notes: Long Term
Borrowings (i)
As per One Time Settlement (OTS) plan approved by
State Bank of India, the Company is required to pay Rs.95.000 Millions
against the liability of Rs.282.235 Millions as per its books of accounts.
The sum of Rs.187.235 Millions waived by the bank has been written back as
income of the year and shown as Exceptional item in the Statement of Profit
and Loss. (ii)
The bank has adjusted the sum of Rs.15.000
Millions paid by the Company by way of advance deposit pending approval of
the OTS, against the OTS amount of Rs.95.000 Millions. The balance sum of
Rs.80.000 Millions is payable within 30 to 360 days of acceptance of the OTS.
(iii)
As per the terms of the OTS, no interest is
payable till 30th June, 2013. Thereafter, the interest shall be payable at notified
SBAR (State Bank Advance Rate) at simple rate. (iv)
The Company is in the process of complying with
various terms as stipulated in the OTS. Further, the defaults made by the
Company in the financial years 2011-12 and earlier have been regularized as per
the revised repayment schedule. (v)
Details of security for borrowing from State Bank
of India: a.
Term loan secured by First pari passu charge /
Second Charge on fixed assets of the company as well as second charge on the
entire fixed assets of the company situated at Lote Parshuram along with
first charge on Hyderabad factory, is also secured by pledge of
promoters-directors entire shareholding 20,80,969 shares and secured by
hypothecation of the stock and receivables. b.
Term Loan also secured by a personal guarantee of
chairman and managing Director, Executive Director and an Ex-director. Short Term
Borrowings (i) As per the settlement arrived at with the party, the Company is required to pay a sum of Rs.13.800 Millions against the liability of Rs.26.589 Millions as at the beginning of the year. The sum of Rs.12.789 Millions waived by the lender is written back as income of the year and shown as Exceptional item in the Statement of Profit and Loss. Out of the settled amount of Rs.13.800 Millions the Company has already paid the sum of Rs.10.000 Millions and the amount outstanding as at the date of balance sheet is Rs.3.800 Millions. (ii) Loan is secured by a first mortgage on all the Company's immoveable properties both present and future, located at Lote Parshuram and first charge by way of hypothecation of all the Company's movables (save and except book debts) including moveable machinery, machinery spares, tools and accessories, both present and future. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Contractor Nayak and Kishnadwala Chartered Accountant |
|
Address : |
5th Floor, Narian Chamber, M.G. Road, Vile Parle (East), Mumbai -
400057, Maharashtra, India |
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|
Companies/ Firms in
which the directors' have substantial interest ( i.e. more than 20% in voting
power directly or indirectly) : |
· Amisco Agrochem Limited · Aimco Investment Private Limited · Aurangabad Oil Extraction Company Private Limited · Aimco Ecoscience Limited · All India Medical Corporation · NDR and Company |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9236513 |
Equity Shares |
Rs.10/- Each |
Rs.92.365
Millions |
Terms/rights attached
to equity shares
i. The Company has only one class of share referred to as equity shares having a par value of Rs.10. Each holder of equity shares is entitled to one vote per share.
ii. 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 Annual General Meeting.
iii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount. The distribution will be proportionate to the number of equity shares held by the shareholders.
iv.
There
is no change in issued and paid up share capital during the year.
