MIRA
INFORM REPORT
|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UPL LIMITED |
|
|
|
|
Formerly Known
as: |
UNITED PHOSPHORUS LIMITED |
|
|
|
|
Registered
Office : |
3-11,G.I.D.C, Vapi,
Valsad-396195, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.01.1995 |
|
|
|
|
Com. Reg. No.: |
025132 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 885.208 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24219GJ985PLC025132 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide, Plant
Growth and Regulators. |
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|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 134000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company`s healthy financial risk profile marked by
sound liquidity position and fair profitability achieved by the company from
is operation. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajeev |
|
Designation : |
Department Head |
|
Contact No.: |
91-22-2646800 |
|
Date : |
07.05.2014 |
LOCATIONS
|
Registered Office : |
3-11,G.I.D.C, Vapi,
Valsad-396195, Gujarat, India |
|
Tel. No.: |
91-260-2400717 |
|
Mobile No.: |
91-21-26468000 (Mr. Rajeev) |
|
Fax No.: |
91-260-2401823 |
|
E-Mail : |
|
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Administrative
Office : |
Uniphos House, C.D.Marg. Khar (west), Mumbai-400052, Maharashtra,
India |
|
Tel. No.: |
91-2646-8000 |
|
Fax No.: |
91--2604-1010 |
|
|
|
|
Secretial
Department Office : |
·
8, Shri Krishna Commercial Centre, Gground Floor,
Opp. Raheja Solitarie. Mumbai, Maharashtra, India. ·
6, Udyog Nagar, Off S.V. Road, Goregoan (west),
Mumbai-400062, Maharashtra, India |
|
|
|
|
Corporate Office
: |
United Phosphorus Limited, Uniphos house,MAdhu Park, 11 Road,
Chitrakar Dhurandar, Marg, Khar(west), Mumbai-400052, Maharashtra , India |
|
Tel. No.: |
91-21-26468000 |
|
Fax No.: |
91-21-26041010 |
|
E-Mail : |
|
|
|
|
|
Sales Office : |
United Phosphorus Limited, V-Fortune Building, 3rd Floor, S
V Road, Next to Surya Children’s Hospital, Near Vijay Sales, Opp. Petrol
Pump, SantaCruz (west), Mumbai-400052 ,Maharashtra , India |
|
Tel. No.: |
91-21-27847769/ 27811554 |
|
Fax No.: |
91-21-27842399 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Rajju D. Shroff |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Arun C. Ashar |
|
Designation : |
Director-Finance |
|
|
|
|
Name : |
Mr. Kalyan Banerjee |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. S.R. Shroff |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. V.R. Shroff |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Pradeep Goyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr.P.V.Krishna |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Reena Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Madhavji |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chirayu R. Amin |
|
Designation : |
Upto 23.10.2012 |
|
|
|
|
Name : |
Mr. Suresh P Prabhu |
|
Designation : |
w.e.f. 30.01.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev |
|
Designation : |
Department Head |
|
|
|
|
Name : |
Mr. J.R. Sharoff |
|
Designation : |
Global CEO of the group |
|
|
|
|
Name : |
Mr. M.B. Trivedi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3782619 |
0.88 |
|
|
123970160 |
28.95 |
|
|
127752779 |
29.83 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
127752779 |
29.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25538424 |
5.96 |
|
|
322233 |
0.08 |
|
|
3277094 |
0.77 |
|
|
200467770 |
46.81 |
|
|
229605521 |
53.62 |
|
|
|
|
|
|
29525639 |
6.89 |
|
|
|
|
|
|
29367390 |
6.86 |
|
|
5892421 |
1.38 |
|
|
6089804 |
1.42 |
|
|
6740 |
0.00 |
|
|
5960196 |
1.39 |
|
|
122868 |
0.03 |
|
|
70875254 |
16.55 |
|
