MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SYNGENTA INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
NOVARTIS AGRIBUSINESS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411 045, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.03.2000 |
|
|
|
|
Com. Reg. No.: |
25-135336 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.159.300
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24210PN2000PLC135336 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27059E PNES06546B PNES28531G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS9424P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in business of agro chemicals and seeds processing and also engaged in manufacturing of technical grade and formulating pesticides, herbicides and fungicides and processes field crop and vegetable seeds. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 52785000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established company having fine track record. The rating reflects
healthy financial risk profile marked by strong liquidity position and decent
profitability of the company. 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.
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 DECLINED
Management non-cooperative
(Tel. No.: 91-832-2460460 / 91-20-30699200)
LOCATIONS
|
Registered Office/ Corporate Office : |
Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411 045, Maharashtra, India |
|
Tel. No.: |
91-20-30699200 |
|
Fax No.: |
91-20-30699480 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Seeds
Division 1 : |
Plot No.9-1-164/A, 165,166, 4th Floor,
Amsari Faust, S.D. Road, Beside Hotel Basera, Near Clock Tower, Opposite
Sigma Hospital, Secunderabad – 500 025, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30932700 |
|
|
|
|
Seeds
Division 2 : |
Survey No.39/1a, 39/2a, 39/2b, Ansundi – Kajjrari
Road, Rannebenur – Taluka, Havari District
Ansundi Village, Rannebenur – 581 115, Karnataka, India |
|
Tel. No.: |
91-8373-398200 |
|
|
|
|
Seeds
Division 3 : |
Gate No.32, Mulani Wadgaon, At Post Mulani Wadgaon,
Taluka Paithan, District Aurangabad – 431 105, Maharashtra, India |
|
Tel. No.: |
91-2431-231273-74-94 |
|
|
|
|
Seeds
Division 4 : |
Survey No.600/661, Nuthankal Village, Medchal
Mandal, R.R. District, Medchal – 501 401, Andhra Pradesh, India |
|
Tel. No.: |
91-8418-304500 |
|
|
|
|
Delhi Office : |
G-8, Hans Bhavan, Bahadur Shah Zafar Marg, New
Delhi - 110 002, India |
|
Tel. No.: |
91-11-23378546 |
|
|
|
|
Kolkata Office
: |
No.2F, 2nd Floor, Orbit House,
1, Garstin Place, Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22484961 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Prakash Krishnaji
Apte |
|
Designation : |
Director |
|
Address : |
Flat No.803, Wing - B, Blossom,
Boule Vard Koregaon Park, Pune – 411 001, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1954 |
|
Qualification : |
Degree in Mechanical
Engineering, PG Diploma in Management |
|
Date of Appointment : |
10.11.2000 |
|
DIN No.: |
00196106 |
|
PAN No.: |
AABPA3173H |
|
|
|
|
Name : |
Mr. Akshaya Manjunath
Kamath |
|
Designation : |
Managing Director |
|
Address : |
06, 01 Block No.2, 134,
Tanjung Rhu Road, Singapore 436920, Singapore |
|
Date of Birth/Age : |
17.02.1976 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
01.09.2009 |
|
DIN No.: |
02645371 |
|
PAN No.: |
AGKPK2824Q |
|
|
|
|
Name : |
Mr. Govind Premanand
Sinaibene |
|
Designation : |
Whole-time Director |
|
Address : |
H.No.457, Radha Mandop Road,
P.O. Navelim Salcete, Salcete – 403 707, Goa, India |
|
Date of Birth/Age : |
29.11.1961 |
|
Qualification : |
ACA |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
03450063 |
|
PAN No.: |
APMPS6861G |
|
|
|
|
Name : |
Mr. Ramesh Cheruku |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.405, B-Block,
Chanakya Shelter, Behind HDFC Bank, Temple Alwal, Secunderabad – 500 010,
Andhra Pradesh, India |
|
Date of Birth/Age : |
09.02.1966 |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
05100767 |
|
PAN No.: |
AATPC6580C |
|
|
|
|
Name : |
Mr. Martin Sanjay Ghosh |
|
Designation : |
Whole-time Director |
|
Address : |
C22 LA Marvel, Colony
Dona Paula, Panaji – 403 004, Goa, India |
|
Date of Birth/Age : |
03.05.1965 |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
05101487 |
|
PAN No.: |
ACKPG7535N |
|
|
|
|
Name : |
Steven Brett Hawkins |
|
Designation : |
Director |
|
Address : |
1 Harbour Front Avenue
03-03, Keppel Bay Tower, Singapore, 098632 |
|
Date of Birth/Age : |
17.08.1966 |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
06409087 |
KEY EXECUTIVES
|
Name : |
Mr.