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Excel Crop Care Limited |
2330120 |
25.23% |
|
Aimco Investment Private Limited |
546345 |
5.92% |
|
Pradeep P Dave |
529954 |
5.74% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 (6 Months) |
30.09.2012 (6 Months) |
31.03.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
92.365 |
92.365 |
92.365 |
|
(b) Reserves & Surplus |
(90.216) |
(169.217) |
(82.856) |
|
(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) |
2.149 |
(76.852) |
9.509 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.716 |
1.704 |
5.185 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.533 |
1.523 |
2.237 |
|
(d) long-term provisions |
6.084 |
5.384 |
4.186 |
|
Total Non-current Liabilities (3) |
26.333 |
8.611 |
11.608 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
9.691 |
40.081 |
49.218 |
|
(b) Trade payables |
266.614 |
455.309 |
118.042 |
|
(c) Other current
liabilities |
163.490 |
521.630 |
311.718 |
|
(d) Short-term provisions |
11.716 |
13.072 |
6.007 |
|
Total Current Liabilities (4) |
451.511 |
1,030.092 |
484.985 |
|
|
|
|
|
|
TOTAL |
479.993 |
961.851 |
506.102 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
41.587 |
41.301 |
44.980 |
|
(b) Deferred tax assets (net) |
14.251 |
0.000 |
30.695 |
|
(c) Long-term Loan and Advances |
10.773 |
10.486 |
14.614 |
|
(d)
Inventories |
0.000 |
46.893 |
78.692 |
|
(e) Other Non-current assets |
33.087 |
162.671 |
181.629 |
|
Total Non-Current Assets |
99.698 |
261.351 |
350.610 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
112.986 |
271.958 |
70.762 |
|
(c) Trade receivables |
209.923 |
317.029 |
44.279 |
|
(d) Cash and cash
equivalents |
9.457 |
6.430 |
7.733 |
|
(e) Short-term loans and
advances |
20.320 |
33.927 |
16.704 |
|
(f) Other current assets |
27.609 |
71.156 |
16.014 |
|
Total Current Assets |
380.295 |
700.500 |
155.492 |
|
|
|
|
|
|
TOTAL |
479.993 |
961.851 |
506.102 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (6 Months) |
30.09.2012 (6 Months) |
31.03.2011 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
457.493 |
1,986.154 |
489.931 |
|
|
|
Other Income |
4.918 |
20.449 |
1.430 |
|
|
|
TOTAL (A) |
462.411 |
2,006.603 |
491.361 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
277.997 |
1,540.884 |
371.570 |
|
|
|
Purchases of Stock-in-Trade |
53.530 |
279.901 |
57.950 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
100.491 |
(89.997) |
11.214 |
|
|
|
Employees benefits expense |
11.745 |
29.317 |
14.696 |
|
|
|
Other expenses |
180.273 |
245.433 |
67.146 |
|
|
|
Exceptional Items |
(229.548) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
394.488 |
2,005.538 |
522.576 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.923 |
1.065 |
(31.215) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.452 |
48.170 |
29.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
66.471 |
(47.105) |
(60.389) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.722 |
8.560 |
6.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.749 |
(55.665) |
(67.140) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.251) |
30.695 |
(6.235) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
79.000 |
(86.360) |
(60.905) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(249.184) |
(165.824) |
(104.919) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
3.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(170.184) |
(249.184) |
(165.824) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
167.615 |
611.205 |
236.915 |
|
|
TOTAL EARNINGS |
167.615 |
611.205 |
236.915 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
82.531 |
1216.840 |
275.036 |
|
|
|
Purchases of stock-in-trade |
40.632 |
219.931 |
0.000 |
|
|
|
Plant & Equipment’s |
0.000 |
0.568 |
0.000 |
|
|
TOTAL IMPORTS |
123.163 |
1437.339 |
275.036 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.55 |
(9.35) |
(6.59) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (6 Months) |
30.09.2012 (6 Months) |
31.03.2011 (12 Months) |
|
PAT / Total Income |
(%) |
17.08 |
(4.30) |
(12.40) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.15 |
(2.80) |
(13.70) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.23 |
(5.85) |