Total Public shareholding (B) |
300480775 |
70.17 |
|
Total (A)+(B) |
428233554 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
370720 |
0.00 |
|
|
370720 |
0.00 |
|
Total (A)+(B)+(C) |
428604274 |
0.00 |
|
|
3182052 |
0.00 |
|
Total (A)+(B)+(C) |
130084972 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide,
Plant Growth and Regulators. |
|
|
|
|
Exports : |
|
|
Products : |
Agro Chemicals |
|
Countries : |
Europe |
GENERAL INFORMATION
|
Customers : |
Distributor |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
Ř Dena Bank Ř Bank Of Baroda Ř State Bank of
India Ř Union Bank of
India Ř Canara Bank Ř IDBI Bank Ř The Karur Vysya
Bank Limited Ř Axis Bank Ř Andhra Bank Ř State Bank Of
Hyderabad Ř Export-Import
Bank Of India Ř ICICI Bank
Limited Ř ING Vysya Bank
Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions )
|
|||||||||||||||
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|
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|
Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountant |
|
|
|
|
Associate Companies: |
Ř Advanta India Limited Ř Advanta Seed International, Mauritius Ř Advanta Semilas SAIC, Argentina Ř Agrinet Solutions Limited Ř Chemisynth (Vapi) Limited Ř Kerala Enviro Infrastructure Limited Ř Pacific Seeds Pty Limited, Australia Ř Unicorn Seeds Private Limited Ř Sipcam UPL Brasil S.A. ( w.e.f. April 01, 2011) Ř Universal Pestochem Industries Limited |
|
|
|
|
Subsidiary
Companies: |
Ř Uniphos Limited, Mauritius Ř United Phosphorus (Korea) Limited Ř United Phosphorus (Shanghai) Company Limited Ř United Phosphorus (Taiwan) Limited Ř United Phosphorus Cayman Limited Ř United Phosphorus de Mexico, S.A. de C.V. Ř United Phosphorus do Brasil Ltda Ř United Phosphorus GMBH, Germany Ř United Phosphorus Holdings B.V., Netherlands Ř United Phosphorus Holdings Cooperatief U.A. Ř United Phosphorus Inc., U.S.A. Ř United Phosphorus Italy S.R.L. (Merged during the year with Cerexagri Italia S.R.L.) Ř United Phosphorus Limited Mauritius (Amalgamated with the Company w.e.f. July 1, 2011) Ř United Phosphorus Limited, Australia Ř United Phosphorus Limited, Belgium S P R L Ř United Phosphorus Limited, Colombia (Merged during the year with Evofarm Colombia SA) Ř United Phosphorus Limited, Gibraltar Ř United Phosphorus Limited, Hongkong Ř United Phosphorus Limited, Japan Ř United Phosphorus Limited, New Zealand Ř United Phosphorus Limited, U.K. Ř United Phosphorus Limited, Zambia (Upto December5, 2011) Ř United Phosphorus Polska Sp.z o.o - Poland Ř United Phosphorus Sole Partner Limited, Greece (Upto March 23, 2012) Ř United Phosphorus Switzerland Limited. Ř United Phosphorus Vietnam Co., Limited Ř UPL Investment Private Limited Ř Agri pack Zambia Limited (Upto April 01, 2011) Ř Agrindustrial, S.A., Spain Ř Agrodan, ApS Ř Anning Decco Fine Chemical Co. Limited, China Ř Bio-win Corporation Limited, Mauritius Ř Canegrass LLC, USA Ř Cerexagri B.V. - Netherlands Ř Cerexagri Costa Rica, S.A. Ř Cerexagri Delaware, Inc.,USA Ř Cerexagri Italia S.R.L. Ř Cerexagri S.A.S., France Ř Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Ř Sirketi, Turkey Ř Cerexagri, Inc. (PA) Ř Citrashine (Pty) Ltd, South Africa Ř Compania Espanola Industrial Quimica de Productos Ř Agricolas Y Domesticos, S.A.U.,Spain Ř Cropserve Zambia Limited (Upto April 01, 2011) Ř Decco Iberica Postcosecha, S.A.U., Spain (formerly Ř Cerexagri Iberica) Ř Decco Italia SRL,Italy Ř Decco US Post-Harvest Inc (US) Ř Decco Worldwide Post-Harvest Holdings B.V. Ř Decco Worldwide Post-Harvest Holdings Cooperatief U.A. Ř Desarrollo Quimico Industrial, S.A., Spain Ř Eddyville Consultants Group, Inc. Panama (Dissolved on March 18, 2013) Ř Evofarms Colombia SA Ř Evofarms