Tapan Kumar Parida |
|
Designation : |
Secretary |
|
Address : |
Padmavilas Apartment
No.C-804, 8th Floor,
Survey, No.13111, Pashan Baner, Link Road, Near HDFC Bank, Pune – 411 021,
Maharashtra, India |
|
Date of Birth/Age : |
13.04.1977 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AJXPP3251G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDERS – NOT AVAILABLE
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Public Financial
Institutions |
|
0.01 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
96.42 |
|
Bodies
corporate |
|
0.09 |
|
Other
top fifty shareholders |
|
3.47 |
|
Others |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of agro chemicals and seeds processing and also engaged in manufacturing of technical grade and formulating pesticides, herbicides and fungicides and processes field crop and vegetable seeds. |
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||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]:
|
Class of goods |
Unit |
Installed
Capacity @ |
Actual
Production |
|
Agrochemicals
: |
|
|
|
|
Formulations |
M.
Tons |
1,800 |
2,104 |
|
|
K.
Litres |
4,800 |
7,813 |
|
Technical
material |
M.
Tons |
6,300 |
4,092 |
|
Seeds: |
M.
Tons |
8,160 |
21,542 |
Notes:
1. Since the Company's installation
can technically be considered as a multi-purpose plant, it's capacity is
necessarily variable in line with process improvements and the product/pack mix
adopted from time to time. The figures given in relation to installed capacity,
are therefore, approximate and refer to the product/pack mix of the year.
2. @ Installed capacities
are as certified by the Management, but not verified by the Auditors, being a
technical matter and excludes install capacity of third party.
3. Actual production includes:
(i) Quantities produced by
third parties under contract with the Company.
(ii) Quantities of samples.
(iii) Quantities for
captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|
|
|
|
Bankers : |
· BNP Paribas · Citi Bank, Pune Branch · Deutsche Bank ·
Union Bank of · The Hongkong and Shanghai Banking Corporation Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.
R. Batliboi and Co. LLP Chartered
Accountants |
|
Address : |
C-401, Fourth Floor,
Panchshil Tech Park, Yerwada, Pune – 411 006, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
|
|
|
|
Holding Company: |
Syngenta Participation AG,
Switzerland, Switzerland |
|
|
|
|
Ultimate Holding Company: |
Syngenta AG, Switzerland |
|
|
|
|
Associates: |
Syngenta South Asia AG,
Switzerland |
|
|
|
|
Fellow Subsidiary Companies: |
·
Syngenta (Bangladesh) Limited, Bangladesh ·
Syngenta (Pakistan) Limited, Pakistan ·
Syngenta Asia Pacific PTE Limited, Singapore ·
Syngenta Biosciences Private Limited, India (CIN No.:
U24210PN2001PTC135949) ·
Syngenta Crop Protection Inc., USA ·
Syngenta Seeds BV, Holland, Netherlands ·
Syngenta Philippines Inc., Philippines ·
Syngenta Seeds Inc., USA ·
Syngenta Seeds Limited, (Thailand) ·
Zeraim Gedera Limited, Israel ·
Syngenta Crop Protection Private Limited, India (CIN No.:
U24210PN1995PTC136970) ·
Syngenta Limited, UK ·
Syngenta Taiwan Limited, Taiwan, Province of China ·
Pt. Syngenta Indonesia ·
Syngenta Foundation India, India ·
Syngenta Crop Protection AG., Basel, Switzerland |
|
|
|
|
Other Related Parties : |
·
Syngenta Seeds (Beijing) Co. Limited, China ·
Syngenta Seeds S.A.S., France ·
Syngenta Korea Limited, Korea ·
Syngenta Seeds Limited – Bangkok, Thailand ·
Syngenta Seeds BV Nedarland, Netherlands ·
Pt. Mitra Kreasidharma, Indonesia ·
Syngenta Japan KK, Japan ·
Syngenta Seed Co. Limited, Japan ·
Ethoipia Cuttings Plc, Ethiopia ·
Syngenta Ethiopia, Ethiopia ·
Syngenta Supply AG, Switzerland ·
Syngenta Crop Protection Seeds Divi, Switzerland ·
Syngenta Seeds Inc., United States ·
Pt. Syngenta Seeds Indonesia |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs.160.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31861664 |
Equity Shares |
Rs.5/- each |
Rs.159.308
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs.160.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31861664 |
Equity Shares |
Rs.5/- each |
Rs.159.308
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31860000 |
Equity Shares |
Rs.5/- each |
Rs.159.300
millions |
|
|
|
|
|
Shareholding
more than five per cent in company:
|
Name of Shareholders |
As at 31st March, 2013 |
|
|
No. of Shares |
% of holding |
|
|
Syngenta Participations
AG, Switzerland |
16246450 |
50.99% |
|
Syngenta South Asia AG,
Switzerland |
14434178 |
45.30% |
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 |
159.300 |
159.300 |
159.300 |
|
(b) Reserves & Surplus |
13036.900 |
10755.000 |
9265.100 |
|