(14.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
30.13 |
0.72 |
(7.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
13.22 |
(0.54) |
5.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.68 |
0.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
92.365 |
92.365 |
92.365 |
|
Reserves & Surplus |
(82.856) |
(169.217) |
(90.216) |
|
Net
worth |
9.509 |
(76.852) |
2.149 |
|
|
|
|
|
|
long-term borrowings |
5.185 |
1.704 |
18.716 |
|
Short term borrowings |
49.218 |
40.081 |
9.691 |
|
Total
borrowings |
54.403 |
41.785 |
28.407 |
|
Debt/Equity
ratio |
5.721 |
(0.544) |
13.219 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
489.931 |
1,986.154 |
457.493 |
|
|
|
305.395 |
(76.966) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
489.931 |
1,986.154 |
457.493 |
|
Profit |
(60.905) |
(86.360) |
79.000 |
|
|
(12.43%) |
(4.35%) |
17.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
NMSL/244/2011 |
Failing Date:- |
27/01/2011 |
Reg. No.:- |
NMS/244/2011 |
Reg. Date:- |
27/01/2011 |
|
Loading No.:- |
SL/753/2009 |
||||||
|
|
|||||||
|
Petitioner:- |
HERANBA INDUSTRIES LIMITED |
Respondent:- |
AIMCO PESTICIDES LIMITED |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
NOTICE OF MOTION |
||||
|
Status:- |
Transferred |
Remark :- |
TRANSFERRED TO THE CITY CIVIL COURT |
||||
|
Last Date:- |
14/12/2012 |
|
|||||
|
Act. : |
Code of Civil Procedure 1908 |
||||||
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Fixed Deposits |
1.216 |
1.704 |
|
Short Term
Borrowings |
|
|
|
Loans and advances from related parties |
1.032 |
8.470 |
|
Deposits |
4.859 |
5.022 |
|
Total |
7.107 |
15.196 |
Note: Fixed Deposits from
public and shareholders carry interest @ 11% p.a. and are repayable after 2 and
3 years from the date of deposit.
CORPORATE
INFORMATION
The Company is a
public limited company domiciled in India incorporated under the provisions of
the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in
India. The Company is engaged in the business of manufacturing and trading in
agrochemical products. Its manufacturing plant is located at Taluka Khed,
District Ratnagiri, Maharashtra. The Company caters to both domestic and
international markets.
OPERATIONS:
On account of
variation of periodicity of financial statement of current year and that of
last year, the figures are not absolutely comparable. During the period under review,
the income recorded from operations was Rs.457.493 Millions [during FY 2012-13,
consisting of 6 months period], representing a healthy sign of business growth
of as compared to previous period. After offsetting all expenses/ credits,
company generated profit after tax of Rs.79.000 Millions. The Company has
continued to enhance its business operations during the financial year period.
The Management has committed to enhance business operations by adding new
molecules to sustain market volatility. The Company has attempted to capture
untapped foreign markets with new product line and as result volume of sales
would see momentum in succeeding years.
During the
financial year, State Bank of India, Company's principle lender have sanctioned
its accord for one time settlement (OTS) plan submitted by the Company earlier
with minor modification. The management's business development plan has
contributed in terms of development of new markets as well as launching of
newer products in local and foreign markets. Under given challenging global
business surroundings and draught like conditions in few states in India during
last financial year, stalled management's efforts to bring turnaround on fast
track, but they are working at our full capacity to improve in net worth of the
Company. The directors are hopeful of smooth execution of the revival plan and
present financial statements have been prepared on Going Concern basis.
CURRENT YEAR
OUTLOOK
The Company has
continued focusing on registering, orienting more products in its own brand
name in exports market. It's company's endeavor to develop new markets as well
as concentrating more on improvement of volume of its sales in current market
so the sale can be maximized. On account of new export registrations & weakening
of rupee The Company expects growth in the export sales in the coming year.