S.A. - Colombia (Merged during the year with Evofarm Colombia SA) Ř Friedshelf 1114 (Pty) Ltd Ř Global Chem Trade Corp., Panama (Dissolved on January 1, 2013) Ř Icona S A - Argentina Ř Icona Sanluis S A - Argentina Ř Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March 18, 2013) Ř JSC United Phosphorus Limited, Russia Ř Phosfonia, S.L.,Spain Ř Prime Agri Centre Zambia Limited (Upto April 01, 2011) Ř PT Catur Agrodaya Mandiri, Indonesia Ř PT. United Phosphorus Indonesia Ř United Phosphorus Holding, Brasil B.V. Ř RiceCo LLC Ř Safepack Products Limited Ř Samma International S.R.L.,Italy (Upto February 29, 2012) Ř Samrod Chemicals (Pty) Ltd Ř Shroffs United Chemicals Limited Ř SWAL Corporation Limited Ř Transterra Invest, S. L. U., Spain Ř Tatva Global Environment (Deonar) Limited Ř RiceCo International Inc., Bahamas Ř Uniphos Limited, Gibraltar Ř Decco Jefkins Mexico Sapi, Mexico Ř UPL Aviation Limited Ř United Phosphorus Indústria e Comércio de Produtos Químicos Ltda. Ř Uniphos Indústria e Comércio de Produtos Químicos Ltda. Ř Upl do Brasil Industria e Comércio de Insumos Ř Agropecuários S.A. (Formerly known as DVA Agro Do Brasil - omércio, Importaçăo e Exportaçăo de Insumos Agropecuários S.A.) Ř DVA Technology Argentina S.A. (w.e.f. July 25, 2011) Ř United Phosphorus Bolivia S.R.L (w.e.f. December 27, 2011) Ř Decco Chile SpA Ř UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve Ř Ticaret A.S. (w.e.f. October 12, 2011) Ř UPI Finance LLC Ř United Phosphorus Corp. Philippines Ř United Phosphorus Limited de Guatemala S.A (Ceased to be subsidiary w.e.f. March 8, 2013) Ř United Phosphorus Global LLP Ř United Phosphorus (India) LLP Ř Pro Long Limited (w.e.f. August 24, 2011) Ř Phoenix Enviromental Care LLC ( w.e.f. August 12, 2011 and amalgamated with United Phosphorus Inc. on September 30, 2011) Ř AgriChem B.V. (acquired during the year) Ř AgriChem Helvetia GmbH., (acquired during the year) Ř AgriChem Polska Sp.Z.O.O. (acquired during the year) Ř Agricultural Chemicals N.V. (acquired during the year) Ř Aspen Holding SAS (Incorporated during the year) Ř Aspen SAS (Incorporated during the year) Ř SD Agchem (Netherlands) B.V. Ř Blue star BV (acquired during the year) |
|
|
|
|
Joint
Venture Companies: |
Ř United Phosphorus (Bangladesh) Limited. Ř Hodogaya UPL Co. Limited, Japan Ř Nisso TM LLC (Ceased to be a Joint Venture w.e.f.September 30, 2012) |
CAPITAL STRUCTURE
As on: 19.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,27,50,00,000 |
Equity Shares |
Rs.2/- each |
Rs.2550.000 Million |
|
1,40,00,000 |
Preference Shares |
Rs.100/- each |
Rs.1400.000 Million |
|
50,00,000 |
Preference Shares |
Rs.10/-each |
Rs.50.000 Million |
|
|
Total |
|
Rs.4000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44,26,04,274 |
Equity Shares |
Rs.2/- each |
Rs.885.200 Million |
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 Materials Consumed |
18383.900 |
15578.900 |
12709.600 |
|
|
|
Purchases of Stock-in-Trade |
3472.100 |
3423.100 |
2845.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
-382.000 |
-1168.500 |
-510.500 |
|
|
|
Employees 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 Per
Share (Rs.) |
4.60 |
4.92 |
3.52 |
|
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 |
22580.800 |
35060.200 |
33576.900 |
|
|
|
|
|
|
long-term borrowings |
9912.400 |
11000.000 |
14000.000 |
|
Short term borrowings |
4454.200 |
3515.800 |
6381.100 |
|
Total
borrowings |
14366.600 |
14515.800 |
20381.100 |
|
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 |
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 |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
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.