(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) |
13196.200 |
10914.300 |
9424.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
116.100 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
130.600 |
38.100 |
352.600 |
|
Total Non-current
Liabilities (3) |
130.600 |
38.100 |
468.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1400.000 |
617.800 |
371.700 |
|
(b)
Trade payables |
6904.500 |
6532.900 |
5888.800 |
|
(c)
Other current liabilities |
584.400 |
627.600 |
1537.800 |
|
(d) Short-term
provisions |
503.300 |
545.200 |
305.100 |
|
Total Current
Liabilities (4) |
9392.200 |
8323.500 |
8103.400 |
|
|
|
|
|
|
TOTAL |
22719.000 |
19275.900 |
17996.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3416.300 |
3327.600 |
3643.100 |
|
(ii)
Intangible Assets |
0.000 |
0.100 |
0.400 |
|
(iii)
Capital work-in-progress |
452.800 |
220.000 |
130.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
156.500 |
(74.500) |
0.000 |
|
(d) Long-term Loan and Advances |
365.600 |
384.100 |
78.800 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4391.200 |
3857.300 |
3852.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9932.600 |
8796.700 |
8708.200 |
|
(c)
Trade receivables |
6085.900 |
4252.900 |
3298.100 |
|
(d) Cash
and cash equivalents |
838.700 |
1236.300 |
1144.800 |
|
(e)
Short-term loans and advances |
1470.600 |
1132.700 |
992.700 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
18327.800 |
15418.600 |
14143.800 |
|
|
|
|
|
|
TOTAL |
22719.000 |
19275.900 |
17996.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
29617.000 |
25399.000 |
20770.800 |
|
|
|
Other Income |
292.000 |
228.600 |
97.600 |
|
|
|
TOTAL (A) |
29909.000 |
25627.600 |
20868.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
16567.000 |
15541.500 |
12089.900 |
|
|
|
Purchases
of stock-in-trade |
2367.700 |
2353.400 |
3525.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(578.200) |
(1264.800) |
(2111.400) |
|
|
|
Employee benefit expense |
1433.100 |
1179.600 |
897.400 |
|
|
|
Other expenses |
5855.300 |
4683.100 |
3806.400 |
|
|
|
TOTAL (B) |
25644.900 |
22492.800 |
18207.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4264.100 |
3134.800 |
2661.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.900 |
40.300 |
15.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4142.200 |
3094.500 |
2645.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
531.300 |
448.000 |
451.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3610.900 |
2646.500 |
2194.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1142.600 |
971.500 |
678.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2468.300 |
1675.000 |
1516.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
6915.400 |
5593.000 |
4413.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend (Proposed) |
159.300 |
159.300 |
159.300 |
|
|
|
Tax on Dividend |
27.100 |
25.800 |
25.800 |
|
|
|
Transfer to General Reserve |
246.800 |
167.500 |
151.700 |
|
|
BALANCE CARRIED
TO THE B/S |
8950.500 |
6915.400 |
5593.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of manufactured goods exported |
1453.700 |
11884.000 |
9042.200 |
|
|
TOTAL EARNINGS |
1453.700 |
11884.000 |
9042.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12547.300 |
10490.700 |
10100.100 |
|
|
|
Components
and Spare Parts |
420.200 |
49.300 |
162.200 |
|
|
|
Capital Goods |
114.600 |
84.700 |
26.300 |
|
|
TOTAL IMPORTS |
13082.100 |
10624.700 |
10288.600 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
77.47 |
52.57 |
47.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.25 |
6.54 |
7.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.19 |
10.42 |
10.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.33 |
13.83 |
12.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.24 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11 |
0.06 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.85 |
1.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
159.300 |
159.300 |
159.300 |
|
Reserves & Surplus |
9265.100 |
10755.000 |
13036.900 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9424.400 |
10914.300 |
13196.200 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
371.700 |
617.800 |
1400.000 |
|
Total borrowings |
371.700 |
617.800 |
1400.000 |
|
Debt/Equity ratio |
0.039 |
0.057 |
0.106 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
20,770.800 |
25,399.000 |
29,617.000 |
|
|
|
22.282 |
16.607 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
20,770.800 |
25,399.000 |
29,617.000 |
|
Profit |
1,516.700 |
1,675.000 |
2,468.300 |
|
|
7.30% |
6.59% |
8.33% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee
term loans from banks |
|
|
|
Loan