OUTLOOK:
The business
outlook for the current year is very optimistic due to the best monsoon all
over India. Increased Sales from the many new Indian & exports markets are
expected this year due to the new registrations, approvals obtained. The
Company is positive towards its progress in near future. The companies are
increasingly training farmers regarding the right use of agrochemicals in terms
of quantity, application and appropriateness for pest problems. With increasing
awareness, the use of agrochemicals is expected to increase
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
285.674 |
356.431 |
975.434 |
|
b) Other operating income |
0.398 |
0.673 |
1.790 |
|
Total
income from Operations(net) |
286.072 |
357.104 |
977.224 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
92.199 |
166.349 |
443.133 |
|
b) Purchases of stock in trade |
139.218 |
62.265 |
356.867 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
18.302 |
27.974 |
26.828 |
|
d) Employees benefit expenses |
6.901 |
7.038 |
20.571 |
|
e) Depreciation and amortization expenses |
0.867 |
0.886 |
2.629 |
|
f) Other expenditure |
19.753 |
45.207 |
100.881 |
|
Total expenses |
277.240 |
309.719 |
950.909 |
|
3. Profit from operations before other income and
financial costs |
8.832 |
17.386 |
26.315 |
|
4. Other income |
3.505 |
0.153 |
7.122 |
|
5. Profit from ordinary activities before finance costs |
12.337 |
17.539 |
33.437 |
|
6. Finance costs |
1.792 |
2.956 |
5.225 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
10.546 |
14.582 |
28.212 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
10.546 |
14.582 |
28.212 |
|
10.Tax expenses |
8.377 |
4.545 |
13.693 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
2.169 |
10.037 |
14.519 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
2.169 |
10.037 |
14.519 |
|
14.Paid-up equity share capital (Nominal value Rs.10/-per share) |
92.365 |
92.365 |
92.365 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/-each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.23 |
1.09 |
1.57 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.23 |
1.09 |
1.57 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4489406 |
4490631 |
4489406 |
|
- Percentage of shareholding |
48.60% |
48.56% |
48.60% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
2080969 |
2080969 |
2080969 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
43.84% |
43.85% |
43.84% |
|
Percentage of shares (as a % of total share capital of the
company) |
22.53% |
22.53% |
22.53% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2666138 |
2664913 |
2666138 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
56.16% |
56.15% |
56.16% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.87% |
28.85% |
28.87% |
Segment Results:
a) Primary segment - Business segment:
The Company has only one business segment namely “Agrochemicals” as primary segment. Since the entire business of the Company is from agrochemicals, there are no other primary reportable segments. Hence, the disclosures as required under Accounting Standard 17 “Segment Reporting” qua the primary segment is not given.
b) Secondary segment - Geographical segment:
The geographical segment is based on the geographical location of the customers. The secondary segment information is as under:
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
i. Revenue: |
|
|
|
|
India |
97.478 |
222.378 |
614.441 |
|
Outside India |
188.196 |
134.053 |
360.993 |
|
Total
|
285.674 |
356.431 |
975.434 |
|
ii. Carrying amount of assets: |
|
|
|
|
India |
442.736 |
466.990 |
442.736 |
|
Outside India |
116.803 |
48.925 |
116.803 |
|
Total
|
559.539 |
515.915 |
559.539 |
|
iii. Capital Expenditure in India |
1.351 |
0.567 |
1.918 |
Notes:
1)
The above results were reviewed by
the Audit Committee and approved by the Board of Directors in their meeting held
on 14th February, 2014.
2)
The Accounts of the previous year are
for a period of six months from 1st October, 2012 to 31st March, 2013 and of
the year prior to that was for a period of eighteen months from 1st April, 2011
to 30th September, 2012. For meaningful comparison, the Company has given
figures of the quarter and the nine months ended on 31st December, 2012. The
figures of nine months ended 31st December, 2012 are derived from the quarterly
results of the periods comprised therein.
3)
The Company had recognised deferred
tax assets of Rs.14.334 Millions with reference to un-absorbed losses and
un-absorbed depreciation taking into account the amount of sales orders on
hand, operating profit earned during the period and future profitability
projections. During the year the Company has earned sufficient taxable income
so as to adjust the said unabsorbed losses and depreciation.