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 favorable for the rabbi 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 Millions .
(b) EBIDTA has gone up by 19%.
(c) Profit before taxes have gone up by 30% to Rs.9450 Millions .
(d) Profit for the year has gone up by 39% to Rs.7750 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, offtake 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, Philippines, among others. Over the next five years, the Company is poised to register high growth.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
|
|
|
|
|
|
|
|
1 |
10392596 |
27/08/2012 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
B56987159 |
|
2 |
10314745 |
07/09/2011 |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
B24019390 |
|
3 |
10261587 |
24/12/2010 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
B03607926 |
|
4 |
10227852 |
21/06/2010 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
A88992797 |
|
5 |
10220148 |
09/04/2010 |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
A85891174 |
|
6 |
10186793 |
09/11/2009 |
1,350,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba |
A73556698 |
|
7 |
10142689 |
31/12/2008 |
3,700,000,000.00 |
Dena Bank |
Corporate Business Branch, C-10, G-Block, Bandra |
A57003386 |
|
8 |
90099990 |
09/09/2010 * |
16,000,000,000.00 |
Dena Bank |
Corporate Business Branch, Dena Corporate Centre, |
A95586277 |
|
9 |
80002425 |
10/01/2005 |
497,500,000.00 |
RABO INDIA FINANCE PVT LTD |
FORBES BLDG, C R MARG FORT, MUMBAI, Maharashtra - |
- |
|
10 |
90099860 |
19/07/2004 |
2,500,000.00 |
UTI BANK LTD |
UNIVERSAL INSURANCE BUILDING, SIR PM ROAD ;FORT, |
- |
* Date of charge modification
UNSECURED LOAN
(Rs. In Million)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Redeemable Non-convertible Debentures |
14000.000 |
11000.000 |
|
On cash credit, packing credit and working capital demand loan
accounts from banks |
1912.800 |
2586.000 |
|
Buyers credit from Bank |
3884.100 |
909.300 |
|
Loans from others |
50.000 |
- |
|
Loans From Related Parities |
- |
17.900 |
|
Total |
19846.900 |
14512.000 |
|
NOTES: a) Unsecured Redeemable Non-Convertible Debentures (i) NCDs amounting to Rs. 3000.000 Millions 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. 2.50.00 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 lacs), 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%. a. Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps c. Short term buyers credit are unsecured and the outstanding loan carry an interest rate ranging from Libor plus 60 bps to 120 bps. d. Unsecured short term demand loan carrying an interest rate of 12.50% p.a. |
||
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2014
(Rs. In Million)
|
|
|
Particulars |
Quarter
ended |
Quarter
ended |
|
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Income from Operations |
|
|
|
|
|
a) Net Sales/Income from
Operations (net of excise duty) |
11575.500 |
11175.900 |
48148.500 |
|
|
|
b) Other Operating Income |
368.000 |
280.100 |
1534.200 |
|
|
|
Total Income from Operations (Net) |
11943.500 |
11456.000 |
49682.700 |
|
|
|
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials
consumed |
5465.8 |
4644.900 |
20145.800 |
|
|
b) |
Purchase of stock
in-trade |
1141.000 |
1984.500 |
8021.400 |
|
|
c) |
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(173.700) |
(497.800) |
(1539.900) |
|
|
d) |