from bank (Loan from bank is availed
for purchase of capital assets and carries interest @ 10.10% p.a. and is
repayable in 12 months along with interest, from the date of its
origination.) |
300.000 |
0.000 |
|
Working
capital loans from banks |
|
|
|
Pre-shipment
export credit ("Pre-shipment
export credit loan is in the form of working capital loan carries interest @
9.5% p.a. on Rs.300.000 millions and @ 10% p.a. on Rs.800.000 millions and is
repayable within 6 months along with interest, from the date of its origination)
|
1100.000 |
0.000 |
|
Buyers
credit from bank (Buyers
credit from bank represents foreign currency loan in the form of buyers
credit and carries interest @ LIBOR + 1.75% p.a. The loan is repayable within
6 months along with interest, from the date of its origination.") |
0.000 |
617.800 |
|
Total
|
1400.000 |
617.800 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90147722 |
04/07/2001 |
700,000,000.00 |
DEUTSCHE BANK |
DB HOUSE, H. SOMANI MARG,
FORT, MUMBAI, MAHARASHTRA |
- |
Note:
The registered office of the company has been shifted from Royal Insurance Building, 14, J Tata Road, Mumbai – 400 020, Maharashtra, India to the present address w.e.f. 04.11.2009.
NATURE OF OPERATIONS:
The Company is engaged in
business of agro chemicals and seeds processing. Company manufactures technical
grade and formulating pesticides, herbicides and fungicides and processes field
crop and vegetable seeds. The Company has presence in both the domestic and
international markets
BUSINESS OPERATIONS:
The Company’s performance
for the year 2012-13 showed improvement and growth in business operations. The
overall sales by the Company for the current year were Rs.29617.000 millions as
against Rs.25399.000 millions of previous year, representing a growth of 17%
compared to the previous year. The profit after tax in 2012-13 stood at
Rs.2468.300 millions as against Rs.1675.000 millions in the previous year.
Export sales have been a major
contributor for growth in sales during the year, which grew by 41% over the
previous year. The increase in export sales was mainly on account of exports to
the group companies. The domestic business during the year was challenging on
account of unfavourable climatic conditions. While the seeds business has shown
a good growth over previous year, it was not the case for crop protection
business. In aggregate, the sales turnover in case of crop protection business
increased by 18% and for seeds business by 15% as compared to the previous
year. The key drivers for sales growth in seeds is on account of expansion in
rice and vegetables during the current year. While the current year was
challenging, the Company has strengthened its product portfolios and focused on
marketing strategies to achieve its growth in a highly competitive market.
Projects
·
ICS
- Tegra: In continuation with the commitment made in previous year, the Company
with the support of the Parent Company focused its efforts in the ICS space with
TEGRA’ Rice integrated crop solutions now strategically positioned in the
southern part of India. There has been a good progress in business and going
forward new technologies will be rolled-out to further enhance process
efficiency and customer experience.
·
Seeds
storage facility at Ranebennur: The Ranebennur facility has seen a surge in
processing volumes of Sunflower and Corn seed in this year. A project for
processing Sweet Corn has been approved by the Board and will go on stream by
end of this year. This facility will allow them to deliver significant
improvements to their quality besides establishing additional capacity to meet
future demands
·
Seeds
conditioning facility at Nuthankal: Infrastructure developments have been fully
completed and the site is operationally stabilized. The site has been
successful to meet the increased processing demands for Corn. A pilot dryer,
sheller and cleaner is being installed at the site to study processing
parameters for different Corn varieties. This will help improve processing
efficiencies and seed quality for existing and new hybrids.
Prospects and Profitability
While the prospects for
Crop Protection and Seeds businesses continues to be bright, they are however
subject to expectations of a normal monsoon and may be susceptible to
continuing fluctuations in the global economy which may impact overall levels
of demand, cost and price realization.
Fixed AssetS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Poly House
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
Intangible Assets
·
Computer Software
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.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.