4)
Managerial Remuneration of Rs.8.620
Millions (including Rs.7.739 Millions paid in earlier years) to directors is
subject to approval of the Central Government under section 309 of the
Companies Act, 1956.
5)
Based on its Accounts for the
financial year 2011-12, a reference filed by the Company under Section 15(1) of
the Sick Industrial Companies (Special Provisions ) Act, 1985, was registered
by the Board for Industrial and Financial Reconstruction (BIFR). Pursuant
thereto the Board under section 17(3) of the Act passed the necessary order in
September 2013 and appointed State Bank of India as its operating agency and
directed the said bank to submit the Scheme before the Board.
6)
The statutory auditors have carried
out a limited review of the above results as required under Clause 41 of the
Listing Agreement. They have referred to the above Note viz., Note no 4 in
their report.
7)
There were no investor complaints
pending as at the beginning of the quarter. No complaint was received during
the quarter and no complaints remain unresolved at the end of the quarter.
8)
The unaudited financial results of
the Company for the quarter ended 31st December, 2013 are also available on the
Company’s website
9)
Previous period’s figures have been
regrouped/reclassified wherever considered necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.12.2013
Rs. In Millions
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
92.365 |
|
(b) Reserves & Surplus |
|
|
(75.697) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
16.668 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
1.584 |
|
(d) long-term provisions |
|
|
5.973 |
|
Total
Non-current Liabilities (3) |
|
|
7.557 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1.593 |
|
(b) Trade payables |
|
|
372.698 |
|
(c) Other current liabilities |
|
|
142.613 |
|
(d) Short-term provisions |
|
|
18.408 |
|
Total
Current Liabilities (4) |
|
|
535.312 |
|
|
|
|
|
|
TOTAL |
|
|
559.537 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
40.875 |
|
(b) Non-current Investments |
|
|
0.250 |
|
(c) Deferred tax assets (net) |
|
|
0.558 |
|
(d) Long-term Loan and Advances |
|
|
16.901 |
|
(e) Other Non-current assets |
|
|
33.088 |
|
Total
Non-Current Assets |
|
|
91.672 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
|
|
106.941 |
|
(c) Trade receivables |
|
|
211.268 |
|
(d) Cash and cash equivalents |
|
|
102.858 |
|
(e) Short-term loans and
advances |
|
|
28.070 |
|
(f) Other current assets |
|
|
18.730 |
|
Total
Current Assets |
|
|
467.867 |
|
|
|
|
|
|
TOTAL |
|
|
559.539 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90218248 |
07/12/2009 * |
50,000,000.00 |
Abhigam Consultants Private Limited |
1st Floor, Abs Tower,Old Padra Road, Baroda, Gujarat - 390015, India |
A77756351 |
|
2 |
90218247 |
14/04/1999 |
50,000,000.00 |
Industrial Development Bank of India |
IDBI Tower; Wtc Complex, Colaba, Mumbai, Maharashtra - 400005, India |
- |
|
3 |
90219010 |
29/03/1995 |
42,500,000.00 |
State Bank of India |
Manodava Bldg., Dattapada Road; Borivli (East), Bombay, Maharashtra - 400066, India |
- |
|
4 |
90219637 |
23/12/2005 * |
42,500,000.00 |
State Bank of India |
Commercial Br., Vileparle (East), Mumbai, Maharashtra - 400057, India |
- |
|
5 |
90219968 |
02/08/1993 * |
9,870,000.00 |
The State Industrial and Investment Corp. of Maharashtra Limited |
Nirmal; First Floor, Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
6 |
90217642 |
24/03/1999 * |
250,000,000.00 |
ICICI Limited |
163, Backbay Reclamation, Mumbai, Maharashtra - 400020, India |
- |
|
7 |
90217639 |
04/01/1993 |
25,000,000.00 |
The Industrial
Credit and Investment Corporation Of |
163, Backbay Reclamation, Bombay, Maharashtra – 400020, India |
- |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer Equipment
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 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.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.