Employee benefit expenses |
652.700 |
654.200 |
2578.700 |
|
|
e) |
Depreciation and
amortization expense |
471.500 |
442.800 |
1690.900 |
|
|
f) |
Other expenses |
3782.300 |
3240.500 |
13807.700 |
|
|
Total Expenses |
11339.600 |
10469.100 |
44704.600 |
|
|
|
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
603.900 |
986.900 |
4978.100 |
|
|
Other Income |
129.700 |
220.900 |
3178.400 |
|
|
|
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
733.600 |
1207.800 |
8156.500 |
|
|
Finance Costs |
165.700 |
298.800 |
2432.900 |
|
|
|
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
567.900 |
909.000 |
5723.600 |
|
|
Exceptional Items |
- |
- |
198.600 |
|
|
|
Profit /(Loss) from
ordinary activities before tax |
567.900 |
909.000 |
5525.000 |
|
|
|
Tax Expense |
228.600 |
184.600 |
1367.700 |
|
|
|
Net Profit /(Loss) from
ordinary activities after tax |
393.300 |
724.400 |
4157.300 |
|
|
|
Paid up equity share
capital (Eq. shares of Rs.2/- each) |
857.200 |
885.200 |
857.200 |
|
|
|
|
Earnings per share
(before/after extraordinary items) of
Rs.2/- each |
|
|
|
|
|
|
Basic |
0.79 |
1.64 |
9.45 |
|
|
|
Diluted |
0.79 |
1.64 |
9.45 |
|
|
|
Debt Equity Ratio |
|
|
0.43 |
|
|
|
Debt Service Coverage
Ratio |
|
|
4.45 |
|
|
|
Interest Service Coverage
Ratio |
|
|
5.67 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
300,851,495 |
314,851,495 |
300,851,495 |
|
|
|
- Percentage of
Shareholding |
70.19% |
71.14% |
70.19% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
14,587,000 |
26,950,000 |
14,587,000 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
11.42% |
21.10% |
11.42% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
3.40% |
6.09% |
3.40% |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
113,165,779 |
100,802,779 |
113,165,779 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
88.58% |
78.90% |
88.58% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
26.41% |
22.77% |
26.41% |
|
|
Particulars |
Quarter
ended 31.12.2013 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
0 |
|
|
|
Received during the
quarter |
53 |
|
|
|
Disposed during the
quarter |
53 |
|
|
|
Remaining unresolved at
the end of the quarter |
0 |
NOTES
1 The
above Standalone Audited Financial Results were reviewed by the Audit Committee
and thereafter approved at the Meeting of the Board of
Directors held on 25th April, 2014
2 The
Board has recommended dividend @ 200 % on equity shares of Rs. 2/- each of the
Company (i.e. Rs 4/- per equity share), subject to the approval of members at
the ensuing Annual General Meeting.
3 The
figures for the quarter ended 31st March 2014 and 31st March 2013 are the
balancing figures between the Audited figures in respect of the full financial
year and the year to date figures up to the third quarter for the respective
years.
4 The
Company has completed its offer for Buyback of equity shares from the open
market through stock exchanges, by acquiring 140,00,000 shares. All these
shares are extinguished. After the Buyback, the Share Capital stands reduced to
Rs. 857.208 Millions consisting of
428.604 Millions shares of Rs. 2 each.
5 During
the quarter the Company, through its step down wholly owned subsidiary, has increased
its shareholding in UPL do Brazil from 51% to 73 %. UPL do Brazil is engaged in
the production, marketing, distribution and selling of crop protection products
and specialties in the Brazilian agrochemical market.
6 The
Company's overseas subsidiary has entered into an agreement with the Italian
company Sipcam S.P.A., to sell its entire stake of 50 % in the Brazilian
agrochemical company Sipcam UPL Brazil S.A. This disinvestment will release
funds to the Company which will be available for new opportunities and to meet
growing requirements.
7 During
the quarter, Finance Costs includes settlement gain/ mark to market losses on
derivative contracts related to borrowings and exchange differences arising on
foreign currency loans / advances amounting to a net gain of Rs 290.800
Millions . The amount for the corresponding quarter of the previous year
included a net loss of Rs 192.400 Millions
and for the quarter ended December 2013 a net gain of Rs 3.600 Millions
. For the year ended 31st March
2014, the net loss is Rs 653.600
Millions as against a net gain of Rs
695.300 Millions for the previous
year.
8 Ratios
have been computed as follows :-
Debt comprises Long-Term borrowings, Short-Term borrowings and Current
maturities of Long 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 9 Previous periods/ year’s figures have been egrouped/ rearranged wherever necessary.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In Millions )
|
Particular |
31.03.2014 |
30.03.2013 |
|
EQUITY AND
LIABILITIES |
|
|
|
Shareholders’
funds |
|
|
|
(a) Share capital |
857.200 |
885.200 |
|
(b) Reserves and surplus |
32219.200 |
32691.700 |
|
Sub-total
- Shareholders' funds |
33076.400 |
33576.900 |
|
|
|
|
|
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
10600.000 |
14000.000 |
|
(b) Deferred Tax Liabilities (Net) |
1173.400 |
909.000 |
|
(c) Other Long Term Liabilities |
3067.000 |
2098.100 |
|
Sub-total
- Non-current liabilities |
14840.400 |
17007.100 |
|
|
|
|
|
Current
liabilities |
|
|
|
(a)Short Term Borrowings |
1101.600 |
6381.100 |
|
(b) Trade payables |
13711.500 |
9406.600 |
|
(c) Other current liabilities |
5734.600 |
2200.500 |
|
(d) Short-term provision |
2360.700 |
1586.800 |
|
Sub-total
- Current liabilities |
22908.400 |
19575.000 |
|
TOTAL
- EQUITY AND LIABILITIES |
70825.200 |
70159.000 |
|
|
|
|
|
ASSETS |
|
|
|
Non-current
assets |
|
|
|
(a) Fixed assets |
16902.400 |
15866.500 |
|
(b) Non-current investments |
6711.500 |
6710.600 |
|
(c) Long-term loans and advances |
13303.000 |
11153.200 |
|
Sub-total
- Non-current assets Current assets |
36916.900 |
33730.300 |
|
Current assets |
|
|
|
(a) Current Investment |
0.000 |
2329.900 |
|
(b) Inventories |
8722.000 |
6205.400 |
|
(c) Trade receivables |
14117.900 |
18045.600 |
|
(d) Cash and cash equivalents |
1854.000 |
1882.200 |
|
(e) Short-term loans and advances |
8142.900 |
7061.400 |
|
(f) Other current assets |
1071.500 |
904.200 |
|
Sub-total
- Current assets |
33908.300 |
36428.700 |
|
TOTAL
- ASSETS |
70825.200 |
70159.00 |
FIXED ASSETS
Ř Land Freehold
Ř Land Leasehold
Ř Leasehold Improvement Asset
Ř Building
Ř Plant and machinery
Ř Laboratory Equipment
Ř Furniture, Fixtures & equipment
Ř Office Equipment
Ř Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SBN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
No |
|
--EPF |
YES/NO |
No |
|
TOTAL |
|
50 |
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.